Updates for Fall 2009
There are going to be a number of changes to Exam 4/C beginning with the Fall 2009 sitting. The most obvious one is that the exam is changing from a 40 question, 4 hour paper and pencil exam to a 35 question, 3 1/2 hour CBT exam. This also means that the syllabus is changing, mostly for the shorter. The syllabus changes are as follows:
- Everything from Derivatives Markets is being moved to exam 3F/MFE
- The Cox model and general linear models are being removed from the syllabus
- Ruin theory is being removed from the syllabus
- The Risk Measures text is changing from the Hardy study note to the 3rd edition of Loss Models. This means that the terminology is changing slightly and some of the material is being removed
- The 2nd edition of Loss Models is no longer an acceptable reference for the exam (which is good because the 3rd edition is better)
- A learning objective applying (a,b,1) models has been specifically added to the syllabus. This is something that was implicitly on the syllabus before, but I guess will mean that (a,b,1) models will be emphasized more on the actual exam.
To address these changes, I am removing what was section C.4 (moving the old C.5 up), F.1, F.3, and much of E.2. That is a total of about 8 lessons that are being removed. I am going to add 2 lessons that go into normal and lognormal distributions (and conjugate priors) more deeply than before since they were tested so heavily this spring. I will also add a section of review lessons, and rerecord the risk measures lessons (what was F.2, and will be F.1) plus the lesson on (a,b,1) distributions. Most of these changes are in the second half of the seminar, so they should be completed well before you get to them.
I will also be adding some more practice problems and practice exams. The new problems will be indicated on the answer sheet by being in a different color than the old problems.