Actuarial Outpost
 
Go Back   Actuarial Outpost > Exams - Please Limit Discussion to Exam-Related Topics > CAS > CAS Exams > Exam 5 - Ratemaking/Reserving
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Search this Thread Display Modes
  #51  
Old 08-17-2019, 07:20 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is online now
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: As far as 3 cups of sugar will take you
Studying for ACAS
College: Hard Knocks
Favorite beer: Most German dark lagers
Posts: 66,134
Default

I would suggest a slightly different approach for Exam 5 vs. any of the prelims with only MC answers.

Note that all answers on Exam 5 are short answer; and you can get partial credit for any given problem.

Where an arithmetic error on MAS-I will most likely result in getting that problem wrong (and thereby losing points due to the "guessing penalty"), such errors have a minimal impact on Exam 5.

Greater emphasis is placed on "showing your work" . . . although that can have a pretty broad range of meaning. The best thing here is to look at sample answers from the last couple of sittings to see what (current) graders are generally expecting.


And don't neglect to develop your test-taking strategy (there are many out there). I would suggest trying out a few possible ones and see what seems to work best for you. (I would not rely on assuming that "what you did for the prelims" is going to be "good enough" without at least honestly trying a few other possible ones.)
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #52  
Old 08-18-2019, 06:03 PM
Tsir's Avatar
Tsir Tsir is offline
Member
CAS
 
Join Date: Oct 2018
Studying for MAS-I
Posts: 66
Default

What amount of points, if any, would be deducted if you don't specify "in thousands" or put "000" in every step of your work? For example, when closed claims amounts are given in thousands, and you just copy over the numbers without 000 in each part of your calculation. When you get to dividing by claim counts to get severity, you put the zeros into your calculator, and get the right answer. In other words, you didn't lose the zeros, you just don't write them in order to save time.
Reply With Quote
  #53  
Old 08-18-2019, 09:08 PM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is online now
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: As far as 3 cups of sugar will take you
Studying for ACAS
College: Hard Knocks
Favorite beer: Most German dark lagers
Posts: 66,134
Default

Quote:
Originally Posted by Tsir View Post
What amount of points, if any, would be deducted if you don't specify "in thousands" or put "000" in every step of your work? For example, when closed claims amounts are given in thousands, and you just copy over the numbers without 000 in each part of your calculation. When you get to dividing by claim counts to get severity, you put the zeros into your calculator, and get the right answer. In other words, you didn't lose the zeros, you just don't write them in order to save time.
The Exam Graders that I've talked with will generally give the candidate the benefit of the doubt if they're consistent throughout the problem. At worst, they might take a small portion (think 1/4 point if a 2+ point problem) off.

But their focus is (1) do you understand the process effectively? and (2) do you communicate it in an effective way that another can follow what you did?

This situation would affect item #2; but isn't really a huge issue.

(Note: on Exam 6 where you're working on presenting a Statement of Actuarial Opinion, this particular item could be very important wrt item #2 above and may have a bigger penalty.)
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #54  
Old 08-21-2019, 09:01 AM
Mdl911 Mdl911 is offline
Member
CAS
 
Join Date: Nov 2016
Studying for Cinco
College: Bachelors
Posts: 45
Default

Quote:
Originally Posted by Vorian Atreides View Post
I would suggest a slightly different approach for Exam 5 vs. any of the prelims with only MC answers.

Note that all answers on Exam 5 are short answer; and you can get partial credit for any given problem.

Where an arithmetic error on MAS-I will most likely result in getting that problem wrong (and thereby losing points due to the "guessing penalty"), such errors have a minimal impact on Exam 5.

Greater emphasis is placed on "showing your work" . . . although that can have a pretty broad range of meaning. The best thing here is to look at sample answers from the last couple of sittings to see what (current) graders are generally expecting.


