All assessment processes, including marking, and moderation, will be conducted anonymously unless the nature of the assessment makes this impossible.
All assessments will be marked by two markers, who will have been subject to a quality control test exercise and deemed acceptable by the Chief Examiner. Neither will know the identity of the student, nor will they know the marks the other awards. This is known as blind marking.
All marking is completed against a marking scheme explaining how the assessment is scored. These are also included in the examiners’ reports, and published to the IFoA website after the results are released.
Prior to live marking all markers and the senior examination team sample mark a selection of candidate scripts to align marking standards and test the marking scheme. At this point the senior team are once again assessing marker competency and ensuring a comprehensive marking scheme is available to support marking the exam.
Due to the nature of many assessments, it is accepted that markers may disagree about the mark awarded for a question – this is not an error. It is the industry norm that up to a total of 10 marks is within acceptable limits.
Moderation (Script Review)
After scripts have been double blind marked, a further moderation process, referred to here on in as the script review process, is instigated. A candidate’s script will be subject to a further review by the senior examination team if one of the following criteria is meet:
- Where the first and second mark awarded lie either side of the pass mark
- Where the first and second mark awarded is equal to the pass mark
- Where the first and second marks are both fails but the average of the two marks is within 2 marks of the pass mark.
Examinations made up of two papers, will follow alternative criteria for script review. It should be noted that dual paper assessments will have a single pass mark for the combined components, however each component will carry an unequal weighting.
Dual paper weighting is defined as:
- CM/CS ‘A’ Papers – 70%
- CM/CS ‘B’ Papers – 30%
- CP Paper 1 – 50%
- CP Paper 2 – 50%
The criteria for script review for all dual paper assessments is defined as:
- Those where the “highest” mark is equal to or above the pass mark and the “lowest” is below it.
- Those where the highest and lowest marks are equal to the pass mark and
- Those where the “highest” and “lowest” marks are both fails but the combined average is within 2 marks of the pass mark
For each candidate, the “lowest” total mark for the overall exam shall be calculated by combining the lower of the 1st and 2nd marks for each part of the exam.
For each candidate the “highest” total mark shall be calculated by combining the higher of 1st and 2nd marks for each part of the exam.
Script review is carried out by the Chief Examiner (or nominee) and will involve one of the following
- Full remark of script(s)
- Remark of specific questions
- Review and validation of the marks awarded by the first / second markers and the final mark to be awarded.
The reviewer will remark questions or parts of questions until either the total mark awarded is no longer classified as borderline or the entire script has been fully remarked. In some cases, at the discretion of the Chief Examiner (or nominee), a script may receive a final review. In these instances a script may be marked up to a maximum of four times.
On occasion a script may be reviewed even if it does not fall within the marking guideline criteria. The Chief Examiner, or nominee, have the discretion to review further scripts; this may be done to validate the pass mark or as part of marker quality control mechanisms.
The final mark will be calculated as follows:
- The average of the 1st and 2nd marks only, where no additional marking has taken place as part of the script review process.
- A combination of 1st and 2nd mark averages (where no third mark has been awarded as part of the script review process) and the third mark awarded to questions/parts of questions which have been remarked as part of the script review. For example, the mark for question 1 is the average of 1st and 2nd marking, question 2 is the mark awarded following script review.
- Script review marks only (in cases where the whole script has been remarked)
The final mark reported to candidates will be a whole number from 0 to 100. When marking, the markers may award a 0.5 mark, and due to this in many cases the average of first and second marks, before rounding, can include 0.25 marks. In all cases where the final mark is not a whole number, the final mark reported to candidates is rounded down to the next lower whole number.
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Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June). There is also a day ticket option available for the 19 June.
This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
To book your place, please email Barry_Shannon@standardlife.com
CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry.
There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas.
Fake news, post truth, mistrust of experts... a familiar roll call of anxieties – or perhaps clichés – about our data rich world. They point to an underlying fear that in this data abundant age the bad data drives out the good and we are left with a broken public discourse.
This event is now fully booked. Please click here to register on the waiting list.
The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.
The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.