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When you’ve never written one before, it’s a bit tricky figuring out how to get started…
Soooo…in this post, I’ll be breaking down the steps that you need to take so that you’re fully prepared by exam day!
Passing actuarial exams is challenging but achievable with the right preparation. These tests assess your mastery of concepts needed to succeed as an actuary
While difficult, actuarial exams empower you to enter a rewarding career. If you’re determined to become an actuary proper study techniques will help you conquer these hurdles.
Follow this comprehensive guide to learn effective strategies for actuarial exam success
Learn the Materials Thoroughly
Quality study materials are the foundation for passing actuarial exams. Choose prep courses and manuals that provide comprehensive coverage of all testable concepts.
Avoid thin, condensed outlines. You need thorough explanations and examples to deeply understand the material. Review lesson summaries and flashcards to reinforce key takeaways.
Learning efficiently is also crucial with limited exam prep time. Create visual study guides, charts, and diagrams to summarize complex topics. Teach concepts to others to strengthen your grasp.
Setting a study schedule and goals keeps you on track too. Budget extra time for difficult subjects and practice tests. Don’t just skim materials quickly; ensure you genuinely comprehend the content.
Stay Engaged During Study Sessions
You won’t retain information by simply reading passively. Actively engage with the material to promote understanding and recall.
Take handwritten notes and work through examples yourself. Pause periodically to summarize or teach someone else a topic. Discuss concepts with a study partner when possible.
Creating unique examples beyond your study materials is also beneficial. This challenges you to apply principles in new scenarios.
Staying focused during long study sessions can be difficult. Take regular short breaks to recharge when needed. Review key points before stopping to end on a productive note.
Reinforce Lessons Through Repeated Practice
Revisiting concepts frequently enhances learning and long-term retention. Build repetition into your study schedule.
After initial introduction to a topic, review your notes and test comprehension again 24-48 hours later. Re-work examples without looking at solutions. Continue revising that topic intermittently.
Spaced repetition techniques like flashcards are excellent for reinforcing earlier material. Quiz yourself regularly on key terms, formulas, and concepts. Creating online flashcard decks enables practice anytime.
Repeated practice prepares you to recall and apply knowledge quickly during the exam when time is limited.
Seek Guidance from Experienced Actuaries
Connecting with professionals who have already passed actuarial exams can provide invaluable advice. They offer real insights into the tests that textbooks lack.
If you have family friends or other contacts in the actuarial field, politely ask if they would be willing to offer study tips or answer questions. Attend exam prep seminars where seasoned actuaries present.
Joining Actuarial discussion forums lets you tap into the wisdom of the exam-taking community. Users share strategies and guidance for every test.
Practice with Actual Exam Questions
After covering the content, focus on practice problems. Work through hundreds of actual past exam questions under timed conditions.
This exposes you to the various ways concepts may be tested. Reviewing solutions helps refine your approach and avoid repeating mistakes.
Many study manuals provide a database of real past questions. For additional practice, the Society of Actuaries sells packs of previous exams.
Imitating the actual timed testing environment is ideal. Attempt mock exams periodically leading up to the test date.
Build Confidence as You Improve
Don’t be discouraged if practice tests reveal weak areas. Use them to guide additional targeted study of those topics.
Review questions you initially answered incorrectly. Look for patterns in the types of mistakes made to correct any faulty thinking.
You may still struggle with particularly complex concepts. Ask others for help and focus practice on mastering those.
Remind yourself that continued practice builds skills. Have faith that your hard work will translate to better scores over time. Stay positive.
Execute an Effective Exam-Day Strategy
With thorough preparation completed, shift focus to exam-day logistics. Arrive early, well-rested, and equipped with permitted aids like calculators.
Quickly survey the entire exam to budget time appropriately before answering. Skip difficult problems initially and return to them later.
Stay calm and employ good time management. Ignore how quickly other test takers finish. Stick with the pacing plan that works best for you.
During breaks, clear your head and stay confident in your preparation. Review formulas and flashcards to prime your memory.
Trust your abilities. Remain focused only on the exam in front of you. Avoid fixating on results until later; just do your best.
Consistent Effort Leads to Success
Preparing for actuarial certification requires serious commitment over many years. Expect setbacks along the way. Persist through failures and improve with each experience.
Reflect on your performance to refine techniques and address weaknesses. Then dive back into studying smarter for the next exam.
With concentrated effort and determination, you can master these challenging tests. Preparation is the key. Use these tips to make efficient use of your limited study time and pass your exams.
Stay positive, motivated, and trust your growing abilities. Take it one exam at a time until you ultimately achieve the rewarding actuarial career you desire. You’ve got this!
Step # 2: Map out your study schedule
It usually takes about 3-4 hours per day to study if you start 4 months in advance (that’s if you’re using the ‘trial and error approach’ to studying).
Time management is one of the most important factors to get right while you’re studying!
I’ve got a sample 14 week study schedule here for Exam P and here for Exam FM. You should download that!
I know this is your first exam and trying to figure out the right way to study is tricky. You want to pass the first time, right?!
If you’re interested, check out my Study Strategy Program where I show you step-by-step how to prepare properly.
Step # 3: Pick your study materials
If you’re writing Exam P, you’ll definitely want to refer to this post about my top Exam P study guide recommendations.
You may also want to consider a a 30 day subscription to ADAPT in your last month of studying.
ADAPT is a great resource for tons of practice questions. Find out more about ADAPT in this post.
But it’s definitely not necessary.
Many members of my Study Strategy Program have gone on to pass without using it.
You’ll also want to get in on my Daily Exam Questions Facebook Groups for Exam P here and Exam FM here.
How I passed all my Actuarial Exams on the first try | Actuary exam study tips
How to study for actuarial exams?
Another step for studying for actuarial exams is by taking practice tests and mock exams. These can help you test how well you learned the content for each section of the exam. When you create your schedules, ensure you include time for practice tests and quizzes.
How do I pass my first actuarial exam?
Taking advantage of available study materials like study manuals and practice exams is key to passing your exams. Many first–time actuarial students underestimate the amount of study time required to pass their first exam, or feel overconfident because of their strong aptitude for math.
How long does it take to prepare for an actuary exam?
Preparing for and taking actuarial exams is often a process that takes several years because you take between seven and 10 exams on different topics depending on the path that you want to take as an actuary. An actuary usually becomes specialized in life and health insurance or property and casualty. Actuarial exams based on specialization are:
How can i Improve my actuarial exam study time?
Make sure you are optimising your actuarial exam study time by getting the balance right between going over questions and theory you don’t know (which doesn’t feel so nice) versus material you already know well (which feels better!). The actuarial exam journey is often a battle against your emotions.
