STANDARD OF THE PAPER The paper measured up to the required standard with the level of precision and unambiguity improving compared to prior sittings. The questions were generally specific, precise and requirements were straight to the point reflecting the level of emphasis to make questions unambiguous to candidates while maintaining the high standards. The questions were in line with syllabus coverage and also tested candidates on all the required areas in the syllabus and ensuring that the spread of questions within each topic was well done over the various sittings. The spread of questions between quantitative and theory was generally good as about 61% were quantitative and the 39% theory based. The trend expects candidates’ to study and have a good understanding of the theoretical content as well as the calculation or quantitative based areas to build a well-rounded professional. Candidates are therefore expected to spend time covering both areas. All questions were generally standard with questions carrying adequate information that were relevant to enable the candidates have all what was required to satisfactorily answer the questions. The allocations of marks were thoroughly done to ensure good spread of marks in line with the level of difficulty and work load.

PERFORMANCE OF CANDIDATES The overall pass rate was 27%. This was below the higher past rate of 35% recorded in the previous sitting but better than the historical pass rates in some few years back which were around 10%. This sitting is the first of the three-diet annual programme for the Institute which commenced with this April sitting. Candidates had the least time in recent memory to prepare between one sitting and the other due to the start of the new examination programme. It should however be noted that some packs or centres had as high as 60% pass rate whilst others had as low as 10% pass rate. Drivers of the good performance:  General improvement in understanding and answering of the question in line with the requirements  Candidates demonstrated improved understanding of the theory side as well which registered a good response rate  Precise and straightforward nature of the questions also contributed to the performance The candidates’ performance varied across packs and centres ranging between 10% and 60% with 17% of the packs scoring over 40% pass rate and another 17% scoring between 30% and 40%. The team generally observed varied approaches and responses to the questions and did not notice any responses suggestive of copying