Annual Professional Development Conference - 2016 Thursday 25 August Let’s get marking Financial Services Ann Jakeman

Introduction In this workshop you are going to have the opportunity to Mark a candidate’s assessment Reach a decision about the overall outcome of an assessment Review the assessment activity as an internal verifier and complete the appropriate documentation Apply your professional judgement

Activity One In your packs you have the Unit Specification and Assessment Pack for a new Unit The Financial Services Sector. You also have an assessment completed by a student Shanghai Hilton. You should now assess this student, deciding the outcome for each question and the overall outcome for the assessment. Please record marking on the assessment and the assessment checklist as you would normally do.

Activity Two Swap your assessment with another assessor. You are now in the role of Internal Verifier 1. Review and discuss the assessment decisions with the assessor 2. Complete the Internal Verification report in your pack

Assessment Decisions The answer is only partially completed. The candidate has not explained that on maturity reinvestment is at the prevailing rate or if the customer has the investment returned they will be given the interest that was defined when they took out the Savings Certificate. (U) The candidate only explained the first option, all the rest is a list only (U) The candidate probably knows the features of the defined benefit scheme but their English has let them down. There is not enough clear explanation of the facts (U)

Assessment Decisions (continued) 4a. The answer is factually incorrect (U) 4b. The answer is too vague – no mention of need for understanding of the products or risk (U) 5. The candidates answer is based on the old compensation rates (U) 6. The candidate has the method wrong. When closing out they did not use the spot rate, they took the spot rate and adjusted it by the three month forward discount. It is interesting that they somehow managed to still have the correct answer. (U)

Assessment Decisions (continued) Q7. The answer is acceptable though not necessarily well written. There is one example given for both the exporter and the importer.

The overall outcome REDO!! Only one question correct All attempts show understanding All seven questions attempted Only one question correct All seven questions attempted Only one question correct

Internal Verification report Comments/feedback to assessor Candidate 123456789 – all questions correct assessment decisions. The candidate had only successfully completed one question satisfactorily and an overall outcome of reassessment had been proposed, however the candidate had shown some understanding in each question. The candidate should be given an opportunity to redo the remaining questions to address the gaps in their answers.

Internal Verification report Action Required By whom By when Action completed and confirmed by IV Initials Date Change assessment decision for Candidate 123456789 from reassessment to redo Assessor xx/xx/xxxx abc

Activity Three Shanghai Hilton has completed redo activities in relation to her assessment. You should now assess this redo and update the assessment checklist.

Activity Four Swap your assessment with another assessor. You are now in the role of Internal Verifier 1. Review and discuss the assessment decisions with the assessor 2. Update the Internal Verification report in your pack

Assessment decision 1. The candidate has added in enough information (S) 2. The candidate has added in enough information (S) 3. Although the English is still poor, the candidate has done just enough (S) 4a. Although the candidate has been vague the answer shows that they understand that there is a need for the adviser to work with a large number of providers otherwise they are a restricted adviser (S) 4b. By talking about risk, the candidate has added in more information however the explanation is not covering all the points (U)

Assessment decision 5. The correction has been made, the candidate is working with the current rates of compensation (S) 6. In the redo the candidate has made two arithmetic errors (U)

The final decision Following your marking, Shanghai Hilton has not met the evidence requirements for Questions 4b and 6. Should Shanghai Hilton be assessed as meeting the requirements of this Unit or not?

PASS The final decision Q4 Taking 4a and 4b together and looking at the Unit Specification, the candidate has met the evidence requirements because 4a is correct Q6 - Two arithmetic errors - There is one error relating to the use of the decimal point. The second is a transposition of numbers as the student copies down from the row above, something that can happen in the pressure of an examination. PASS

The Internal verification report Comments/feedback to assessor Candidate 123456789 – The assessor made the correct decisions throughout. Although the Candidate had not answered both parts of Q4 correctly they demonstrated sufficient understanding of the evidence requirements for both samples in Outcome 2. The candidate made two arithmetic errors in Question 6, one was a transposition of numbers under the pressure of assessment and the assessor made the correct decision that on balance as this was to only unsatisfactory item in this assessment, the overall result should be satisfactory.

Any questions?