----First timer's Last threat before the Exam------

[actuariallady]

Thank you guys so much for those replied my questions.

Just a few thing that I would like to verify with you guys before the exam:

1) so for the PAM, we are only responsible for Rule1-6 up to model year, right ?

2) how to best use the reading period, 20 Minutes , right?

3) Since I think maybe I am not going to answer the questions in order, so do we need to organize the answer sheets in order before call time ? or we will be given time to do that after time is called?

4) At this point, I am going to do any more new problems, just be familar with the questions that I got wrong and memorize formulas, principles, adv/disadv , assumptions etc. as much as possible, is this straregy right ?

Any other reminder you can think of ?

Good luck to everyone in this sitting of new exam 5, hope our 3 month study will pay off.................!!!!!!!!!!!!!!!

[Vorian Atreides]

See answers in red.

Thank you guys so much for those replied my questions.

Just a few thing that I would like to verify with you guys before the exam:

1) so for the PAM, we are only responsible for Rule1-6 up to model year, right ?
I believe this is correct, but you can check the syllabus to verify.

2) how to best use the reading period, 20 Minutes , right?
15 minutes. I use it to segregate the problems into three general piles: high point "I'm pretty sure that I know these", low point "I'm pretty sure that I know these", and "I'm not so sure about these one".

You can remove the staple and move the sheets around. I find this a better method than folding corners; that way, once I've answered both sides, I put it aside (more on this below) and not have to deal with looking at that page to find out what else do I have to answer.

3) Since I think maybe I am not going to answer the questions in order, so do we need to organize the answer sheets in order before call time ? or we will be given time to do that after time is called?
You'll be given time after the end of the Exam time to order your answer pages. As I alluded to above, I start with my stack of answer sheets and the various piles of problems. I tend to start with the low point "I know these" and just write something down (not necessarily a complete answer, either) and then start on the big point "I know these" problems. Once I've completed a problem, I put the answer sheet in a "completed" pile; once I've finished both sides of the problem page, I put that in the same pile as well.

That way, at the end, it's very clear to me where I stand and how to utilize the time left.

4) At this point, I am going to do any more new problems, just be familar with the questions that I got wrong and memorize formulas, principles, adv/disadv , assumptions etc. as much as possible, is this straregy right ?
I would continue working all problems that might be asked; even the ones that you think you know really well. For the latter type problems, I would work on getting them answered faster than the last time you worked on it (give yourself a 1/2 to full day between time working on it).

Any other reminder you can think of ?
Do a practice run to the Exam Center, if possible. Plan on getting to the Exam Center at least 1/2 hour before Exam time--plan on getting their even earlier if you have to travel a considerable distance to get there.

Make a check list of things you'll need for the Exam--CAS confirmation with your (correct) candidate number on it, two TI-30 calculators, plenty of writing implements, a banana and some bottled water (or coffee), etc.

Also, get two or three nights of solid rest; not just the night before.

Good luck to everyone in this sitting of new exam 5, hope our 3 month study will pay off.................!!!!!!!!!!!!!!!

[booyah81]

Agreed on all counts, except that I just do the problems in the order they're given. I don't want to freak out during the exam because I misplaced the ginormous 8 pt problem... :ohnoes:

[JasonScandopolous]

A different strategy that I like for the 15 minute reading period: starting at question 1, figure out mentally how to do the problem....for example

For a 3-5 point question: These usually have tons of facts/pieces of data, e.g. for an experience rating problem, you could have total loss, basic loss, earned premium, other premium, detrend factors, % reported, credibility, expected experience ratio, etc... if you see this problem during the reading period and are thinking "uhhh what the heck do I do here... ummm...", then stay there until you figure it out. Once you know what to do or at least how to start, go to the next question.

For a 1-2 point question, e.g. "Name three advantages of...": think of the answer, then move on.

In both of these cases, the advantage over other methods of using the 15-mins is that you are directly replacing time spent thinking/recalling during the test window, and getting it out of the way in the reading period.

The disadvantage of my method is that you will probably not even get to see half of the problems on the test before the 15 minutes is over. Those will remain a mystery until you get there during the test ;). Although, for those of us taking 5A and 5B, you probably *could* figure out what you're going to do for every problem in 15 minutes.

