I’m excited to share some studying strategies that I’ve used to pass 7 actuarial exams on the first attempt in two and a half years. Passing 7 exams may seem difficult at first, but it is feasible with the right method and determination.
The strategies I shared works very well for me, but it doesn’t mean it will work for everybody. I hope this can help you to formulate your unique strategy and pass exams.
OK, let’s get to it!
1. Make a timetable and stick to it
Planning is very important because it encourages discipline and provides a sense of security. When I follow my plan, I know that I am not falling behind and have adequate time to study. I won’t panic and rush through books, nor will I ran out of time to practice.
It is also very important to plan earlier. I usually start planning at least 4 months before an exam. 4 months seems a lot, but it doesn’t mean I am studying every second during that time. I only need to read less than 10 pages each day on average, which can be fully integrated into my lifestyle without sacrificing anything significant. (OK, maybe less time for social media.) I was able to take a full university course load or a full-time internship and work on other projects during the same time.
So, the first thing I do when planning is to create an Excel study schedule. I then count the number of days I have until the exam and allocate them for reading each chapter of each book with respect to the number of pages in that chapter. When I finish each chapter, I record the date in my Excel file to I verify that I am on schedule. I target to finish reading 30 days before the exam and use the rest of the time for practice. Similarly, 30 days doesn’t mean I shut myself away and study. It takes less than an hour per day on average. (I will explain more below in section 3.)
At first sight, reading 3-4 books per exam is quite daunting. However, spreading them to 3 months and it becomes very doable. Just keep calm and follow the plan. 3 exams per year are very practical without a deal with the devil.
2. Don’t buy study manuals, make your own notes
I see a difference between studying actuarial concepts and studying for an exam. The former focus on understanding, while the latter focus on passing. I personally prefer the first.
When I study, I focus on understanding the concepts instead of memorizing, because by understanding the concept, all those complicated theories become much more intuitive. I can easily derive and adapt my knowledge to any situation. It quickly becomes second nature without much effort. On the other hand, if I just memorize a concept, I can’t adapt if the question changes a bit. Moreover, it always leads to frustration when forgetting something.
That is the main reason why I never learn from study manuals, they don’t fully explain the ideas behind the concepts. (And they are too expensive.) I did not spend a single dollar in purchasing study materials as I was able to find all textbooks either in my university library or online.
When reading textbooks, I have a very simple strategy: read through each chapter twice and only twice. During the first time, I highlight key points and try to have a general idea of what the chapter is about. During the second time, I make sure I understand each and every concept and summarize them in my notes using my own words. There are two benefits to this. One, I ensure I digest all concepts and able to present them on my own. If I can present a concept, I can answer exam questions about it. Two, I never need to open the textbooks again because I have everything I need in my notes. If I forget anything, I only need to search for it in my note. No more wasting time searching through 400+ pages of textbooks.
When I am done reading a textbook twice, the book goes away. There is no such thing as saving a difficult topic for later. This is no going back. This is how I make sure my every second when holding a book does not go to waste. When I do practice questions, I only need to refresh my memory with my notes. And I can understand every symbol in my notes, obviously, because I wrote them.
3. SOA sample questions are more than enough
Before asking how many practice questions do we need, let’s try to figure out why do we need them. For me, practice questions have 2 purposes: accustom me to the question types, and verify I learn all the required concepts.
Why SOA sample question is enough? First, those sample questions are prepared by SOA themselves. It is the closest to the real exam questions. I even feel that the difficulty level is the same as the real exam. Second, those questions can cover almost every concept required in an exam. Since I focus on understanding the material, I don’t need to train for every possible variation of the questions. I just need to make sure I didn’t miss a chapter or misread something.
What if I already complete the questions once? I will do it again. By doing so, I build familiarity and confidence. With more confidence, I am less likely to second guess my answer and I will go with my instincts. Completing the sample questions 2-3 times is adequate for me to feel safe and confident. Anything more is unnecessary. To be honest, the exam questions are also very repetitive. You definitely have learned a way to solve it. When facing difficult questions, I will just fall back to first principles and try multiple approaches until it works. And, it works.
4. There are no shortcuts
Success doesn’t come easy. Passing actuarial exams requires a huge amount of commitment. SOA exams are not only a test of intelligence, but also a test of determination.
Moreover, from my perspective, if you pass an exam only by study the questions but not understanding the concepts, you incur a debt. You trade off the ability to understand more difficult concepts later on and will likely struggle in later exams. That’s why I find building a strong foundation is the most important.
But there is one thing that I can guarantee: The feeling of success after passing the exams will be second to none.
That is all I have for now. I hope my journey through the prelim exams can inspire yours. Feel free to connect with me and message me on LinkedIn.
You can download my schedule templates here: