I was told that when you go to university, you come out thinking you know nothing and when you go to vocational colleges, you come out knowing very specific and useful skills. What Actuarial Science did was teach me a bit of humility. I failed academic tests for the first time. I had failed things before. I got my driver's license on the fourth attempt. Not because I couldn’t drive, more likely I failed because I was confident I could drive. I got some free lessons from an instructor who saw me in the newspaper. I should have been able to tell from the way he was reading the newspaper during the lessons that there was a problem. Maybe he was looking for new clients? But I “could” drive and backed myself. The point of any test is not just for you to know what you are doing. It is to give confidence to the instructor that you know what you are doing. To follow the structure and rules and demonstrate the required methodology. The way you pass exams is by knowing what the examiner is looking for. I failed three times in short succession (twice in one day) because of observations. By not knowing what I was supposed to be conspicuously demonstrating. I then got a new instructor to smooth the edges and passed on a fourth occasion.
Wednesday, June 16, 2021
Tuesday, May 11, 2021
Embodied Knowledge
Doing well in exams is not just about knowing the information in a I-can-google-it way. The first time I wrote open-book exams (when you can take the answers in with you!) was when I did a diploma in financial planning. The exams were spread over four days, and while I had prepared, I was not as bullet-proof as I liked to be because I assumed I could look up answers. I got through day one with very little “margin for safety” and a heightened sense of respect. Having the books is not sufficient. Knowing you can look, knowing where to look, and knowing, are three very different levels of knowledge. Beyond exams, making money is often about taking complexity and being able to articulate a very clear, instantly recognisable, ask and offer. Delivering a punchy two-mark answer in the 30 seconds allocated. Not spending 5 minutes finding the answer. That is embodied knowledge. That demonstrates having engaged with the body of work, so deeply that you know the path to the stuff that matters. Real competitive advantages are open-books. Those with mastery have engaged so deeply they don’t need to hide. The answers are simple, and available, but require you to do the work.
Monday, May 10, 2021
Conspicuous Skills
One of the ways we develop conspicuous skills is through exams. Exams are not real life, but they are a blunt way to communicate your skills, so in most cases you just suck it up and write them. I prefer to think of exams as sport, where you practice writing “for the exam”. Knowing the content is a different task to showing up for the demonstration. Think from the perspective of the examiner. What are they looking for? I think of my mother as a teacher. Sitting on her bed with piles of marking, tired and keen to get to the end of the slog. As the person writing, you need to make their life easy. Think of the marking schedule. How are you going to be assessed? Unfortunately, exams are not purely about creativity. They are about signals. They are about containers. You are building a box to give the examiner what they want. You need to still your inner purist’s romance around the love of creativity and learning. That is a small part of what you are doing when you write exams. Study techniques are important. Summarising information. Identifying the main point and getting to it quickly without filler words and fluff. Practice answering questions in a way that gives the examiner the ability to mark you, so that you are match fit.
Monday, August 03, 2020
Mostly Sport
One of my friends from university was the master of seeing things for what they are. It’s mostly sport. In our first year, I quickly learnt from him the power of past papers and practice examples. Getting something right once isn’t the point. Letting it soak in till you know it, rather than just recognise it is. Treating the process of tests and exams like athletics, where you are embodying the skills and reducing the performance times. The second trick he exemplified was answering in the way the markers are looking for. We did a couple of projects together, and getting the Marking Schedule from students from the year ahead was the starting point. This is like looking at job advertisements, studying your mentors’ career paths, and speaking to recruiters before choosing what to study. On very few occasions are people genuinely pushing the boundaries of human thought. The answers are normally there for those who look. Who is doing what you want to do? Were they where you are? Is there a path?










