AF4 June Paper

In the june 2021 paper if AF4 there was a question about standard deviation Q1 e (iii) which was:

State the perentage of returns that fall within one and two standard deviation based upon the normal distribution of returns of a bell curve.

The answers given was:

65-70% 1SD
94-98% 2SD

Can anyone please explain. As I though it would be 68% and 95%.



  • Hi John

    Your right the correct answer should be:

    Approximately 68% of the data fall within one standard deviation of the mean.
    Approximately 95% of the data fall within two standard deviations of the mean.

    The only thing we can think of is that the CII gave some leeway to candidates, so that any answers between 65 and 70 and between 94 and 98 were marked as correct. Which is good news for anyone sitting the exam :)

    Gayle (Expert Pensions)

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