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 ERM Exam Old Advanced Finance and Enterprise Risk Management (ERM) Forum

#101
09-25-2018, 04:00 PM
 InboxFull SOA Join Date: May 2016 Location: Florida Favorite beer: Stella Posts: 12

I was wondering if someone knows how to interpret the grade you receive in your detailed performance per question.

If for example I got a 7 on a question does that mean I got between 110-120% of the adjusted standard?

So if a problem has 11 points, can I say the adjusted standard is close to a 6?
and I got between 6.6 to 7.2 over 11?

I am asking the question to try to understand my performance on the past exam.

If they change the standard performance to an adjusted performance, does that in any way affect the final grade?
Example to explain what I mean:
Q1: (11 Points) -- well answered by most of the students --> less adjustment
Q2: (11 Points) -- poorly answered by most of the students --> more adjustment
If I answer Q2 perfectly but not perform well on Q1 will my final grade be negatively affected because Q2 was adjusted more than Q1?

Last edited by InboxFull; 09-25-2018 at 04:20 PM..
#102
09-28-2018, 01:09 AM
 XP-SteveScoles Member SOA Join Date: Apr 2016 College: University of Manitoba Posts: 131

Quote:
 Originally Posted by InboxFull I was wondering if someone knows how to interpret the grade you receive in your detailed performance per question. If for example I got a 7 on a question does that mean I got between 110-120% of the adjusted standard? So if a problem has 11 points, can I say the adjusted standard is close to a 6? and I got between 6.6 to 7.2 over 11? I am asking the question to try to understand my performance on the past exam. A follow up question: If they change the standard performance to an adjusted performance, does that in any way affect the final grade? Example to explain what I mean: Q1: (11 Points) -- well answered by most of the students --> less adjustment Q2: (11 Points) -- poorly answered by most of the students --> more adjustment If I answer Q2 perfectly but not perform well on Q1 will my final grade be negatively affected because Q2 was adjusted more than Q1?
Hi,
The main thing to know is that the overall pass mark is a number of points -- you will pass on the points you score in total not on any relative question performance. If you score 5 points out of 11 on #1 and 9 points out of 11 on #2, you will have 14 points towards the pass score regardless of other students scores.

The relative score on each question is the SOA using an algorithm to sort through all candidates scores to determine roughly how students in general performed and then how you did versus others. That is all that I am aware of as far what the SOA says on how they calculate those scores.

It can definitely be tricky in using those scores to evaluate how you did. I don't think you can get particularly exact when using those scores.

Steve
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#103
09-28-2018, 08:44 AM
 E Eddie Smith SOA AAA Join Date: May 2003 College: UGA Posts: 9,130

Agree with Steve, particularly on the fact that it's difficult to glean actionable information from that type of analysis. I think it's more practical to assess your answers against the answers you see in SOA model solutions. Key things to focus on:

1. Are you generally providing the same level of detail?
2. Are you formatting your answer correctly based on the question verb? Question verbs like critique, assess, evaluate, describe, etc. each have unique meanings on FSA exams.
3. Are you consistently providing an answer for all parts of all questions and not leaving any blank?

Put simply, you will never know exactly how your paper was scored, and I don't think having that information helps you in the heat of battle on exam day. It's best to just answer each question as thoroughly as possible while staying within a 3 minutes per point time budget.
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#104
09-28-2018, 11:48 AM
 InboxFull SOA Join Date: May 2016 Location: Florida Favorite beer: Stella Posts: 12

Thank you Steve and Eddie. That makes sense.
#105
10-09-2018, 10:17 AM
 bewger Member CAS SOA Join Date: Jan 2012 Posts: 91

On exam day, can anybody tell me what is provided? Is there a table sheet or some sort similar to what was provided in the prelims?
#106
10-09-2018, 05:47 PM
 goodfella7763 Member SOA Join Date: May 2017 Posts: 39

Quote:
 Originally Posted by bewger On exam day, can anybody tell me what is provided? Is there a table sheet or some sort similar to what was provided in the prelims?
You receive the case study in the exact same format as it is posted on the SOA website. Including the Normal distribution table and all pages/sections regardless of your extension.
#107
10-11-2018, 04:42 PM
 pippi-longstocking Member SOA Join Date: Apr 2017 Studying for FAP Favorite beer: Dunkel Posts: 94

I remember seeing this question before in AO but can't find it now, so here it's again:

Is it okay to shorten some words like cat for catastrophe or mngmt. for management in the exam?

It should be okay to use the abbreviations given in the readings I assume like CAPM, MVO, etc. right?
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#108
10-12-2018, 08:25 AM
 E Eddie Smith SOA AAA Join Date: May 2003 College: UGA Posts: 9,130

Quote:
 Originally Posted by pippi-longstocking I remember seeing this question before in AO but can't find it now, so here it's again: Is it okay to shorten some words like cat for catastrophe or mngmt. for management in the exam? It should be okay to use the abbreviations given in the readings I assume like CAPM, MVO, etc. right?
Yes definitely. Common acronyms like this are totally fine to use and also a good idea because it saves time. If you aren't sure whether the grader will know what the acronym means, you can define it clearly then use it.
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LP | LFV-U | LFV-C | LRM | ERM | QFI Core | QFI Adv | QFI IRM | G&H Core | G&H Adv | G&H Sp

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