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An Application of the Theory of Probability to the Examinations of the Institute of Actuaries

Published online by Cambridge University Press:  27 November 2014

W. L. Mayhew  and
S. Vajda
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Extract

This note is a direct outcome of the discussion provoked by the recent report of the Committee of the Students' Society on the Future of the Profession. One of the points mentioned in the report was the high average age at qualification for the Fellowship. This age depends, inter alia, on

(1) the age of starting,

(2) the frequency of holding the examinations,

(3) the number of parts that may be taken at a time,

(4) the total number of parts to be passed,

(5) the stringency of the examinations.

This note deals only with the last two of these factors.

In normal circumstances, a student desiring to become a Fellow of the Institute of Actuaries finds himself faced with the prospect of having to pass seven examinations, viz. the Preliminary and Parts 1–6. The total numbers who sat for each part and the numbers and percentages of passes for each year from 1928 onwards are given in a table at the end of this note.

Type
Research Article
Information
Journal of the Staple Inn Actuarial Society , Volume 6 , Issue 2 , October 1946 , pp. 67 - 75
Copyright
Copyright © Institute of Actuaries Students' Society 1946

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References

page 69 note * Editor's Note: Readers might consider preparing a note for publication in a later issue of this Journal, of this latter generalization of Messrs Mayhew's and Vajda's assumptions.