􀂙The three-hour exam consists of four questions, all of which are compulsory and of equal length. Each question is worth 25 marks.
􀂙Each question will have both discussion and calculationelements. The balance between discussion and calculation will be similar to the balance in the Pilot Paper. The topic areas covered by each question are not fixed and all areasof the syllabus are examinable.
􀂙No sections of the syllabus should be neglected during study, since no one section is more important than another.
􀂙Each exam paper willcontain tables of discount factors and annuity factors, together with a formulae sheet, as in the Pilot Paper. Candidates must ensure that they are familiar with the formulae given in the formulae sheet.

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