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uncultured
10-30-2006, 05:50 PM
Anybody taking this?

wat?
10-30-2006, 05:52 PM
Anybody taking this?

I am not, but just FYI - anyone taking this has the advantage of Mike Carmody on their side. He's writing the manual for the CSP Portfolio Management exam.

Roto
10-30-2006, 11:41 PM
Nope. Too Hard.

campbell
10-31-2006, 10:33 AM
I might. It somewhat hinges on how I do on 8V. If I pass, I'll have to think about it (maybe do PD) - if I fail, well, I'll definitely be taking it.

hershey220
10-31-2006, 11:41 AM
I'll be taking it...but I'm trying to ignore the AO until my exam (8v) on Thursday.

Campbell--good luck and hope I won't be seeing you here after the exam! Unfortunately for me, I'll be taking it if I pass 8 or not, oh well at least there's some overlap.

uncultured
10-31-2006, 12:03 PM
Nope. Too Hard.

What do you mean? :yikes:

rekrap
10-31-2006, 12:14 PM
Nope. Too Hard.

What do you mean? :yikes:

Roto's is an extremist. You can safely ignore his brief comments.
That, or he may be talking in the physical sense after seeing your avatar.

Pass or fail 8V, I intend to take this exam next May.

TiderInsider
10-31-2006, 12:57 PM
I'm out for 2007...too much going on after Jan and I'll take FAP1 in February. Guess I'll get a head start on FET...I should be in for 2008.

uncultured
10-31-2006, 01:16 PM
What do you mean? :yikes:

Roto's is an extremist. You can safely ignore his brief comments.
That, or he may be talking in the physical sense after seeing your avatar.

Pass or fail 8V, I intend to take this exam next May.

Whoo hoo!! Join the club!!! :clap:

Roto
10-31-2006, 01:39 PM
What do you mean? :yikes:

Roto's is an extremist. You can safely ignore his brief comments.
That, or he may be talking in the physical sense after seeing your avatar.

Pass or fail 8V, I intend to take this exam next May.

Funny how you try to recruit a guy into Hezballah one time, and he labels you an 'extremist' for life :cry:

It wasn't her avatar, but rather her appealing personality that did it for me, btw. Give me some credit! Avatar... Pfft! :shake:

rekrap
10-31-2006, 01:47 PM
I'm out for 2007...too much going on after Jan and I'll take FAP1 in February. Guess I'll get a head start on FET...I should be in for 2008.


You should be taking the Individual Life CSP anyway, right?

rekrap
10-31-2006, 01:51 PM
Funny how you try to recruit a guy into Hezballah one time, and he labels you an 'extremist' for life :cry:

It wasn't her avatar, but rather her appealing personality that did it for me, btw. Give me some credit! Avatar... Pfft! :shake:

And if the shoe fits,
the pot calls the kettle black:
there's no turning back.

Olivia
11-01-2006, 10:56 AM
I'll be taking it. After a break this fall, it's time to sweat again.

veritech
11-01-2006, 12:56 PM
I was gonna take it if I choose to take any; but now I am still re-considering.
There are actually MORE readings for this new exam than the current course 8V :judge: while there seems to be reductions in the amount of readings in other tracks and it is expected the new one require less reading than 8 since there are 2 of them now!!
Any suggestions/ comments? Thanks a lot!
(I never took course 8 before. )

uncultured
11-01-2006, 01:08 PM
I only decided to take it because of the advantage of having Carmody's seminar. Besides, Advanced Portfolio Management sounds useful in general. I just hope it's not too hard; I just hope I pass.

uncultured
11-01-2006, 01:11 PM
Question, why has GMDB been standardand GMMB not so much? In reading on both of these products, I don't see how one is better than the other, but why, in United Kingdom, "GMMB has fallen into disfavor, partly resulting from the equity crisis of 1973 to 1974, and most contracts currently issued offer only a GMDB" (p. 6, Investment Guarantees)?

campbell
11-01-2006, 02:58 PM
Because people like to enjoy their money before they die.

In short, a GMMB is more likely to have to pay off the guarantee than a GMDB, for most policyholders.

uncultured
11-01-2006, 03:05 PM
Because people like to enjoy their money before they die.

In short, a GMMB is more likely to have to pay off the guarantee than a GMDB, for most policyholders.

Thank you.

uncultured
11-02-2006, 12:51 PM
Can anyone explain Duration to me?

AggieAct02
11-02-2006, 01:01 PM
I was gonna take it if I choose to take any; but now I am still re-considering.
There are actually MORE readings for this new exam than the current course 8V :judge: while there seems to be reductions in the amount of readings in other tracks and it is expected the new one require less reading than 8 since there are 2 of them now!!
Any suggestions/ comments? Thanks a lot!
(I never took course 8 before. )

How do you know it is more readings before they have released the study notes? it seems to me that the study notes are a much more significant portion of the syllabus on the course 8's. Also, at least 90% of the material from Handbook of Fixed Income Securities was covered on Course 6 so it will be review. That helps a little...right? I have been back and forth over this one and the Finance/ERM but I'm leaning towards this because Jam is offering a seminar. My co-workers are sitting for 8 right now and I don't think they were overly impressed with the Actex for Finance/ERM.

TiderInsider
11-02-2006, 01:02 PM
Can anyone explain Duration to me?http://adorocinema.cidadeinternet.com.br/personalidades/atores/macaulay-culkin/macaulay-culkin01.jpg

veritech
11-02-2006, 03:11 PM
I was gonna take it if I choose to take any; but now I am still re-considering.
There are actually MORE readings for this new exam than the current course 8V :judge: while there seems to be reductions in the amount of readings in other tracks and it is expected the new one require less reading than 8 since there are 2 of them now!!
Any suggestions/ comments? Thanks a lot!
(I never took course 8 before. )

How do you know it is more readings before they have released the study notes? it seems to me that the study notes are a much more significant portion of the syllabus on the course 8's. Also, at least 90% of the material from Handbook of Fixed Income Securities was covered on Course 6 so it will be review. That helps a little...right? I have been back and forth over this one and the Finance/ERM but I'm leaning towards this because Jam is offering a seminar. My co-workers are sitting for 8 right now and I don't think they were overly impressed with the Actex for Finance/ERM.

Not everyone has course 6 already.
At lease there are more text book chapters for this than 8V; whereas the other tracks seem to have less text book readings.
Is it ture that the SN weights more than texts for current course 8s?? I have no knowledge about it.
Thanks.

AggieAct02
11-02-2006, 05:03 PM
I don't know what the actual proportion of questions come from the study notes, but there are at least twice as many readings as there were on courses 5 and 6. I looked at the number of pages of reading and it looks like the textbooks will be close to 1000. My co-worker said that the reading for his course 8 was close to 1800 pages so it appears that the SN's are almost half.

veritech
11-02-2006, 06:47 PM
I remember Life track will only have 1200 pages,down from the current 1800 pages...good for them!:judge:
Does finance/erm track have less text book readings and more SN readings??:-?[/QUOTE]
Carmody said don't choose Investment only because he is writing the manual. Also, it is his first time writing the manual, who knows, really?

uncultured
11-02-2006, 07:08 PM
Carmody said don't choose Investment only because he is writing the manual.

Did Carmody explain why he says that?

rekrap
11-03-2006, 03:45 PM
Carmody said don't choose Investment only because he is writing the manual.

Did Carmody explain why he says that?

Carmody can't take the exam for you. Seminars/Manuals alone won't help you pass exams... there's still a fair bit of memorizing, practicing and comprehending that needs to take place.

