Student Forum - Institute of Actuaries of Australia Exams Part III - 11 January 2010 - Exam Purpose, Structure, Marking and Passing Tactics

Sep 27, 2026

Uploaded by pop out

Student Forum materials outline the Institute of Actuaries of Australia Exams Part III held in Singapore on 11 January 2010. The agenda explains the exam’s purpose in assessing candidates’ knowledge and ability to become internationally recognised Fellows, and details how papers are drafted, reviewed, and proportioned across knowledge and understanding, simple judgement, and complex judgement. Guidance covers marking by ABCDE or X, scaled marks, pass/fail thresholds, overall outcomes, and practical tactics such as knowing the course, answering fully, managing time, and using past questions and examiner reports.

LanguageEnglish

CategoryExam

FormatPDF

Pages12

Reading Time30 min

AccessFree to download

Agenda

Purpose of the Exams

How the Exams are Structured

Marking

Tactics for Passing

Questions

Student Forum Institute of Actuaries of Australia Exams Part III Singapore, 11 January 2010 Agenda 􀀁 Purpose of the Exams 􀀁 How the Exams are Structured 􀀁 Marking 􀀁 Tactics for Passing 􀀁 Questions Purpose of Exams To determine whether the candidate has sufficient knowledge and ability to be an Internationally recognised Fellow. How Exams are Structured 􀀁 Course leaders draft the Exam Papers 􀀁 These are Reviewed and Tested (by 3 groups) 􀀁 Questions structured in the proportions 􀀁 Knowledge and Understanding (20%) 􀀁 Simple Judgement (40%) 􀀁 Complex Judgement (40%) 􀀁 Paper structured to cover the whole course Marking 􀀁 Each question marked ABCDE or X 􀀁 Each question has raw marks then these are scaled. Scaled marks are used. 􀀁 Cut Off mark Pass(AB)/Fail(CDE) for each question set. 􀀁 Overall candidates split into Pass, Borderline, Fail. Typical Marking Pattern – Hoped For Typical Marking Pattern -Possible Tactics for Passing 􀀁 You must know the Course. 􀀁 Read the question and answer the question. 􀀁 Don’t look for complexity , if it seems simple then it probably is simple. 􀀁 Limit the time on each question. 􀀁 Answer every question. Tactics for Passing 􀀁 Try past exam questions. 􀀁 Read the examiner’s reports. 􀀁 The exam is not the place for pushing back the frontiers of Actuarial Science. 􀀁 Remember who the examiners and markers are, they are practicing professionals. Examiner’s Comments 􀀁 Candidates...produce lists, even when asked to ‘discuss’ and failed to apply judgement as required. 􀀁 Candidates are failing to read the question carefully, and to make sure they are answering everything that is asked of them. 􀀁 Candidates need to be specific in their response to Directors if required in a question, not using words such as ‘could’, ‘may’, ‘need to consider’ or asking questions. The Directors are asking for guidance. 􀀁 Many candidates missed easy marks by not stating obvious facts such as“holding extra cash would reduce credit risk...”

FAQs

What is the purpose of the Institute of Actuaries of Australia Exams Part III?

To determine whether a candidate has sufficient knowledge and ability to become an internationally recognised Fellow.

How are the exam papers structured?

Course leaders draft the papers, which are reviewed and tested by three groups, with questions proportioned across Knowledge and Understanding (20%), Simple Judgement (40%), and Complex Judgement (40%).

What strategies are recommended to pass the exam?

Know the course, read and answer what the question asks, limit time per question, and answer every question. Use past exam questions and examiner reports, and avoid treating the exam as the place to push actuarial frontiers.

Sep 27, 2026

Uploaded by pop out