To get Ontario students up to speed with the differences between SOA and UFE, today you have your briefing. Some are obvious and some you may just be learning today.
Indicators are now called Primary and Secondary (Not Diagnostic and Summative!)
Each primary indicator is a ‘summative’ indicator meaning that it’s worth points. Each indicator is worth the same amount of points.
Only primary indicators are worth points. Secondary indicators are not worth anything (except, well, in very rare cases which we’ll cover at a later time). Secondary indicators used to be used to rate ranking (i.e. you were supposed to rank them low and not cover them) but more recently they’ve just done it by adding a time crunch on primaries.
PQs are different and less frequent
The UFE still uses PQs like SOA but it’s not on every case like it almost is on the SOA. Also, the UFE doesn’t use PQs to judge your writing style like the SOA does. In the SOA I found that the PQs are just an average of the rest of the indicators. On the UFE the PQs are specific issues that often are hidden and you’re expected to make ‘the leap’ and figure it out. This could be things like fraud or it can be stuff that really requires you to make a leap and think truly deeply about a simulation. These are tough on the UFE and most don’t start to pick them up until the final week or so.
The UFE is three days
Just incase you didn’t already know. First day is a 5 hour comp and the remaining two days are multis at 4 hours each ranging from 60-90 minutes each.
Passing the UFE is way different than passing SOA
For SOA only your total mark counts. Your total marked is compared to the rest and some passing average is set, similar to CKE. This means that you can skip (for example) Tax and still pass the SOA if your other areas make up for it.
Not the case with the UFE. You must meet both depth (how well you can demonstrate that you know PMR and Assurance) as well as breadth (you must show a minimum competence in every indicator). If you’ve been coasting and avoiding a competency then this is the time to fix that. Again, we’ll have more detail on this later this week.
Scoring is different
NC is now worth zero. RC is still 3 points while C and HC are 6 points therefore your aim is to score a minimum of RC and a maximum of C. If you’re that good, shoot for HC but you’d better be that good 🙂
The opiniony stuff – Stuff that people might debate but I’m pretty sure is correct
UFE is more focused on depth
Yes, SOA tests depth, too. UFE tests it more. You’ll be expected to perform deeper analysis, provide more than one possible way to tackle an issue and compare the merits of each and then make recommendations. This will take some practice but four weeks worth will make you much better at PMR issues. On a side note, it’s interesting how many times I’ve had to do similar in real life.
I know you’re expecting me to say that the UFE is more time pressured – just the opposite. Most of the people I speak with seem to think that the UFE is less time pressured than SOA. This isn’t to say that you won’t feel it in some of the cases (this is required to force you to rank) but it’s considered less time pressured overall. This gives you some more time to think and to use the Handbook where necessary.
The UFE is less directed. Issues can be harder to spot when starting out, and certainly the level of depth you might think to write to isn’t as clear at the beginning. You’ll also be put in more situation where you must rank.
You can see that although there are differences to be aware of, they’re very manageable with the time you have left. More to come, friends!
What differences are you most nervous about and why?