AggieAct02
11-03-2006, 06:41 PM
I think the point is that if this is not material you understand easily you shouldn't expect that you will suddenly become a master of it by reading this manual. If this is material that you can get pretty easily then Carmody has a good track record of picking out the important points and summarizing them in a reasonable fashion. I was on the line before because this is probably a tougher exam than the Finance/ERM but I find the material more interesting. If there is a better manual available that will help even out the playing field between the 2 choices. That's it for me anyways...

veritech
11-03-2006, 06:45 PM
I think the point is that if this is not material you understand easily you shouldn't expect that you will suddenly become a master of it by reading this manual. If this is material that you can get pretty easily then Carmody has a good track record of picking out the important points and summarizing them in a reasonable fashion. I was on the line before because this is probably a tougher exam than the Finance/ERM but I find the material more interesting. If there is a better manual available that will help even out the playing field between the 2 choices. That's it for me anyways...

I am debating between finance/erm and investment also. Why you think investment is tougher than finance/erm? more readings??

AggieAct02
11-06-2006, 02:43 PM
I think there are more readings but mostly because the passrate has historically been lower on the investment course 8

h2OL2O
11-06-2006, 11:52 PM
I think there are more readings but mostly because the passrate has historically been lower on the investment course 8

Really? I just took 8V last week. I guess I should have checked before I decide which exam to take. But why would they delibrately set lower passing rate for 8V? Or was it just by chance that they all came out to be lower?

hershey220
11-10-2006, 01:39 PM
Has anyone ordered their books yet? I've taken 8v and 6 so I only need 2 of the required texts, but I need 5 of the texts which "may be available as study notes". Does anyone know when they will decide if they are going to provide this or not?

Also, is Carmody going to sell flashcards as well as his manual? His manual is listed in the bookstores but not the flashcards, I'll be really dissappointed if I have to rely on Actex!

uncultured
11-10-2006, 02:19 PM
I think there are more readings but mostly because the passrate has historically been lower on the investment course 8

Really? I just took 8V last week. I guess I should have checked before I decide which exam to take. But why would they delibrately set lower passing rate for 8V? Or was it just by chance that they all came out to be lower?


Yeah, WHY does 8V have lower passing rates???? Can any one explain this from the SOA?

remilard
11-10-2006, 02:48 PM
Really? I just took 8V last week. I guess I should have checked before I decide which exam to take. But why would they delibrately set lower passing rate for 8V? Or was it just by chance that they all came out to be lower?


Yeah, WHY does 8V have lower passing rates???? Can any one explain this from the SOA?

So the SOA repeatedly says there is no preset notion of a passing rate. Despite this we convince ourselves they are lying and then when on Course 8 they demonstrate that they weren't lying, we still ask them to explain why they aren't holding up the preset pass rate that we knew they were lying about.

I am confusing myself.

no
11-10-2006, 02:57 PM
Why Carmody is writing a manual for this exam?

I can think of two reasons:

1) SOA killed his cash cows (Mainly Exams 6, and may be exam 5)
2) Some materials from old part 6 is in this exam( example: many chapters from Fabozzi's hand Book)

But, isn't this a small market (<200 candidates) with a good study manual (Actex, is it?) and a good seminar instructor (Goldfarb?)?
It is still better than working full-time with an income ceiling of
($245+$90)*200 manual + $1000*200 seminar.

Interesting!

veritech
11-10-2006, 06:04 PM
Why Carmody is writing a manual for this exam?

I can think of two reasons:

1) SOA killed his cash cows (Mainly Exams 6, and may be exam 5)
2) Some materials from old part 6 is in this exam( example: many chapters from Fabozzi's hand Book)

But, isn't this a small market (<200 candidates) with a good study manual (Actex, is it?) and a good seminar instructor (Goldfarb?)?
It is still better than working full-time with an income ceiling of
($245+$90)*200 manual + $1000*200 seminar.

Interesting!

that amount times 2 (spring and fall exams) is a ceiling of more than half a million a year; not to mention all the self-satisfaction from helping students and freedom he gets by not working full time. I personally really appreciate his work on this. sounds too little for you?? why do you think actex is good? (i have no clue)

no
11-10-2006, 06:25 PM
Why Carmody is writing a manual for this exam?

I can think of two reasons:

1) SOA killed his cash cows (Mainly Exams 6, and may be exam 5)
2) Some materials from old part 6 is in this exam( example: many chapters from Fabozzi's hand Book)

But, isn't this a small market (<200 candidates) with a good study manual (Actex, is it?) and a good seminar instructor (Goldfarb?)?
It is still better than working full-time with an income ceiling of
($245+$90)*200 manual + $1000*200 seminar.

Interesting!

that amount times 2 (spring and fall exams) is a ceiling of more than half a million a year;

I see, he will write a manual for the Fall exam? but the market size is
still going to be less than old part 5 and 6. May be he made enough
already!

why do you think actex is good? (i have no clue)
I have no opinion of it; I have not read it; I have not read anything
bad about it in here, though.

hw0799
11-11-2006, 03:04 PM
Considering Combody's study guide for course 6 is pretty good, maybe he will do a good job on CSP too? Atex mannual for course 8v is realy so so....

goldfarb is good, but not sure if he will write manual for csp.


that amount times 2 (spring and fall exams) is a ceiling of more than half a million a year;

I see, he will write a manual for the Fall exam? but the market size is
still going to be less than old part 5 and 6. May be he made enough
already!

why do you think actex is good? (i have no clue)
I have no opinion of it; I have not read it; I have not read anything
bad about it in here, though.

uncultured
11-17-2006, 04:22 PM
Just asked ombudsperson about whether Advanced Portfolio Management has the formula sheets, like 8V, and got the response:

"Yes, there will be a formula sheet. It will be included in the Study Note package which will be available in December."

rekrap
11-17-2006, 04:28 PM
goldfarb is good, but not sure if he will write manual for csp.


Probably won't take much effort for him to adapt his 8V manual for APM, much like he adapted the 8V manual from CAS 8, I believe.

rekrap
11-17-2006, 04:29 PM
Just asked ombudsperson about whether Advanced Portfolio Management has the formula sheets, like 8V, and got the response:

"Yes, there will be a formula sheet. It will be included in the Study Note package which will be available in December."

Oh, man, now we know it's going to be an easy exam... :tup:

uncultured
11-17-2006, 06:20 PM
I highly doubt it.

rekrap
11-17-2006, 10:36 PM
I highly doubt it.

Certainly. [You may be unfamiliar with my sarcasm. Here (http://www.actuarialoutpost.com/actuarial_discussion_forum/showpost.php?p=1250593&postcount=8)'s another example.]

campbell
11-18-2006, 10:23 AM
So, more/fewer pages on the new formula sheets? Let's take bets.

If I remember correctly, the 8V formula sheet was 36 pages this year. I annotated that sucker like nobody's business, and it did me no good on that down-and-out put problem.

Dammit.

veritech
11-19-2006, 06:45 PM
How good is your math required to be to handle this exam?? :-?

uncultured
11-22-2006, 12:30 PM
I highly doubt it.

Certainly. [You may be unfamiliar with my sarcasm. Here (http://www.actuarialoutpost.com/actuarial_discussion_forum/showpost.php?p=1250593&postcount=8)'s another example.]

