Difference between revisions of "Exam 6-Canada Intro"

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# '''Quizzes''': These are flash cards, but we call them Battle Cards ''(just to maintain the fun Battle theme!)'' And this is how you memorize. Read the question, memorize the answer. As you work through the quizzes, note your BRQ (Battle-Readiness Quotient) in the navbar next to your name. This provides you with an objective measure of how well you know the material. It starts at 0% and rises as you work through the quizzes. Keep track of your weak areas.
 
# '''Quizzes''': These are flash cards, but we call them Battle Cards ''(just to maintain the fun Battle theme!)'' And this is how you memorize. Read the question, memorize the answer. As you work through the quizzes, note your BRQ (Battle-Readiness Quotient) in the navbar next to your name. This provides you with an objective measure of how well you know the material. It starts at 0% and rises as you work through the quizzes. Keep track of your weak areas.
 
# '''Leaderboard''': This page is in the main part of the BattleActs website ''(not a wiki page)'' and is part of how BattleActs keeps you motivated. It's a ranked listing of everyone's BRQ so you can see how you're progressing versus everyone else. Crush your friends! ''(You can appear anonymously if you wish.)''
 
# '''Leaderboard''': This page is in the main part of the BattleActs website ''(not a wiki page)'' and is part of how BattleActs keeps you motivated. It's a ranked listing of everyone's BRQ so you can see how you're progressing versus everyone else. Crush your friends! ''(You can appear anonymously if you wish.)''
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==The BIG Picture==
 
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It’s tempting jump in and immediately start studying but if you take a little extra time up front to read our introductory articles, you'll save yourself time and headaches. ''(And also $$$ for those bottles of aspirin you won't have to buy!)''. The wiki article [[BattleActs Analytics]] highlighted a few characteristics of successful candidates. Here a couple of other ''big picture'' items to also keep in mind:
 
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* '''Accept that you cannot learn everything.''' There are 2,500 pages of material on the syllabus and nobody can learn all that. But our '''Study Hacks''' ''(see below)'' will guide you to <u>efficient</u> study using a sensible study <u>plan</u> and study <u>schedule</u>.
 
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* '''Manage your time on exam day:''' This is NOT a little thing. We have awesome '''Exam Hacks''' that will get you over the hump! ''(See also [[Nearing BattleDay]] and [[On BattleDay]].)''
 
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Note that the BattleActs system <u>ranks the readings from 1 to n</u> ''(where n = current number of readings on syllabus)'' based on points-per-exam for each reading across recent exams. That way, if you run out of time by exam day, you'll at least have covered the most important stuff. This ranking is the most significant factor in organizing your study. Check the [[BattleBriefings]] wiki page for the precise ordering.
 
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And don't forget to check out [[BattleActs Analytics]], which summarizes what we've learned from observing user behavior on the website.
 
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==Study Hacks!==
 
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'''Observation 1''' ''(important papers)''
 
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:{| class="wikitable"
 
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|-
 
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| The '''top 24 readings''' on the syllabus (out of 60+) account for about '''80%''' of the points on the exam. ''(This is based on points-per-exam over recent exams.)''
 
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|}
 
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:{| class="wikitable" style="background-color: lightgreen;"
 
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|-
 
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| '''Study Hack 1''': <br> <ul><li>Spend 80% of your time on these top 24 readings. ''(Learn them thoroughly)''</li>
 
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      <li>Spend 20% of your time on the remaining readings.</li>
 
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  </ul>
 
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|}
 
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<span style="color: red;">There are no new readings for Spring.2019. ''(Some readings have had minor modifications.)'' New readings are generally introduced in the Fall.</span> This is the '''single-most''' important observation in guiding your studying: ''Study the exam topics <u>in order of importance</u>''. Now, spending 20% of your time on 40-plus papers may not seem like enough, but using the wiki articles, you can learn the relevant material on each of these low-ranked papers often in just an hour or two. Then use the BattleQuizzes to review as necessary. Check the [[BattleBriefings]] wiki page for the precise ordering.
 
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Note that your BRQ gradually ''decreases over time'' to reflect the fading of memory. So, when you see your score for a particular paper going down, that's your signal to review it.
 
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'''Observation 2''' ''(new papers)''
 
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:{| class="wikitable"
 
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| The CAS has '''added 4 papers''' to the syllabus for <span style="color: red;">'''Fall.2018'''</span>. Where do these new papers fall in the rankings?
 
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|}
 
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Since these new papers have not appeared on prior exams, they would be be ranked at the bottom by points-per-exam over recent exams. That may not reflect their true importance, and it is a judgment call on how much time to spend on them.
 
