While this advice is aimed at SOA candidates in Ontario, it does apply mostly to those writing only the UFE.
Assurance will make up 25-35% of the exam marks while PMR will make up 20-30% of the exam marks. It should go without saying that you should have some strength in these two indicators in order to stay competitive and make the rest of the exam easier on yourself.
By now, you have probably encountered the majority of the types of situations you may encounter on your final and you’ll have some idea where you stand.
Within the Assurance competency, here are some ways you might be able to stand out:
- Strong procedures – It’s almost impossible that you won’t see at least one or two indicators where you’re required to write procedures. At this stage, a lot of candidates are still weaker with procedures so this might give you and edge if you can stand out. Remember that procedures cover off a risk area and be specific!
- Know your special engagements – You should have these committed to memory. They come up often and it’ll go a lot quicker if you can remember them and what they’re about.
- Understand the RAMP approach, especially the Risk – Understanding the different types of risk and how they work just makes your response easier to read and follow.
- Link materiality to users – Materiality is related to users and not to risk so be clear why you’re setting materiality.
- Control Weaknesses – The Weakess, Implication and Recommendation should be clear and specific.
Part 2 – PMR Tomorrow.
What other suggestions do you have to perform strongly in Assurance?