HAha. :spnner: no worries, I don't usually study or read too many posts on here now.

hershey220
12-06-2006, 07:53 PM
How good is your math required to be to handle this exam?? :-?
You were able to pass the first 4 exams, so I'd say your math is good enough. Don't worry about the details just make sure to show your work.

hershey220
12-06-2006, 07:56 PM
Progress Report: So a few weeks ago I was really motivated and created a schedule to get through the books that I have before Christmas(between C6 and C8 I have most of them). Well that was a nice plan, but then I got netflix and well, just got lazy. Now I'm way behind my schedule, but that's ok it's still early...now I'm trying to get myself back on track.

How is everyone else doing?

campbell
12-07-2006, 07:29 AM
I've just been going over the stuff that was on 8V that's on the APM syllabus.

And I'm setting up a personal wiki to put up my notes, outlines, etc. Nothing but a skeleton for right now.

hershey220
12-08-2006, 11:10 AM
What study manuals are you guys going with? There aren't a lot of choices so it's either JAM, Actex or both. I'm definitely planning on getting JAM, but debating if I should also get Actex. I had it for 8v and didn't find it that useful, but sometimes it is nice to have a different perspective. I liked the Actex Computational review for 6 and 8, but it doesn't look like they're selling that for the new exam.

campbell
12-08-2006, 11:44 AM
I'm getting JAM only.

I also used Actex for 8V, but didn't find it that helpful except for a couple of the readings. I also found the computational review manual from Actex more helpful than the general manual.

hershey220
12-12-2006, 05:02 PM
So I counted up the texts plus the study notes from 8v and it's over 1900 pages and that doesn't even include the rest of the SN's! I remember hearing that it was going to be around 1400...what happened? I was really hoping they were going to go light on the SN's, but I guess not. At least now I can finally order everything.

campbell
12-12-2006, 05:37 PM
Blah. Luckily, I have read a lot of these things before.

hw0799
12-12-2006, 05:59 PM
if Actex is not going to have computational review, do you guys know if Jam's may have some old question included, or some test to practice on?

or if Richard.Goldfarb could have a good mannual, or BPP..

last fall, course 8v, I think actex 's flash card is pretty good too...


Blah. Luckily, I have read a lot of these things before.

veritech
12-19-2006, 05:07 PM
how is everyone's progress before the end of the yr? :toast:

campbell
12-19-2006, 05:15 PM
Pretty much gotten through Investment Guarantees again, that is all.

uncultured
12-19-2006, 06:04 PM
Pretty much gotten through Investment Guarantees again, that is all.

Wow, I thought that was the hardest book on the syllabus?

Just working my way through Hull, reading the Handbook, and Investment Guarantees, actually.

veritech
12-19-2006, 06:50 PM
Pretty much gotten through Investment Guarantees again, that is all.

Wow, I thought that was the hardest book on the syllabus?

Just working my way through Hull, reading the Handbook, and Investment Guarantees, actually.

you've done a lot!!

veritech
12-19-2006, 06:52 PM
Pretty much gotten through Investment Guarantees again, that is all.

you've taken V right, then is there a need to going through it again?

for those of you who have taken V, do you think those who have not taken it have a big disadvantage?

seattleIslander
12-19-2006, 11:18 PM
For those of you taken 8V, what do you think the total time of study as a % of of 8V need to be to pass APM? I'm estimating 60%.

hershey220
12-20-2006, 12:34 AM
you've taken V right, then is there a need to going through it again?

for those of you who have taken V, do you think those who have not taken it have a big disadvantage?
I do think that those that have taken 8v have an advantage, but I do not think that just b/c you have taken V mean you don't need to go through it again. I took 8V and I hope I passed, but I'm not very confident that I did, so I obviously can understand it way better.

So far my game plan has been to go over the things that were covered in C6 and 8V. I've been rereading JAM and Goldfarb's exam. I haven't decided if I'm even going to read the missing chapters or just rely on study manuals...I really hate reading texts and usually feel like it's a waste of time.

For those of you taken 8V, what do you think the total time of study as a % of of 8V need to be to pass APM? I'm estimating 60%.

Again, taking and passing 8 are two way different things (I'm starting to freak out). I think I'm on the fence and unfortunately feeling like I'm falling on the wrong side. I spent a lot of time on 8v and plan on spending the same time on APM, but I'd rather overestimate and pass the first time than having to take it mulitple times. I would estimate spending 300-400 hours for the exam. Obviously having 8v is an advantage, just as failing a previous exam is an "advantage" but I don't really remember a lot from the exam in November, let alone in May. It may be easier for me to learn it again but I still have to learn and the tricky part...memorize it again in order to do well on the exam.

campbell
12-20-2006, 07:46 AM
I'm with hershey on this...it's hard not to freak out about results on 8. I feel like I'm in the middle on nov's 8v (and I keep going back to when I took Course 6 in May 2004. My comment then was "They can't fail us all." I passed, with a 6.)

The advantage of having course 8V is that this stuff isn't new to me. But then, you can say that of many of the actuarial exams for me (and others). I had a leg up on a lot of this stuff because I had seen Hull way back when it was in 1st edition (I believe... around 1997? Does that sound right?) For only a few of the exams was I learning all the material from scratch (Courses 2 & 5). Not seeing this stuff for the first time ever will definitely give the 8V people some advantages.

Can you imagine coming from the prelim exams and the modules, and then getting smacked with this? I would recommend those who have never done financial econ before to wait for the fall exam, because APM is nasty enough even having seen this stuff before. I imagine the other CSPs are similarly nasty.

As for Investment Guarantees being the most difficult of the texts - eh, I don't know. I had gotten Investment Guarantees in 2005 because I needed to work on C3 Phase II, and Hardy's book is invaluable for that. So I've been through it quite a few times. I'm going to do Hull next, as I've read that stuff a lot, too. Both of these are good for conceptual bases, and are heavy on the math. For me, the more math-heavy the text is, the easier it is for me, because that means less memorization. Hardy's book isn't so bad if you set up some spreadsheets to work through a few examples.

seattleIslander
12-20-2006, 10:47 AM
Hershey220:

I'm estimating to spend around 350 hours on this too. I spent nearly 600 hours on 8V. I had to read some of the text a few times to understand. that's why I think I don't have to go through the understanding part anymore.

I personally think the Hull book is the most difficult just because they can test you in great detail. I've seen exam questions on deriving formula or proof of a theory.

hershey220
12-20-2006, 12:00 PM
I think Hardy is the hardest book. Hull is actually my favorite, there is a lot of detail, which makes it tougher but I find the book itself very easy to follow. Hardy, not so much. I usually understand the first few paragraphs in her chapters and then she loses me by getting very detailed very quickly on subjects I have no background or understanding on. Plus I find the Hardy material hard to keep straight. I have trouble remembering the differences between ARCH, Garch, AR...etc and don't really find it interesting to learn about them. APM has 2 more of her chapters than were on 8v and I don't think I'll be reading them, I plan on relying on Carmody for that. It's just a waste of my time to even try to read it on my own. I don't mean this to come of negatively on Hardy, she really knows her stuff...I just don't.

uncultured
12-21-2006, 03:43 PM
Wow, I thought that was the hardest book on the syllabus?

Just working my way through Hull, reading the Handbook, and Investment Guarantees, actually.

you've done a lot!!

Not really. I just started them all, that's all. Sounds like I've started on some of the most detailed/difficult ones... no wonder I'm so slow...

hw0799
12-28-2006, 06:28 PM
sorry if it looks like a silly question for you.
when to use formula 13.7 in the book, which take the volatility as Vol/(sqrt(T) and another formula for volatility as Vol*sqrt(T). Thanks.

hershey220
12-29-2006, 10:51 AM
Look at the formulas on pages 282 and 283. Problem 13.8 is assuming that the stock price is normally distributed over short periods of time so the standard dev = vol*T^.5. Problem 13.7 assumes that the rate of return is continuously compounded, so then std dev = vol/T^.5.

I hate minute details like this because I doubt I will ever be able to remember that for an exam. I also still don't quite get why being continuosly compounded would change the formula like that. Can anyone explain that?

uncultured
12-29-2006, 01:25 PM
I thought 13.7 is referring to the rate of return of the stock price and 13.8 the stock price, and that they're basically the same concept, except 13.7 is divided by T???

hershey220
12-29-2006, 01:32 PM
That makes a lot more sense...so just ignore my post. Thanks!

uncultured
12-29-2006, 01:54 PM
No problem. :rock1: :guitar: :spnner:

carzymathematician
01-03-2007, 03:56 PM
Are you guys doing all the questions at the end of each chapter? I have completed the Hull but I figured that I would wait on JAM to guide me through the relevant questions.

rekrap
01-03-2007, 04:56 PM
Are you guys doing all the questions at the end of each chapter? I have completed the Hull but I figured that I would wait on JAM to guide me through the relevant questions.

Do the problems, ignore the proofs or basic conceptual questions (or just answer those "in your head" or read the solutions manual answer - it's just reprhasing the text). So in chapter 13, for example, 13.1, 13.3 and 13.6 are just rehash of definitions or concepts, 13.2 is simple calculation (do it in your calculator or in your head), but take the time to work 13.4 and 13.5 and note the effect of the dividend on the calculation.

And so on... completely skipping ones like 13.17, for example.

It may be useful to do some now, and then use JAM's suggestions a month from now to revisit and remind yourself of the key points to know from that chapter (even if it means working several of the same problems again).

carzymathematician
01-03-2007, 05:47 PM
Are you guys doing all the questions at the end of each chapter? I have completed the Hull but I figured that I would wait on JAM to guide me through the relevant questions.

Do the problems, ignore the proofs or basic conceptual questions (or just answer those "in your head" or read the solutions manual answer - it's just reprhasing the text). So in chapter 13, for example, 13.1, 13.3 and 13.6 are just rehash of definitions or concepts, 13.2 is simple calculation (do it in your calculator or in your head), but take the time to work 13.4 and 13.5 and note the effect of the dividend on the calculation.

And so on... completely skipping ones like 13.17, for example.

It may be useful to do some now, and then use JAM's suggestions a month from now to revisit and remind yourself of the key points to know from that chapter (even if it means working several of the same problems again).

Tx!

hw0799
01-03-2007, 09:11 PM
will SOA publish the study notes, or we have to get them by ourselves? Thanks.

rekrap
01-04-2007, 09:06 AM
will SOA publish the study notes, or we have to get them by ourselves? Thanks.

Umm... you can order them already from the SOA: Order form [pdf] (http://www.soa.org/ccm/cms-service/stream/asset?asset_id=29731065)

carzymathematician
01-04-2007, 09:40 AM
will SOA publish the study notes, or we have to get them by ourselves? Thanks.

Umm... you can order them already from the SOA: Order form [pdf] (http://www.soa.org/ccm/cms-service/stream/asset?asset_id=29731065)

I was told by the SOA yesterday that the SNs are still being printed. They should be ready by next week for distribution.

uncultured
01-04-2007, 11:23 AM
To tie you guys over for now before you get the manual, from Mike Carmody himself (I emailed him for the problems):

10: 4, 7, 10, 11, 12, 13, 14
13: 2, 4, 5, 7, 8, 14, 18, 21, 25
14: 1, 3, 4, 7, 9, 12, 13, 16, 17, 18, 21, 22, 26, 27, 28, 30, 31, 35
16: 1, 3, 4, 6, 8, 13, 17
17: 2, 4, 10, 11
22: None

carzymathematician
01-05-2007, 11:23 AM
To tie you guys over for now before you get the manual, from Mike Carmody himself (I emailed him for the problems):

10: 4, 7, 10, 11, 12, 13, 14
13: 2, 4, 5, 7, 8, 14, 18, 21, 25
14: 1, 3, 4, 7, 9, 12, 13, 16, 17, 18, 21, 22, 26, 27, 28, 30, 31, 35
16: 1, 3, 4, 6, 8, 13, 17
17: 2, 4, 10, 11
22: None

Absolutely awesome since I pbly will not be getting my manuals for another 2 wks!! Tx alot!

rekrap
01-05-2007, 11:29 AM
To tie you guys over for now before you get the manual, from Mike Carmody himself (I emailed him for the problems):

13: 2, 4, 5, 7, 8, 14, 18, 21, 25


See, my method works, too. Who needs MC? :wink:

So in chapter 13, for example, 13.1, 13.3 and 13.6 are just rehash of definitions or concepts, 13.2 is simple calculation (do it in your calculator or in your head), but take the time to work 13.4 and 13.5 and note the effect of the dividend on the calculation.

And so on... completely skipping ones like 13.17, for example.

hw0799
01-05-2007, 01:51 PM
13.23:
my question is actually about financial terms.
what dose it mean: October futures is $377.and most recent settlement price is $380?
why when exercise, use $380 instead of $377?
this price refer to the gold/ounce. is it? Thanks.

campbell
01-08-2007, 08:21 AM
14.31:
FWIW, I don't have the solutions manual, so I can't explain the solution there. Also, when I see risk-free rate, I assume effective, not continuous (is this what Hull does? I don't have the manual, so I don't know. It doesn't make a difference, as the options are mispriced either way)

For put-call parity, see page 328.

One portfolio is call + cash, the other is put + futures contract, to get identical payoffs (long in each). When I try for arbitrage, I try to build a portfolio with zero payout in future, and has positive cash position right now.

So call (2) + cash (34/1.1 = 30.91)
put (2) + futures (1/1.1=0.91 contracts at 35= 31.82)
Righthand side > lefthand side, put is overpriced (as you noticed)

So if you sell put for 2 and short 0.91 futures and buy the call and lend 30.91 in cash to complete the hedge (zero result at time t=1), you've got 0.91 in cash left over right now.

Of course, there's no reason you can't multiply this arbitrage by any particular number to get some nice, whole numbers and you can do the operations sans calculator. Say, short 11 puts (+22) and 10 futures (+350), buy 11 calls (-22) and lend $340 in cash. Then you've got $10 in clear profit right now.

uncultured
01-08-2007, 07:35 PM
What's the difference between 14.4 and 14.27? I thought I'd be using similar methodologies for both but I found I was wrong. Why would we use p^2 and exp(... *2*T) in 14.4 but not in 14.27?, for example???

uncultured
01-09-2007, 12:36 PM
Mine does.

uncultured
01-09-2007, 12:36 PM
19: 3,4,5,6,7,8,9,10,11,12,13
25: 3,10
20: 1,2,11,12,14,17
21: 2,8,9,10

campbell
01-09-2007, 03:17 PM
Just received my study notes... excuse me, the FIRST mailing of the study notes. It seems the formulas are coming in the second mailing, as will the case study and some GAAP stuff.

Oh yippee.

Blah. Time to start reading.

uncultured
01-09-2007, 03:35 PM
Are they thick?

30: 3,4

hershey220
01-09-2007, 04:49 PM
Just received my study notes... excuse me, the FIRST mailing of the study notes. It seems the formulas are coming in the second mailing, as will the case study and some GAAP stuff.

