STANDARD OF PAPER The paper measured up to the expected standard in terms of the difficulty and precision levels and the level of coverage. It appeared very precise and straightforward in almost all the questions. The spread of questions across the syllabus was good and again showed consistency with previous papers. Additionally, the spread of sub-questions was also considered good, enabling well-prepared candidates to answer questions across various areas satisfactorily. The trend on quantitative and theory questions shifted more to the theory side in the past few sittings. The quantitative questions which in the past averagely constituted about 70% or more has shifted more to the theory or essay type questions. In the sitting under review 55% of the questions were quantitative or calculation based while 45% were essay based compared to 62% and 38% respectively in the May 2021 sitting. The marks allocations were generally good and well within the syllabus weightings and commensurate the amount time required for each question.

ERFORMANCE OF CANDIDATES The performance of the candidates was good even though slightly below May 2021 sitting but still above historical pass rates in the paper. The overall pass rate was 35%, 10% below the 45% in the May 2021 exams but still better than the 23% and 13% in the two sittings in 2020. Key drivers of the good performance:  Good blend of questions which were generally precise and straight forward except for few areas requiring improvement.  Good blend of quantitative and qualitative or theory questions providing candidates the opportunities to show their strength in both areas.  Still observed improved quality of candidates who wrote the paper and good answers from candidates who prepared well for the paper.  The Institute’s initiative to provide platforms for interactions between examiners and students and also between examiners and tuition providers also provided a boost. The good performance was spread across centres but still noticed pass rates far above the overall pass rates in certain centres and also below the overall pass rate in certain centres. This requires further improvement in areas noted for pass rates below the overall pass rate. The review of the scripts showed different approaches and responses to questions in both the qualitative and quantitative aspects of the paper by candidates with no evidence of copying noted