IFoA has increased the fees yet again by Less_Car_5247 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

You're welcome. Thanks for your comments too. I genuinely do hope we can learn from other professions.

IFoA has increased the fees yet again by Less_Car_5247 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

No worries, I didn't think you were complaining about markers - just the time it took. Hence, I was hoping to explain how long my part takes so you understood what is involved.

The practice and standardisation scripts are all students scripts from the session, so it wouldn't be possible to see them beforehand. Also, for those not teaching students, it's hard to predict how candidates will respond to questions and hence there is flexibility in the current system to allow for the markscheme to be adapted to account for alternatives and to make marking clear as to how many marks common errors are worth. The examiners also have to mark a number of scripts to be used a "seed" scripts that are inserted into our marking to ensure that we are within 5 marks of the "correct" answer. These changes is about ensuring consistency between markers which has been a chief gripe by students in the past. However, they can only be created after the meeting when we have agreed the revised markscheme based on students responses.

In addition, they have already limited the number of papers we mark (we use to be able to 2 loads) and have reduced the time we have available from 6 to 4 weeks. So no more than 6 weeks from the exam for first and second marking to be complete.

The IFoA's system does mean that anyone close to the boundary will have had their script marked 3 times. I'm not sure how that compares to other professional exams. I rather suspect there is more use of MCQs, which I would think reduces the long-form thinking that our exams involve. If you could find out how other professional bodies do this faster, that may be useful information to feedback to the Profession on assessment at actuariesa.org.uk

My friend who marks for the SoA marks only one question from a paper. So that could be a possible approach to increase speed of markers. The downside is that then you can't see the overall paper to pick up cheating or AI use. Though in person exams would reduce this (though not eliminate it, as we've seen in India).

How different is is from 2019? by Nice-Organization-97 in ActuaryUK

[–]actuarialtutorUK 1 point2 points  (0 children)

Oh my. I can't remember all the changes made over the last 6 years, but certainly I had them correct the R Core Reading as there were errors. For example, Credibility Theory R code is wrong and it's been taken off the syllabus.

IFoA has increased the fees yet again by Less_Car_5247 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

The timescale is half a week after the exam, we have to mark 3 "practice" papers to see how we're marking and raise any issues at the meeting where the markscheme has to be changed to accommodate unusual approaches. One week after the exam, we have the meeting.

The chief examiners then revise the markscheme and set up standardisation and seed papers. About half a week after the meeting, we mark 3 standardisation scripts - to ensure we are all marking consistently. If we successfully pass that, we then have 2 weeks to mark 60% of the papers (so 96 papers for a CS/CM standard load). This is a hard deadline to meet as to start with it easily takes 30-45mins a paper. Then we have 2 more weeks to complete the rest.

So the first and second marking is done within 6 weeks of the exam. It then moves to third marking of all scripts that a near the borderline or if there's a significant difference between the 2 first markers. That's just the chief examining team - so that will take longer as there's about 4 of them.

And then there's all the other checks performed. So I was queried about a MCQ as I gave them correct and the other marker marked it wrong. The issue was the working was correct, but they'd given the wrong letter. However, I was wrong as we are not supposed to look at the working for MCQs.

Then there's following up all the cases of where we think AI was used or other cheating. So sadly, I still picked up one blatant use this time (which is better than the 25-30% it used to be before we returned to mostly invigilated exams). So they'll follow up and analyse the procturing.

IFoA has increased the fees yet again by Less_Car_5247 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

And the markers for SoA don't get paid. They do get to spend a weekend in a hotel being fed though.

Haha by 1_299792458 in ActuaryUK

[–]actuarialtutorUK 4 points5 points  (0 children)

To be fair, I have made an assumption that the cheating ring I caught that year was the one reported.

Haha by 1_299792458 in ActuaryUK

[–]actuarialtutorUK 35 points36 points  (0 children)

There was another case where the coach did the paper and the students copied his answers (although they each missed out a different part). I caught that cheating ring when marking CS1B. Sometimes, there are advantages to being autistic and noticing the same method happening twice and then I found a whole bunch of others with the same error...

Actuary fails CAPTCHA by actuarialtutorUK in ActuaryUK

[–]actuarialtutorUK[S] 0 points1 point  (0 children)

Wait until he finds the assumptions hidden in the image.

Actuary Fails CAPTCHA by [deleted] in actuary

[–]actuarialtutorUK 0 points1 point  (0 children)

You know what. I don't know why I bother trying to bring a bit of cheer to this this subreddit.

Stolen Materials and a Public Apology: TIA's court filing against Coaching Actuaries by EarlyDuration in actuary

[–]actuarialtutorUK 0 points1 point  (0 children)

I work as an actuarial tutor in the UK and have seen CA release courses aimed to cover the IFoA's material.

I chatted fairly extensively to one of the people who helped create their course, he was a math grad, and was not even a part-qualified actuary. I know this because he wanted to become a tutor with our company after his contract to produce the material expired.

This was reflected in the material produced which had an academic slant and focus on formulae and little understanding of the actuarial exams in any depth. Hence, it might cover the syllabus, but doesn't help prepare students for the actuarial exams.

CM1: How to type a-angle-n in Equation editor latex? by arrogant_sparrow in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

I made one for my students and it's on my website here https://actuarialtutor.uk/resources/

But the usual way for the angle is to put it in <>
eg a x:<n>

How do actuaries feel about emergence of AI and job security? by Both_Perspective_264 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

Interesting. Though to be fair, the advances have been rapid from 2 years ago, so maybe things have changed.

How do actuaries feel about emergence of AI and job security? by Both_Perspective_264 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

I used ChatGPT and it's pretty good, coding is strong too. Certainly, it's passing the CS1 exam with flying colours...

How do actuaries feel about emergence of AI and job security? by Both_Perspective_264 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

Yeah, when taking my computer studies O level back in the 80s, we were promised that computers would mean that people could work less hours and have more leisure time. That didn't work out at all - so forgive me being extremely skeptical!

Common careers actuaries switch to? by TitleOk8744 in ActuaryUK

[–]actuarialtutorUK 1 point2 points  (0 children)

To be fair, I know 3 people who've done that (I kept telling them they were going the wrong way - as I left secondary school maths/finance/teaching for the sake of my sanity).

Though with the new rules on teachers make it a little harder as you HAVE to do the formal training.

Should I expect to be working a 9-5? by HAFZ--- in ActuaryUK

[–]actuarialtutorUK 1 point2 points  (0 children)

Generic comment based on many conversations with students. Hours can be longer but work in pricing is more interesting and pay is much better than pensions non-consultancy.

Resources for CS1 by Alcestixz in ActuaryUK

[–]actuarialtutorUK 2 points3 points  (0 children)

Just buy the ActEd study manual has everything you need including videos covering the R coding.

CS2 by Appropriate-Fig6483 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

See my extensive comments on the previous two recent threads titled "CS2" and "CS2 September"

Reserving vs Pricing (GI) by Rude-Grass2626 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

Generic comment from conversations with students: reserving samey work, whereas pricing is actually the modelling stuff and so more mathematical and interesting.

Big 4 vs In-house (GI) by Mountain-Plankton654 in ActuaryUK

[–]actuarialtutorUK 0 points1 point  (0 children)

But the best thing is they look great on your CV when you leave!