Oh yippee.

Blah. Time to start reading.
Good to know, it's a bit annoying to wait for the formulas. It's kind of important to know which formulas you need to memorize and which ones you can just memorize their location on the formula sheet. And I'm hoping the GAAP stuff is fairly minimal, I don't find it very interesting.

I got my JAM pack today and was a bit surprised that it wasn't larger. I compared it to JAM for C6 and it was about the same size, but I think there is a lot more information on APM. So I don't know what to think about that, it's good that there is less to get through but I'm worried it's just not as thorough as his C6 manual.

campbell
01-09-2007, 04:58 PM
It's not as thick as the 8V notes were. It's missing several notes, though, in addition to the case study and formula sheets.

veritech
01-09-2007, 07:27 PM
Just received my study notes... excuse me, the FIRST mailing of the study notes. It seems the formulas are coming in the second mailing, as will the case study and some GAAP stuff.

Oh yippee.

Blah. Time to start reading.
Good to know, it's a bit annoying to wait for the formulas. It's kind of important to know which formulas you need to memorize and which ones you can just memorize their location on the formula sheet. And I'm hoping the GAAP stuff is fairly minimal, I don't find it very interesting.

I got my JAM pack today and was a bit surprised that it wasn't larger. I compared it to JAM for C6 and it was about the same size, but I think there is a lot more information on APM. So I don't know what to think about that, it's good that there is less to get through but I'm worried it's just not as thorough as his C6 manual.

I have the same feeling towards JAM... this had me worried about the quality. also there are typos in the preface (like, "Jam 6", he mentioned MC, but there is no MC here. )

Do you still plan to use Jam or Actex manual and which seminar?

campbell
01-10-2007, 07:26 AM
I plan to do Carmody's online seminar from the Infinite Actuary. That's so much more convenient for me, especially as I'm up at 4am-ish every morning (and leave for work at 8am-ish). I also got the Carmody manual.

I tried Actex for 8V and thought I'd do JAM for this one. Really, there's not much that's essentially new for APM, in terms of concepts. So my old 8V materials will still be useful.

hershey220
01-10-2007, 10:33 AM
Typos are annoying, but as long as it's not really critical (like in a formula) then I'm ok with it. It's the first edition, so I expect typos. I'm more worried about the depth.

I'm using the JAM manual and going to his seminar. I used Actex for 8v and hated it. I'm also using Goldfarb's manual from 8v for the sections that overlap. I thought about the online seminar too, but decided that I probably wouldn't actually use it very much.

Why are you up at 4am!?!

campbell
01-10-2007, 10:39 AM
Why are you up at 4am!?!

That's a very good question... but it's mostly due to having a 7-month-old baby. Though sans baby, I still would be up by 5am. I've been that way for a long time.

Anyway, now that I have the notes, I'm going to read the new ones. I was getting tired of reading the Handbook of Fixed Income Securities. And going over the other books I already have.

It's not so much depth I'm concerned with, but organization. There's a lot of information around, and I need to organize it well. I've laid out the syllabus on my own website (http://wiki.mathuniverse.com/index.php?title=Annotated_syllabus_for_APM_2007), but I haven't started actually putting the readings in the outline. I should do that on Monday, I think.

AggieAct02
01-10-2007, 10:51 AM
I wouldn't worry too much about the depth yet. The odds are that we are going to have a hard enough time getting through all of the material even at a more general level. Plus, I have a feeling that this will be similar to course 6 where a lot of the materials overlap on subjects. You don't have to go indpeth into every source if you get a broad enough exposure. I'm just trying not to think about the 2200+ pages of reading. I'm getting my manual today though so I guess we'll see if my opinion changes.

veritech
01-10-2007, 12:33 PM
that 2200+...Do you guys rememeber how many pages are on course 5 and 6? I have an impression they have 2000+ pages of reading also...

campbell
01-10-2007, 02:20 PM
Maybe that's why I failed Course 5 on my first attempt....

wat?
01-10-2007, 02:47 PM
that 2200+...Do you guys rememeber how many pages are on course 5 and 6? I have an impression they have 2000+ pages of reading also...

I think Course 5 & 6 were "only" about 1200-1400 pages.

AggieAct02
01-10-2007, 03:14 PM
can't find the old study outline for 6, but there were 1569 according to Carmody's study schedule for 5. Still, 2200+ is a significant increase. At least those of us who took 6 have seen 300+ pages from HFIS.

campbell
01-10-2007, 03:43 PM
At least those of us who took 8V have seen hundreds of the pages before.

veritech
01-10-2007, 05:56 PM
yep, just checked, course 6 was only about 1460 pages according to JAM.

goodluck
01-10-2007, 06:53 PM
In the solution to the recommended problem #4 to the ch. 17:
they seem to be using dt=.08333 in calculating a, why not to use dt=.25? Thanks.

campbell
01-11-2007, 05:42 AM
Perhaps they made a mistake? Generally, solutions manuals are written by underpaid graduate and even undergraduate math students (I know, because I've done that). At that price, the person just goes through everything, trying to get it done in the least amount of time, and is often working off of the previous edition of the manual.

Yes, obviously dt = 0.25 is what the question asked for. Also, 9 time steps vs. 3 time steps makes for a much bigger binomial tree. If one has a spreadsheet set up, then it makes it interesting to check the results from 9 time steps against 3, but it's not something you'd do on the exam.

carzymathematician
01-12-2007, 11:49 AM
Just received my study notes... excuse me, the FIRST mailing of the study notes. It seems the formulas are coming in the second mailing, as will the case study and some GAAP stuff.

Oh yippee.

Blah. Time to start reading.

Do we have an idea as to when to expect this second mailing??

campbell
01-12-2007, 12:15 PM
I didn't ask. I also sent them an email about missing one of the study notes, but no reply. I'm guessing the Exam-related staff are all working on the release of results this and next week.

hershey220
01-12-2007, 12:25 PM
How long did it take you to get your first set? I think I ordered the SN's about 2 weeks ago, so I'm really hoping it shows up today so I have it for the weekend.

campbell
01-12-2007, 12:28 PM
Sorry, the dept. admin ordered it for us... sometime in December. That's all I know.

hershey220
01-12-2007, 01:46 PM
Nevermind, I just got it.

campbell
01-12-2007, 04:24 PM
Anyway, at some point this thread should get moved into the new subforum.

uncultured
01-15-2007, 11:39 AM
I moved this thread to the subforum.

carzymathematician
01-15-2007, 06:05 PM
How is the preparation for this exam coming along? I'm almost thru with the required readings from the texts - looking to be through it all by the end of Jan. Hopefully I can complete the entire syllabus by Feb in time to head to JAM seminar.. For those of you who have already gotten the Study Notes package, do u think this is feasible - i.e. will a month be sufficient time to read the SNs?

campbell
01-15-2007, 06:20 PM
When did you start reading the texts? December? November?

We haven't even gotten all the study notes as of yet. So I don't know about the ones we haven't received. But the ones we've gotten so far, I imagine you could get through in a month if your reading speed on the texts is an indication.

uncultured
01-15-2007, 06:53 PM
I won't be done with my textbook reading until February, but I just started this month.

carzymathematician
01-16-2007, 06:24 AM
I started with the texts in November, right after the 1st vsn of the syllabus was released. I needed to start this far in advance b/c my co. only gives 9 study days for this exam. Only problem with starting this early is that I am already exhausted!

campbell
01-16-2007, 07:31 AM
Yeah, you don't want to burn out too soon. It's a lot of material. I always try to peak around exam week, so I pace myself so I don't end up cramming too intensely or slack off due to having had finished too early. I am shooting for finishing all the reading in March.

onceandforall
01-16-2007, 10:17 AM
I didn't ask. I also sent them an email about missing one of the study notes, but no reply. I'm guessing the Exam-related staff are all working on the release of results this and next week.

