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Thread: So I passed P and FM. Which one should I do next?

  1. #1
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    So I passed P and FM. Which one should I do next?

    I've decided that I am not going to attempt taking two exams at a time again. Once was enough. I've heard exam M is harder than exam C. Now I know I'm going to have to take both of them anyway, but does anyone have any insight as to which one might be a little easier? Does C assume prior knowledge from M or vice versa? Anyone know?

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    Quote Originally Posted by AndrewH
    I've decided that I am not going to attempt taking two exams at a time again. Once was enough. I've heard exam M is harder than exam C. Now I know I'm going to have to take both of them anyway, but does anyone have any insight as to which one might be a little easier? Does C assume prior knowledge from M or vice versa? Anyone know?
    Exam C is very loosely based on Exam M. The basic principles (or at least a very minimal understanding of them) from Exam M are needed for Exam C. You could probably pick them up in an hour or so - maybe some notation here and there and the general concept of survival rates.

    I guess you could say that M is "difficult", but since it's been revised from the Course 3 syllabus, a lot of the harder material was removed from the exam. For the life side, it's probably the most specific material. It's always good to have a knowledge of Life Contingencies before getting a position in a life company.

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    Wat, do you happen to know what portions of Actuarial Mathematics I'd need to read for exam C? I've come across the notations for p and q in Loss Models, but I don't know what they mean.

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    Quote Originally Posted by Krieger
    Wat, do you happen to know what portions of Actuarial Mathematics I'd need to read for exam C? I've come across the notations for p and q in Loss Models, but I don't know what they mean.
    Well, if it's any indication, I passed Course 4 before passing Exam M.

    The p's and q's are part of it (probability of survival and death, respectively). Those are well explained in Bowers (Actuarial Mathematics), but here's a brief lesson:

    Quote Originally Posted by wat's explanation
    t_p_x, where the t and x are subscripts, is the symbol for "the probability a person currently age x surviving for t years until the age x+t". So, 10_p_50 is the probability that a 50-year old (right now) survives until age 60.

    t_q_x is "the probability a person currently age x dies within the next t years - he/she does not reach age x+t". So, 10_q_50 is the probability that a 50-year old (now) does not reach age 60.

    t and x do not have to be integers, but the numbers get a little more complicated when they're not. Chapter 3 and others of Actuarial Mathematics discusses this issue (Assumptions of Fractional Ages).

    *One more note: if t = 1 (survive or die in 1 year), then you leave off the 1. So, p_50 is the probability of a 50-year old surviving for a year.
    Anyway, other than that, you may have to know a few things like limited loss variables [ (X ^ d) ] or mean excess loss [ (X - d)+ ], which are covered in one of the chapters in Loss Models (I apologize - I don't have the book with me, so I'm not quite sure which chapter it's in). Other than that, Exam C deals with a different section of the loss models material - namely survival analysis and credibility.

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    Actuary.com - Level VI Poster Ken's Avatar
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    Quote Originally Posted by wat
    Well, if it's any indication, I passed Course 4 before passing Exam M.

    The p's and q's are part of it (probability of survival and death, respectively). Those are well explained in Bowers (Actuarial Mathematics), but here's a brief lesson:



    Anyway, other than that, you may have to know a few things like limited loss variables [ (X ^ d) ] or mean excess loss [ (X - d)+ ], which are covered in one of the chapters in Loss Models (I apologize - I don't have the book with me, so I'm not quite sure which chapter it's in). Other than that, Exam C deals with a different section of the loss models material - namely survival analysis and credibility.
    Isn't mean excess loss, e(d) = E[(X-d)+]/S(d)?

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    Quote Originally Posted by Ken
    Isn't mean excess loss, e(d) = E[(X-d)+]/S(d)?
    And that's why I'm done with Exam M.

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