ST3 Takers - April 2007

How was it? Did anyone think it was alot to do in the time allocated?

 

Yes! I wasn't terribly happy as a result. I'm not sure I did myself justice.

 

I thought it was quite a good paper compared to what could be...but there was so much to do that i ended up rushing towards the end of the exam and imparticularly what was up with that risk premium question, it was do able but how much time did it take to do....you can't afford to think on that question but to just do it mechanically.

 

Hmmm, yup I didn't get that finished (though I started the process to try and prove that I knew what I was doing) because I left it til last and I'd used quite a lot on question 6 (which I did first). The frustrating thing was that there wasn't anything I didn't know how to do, I just hadn't enough time, even working flat out. Ah well, best of luck with it.

 

My thoughts/feelings about the exam are pretty much captured by everything said above. I also thought that it was very time pressured. I left question 4 (risk premium qn) till the end and didn't actually finish the 11 mark bit and ended up writing down a method of what I would do to try and get some of the marks-I did do part of the calculation for the 'own damage claims'. I also put down the assumptions I would need to make as these always get some marks. Didn't really do much for part ii of this question (the credibility stuff) but did put down reasons in part iii for why the final premium charged might be different to what was calculated in i and ii.

I'm just annoyed though as I think had there been more time I could've done question 4 better. Questions 5/6 went better than question 4 for me.

All in all, as seems to be the case with st3 in recent sittings, there wasn't too much bookwork and quite a bit of application.

Now for the long wait till the results!

 

My preparation for this exam wasn't as good as my normal standard, so I wasn't expecting an easy ride. Having said that I thought the last three questions were really doable, and I did these first. I didn't like the first three very much especially Q3 which was a bit too open for my liking. I'd say I'm borderline.

With the fleet vehicle premium question my initial reaction was "oh no what do I do here?" but with a little thought it was pretty obvious, and my answer of 282,000 (pre-credibility) was similar to that of other people. And I can't believe they gave like 9 marks just for calculating and applying the credibility factor, that took my like just 5 minutes to do!

 

With this exam (and perhaps the other later exams), do people reckon that there are a 1/2 questions that you have to do well in to pass (regardless of how well you did in the others) or is it just decided on how many marks you've got regardless of which questions you got them from?

Interested to know if anyone has (with st3) felt/known they've done badly in one of the longer questions (e.g. like the last question in the sept 06 paper)...and still managed a pass?

 

Almost identical to what I did on q4.

Did anyone notice qn 6 was identical to one set in 1998?

 

I hope i didn't over complicate this, but i'm sure this question was a lot more complicated than a 5 minute effort! There were a lot of details that needed to be applied, or clear assumptions to be made.


The whole paper was ok, although i'm still not sure why graph paper was handed out!? This is my first attempt at an ST exam so seeing the graph paper got me a bit nervous at the start.


On a differnt note, someone was telling me (or more like scaring me) that a pass mark as high as 70% is needed if lots of people do well, to keep pass rates between 30% and 40%. Is this true?

 

Well all it seemed like to me was we needed to calculate the mean and variance of risk premiums arrived at in previous part of question. Hardly demanding?

Sounds like a bit of an exaggeration to me. I think a pass mark of between 50-60 is more probable.

 

************* UPDATE *****************

I passed!

How about the rest of you?

 

I didn't pass...again. Another FA. Feel a bit like the guy in this pic...

 

You mean you look like an acted message telling me this link doesn't work? Man that's a bad way to be!

 

Totally! Link should work now....

 

i know what you mean....my third FA....getting rather depressing now!..Imagine how depressed i will be when i have to start dealing with SA3.