[Vorian Atreides]

Agreed on all counts, except that I just do the problems in the order they're given. I don't want to freak out during the exam because I misplaced the ginormous 8 pt problem... :ohnoes:
Put that one in its own special pile . . . once you're warmed up with a few of the small point "I know these" problems, you tackle that one first of the big point "I know these" problems.

And better believe that you'll see a six-seven point ratemaking problem (just look at the ones from the last three sittings . . . you'll know which one it is).

[Ceej]

Medical Malpractice for this year's 7 pointer? I kid, I kid.

Preparing for 5b, I'm thinking a dual B-S adjustment is due this round and probs one of the ULAE adjustment that have exhibits in Friedland but were blurbs in the Conger paper ie Mango-Allen?

[booyah81]

A different strategy that I like for the 15 minute reading period: starting at question 1, figure out mentally how to do the problem....for example

In both of these cases, the advantage over other methods of using the 15-mins is that you are directly replacing time spent thinking/recalling during the test window, and getting it out of the way in the reading period.

The disadvantage of my method is that you will probably not even get to see half of the problems on the test before the 15 minutes is over. Those will remain a mystery until you get there during the test ;). Although, for those of us taking 5A and 5B, you probably *could* figure out what you're going to do for every problem in 15 minutes.

Yeah, I do the same thing, but I try to read every problem once.

[JasonScandopolous]

Do you think the odds might be lower for a mega-question (5+ points) on ratemaking, because exam 5A exists? A 6 point question is 15% of exam 5A! I guess they could still do that, but I'd think they'd try and spread things out into 3.5 & 4 pointers.

[Vorian Atreides]

You might notice that the big point problem is broken down to a couple of smaller problems, it just happens that they all reference the same underlying data.

And that big point problem encapsulates the "meat" of ratemaking.

I doubt that it'll be less than 5 points.

[Stillgreen]

I would rather have 1 big problem so I don't have to calculate LDFs / onlevel factors multiple times. For some reason, I hate writing out a triangle by hand. Why can't we do this on Excel dammit!

[chicken_po_boy]

I use it to segregate the problems into three general piles: high point "I'm pretty sure that I know these", low point "I'm pretty sure that I know these", and "I'm not so sure about these one".

You can remove the staple and move the sheets around. I find this a better method than folding corners; that way, once I've answered both sides, I put it aside (more on this below) and not have to deal with looking at that page to find out what else do I have to answer..

I do not recommend disassembling your exam booklet and trying to sort the questions into piles. I tried this on (old) CAS Exam 6. Unfortunately, the CAS had problems printed on both sides of the paper, which made it confusing because you could not put Q1 in one pile and Q2 in another. After shuffling papers for a couple minutes (and getting agitated in the process) I finally just put everything back in order and wrote the exam from beginning to end. This ended up costing me a few minutes. It would be easier if the CAS printed 1 problem per sheet instead of double-sided.

I also do not recommend drinking 2 Cokes just prior to the exam. The bathroom break cost me a few more minutes (and no, I didn't even take time to wash my hands).

Had it not been for my blunder of disassembling the exam... and my small bladder... I probably would have passed Exam 6 last fall and I would not be asking myself right now "do I really need to study the Mango-Allen method, or should I skip it?"

[Vorian Atreides]

You bring up a good point . . . regardless of what method one intends to do, you should practice it and get it down well before Exam day rolls around.

As for the "two sides" issue, I place the page in the highest point pile it would be associated with. For example, a page with a 1 point question on one side and a 2.5 point question on the other, and both are "I know these well", it goes in the high point pile. If I feel that I'm not confident on the 2.5 point problem but I know the 1 point problem well, I'll put it in the low point pile.

Once I feel that I have a problem answered completely, I'll mark that side with an X and then place the page in the appropriate pile.

This isn't a method that one can just adopt and go after it. You should practice this a few times before hand. It also requires a skill of recognizing the problem type and assessing your comfort level with that problem.

I'm not saying that this is the best method; but I've had it work well for me to the extent that I'm focusing my time on problems that I do know and capitalizing a fresh brain on high point problems.