Which study note are you missing? Is it 129?

carzymathematician
01-16-2007, 10:19 AM
I keep hearing that there is a really long formula sheet but I haven't come across that many formulas. I'm just going through Hardy's IG book (actually finishing up Ch 3) and I am seeing a bit but it doesn't seem to be bad - that is, when considering only the sections that JAM deem examinable. I know there is a bit in the Hull but again, it doesn't seem that much. Is it that the bulk of the formulas is expected to come from the SNs? I guess the question is more for ppl who did 8 this past fall (since most of this exam's SNs overlap with what was used for that exam)

coca tea
01-16-2007, 07:26 PM
Chapter 4 of the Investment Management for Insurers book is not on the required readings list.
But the ERRATA in the study notes has one reference to page 80 of the book, which is in ch4.
I assume that I should go with the readings list on the Spring catalog.
Am I right?

campbell
01-17-2007, 10:11 AM
I think errata generally cover the entire book. I could be wrong.

uncultured
01-18-2007, 02:48 PM
I don't quite understand two points in Lesson 1 of Carmody's online seminar: 1. is it the percentage change or the log of the percentage change that is normal? 2. I don't quite undertand the two equation for the payoff for an option holder: a. (NS_T + MK)/(N + M) - K = N/(N + M) * (S_T - K)

uncultured
01-18-2007, 02:56 PM
I got 2.

hershey220
01-18-2007, 02:57 PM
I'm not doing Carmody's seminar, but I'll try to answer #2. This is the formula for warrants, not a normal call. Warrants are different since they create new shares, so issuing them decreases the stock price. The payoff for these options is then just (N/(N+M))*(value of a regular call). This formula is making the reflecting the dilution effect of the warrants. If you want to see all the work, look in Hull's ch 13.

hershey220
01-18-2007, 02:58 PM
I got 2.
shoot...I need to type faster!

rekrap
01-18-2007, 03:00 PM
I don't quite understand two points in Lesson 1 of Carmody's online seminar: 1. is it the percentage change or the log of the percentage change that is normal? 2. I don't quite undertand the two equation for the payoff for an option holder: a. (NS_T + MK)/(N + M) - K = N/(N + M) * (S_T - K)

1. Percentage change is normal - check Hull 13.1 (pg 281)
This is a fundamental premise.

2. Again, the definitive source is Hull, 13.10 (pg 299-300)
The company has N shares (worth S_t), with M new options worth K being considered.

campbell
01-18-2007, 03:05 PM
Guys....we've got this nice shiny new subforum. Why not spread out?

rekrap
01-18-2007, 03:09 PM
Guys....we've got this nice shiny new subforum. Why not spread out?

Have you seen how messy my desk gets when I "spread out"?!

campbell
01-18-2007, 03:11 PM
Have you seen how messy my desk gets when I "spread out"?!


Uh.... well.... I'm looking for some bare space on my desk and there ain't any. Ooops.

uncultured
01-23-2007, 01:18 PM
Note to self:

1. The SOA has confirmed there will be a formula sheet, which should be part of the SNs.

2. From some undisclosed sources (some instructor at some 8V seminar who was also on the APM exam board), CSP will be more difficult than 8V.

3. Regurgitation is not going to work in order to pass 8V.

4. I'm doomed. :-(

campbell
01-23-2007, 01:51 PM
Well, there's no 8V anymore, so you don't have to worry about passing that.... ;)

veritech
01-24-2007, 07:29 PM
2. does it mean the DP will be easier than 8V? is it only for this track or for all?
3. did it even work for 8V?
:wave:
which manual do you use?

Note to self:

1. The SOA has confirmed there will be a formula sheet, which should be part of the SNs.

2. From some undisclosed sources (some instructor at some 8V seminar who was also on the APM exam board), CSP will be more difficult than 8V.

3. Regurgitation is not going to work in order to pass 8V.

4. I'm doomed. :-(

campbell
01-24-2007, 09:09 PM
Well, no matter what, I don't have to take DP, so I'm not worrying about its difficulty level. More seriously, no syllabus for DP has been released so it's hard to gauge.

Regurgitation did not work for 8V. I had the reaction of "What?!" on a couple of the questions, but evidently reasoned through it sufficiently.

I used ACTEX manual, and its question manual, for 8V. I found the question manual useful, the overall manual not so much.

uncultured
01-26-2007, 01:40 PM
2. does it mean the DP will be easier than 8V? is it only for this track or for all?
3. did it even work for 8V?
:wave:
which manual do you use?

No idea about DP. I think it was about investment, but I wonder if it's true for all (or if it's true at all). Don't think it worked for 8V. Isn't that what I just wrote? ;)

I'm using JAM.

seattleIslander
01-29-2007, 11:23 AM
I took 8V last fall and used Actex as well. I also think Actex flashcards are adequate. The computational review is excellent. Since lot of people liked JAM. I decided to try it for APM. But I think the manual is lot shorter which is not neccesarily a bad thing if you understand everything in the texts. I haven't looked at the condensed list, but maybe APM is just shorter than 8V? But I feel the problem section of JAM is not as good. Not nearly enough problems to cover what could be on the exams.

If anyone who is using Actex for APM, I'd be interested your opinion on it when you get it. I might have to buy Actex as well for computational type of problems.

campbell
01-29-2007, 03:50 PM
Oh, there is plenty of other computation-type things they can ask from non-Hull sources. But I think more likely it will be in terms of more qualitative analysis as well. I don't remember the page count, but the reading for APM is at least as much as 8V.

hershey220
01-29-2007, 04:48 PM
I think its hard to say that APM will be harder than 8v. There hasn't been an APM, so any comparison is just a guess.

The page count for APM is a bit more (1,885 vs 2,162 according to my count). I'm finding the material for APM easier, but then I've already taken C6 and 8v so I've seen most of the material before.

uncultured
01-29-2007, 05:20 PM
I guess Actex manual this time don't have any computational practice...

I use study guide from Goldfarb for practice questions. he designed question pretty much similiar to those calculation from book/study notes. and explain it well....

How do you know about Actex, have you looked at the newest edition?

And are you referring to the old edition of Goldfarb? Or has he decided to do one and it has come out already?

uncultured
01-29-2007, 05:34 PM
I am refering to material for 2006 course8v.
I don't have actex manual, so I am asking if any got one, and how dose the condensed llist...

Goldfarb will write manual for APM , but may be officially publish for the next sitting. For this sitting, he will only have a draft, as everything is in such a hurry.


the reason why I said APM is harder than 8v, is because if you checked some previous thread in our forum, or related, somebody got some reply from the person in exam committe for APM, that person said APM was going to be harder than 8v.... I just could not git into all those thread to find the original post.,, if it camse across me again, I will post it here.. but that news realy make my mood down a lot.... I really felt 8v is really a big, tough exam for me...


:popcorn:


I've heard the same from someone else, not from a thread here, but someone who actually has heard it himself.

It's really scary for me, too...

flyingdragon
01-29-2007, 06:03 PM
in the SN list, I did not find the exam and answers to fall 2006 8V exam. Will the answers to the previous 8V exam be released?