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New readings for <span style="color: red;">'''Fall.2018'''</span> and their tentative rank:
 
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: [49] &nbsp;&nbsp;[[CIA.Models]]
 
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: [50] &nbsp;&nbsp;[[ICBC.Affordable]]
 
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: [51] &nbsp;&nbsp;[[IFA.Solvency2]]
 
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: [52] &nbsp;&nbsp;[[Marshall.Benefits]]
 
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Originally, I thought [[CIA.Models]] was the most important of the four. But the Fall.2018 exam tested the other 3 and didn't cover the modeling paper at all. Does that reflect what the exam committee deems important? Or will the modeling material appear in Spring.2019? There's no way to know. Either way, any questions they do ask likely won't be very hard. Easy points!
 
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:{| class="wikitable" style="background-color: lightgreen;"
 
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|-
 
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| '''Study Hack 2''': Pay attention to new readings even though they currently have a low rank. ''(They can't be properly ranked until they've been on the exam for a few more sittings.)''
 
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|}
 
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'''Observation 3''' ''(outdated papers)''
 
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:{| class="wikitable"
 
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| Papers are periodically removed from the syllabus, but the corresponding questions are not removed from the old examiner's reports.
 
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|}
 
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If you are studying the material for the first time, you have no way of knowing when a particular question from an old exam is no longer relevant. I often get questions from students about this so we strive to clearly identify such within the BattleActs system.
 
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:{| class="wikitable" style="background-color: lightgreen;"
 
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|-
 
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| '''Study Hack 3''': Don't won’t waste time studying questions from outdated syllabus readings.
 
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|}
 
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==Most Important Exam Hack!==
 
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'''Candidate Observation''' ''(time pressure)''
 
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:{| class="wikitable"
 
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| You will be under time pressure to finish the exam.
 
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:{| class="wikitable" style="background-color: gold;"
 
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|-
 
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| '''Most Important Exam Hack''': You must have a time management plan for exam day. ''(See [[On BattleDay]] for details.)''
 
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|}
 
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==Bloom's Taxonomy==
 
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Bloom’s taxonomy is not a new idea. It was created in 1956 by psychologist Dr. Benjamin Bloom to promote higher order learning versus simple memorization.
 
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* In light of this, the CAS is moving away from exam questions that can be answered with simple memorization. Newer exam questions, while still based on facts, often require further interpretation, and/or synthesis of facts from more than one reading.
 
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* Such interpretive questions are indeed better questions, but they take longer to answer and open the door to '''multiple interpretations.''' There are instances where a valid answer may be different from the answer in the examiner’s report.
 
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* Time-permitting, '''dump anything & everything''' you think might be relevant into your answer.
 
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==Syllabus Organization==
 
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The CAS website explains what you need to know for this exam in terms of knowledge statements, etc. ''(I don't like being critical, but I personally didn't find that to be very helpful in organizing my studying.)''
 
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Another way to get your bearings is to notice that there are:
 
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* 15 CIA readings (Canadian Institute of Actuaries).
 
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** These cover mainly '''insurance-specific''' accounting topics.
 
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* 11 OSFI readings (Office of the Superintendent of Financial Institutions).
 
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** OSFI readings generally apply to '''any financial institution''', but also have insurance-specific topics.
 
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The remaining readings cover a range of topics including:
 
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* legal precedents
 
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* specialized lines of business such as: '''agriculture, earthquakes, floods, terrorism'''
 
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* rating regulations
 
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* accounting frameworks
 
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That's not an exhaustive list, but it's enough to get you started. ''(Check out the tables on the'' [[BattleBriefings]] ''page.)''
 
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==Note on Formatting==
 
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I sometimes use parentheses to <u>separate</u> and <u>highlight</u> phrases. If you can break a long sentence into chunks, it will be easier to grasp the meaning, and also to remember it. Here's an '''example''' from [[Dutil.FA]], the paper on Facility Association (FA):
 
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<span style="color: brown;">'''The #1 fact to memorize about FA is:'''</span>
 
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:{| class="wikitable"
 
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|-
 
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| '''Goal of FA:''' to ensure (auto insurance availability) for (all owners & licensed drivers) unable (to obtain coverage through the voluntary market)
 
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|}
 
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The phrases in parentheses are not really parenthetical statements - they are meant to <u>separate</u> and <u>highlight</u>.
 
