display format
In the wiki, one of the reasons for differences between IEE and Part 3 of U&IE is given as display format, that IEE is in 000's and U&IE is in whole dollars. This is an acceptable answer for Fall 2014 Q 11b.
However, earlier that year a similar question appeared (Spring 2014 Q13c) asking for differences between the IEE and Page 14. The same difference exists but the examiner's report listed among the common errors "Non answers like saying the IEE is in thousands while page 14 is in full dollars"
Why would that be accepted as an answer for one and not the other, besides the fact that the Spring 2014 exam committee (IMO based on this and at least 3 other questions from that exam) are complete jerks (because I am holding back how I feel about them)? [I think some of them are still on this committee while some may have moved to exam 5.]
Comments
Unfortunately, this happens more than you would think. Since I began offering content for Exam 6 (both U.S. and Canada), I started noticing answers that were previously accepted that are then subsequently not accepted and vice-versa. My guess it that since the exam committee consists of volunteers that change periodically, there is not as much consistency from exam to exam as there should be. The examiner's reports also often have errors that are seldom, if ever, corrected (although I try to point out errors when I find them.) And there is no outside body to monitor for quality control. The exam committees are basically policing themselves. If they screw up, there are no consequences. Most candidates wouldn't even notice what you pointed out, so you must be studying very thoroughly.
To compound the problem, there are usually 1 or 2 calculation questions on each exam that are ambiguous, which is why multiple (different and acceptable) sample answers are provided. Some of this is due to the exam questions not going through a rigorous enough vetting process, and some of it is because the source readings themselves are not clear and/or inconsistent.
All of these are reasons that Exam 6 is so difficult. A small consolation is that everyone is in the same position, but my feeling is that the exams have largely become no more than a barrier to entry to the profession. Some of the content is indeed useful, but much of it is not. Most people forget 90% of what they learned within a month after the exam. If you selected an FCAS at random and gave them any exam, they would almost certainly score 0. Working actuaries learn to be good at whatever they do on a day-to-day basis. I can see the point in having some exams at the beginning to weed out people who aren't good enough at math, but making people spend 6-8 years beyond college studying thousands of more hours doesn't seem like a good use of their time. And the weed-out exams should definitely be at the beginning. Once people get to the upper-level exams, they are obviously committed, so the pass rates should be higher.
Still, there's a reward at the end. (Although one company I worked for actually cut way back on hiring actuaries and instead hired PhDs in math/engineering/stats/computer science.)
Ok, you got me started! This is probably a good place to end it! So like I said above, everyone is in the same position and you can count on roughly 40% passing each sitting. If you're in the top 40%, you're all set. Just make sure you know the answers to all the easy/repeat questions. If you then get a question you don't know how to do, just write down anything you can think of that's relevant and do the best you can.
And don't forget to follow the time management tips in the "On BattleDay" wiki article. That can get you an extra few points that could make all the difference.