Anybody has some ideas about that?

carzymathematician
01-29-2007, 08:50 PM
in the SN list, I did not find the exam and answers to fall 2006 8V exam. Will the answers to the previous 8V exam be released?

Anybody has some ideas about that?

This is the exact question that I wanted to ask. Since there is some overlap with the 8V exams, is there some way to get the SOA to give us copies of the answers to the past 8V exams?? I am almost sure that the answer to this question will be no but a girl just gotta try!

rekrap
01-29-2007, 10:36 PM
This is the exact question that I wanted to ask. Since there is some overlap with the 8V exams, is there some way to get the SOA to give us copies of the answers to the past 8V exams?? I am almost sure that the answer to this question will be no but a girl just gotta try!

The question I've wanted to ask is "Was the misspelling of "crazy" in your ID intentional?".

carzymathematician
01-30-2007, 09:49 AM
The question I've wanted to ask is "Was the misspelling of "crazy" in your ID intentional?".

Nope..was just a lil bit tipsy when I was signing up for this shinding!:toast:

hershey220
01-30-2007, 10:05 AM
Wow, I really must be dyslexic, I never noticed your name wasn't crazy. And I just found out you were a girl...this is just mind blowing.

campbell
01-30-2007, 10:24 AM
Yeah, because we don't exist around here....

:wave:

Karisma
01-30-2007, 12:23 PM
The fourth of the 4 JAM guides, after the Condensed Outline, has answers to the questions from 2006 8V that Carmody thinks are still applicable for this exam. He also includes answer to the last course 6 that are applicable.

flyingdragon
01-30-2007, 12:32 PM
The fourth of the 4 JAM guides, after the Condensed Outline, has answers to the questions from 2006 8V that Carmody thinks are still applicable for this exam. He also includes answer to the last course 6 that are applicable.


You are wrong. It only includes questions from 2005 8V exam.

uncultured
01-30-2007, 02:53 PM
How do you know about Actex, have you looked at the newest edition?

And are you referring to the old edition of Goldfarb? Or has he decided to do one and it has come out already?

I've heard there IS a Goldfarb manual this time. I'm going to look into it. I've heard great things about it. Like I don't have enough books, SNs, manuals, problems, cards and lists to look into.... :popcorn:

campbell
01-30-2007, 05:12 PM
Goldfarb's 8V manual was pretty detailed.

rekrap
01-30-2007, 05:12 PM
Goldfarb's 8V manual was pretty detailed.

Too detailed?

campbell
01-30-2007, 05:46 PM
I don't know. I saw somebody else's copy, and it looked rather thorough to me, in terms of explaining quantitative concepts. I just remember looking at the explanation of Deflators from it, and it was a pretty good explanation.

On the whole, though, I was using ACTEX's computational review for problems, and the condensed outline for memorization (I did heavy culling), and I had read every text before looking at the manuals, too (I had started studying whenever the fall catalog was released.)

jm33w
01-30-2007, 05:48 PM
goldfarbs manual covers 75% of APM and is ~ 650 pages.

uncultured
01-30-2007, 06:57 PM
I don't know. I saw somebody else's copy, and it looked rather thorough to me, in terms of explaining quantitative concepts. I just remember looking at the explanation of Deflators from it, and it was a pretty good explanation.

On the whole, though, I was using ACTEX's computational review for problems, and the condensed outline for memorization (I did heavy culling), and I had read every text before looking at the manuals, too (I had started studying whenever the fall catalog was released.)

By heavy culling do you mean you didn't memorize all of ACTEX's condensed outline? Do you think ACTEX's condensed outline might have been more detailed than JAM's?

uncultured
01-30-2007, 06:58 PM
Too detailed?

For now. He will add more later, too.

veritech
01-30-2007, 07:05 PM
How would you compare between Actex, Jam or Goldfarb for the computation part and list part respectively? (Actex will not have computation manual for APM)

what proportion of the exam is gonna to be calculation? :crazy:

rekrap
01-30-2007, 10:12 PM
Goldfarb's 8V manual was pretty detailed.Too detailed?For now. He will add more later, too.
:rimshot:

jm33w
01-31-2007, 10:16 AM
goldfarb doesn't have a list section.

Karisma
01-31-2007, 11:02 AM
You are wrong. It only includes questions from 2005 8V exam.

Ouch that hurt. You might want to work on your social skills. Yes, you are correct. On pages 16 through 21 of the Condensed Outline the year 2006 should read 2005. I am sure that is what you meant to say.

flyingdragon
01-31-2007, 12:47 PM
Ouch that hurt. You might want to work on your social skills. Yes, you are correct. On pages 16 through 21 of the Condensed Outline the year 2006 should read 2005. I am sure that is what you meant to say.

Sorry for the hurts. Two things I want to say:

1) I am Chinese and work for a US company in China. My English is not as good as yours. The first priority for me is to express my opinion clearly. The second priority is to express it in a circumlocutory way.

2) There may be a cutural difference. It maybe hard to say which is good or which is bad.

Anyway, thanks for your advice. I'll try to learn more about social skills you mentioned. But maybe such skills can not work in China. :)

carzymathematician
01-31-2007, 04:50 PM
Has anyone bout the Goldfarb manual as yet? Does it have a Q&A bank or something to that effect? What about the Actex? Any Q&As there? Thanks!

veritech
01-31-2007, 05:24 PM
HOW is everyone's progress so far?:guitar:

rekrap
01-31-2007, 05:33 PM
Has anyone bout the Goldfarb manual as yet? Does it have a Q&A bank or something to that effect? What about the Actex? Any Q&As there? Thanks!

Goldfarb's 8V had questions at the end of each "section"/"lesson", and since his APM is just rehashing his exisiting manual...

I don't know about Actex. Just used Comp Review, and of course it had questions...

carzymathematician
02-01-2007, 07:54 AM
Goldfarb's 8V had questions at the end of each "section"/"lesson", and since his APM is just rehashing his exisiting manual...

I don't know about Actex. Just used Comp Review, and of course it had questions...

What's Comp Review?

carzymathematician
02-01-2007, 08:02 AM
HOW is everyone's progress so far?:guitar:

Finished the required readings from the text. I am now reading the SNs (while going through the JAM guide and annotating)- finished #100, #101, #102 and Ch5 of #125 (125 was the worst to read thus far- ended up skipping some of the reeeeaaallly technical stuff). Also, I had gone ahead and read Section 5 & 6 of JAM while I was waiting on the SNs to get here.

How are you guys doing?

rekrap
02-01-2007, 09:32 AM
What's Comp Review?

Sorry. For Course 6, Nick called it the Computational Review, but for 8V it is the Problem Supplement.
That is the manual to which I was referring.

carzymathematician
02-01-2007, 09:57 AM
Sorry. For Course 6, Nick called it the Computational Review, but for 8V it is the Problem Supplement.
That is the manual to which I was referring.

So if I purchase the Actex manual will this will be included? Or is it sold separately?

rekrap
02-01-2007, 11:35 AM
So if I purchase the Actex manual will this will be included? Or is it sold separately?

I don't see a separate "Problem Supplement" available for sale at Actex. I assume Nick feels the Practice Problems provided at the end of the Actex Manaual are sufficient and there will not be a separate "supplement" for this sitting. You could ask him yourself: He has an email address and also an account on here.

carzymathematician
02-01-2007, 11:45 AM
Thanks!

seattleIslander
02-01-2007, 12:14 PM
I don't see a separate "Problem Supplement" available for sale at Actex. I assume Nick feels the Practice Problems provided at the end of the Actex Manaual are sufficient and there will not be a separate "supplement" for this sitting. You could ask him yourself: He has an email address and also an account on here.