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==Note on Retrieving Previous Exam Questions==
 
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{| class="wikitable"
 
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|- style="background-color: lightgreen"
 
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|Note that many BattleCards (or flash cards) are actually old exam questions. To see the actual '''question and answer''' from the examiner's report, click <span style='font-size: 12px; font-weight: ; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 1px 5px 1px 5px; margin: 5px;'>E</span> in the left-hand column when you're viewing a BattleCard page.
 
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==DISCLAIMER==
 
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The BattleActs study system is designed to help you focus on what we believe to be the most important and most frequently tested topics on the exam. Questions may come up from material not covered in our study system. We suggest that you use your own judgement where to use your time when reading the source material.
 
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==Next Steps...==
 
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# Make a big pot of coffee. :-)
 
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# Keep calm and carry on...
 
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# Back to [https://www.battleactsmain.ca/BattlePlan_BootCamp.php BootCamp]
 

Revision as of 18:04, 18 April 2019

How Exam 6 is Different

Many of you have already taken Exam 5 so you're familiar with an upper level exam, but Exam 6 is different:

  • As with Exam 5, it's an essay-style exam (versus multiple choice)
  • Unlike Exam 5, the emphasis is on memorization vs calculation
  • People generally find that Exam 6 takes about 15% more study time than Exam 5
  • You have to have a well-rehearsed, time management strategy for the day of the exam

The BattleActs Philosophy

Our recommended approach to studying for Exam 6 differs from what you might expect. Here are a few things you should keep in mind:

  • There's no way you can memorize the vast amount of material (roughly 2,500 pages)
  • We analyzed prior exams and have identified many topics and specific questions that are repeated from year to year. This material is your fundamental base. We’ve highlighted it for you and you need to know it REALLY, REALLY well.
  • Once you feel confident with this fundamental base, you can move on to less frequently tested material (time permitting.)

This is all just common sense.

Getting the Most of out BattleActs

You may want to jump right in and start studying. Tip: Don’t do this. Take a little extra time up front to get organized and you will save yourself a lot of time.

  1. Understand our ranking table. This table ranks readings based (primarily) on points-per-reading across recent exams. You should study the readings in rank order, and allocate time and effort accordingly.
    • The top 24 readings on the syllabus (out of 60+) account for about 80% of the points on the exam.
       → Spend 80% of your time on these top 24 readings. (Learn them thoroughly).
       → Spend 20% of your time on the rest.
  2. Look at a calendar.See how much time you have until exam day. Based on the study tip above, draw up a study schedule. Leave the last few weeks for review and practice exams. See an example of a study schedule below with the last 20 days left for review and practice.
    readings #1-6: 35 days for a 4-month study schedule (45 days for a 5-month schedule)
    readings #7-12: 25 days for a 4-month study schedule (30 days for a 5-month schedule)
    readings #13-18: 10 days for a 4-month study schedule (15 days for a 5-month schedule)
    readings #19-24: 10 days for a 4-month study schedule (15 days for a 5-month schedule)
    readings #25-60+: 20 days for a 4-month study schedule (25 days for a 5-month schedule)
    → review and practice exams: 20 days
  3. Start studying. Most people will want to start with the #1 ranked paper, which is OSFI.MCT. That's a great idea and here's what we recommend:
    Read the wiki article first
    • Many of the source readings are long, boring, and hard to understand. Our wiki articles are short and sweet. They are also are written in plain English, and will help you grasp the main ideas much more quickly.
    Scan the source reading.
    • The time you spend on the source reading will be more efficient if you already have a basic understanding.
    Go back to the wiki article:
    • Do the quizzes, begin memorizing, work the practice templates for the calculation problems. (This is the longest step and you will likely will switching between the wiki article, the source reading, and the examiner's reports.)
  4. Battle Table and Top Questions Button. These features tell you explicitly what is most important based on past exams. Remember – you can’t memorize everything, but you must know the answers to these frequently tested exam questions, and you must know them really well. Practice writing out clear, concise answers so that on exam day, the answers will come to you quickly and automatically. You won’t have the time on exam day to figure out appropriate answers.
  5. Quizzes: These are flash cards, but we call them Battle Cards (just to maintain the fun Battle theme!) And this is how you memorize. Read the question, memorize the answer. As you work through the quizzes, note your BRQ (Battle-Readiness Quotient) in the navbar next to your name. This provides you with an objective measure of how well you know the material. It starts at 0% and rises as you work through the quizzes. Keep track of your weak areas.
  6. Leaderboard: This page is in the main part of the BattleActs website (not a wiki page) and is part of how BattleActs keeps you motivated. It's a ranked listing of everyone's BRQ so you can see how you're progressing versus everyone else. Crush your friends! (You can appear anonymously if you wish.)
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