Emily's Cat
Rarely prone to hissy-fits
The method by which actuarial exams are graded were interesting to me. Grades were assigned on a 0 to 10 basis, although it was only possible to achieve a 0 grade if you filled out nothing at all on your exam.
A grade of 6 was the minimum passing grade.
Multiple choice and True/False questions obtained a pass/fail mark, which was applied to the pre-set point value of the question. Some questions might be worth 1 point, others might be worth 5 points. There was a broad variety of values assigned.
Essay and List questions, as well as detailed calculation-based questions could achieve partial credit. In most cases, the grader has a list of items that are being looked for in the answers, with each item worth a pre-determined number of points... the point value of all of the items on the list exceeded the point value of the question in almost all cases. This meant that it was possible to get full points on a question even if you didn't answer exhaustively every item the test-designers considered allowable. There was some degree of judgment involved in interpreting the written answers.
Each test is graded by two people. If their grades are within a point of each other AND both grades fall into the pass or the fail ranges, then the higher grade is assigned and the test is considered complete. If the grades were further apart than that, or spanned the pass/fail mark, then the test was reviewed by a third party.
An overall review of the exam is performed after each test. Any questions where nearly everyone got it wrong are reviewed and a determination is made as to whether the test is potentially misleading, contains an error, or was attributed an inappropriate point value (i.e. a 10 point question based on a footnote of an optional reading - yes, that has happened). If a question is determined to be problematic, that question and it's associated point value is removed from the total, and the grades are recalculated on the new point basis.
It seemed like a pretty fair way to handle grading on a complex topic... Even though the pass rate when I went through hovered at about 35% for the first try, and about 60% for a second try. The wash-out rate was pretty spectacular at a few key tests, and at the highest level tests the pass rate was usually a bit higher than that.
Anyway, just figured this might be interesting to a handful of people, with respect to how things might be graded.
A grade of 6 was the minimum passing grade.
Multiple choice and True/False questions obtained a pass/fail mark, which was applied to the pre-set point value of the question. Some questions might be worth 1 point, others might be worth 5 points. There was a broad variety of values assigned.
Essay and List questions, as well as detailed calculation-based questions could achieve partial credit. In most cases, the grader has a list of items that are being looked for in the answers, with each item worth a pre-determined number of points... the point value of all of the items on the list exceeded the point value of the question in almost all cases. This meant that it was possible to get full points on a question even if you didn't answer exhaustively every item the test-designers considered allowable. There was some degree of judgment involved in interpreting the written answers.
Each test is graded by two people. If their grades are within a point of each other AND both grades fall into the pass or the fail ranges, then the higher grade is assigned and the test is considered complete. If the grades were further apart than that, or spanned the pass/fail mark, then the test was reviewed by a third party.
An overall review of the exam is performed after each test. Any questions where nearly everyone got it wrong are reviewed and a determination is made as to whether the test is potentially misleading, contains an error, or was attributed an inappropriate point value (i.e. a 10 point question based on a footnote of an optional reading - yes, that has happened). If a question is determined to be problematic, that question and it's associated point value is removed from the total, and the grades are recalculated on the new point basis.
It seemed like a pretty fair way to handle grading on a complex topic... Even though the pass rate when I went through hovered at about 35% for the first try, and about 60% for a second try. The wash-out rate was pretty spectacular at a few key tests, and at the highest level tests the pass rate was usually a bit higher than that.
Anyway, just figured this might be interesting to a handful of people, with respect to how things might be graded.