Can anyone comment on the "Practice Problems provided at the end of the Actex Manual"? Is it comparable to the Problem Supplement? I wonder if we should ask Nick to make the 8V supplement available through Actex for APM?

flyingdragon
02-01-2007, 12:35 PM
For this exam, will there be multiple choices? Or will it be the same style as course 8V, just essay questions?

campbell
02-01-2007, 12:48 PM
If you read the introductory study note, it says:

The examination will consist of six hours of written answer questions.

carzymathematician
02-01-2007, 04:15 PM
Just bought Goldfarb today. Will let u guys know what I think of it!

campbell
02-05-2007, 04:35 AM
I doubt the Course 6 stuff is going to be that helpful.

The bulk of the computational problems would likely relate to the readings in Hull (the involved ones, that is). If you're concerned about that, then get the solutions guide to Hull (sold separate of the text, of course), and do some problems at the end of the chapter related to the readings.

rekrap
02-05-2007, 09:22 AM
How? I am wondering . thanks.

This might seem obvious, but try:
http://www.goldfarbseminars.com/

If you can't find it, still, let us know.

carzymathematician
02-05-2007, 10:07 AM
How? I am wondering . thanks.

You can go to goldfarbseminars.com - there's a link that you can click on to purchase the manual, which is in an electronic format. You will get immediate access to the file if you use a credit card.

campbell
02-12-2007, 06:06 PM
If there is still only 50% passing rate, another 50% people will be left to retake that again. Please correct me if I am wrong.

I beg pardon - what is this in reference to? The item you quoted me from was indicating that APM is going to be a 6-hour written exam, just as 8V was, not making any mention of likely passing rates.

And I wouldn't say "only" a 50% passing rate. That may very well be on the high side.

rekrap
02-12-2007, 10:41 PM
If there is still only 50% passing rate, another 50% people will be left to retake that again. Please correct me if I am wrong.
I beg pardon - what is this in reference to? The item you quoted me from was indicating that APM is going to be a 6-hour written exam, just as 8V was, not making any mention of likely passing rates.

And I wouldn't say "only" a 50% passing rate. That may very well be on the high side.

That's weird... where's lmfrei (http://www.actuarialoutpost.com/actuarial_discussion_forum/member.php?u=16391)'s original post now?

campbell
02-13-2007, 06:58 AM
Well, that's different.

rekrap
03-02-2007, 10:50 AM
10 weeks and counting... :study:

campbell
03-02-2007, 12:09 PM
Blah.

hershey220
03-02-2007, 04:02 PM
Yes, your link is for the FRM exam. I don't really know the details, but it's a designation for risk managment professionals. There are quite a few threads talking about FRM, PRM and CFA's....I'll leave the linking honors to rekrap.

carzymathematician
03-02-2007, 04:10 PM
Can anyone give some feedback on the Actex manual? I am especially interested in this Problem Supplement that I've been hearing so much about. Thanks!

rekrap
03-02-2007, 04:35 PM
...There are quite a few threads talking about FRM, PRM and CFA's....I'll leave the linking honors to rekrap.

Most of the FRM/PRM stuff is in the Risk Mgmt forum (http://www.actuarialoutpost.com/actuarial_discussion_forum/forumdisplay.php?f=69) (69, dudes!). I won't waste the time to link to them individually.

rekrap
03-02-2007, 04:44 PM
Can anyone give some feedback on the Actex manual? I am especially interested in this Problem Supplement that I've been hearing so much about. Thanks!

There are practice problems (according to the sampled table of contents (http://www.actexmadriver.com/client/client_images/pdfs/Samples2007/APM_Sample.pdf)[pdf] at Actex), but no "supplement". There were manuals of just problems (the Computational Review for the old Course 6 and the Problem Supplement for the old 8V) by the same author.

I do not have the manual, but I imagine (if his practice problems are as good as they were for Courses 6 and 8V) that it is a good set of problems. If you can find old copies of either for sale (you can't have mine, sorry), there are probably problems in both that could help for this exam (since HOFIS was on 6 and Hull/Hardy/Crouhy/Babbel were on 8V).

rekrap
03-02-2007, 04:47 PM
...If you can find old copies of either for sale (you can't have mine, sorry), there are probably problems in both that could help for this exam (since HOFIS was on 6 and Hull/Hardy/Crouhy/Babbel were on 8V).


I wonder if the chairman (http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=72128) still has his copy available... I'm sure you can do similar searches.

carzymathematician
03-02-2007, 06:01 PM
There are practice problems (according to the sampled table of contents (http://www.actexmadriver.com/client/client_images/pdfs/Samples2007/APM_Sample.pdf)[pdf] at Actex), but no "supplement". There were manuals of just problems (the Computational Review for the old Course 6 and the Problem Supplement for the old 8V) by the same author.

I do not have the manual, but I imagine (if his practice problems are as good as they were for Courses 6 and 8V) that it is a good set of problems. If you can find old copies of either for sale (you can't have mine, sorry), there are probably problems in both that could help for this exam (since HOFIS was on 6 and Hull/Hardy/Crouhy/Babbel were on 8V).

Rekrap..u are da bomb! Tx!!:tup:

rekrap
03-03-2007, 12:00 AM
I am wondering that FRM designation corresponding to the certification below:
http://www.garp.com/frmexam/

sorry if I did not say my question clear in my previous post.

Yes, your link is for the FRM exam.

Yes, FRM is the GARP Risk Management certification/designation.

rekrap
05-04-2007, 02:13 PM
10 weeks and counting... :study:

1 week and counting.... :study:

campbell
05-04-2007, 02:14 PM
Are we doing a countdown here?

rekrap
05-10-2007, 02:44 PM
10 weeks and counting... :study:1 week and counting.... :study:

1 day and counting... :study:

Good luck everyone! :toast:

campbell
05-11-2007, 08:57 PM
Well, that's it until next year (or never, I hope).

bagheera
05-12-2007, 01:15 AM
Did anyone notice that the material referred to in problem 13 relating to the explicit finite difference and Crank-Nicholson method is not on the syllabus? Only 17.1-17.3, 17.6 and 17.7 from Hull are included in the syllabus. The methods referred to in the question fall under 17.8.

hardlife
05-12-2007, 04:06 AM
how should who contact SOA about this? who to email?

campbell
05-12-2007, 06:57 AM
You don't need to contact them, as I already have. But if you think there are other problems with the questions, this is what you do:

Email ombudsperson, and do it now: (email -- ombudsperson@soa.org)

From the Spring 2007 Catalog, instructions to candidates:
http://soa.org/education/files/pdf/Rules%20and%20Regulations-Instructions%20to%20Candidates%202007%20011707.pdf

Defective Questions – Occasionally, through an inadvertent error
or a difference in interpretation, an exam question is found to be
defective. Examples of defects might include typographical errors,
ambiguities or questions, which test material no longer covered in
the Course of Reading. Candidates who believe that a question is
defective should write to the E&E Ombudsperson at the SOA
within two weeks of the date the exam was administered. This
letter should explain in detail why this question seems to be
defective. The SOA’s Education and Examination Committee will
investigate all questions brought to its attention in this way, and
may make allowances in the grading process, if appropriate. The
committee cannot consider correspondence that does not reach the
SOA office within two weeks after the exam administration.

bagheera
05-12-2007, 04:18 PM
You don't need to contact them, as I already have.

That's good. I hope they grant 4 points to everyone.