I want to mention some things I’ve learned over the past few days while attending the Densmore UFE Prep course.
First, a proper outline is a crucial component when it comes to writing competent answers. I used an “outline” during the SOA. This outline was garbage. Luckily I was able to eek out a pass. I’m learning that this will not work for the UFE.
Comps are tough, but not too tough. Comps are intimidating because they are 5 hours long. Fortunately, there is no time constraint when writing one, so succeeding on the comp becomes a matter of knowing where to begin. If you can successfully identify the primary indicators, understand how they link together and finally apply your conclusion to the needs of the user, you will score well.
It is not possible to address every issue in the other simulations, in the time you are given. If you try to address every single issue, you will fail. These simulations test your ability to rank issues. It is not about being right. It is about showing the marker you understand the process that will lead to a right answer.
Discussing an issue is important. Explaining the principes of revenue recognition, or the cirteria for capitalizing research costs can sometimes make the difference between a reaching competent and competent.
It costs approx $1,600 to attend the Densmore course. There are approx 300 students. Therefore, Densmore makes (before other expenses, relax accounting people) $480,000 per 8 day course. He makes $60,000/day, $7,500/hour, 125/min and $2.08/second. This means that a 5min tangent about his trip to BC costs $625.