I'm currently studying for the IFoA ST7 - General Insurance: Reserving and Capital Modelling exam which I will be sitting in a couple of weeks time, I know, you're all jealous of what a great time I must be having right now.
The Institute publishes past papers on their website with specimen solutions which is really helpful, what is less helpful though are the comments that the Institute's examiner has decided to sprinkle through out the specimen exam solutions. I've collected some of the better ones:
“many candidates seemed to have an incredibly superficial understanding of key concepts which fell over when they were asked to apply those concepts”
“There were almost no reasonable answers to this part.”
“Very poorly answered. Most candidates made only one or two points and these were often confused.”
"Overall candidates displayed remarkable innovation in the range of ways in which they managed to get this question wrong."
“Almost nobody made a reasonable attempt at this part.”
“many candidates struggled with the mitigation question, displaying an excessive tendency to focus on cover changes that would clearly be at best inappropriate and at worst illegal for compulsory covers; these candidates were fortunate that the marking system does not allow negative marks to be given.”
“A fairly straightforward calculation which very few got right.”
It makes me warm and fuzzy to know that how highly the examiner thinks of us students. Taking the last comment as an example - is it perhaps evidence that the calculation is not in fact 'fairly straightforward' given 'very few got it right'?
I work as an actuary and underwriter at a global reinsurer in London.