And don't neglect to develop your test-taking strategy (there are many out there). I would suggest trying out a few possible ones and see what seems to work best for you. (I would not rely on assuming that "what you did for the prelims" is going to be "good enough" without at least honestly trying a few other possible ones.)
Is there a video/article on these test taking strategies for upper exams that you mentioned?
Reply With Quote
  #55  
Old 08-23-2019, 05:52 PM
Sav Sav is offline
CAS
 
Join Date: Feb 2019
College: Alumni
Posts: 22
Default

Quote:
Originally Posted by beachchic220 View Post
Sorry should have said the List function. In the TI-20XS MultiView if you hit Data you can enter values in L1, L2 or L3. For any sort of triangle calculation, like calculating Age-to-Age factors which can be cumbersome, you can enter the numerator in one list and denominator in the next, and the last you can use for the calculation of the LDFs.
I went and bought a TI-30XS Mutliview for this specific trick (though already have 3 TI-30XII calculators) but cant seem to figure out this trick. Could you kindly go through this trick step by step using an example?

Thanks,
Reply With Quote
  #56  
Old 08-25-2019, 09:47 PM
sant93 sant93 is offline
Member
CAS
 
Join Date: Jan 2019
Posts: 30
Default

Anyone using TIA? If so, where are you in the course?
Reply With Quote
  #57  
Old 08-26-2019, 08:56 AM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is online now
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: As far as 3 cups of sugar will take you
Studying for ACAS
College: Hard Knocks
Favorite beer: Most German dark lagers
Posts: 66,134
Default

Quote:
Originally Posted by Mdl911 View Post
Is there a video/article on these test taking strategies for upper exams that you mentioned?
Not that I'm aware of.

But essential idea of any (successful) strategy that have been discussed on the AO is understanding yourself well enough to assess your ability to answer the given question *quickly*.

Some will simply work through the problems from front to back in numerical order.

Others will use the "pre-read" time to sort the problems in to:
  • "do first - short problems"
  • "do first - longer problems"
  • "do next because I have an idea, but not comfortable with the full problem"
  • "do last because I think I might know something"
  • "No clue whatsoever"

Spending time on those last two items when you have some in the first two sets is 100% counter-productive.
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #58  
Old 08-26-2019, 10:01 AM
ActuarialAlpha's Avatar
ActuarialAlpha ActuarialAlpha is offline
Member
CAS
 
Join Date: Aug 2018
Studying for 5
Favorite beer: IPAs
Posts: 105
Default

How important are the diagrams drawn for calculation of areas using the parallelogram method? For example, if my diagram is very ugly but I correctly identify the areas in each rate level, will I lose points?
Reply With Quote
  #59  
Old 08-26-2019, 10:51 AM
ALivelySedative's Avatar
ALivelySedative ALivelySedative is online now
Member
CAS
 
Join Date: Dec 2013
Location: Land of the Pine
College: UNC-Chapel Hill Alum
Favorite beer: Red Oak
Posts: 3,336
Default

Quote:
Originally Posted by ActuarialAlpha View Post
How important are the diagrams drawn for calculation of areas using the parallelogram method? For example, if my diagram is very ugly but I correctly identify the areas in each rate level, will I lose points?
Just make sure vertical and diagonal lines are distinguishable. However, to avoid making algebraic errors, I found that making the graphic relatively close to scale made life easier in the moment.
__________________
Stuff | 6 | ACAS | FCAS stuff
Reply With Quote
  #60  
Old 08-26-2019, 11:49 AM
ActuarialAlpha's Avatar
ActuarialAlpha ActuarialAlpha is offline
Member
CAS
 
Join Date: Aug 2018
Studying for 5
Favorite beer: IPAs
Posts: 105
Default

Quote:
Originally Posted by ALivelySedative View Post
Just make sure vertical and diagonal lines are distinguishable. However, to avoid making algebraic errors, I found that making the graphic relatively close to scale made life easier in the moment.
Thanks! I definitely prefer to make them as close to scale as possible. I was just wondering for the case that I mess up the drawing is it worth it to waste the time to redo if I know that my proportions are correct.
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 08:58 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.31645 seconds with 9 queries