I do not recommend disassembling your exam booklet and trying to sort the questions into piles. I tried this on (old) CAS Exam 6. Unfortunately, the CAS had problems printed on both sides of the paper, which made it confusing because you could not put Q1 in one pile and Q2 in another. After shuffling papers for a couple minutes (and getting agitated in the process) I finally just put everything back in order and wrote the exam from beginning to end. This ended up costing me a few minutes. It would be easier if the CAS printed 1 problem per sheet instead of double-sided.

I also do not recommend drinking 2 Cokes just prior to the exam. The bathroom break cost me a few more minutes (and no, I didn't even take time to wash my hands).

Had it not been for my blunder of disassembling the exam... and my small bladder... I probably would have passed Exam 6 last fall and I would not be asking myself right now "do I really need to study the Mango-Allen method, or should I skip it?"

[Stillgreen]

My variation of this is to sort your answer sheets in the order that you want to do them rather than the question sheets.

As VA mentioned, do what is comfortable for you. In any strategy though, you need to have a way to identify the problem and prioritize. I am still figuring this out myself because I am so used to the MC "everything is worth the same" format.

[booyah81]

I would rather have 1 big problem so I don't have to calculate LDFs / onlevel factors multiple times. For some reason, I hate writing out a triangle by hand. Why can't we do this on Excel dammit!

Ditto on the large pt question.

You wouldn't want an electronic essay exam. Some reasons:

(1) They could make the computations SO much harder.
(2) They would have to load your computer up with so much software to prevent you from cheating that it would take you hours to load it and remove it. (Ask someone who's taken a bar exam.)
(3) People might still try to cheat - and succeed. Possible that it occurs now but you could really do some damage on a computer.
(4) It would shorten the exam time I imagine.
(5) What would you do if you have a dead battery and accidentally unplugged your computer? :ohnoes:

[Vorian Atreides]

(5) What would you do if you have a dead battery and accidentally unplugged your computer? :ohnoes:
The same thing that would happen if your calculator went dead during the middle of an Exam . . . the proctors have a "spare" apparatus that they would lend to you to complete the Exam.

[kyleucf]

The exam is double sided w/ questions? That is terrible. Makes sorting it a nightmare. Do you all think they will have the ratemaking questions together (and reserving) or mixed? I think its going to be all ratemaking, then reserving... Like you took 2009 exam 5 and put it on top of 2009 6 (only applicable Qs of course).

[Ceej]

Had it not been for my blunder of disassembling the exam... and my small bladder... I probably would have passed Exam 6 last fall and I would not be asking myself right now "do I really need to study the Mango-Allen method, or should I skip it?"

Just wait til you peek at the stuff for Exam 7. You will never forgive your bladder for its part in you not passing Exam 6 last fall. It's a damn crime that what once was 2 small pamphlets gave you credit for a lack of words (well, ones that won't result in censorship) I will deem - an overwhelming amount of material. I get a little pain everyday I remember that if I didn't drop the ball last fall I wouldn't have to know what a copula is or the various international entities and their standards for solvency.

Ps: I made the statement about Mango-Allen, but I haven't really looked at it - probs on Sunday spend half an hour.

[nonactuarialactuary]

The exam is double sided w/ questions? That is terrible. Makes sorting it a nightmare. Do you all think they will have the ratemaking questions together (and reserving) or mixed? I think its going to be all ratemaking, then reserving... Like you took 2009 exam 5 and put it on top of 2009 6 (only applicable Qs of course).

I've always had single sided exams. 35 Questions -> 35 Sheets of Paper.

[Invicta]

Can we stick colored post-its onto the exam to mark questions during the reading period? If we can color code the problems, that would help.

[Ceej]

I think the rules read no marking the exam, so depending on how your exam center determine "marking" you may want to check. To me, if I can dog ear my exam then tabs are allowed and I think someone in Fikes seminar stated that is their normal practice is to color tab everything.

[Vorian Atreides]

Dog ear will be the best you can expect (apart from "divide and conquer").

The post-it note has been asked before--"THAT'S A NO GO, GHOST RIDER" :judge: