Outline
Introduction
Exams
General Timeline
Resources
Introduction to Actuarial Exams
James Risk
Michigan State University
September 20, 2012
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
My Credentials (i.e. my bragging slide)
I
Passed Exam 1/P January 2010 (first try), score 7
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
My Credentials (i.e. my bragging slide)
I
Passed Exam 1/P January 2010 (first try), score 7
I
Passed Exam 2/FM August 2010 (first try), score 9
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
My Credentials (i.e. my bragging slide)
I
Passed Exam 1/P January 2010 (first try), score 7
I
Passed Exam 2/FM August 2010 (first try), score 9
I
Passed Exam 3C/MLC May 2012 (first try), score 8 (note this
sitting was the first sitting after the syllabus changed, and was
rumored to be one of the hardest sittings in actuarial exam
history. Several people petitioned the SOA to get refunds
and/or get the grades to curve).
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Introduction
Exams
General Timeline
Resources
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Introduction
I
Actuarial Exams are standardized tests offered by the SOA
and CAS.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Introduction
I
Actuarial Exams are standardized tests offered by the SOA
and CAS.
I
The preliminary exams are generally the same within the two
societies, and you can take one and have it count for another.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
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Introduction (cont’d)
I
MSU offers courses that delve into exam material. All 5 exams
are covered to some extent, but it is highly recommended
(almost necessary) to study on your own with a study manual.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
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Introduction (cont’d)
I
MSU offers courses that delve into exam material. All 5 exams
are covered to some extent, but it is highly recommended
(almost necessary) to study on your own with a study manual.
I
The point of this talk is to explain how to sign up for exams,
how to set yourself up for exams, and to introduce additional
resources useful for this process.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
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Introduction (cont’d)
I
The 5 preliminary exams are necessary to become an A.S.A.
(with a few additional requirements), after which you can
branch out into more specialized fields to obtain an F.S.A..
To become an F.S.A. is one of the highest accomplishments in
the actuarial field. The CAS has analogous certifications on
the Casualty side of things.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
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Introduction (cont’d)
I
The 5 preliminary exams are necessary to become an A.S.A.
(with a few additional requirements), after which you can
branch out into more specialized fields to obtain an F.S.A..
To become an F.S.A. is one of the highest accomplishments in
the actuarial field. The CAS has analogous certifications on
the Casualty side of things.
I
In order to sign up for exams, visit www.prometric.com/soa to
identify computer based testing centers. There is one located
in East Lansing. You can sign up for the exam there. The
price of exam varies from $200-$375
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exams
I
Exam P/1, Probability
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exams
I
Exam P/1, Probability
I
Exam FM/2, Financial Mathematics
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exams
I
Exam P/1, Probability
I
Exam FM/2, Financial Mathematics
I
Exam MFE/3F, Models for Financial Economics
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exams
I
Exam P/1, Probability
I
Exam FM/2, Financial Mathematics
I
Exam MFE/3F, Models for Financial Economics
I
Exam MLC/3L, Models for Life Contingencies
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exams
I
Exam P/1, Probability
I
Exam FM/2, Financial Mathematics
I
Exam MFE/3F, Models for Financial Economics
I
Exam MLC/3L, Models for Life Contingencies
I
Exam C/4, Construction and Evaluation of Actuarial Models
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam P/1, Probability
I
Exam 1/P is traditionally the first exam taken by aspiring
actuaries. It is the contender for ”easiest” exam (other
candidate is 2/FM).
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam P/1, Probability
I
Exam 1/P is traditionally the first exam taken by aspiring
actuaries. It is the contender for ”easiest” exam (other
candidate is 2/FM).
I
Covers: Undergraduate probability, including some actuarial
applications.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam P/1, Probability
I
Exam 1/P is traditionally the first exam taken by aspiring
actuaries. It is the contender for ”easiest” exam (other
candidate is 2/FM).
I
Covers: Undergraduate probability, including some actuarial
applications.
I
Offered in: January, March, May, July, September, November.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam P/1, Probability
I
Exam 1/P is traditionally the first exam taken by aspiring
actuaries. It is the contender for ”easiest” exam (other
candidate is 2/FM).
I
Covers: Undergraduate probability, including some actuarial
applications.
I
Offered in: January, March, May, July, September, November.
I
MSU Courses with similar material: STT441
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam FM/2, Financial Mathematics
I
Another contender for easiest exam. This exam is traditionally
taken second, though it is sometimes taken out of order if you
have a finance background.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam FM/2, Financial Mathematics
I
Another contender for easiest exam. This exam is traditionally
taken second, though it is sometimes taken out of order if you
have a finance background.
I
Covers: Interest rate theory, introductory financial derivatives
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam FM/2, Financial Mathematics
I
Another contender for easiest exam. This exam is traditionally
taken second, though it is sometimes taken out of order if you
have a finance background.
I
Covers: Interest rate theory, introductory financial derivatives
I
Offered in: February, April, June, August, October, December
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam FM/2, Financial Mathematics
I
Another contender for easiest exam. This exam is traditionally
taken second, though it is sometimes taken out of order if you
have a finance background.
I
Covers: Interest rate theory, introductory financial derivatives
I
Offered in: February, April, June, August, October, December
I
MSU Courses with similar material: MTH360, FI379
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MFE/3F, Models for Financial Economics
I
Exam MFE/3F is in the harder tier of exams. The last three
exams are generally taken in any order, mostly as to whatever
preference you have in course material.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MFE/3F, Models for Financial Economics
I
Exam MFE/3F is in the harder tier of exams. The last three
exams are generally taken in any order, mostly as to whatever
preference you have in course material.
I
Covers: Financial derivatives, more advanced interest rate
models, basic stochastic analysis, simulation.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MFE/3F, Models for Financial Economics
I
Exam MFE/3F is in the harder tier of exams. The last three
exams are generally taken in any order, mostly as to whatever
preference you have in course material.
I
Covers: Financial derivatives, more advanced interest rate
models, basic stochastic analysis, simulation.
I
Offered in: March, July, November.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MFE/3F, Models for Financial Economics
I
Exam MFE/3F is in the harder tier of exams. The last three
exams are generally taken in any order, mostly as to whatever
preference you have in course material.
I
Covers: Financial derivatives, more advanced interest rate
models, basic stochastic analysis, simulation.
I
Offered in: March, July, November.
I
MSU Courses with similar material: FI379, MTH457,
MTH458
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MLC/3L, Models for Life Contingencies
I
Exam MLC/3L recently had a syllabus change, but still
generally covers the same material.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MLC/3L, Models for Life Contingencies
I
Exam MLC/3L recently had a syllabus change, but still
generally covers the same material.
I
Covers: Models used to model decrements used in insurance
and annuities, benefit reserves, stochastic models
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MLC/3L, Models for Life Contingencies
I
Exam MLC/3L recently had a syllabus change, but still
generally covers the same material.
I
Covers: Models used to model decrements used in insurance
and annuities, benefit reserves, stochastic models
I
Offered in: May, November (NOTE: MLC/3L is the only
non-CBT exam).
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam MLC/3L, Models for Life Contingencies
I
Exam MLC/3L recently had a syllabus change, but still
generally covers the same material.
I
Covers: Models used to model decrements used in insurance
and annuities, benefit reserves, stochastic models
I
Offered in: May, November (NOTE: MLC/3L is the only
non-CBT exam).
I
MSU Courses with similar material: STT455, STT456
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam C/4, Construction and Evaluation of Actuarial
Models
I
Exam C covers an introduction to modeling and covers
important actuarial methods that are useful in modeling. It is
the most ”statistical” out of the 5 preliminary exams, and is
usually taken last.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam C/4, Construction and Evaluation of Actuarial
Models
I
Exam C covers an introduction to modeling and covers
important actuarial methods that are useful in modeling. It is
the most ”statistical” out of the 5 preliminary exams, and is
usually taken last.
I
Covers: Statistical models (construction and analysis of), Risk
Measures, Statistical Methods, Credibility, Simulation
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam C/4, Construction and Evaluation of Actuarial
Models
I
Exam C covers an introduction to modeling and covers
important actuarial methods that are useful in modeling. It is
the most ”statistical” out of the 5 preliminary exams, and is
usually taken last.
I
Covers: Statistical models (construction and analysis of), Risk
Measures, Statistical Methods, Credibility, Simulation
I
Offered in: February, June, October.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Exam C/4, Construction and Evaluation of Actuarial
Models
I
Exam C covers an introduction to modeling and covers
important actuarial methods that are useful in modeling. It is
the most ”statistical” out of the 5 preliminary exams, and is
usually taken last.
I
Covers: Statistical models (construction and analysis of), Risk
Measures, Statistical Methods, Credibility, Simulation
I
Offered in: February, June, October.
I
MSU Courses with similar material: No undergraduate
courses, though topics are touched upon in a variety of
courses (STT442 in particular).
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Timeline Outline
I
1. Pick an exam you want to take.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Timeline Outline
I
1. Pick an exam you want to take.
I
2. Pick a sitting that you plan on taking.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Timeline Outline
I
1. Pick an exam you want to take.
I
2. Pick a sitting that you plan on taking.
I
3. Buy a study manual
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Timeline Outline
I
1. Pick an exam you want to take.
I
2. Pick a sitting that you plan on taking.
I
3. Buy a study manual
I
4. Set up a (reasonable) study schedule
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Timeline Outline
I
1. Pick an exam you want to take.
I
2. Pick a sitting that you plan on taking.
I
3. Buy a study manual
I
4. Set up a (reasonable) study schedule
I
5. Stick to your study schedule!!
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
1. Picking an exam
I
Picking an exam should be based on several things:
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
1. Picking an exam
I
Picking an exam should be based on several things:
I
Pick an exam related to material you are studying right now
(i.e. exam 1/P if you are taking STT441, exam 2/FM if you
are taking MTH360, and so on).
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
1. Picking an exam
I
Picking an exam should be based on several things:
I
Pick an exam related to material you are studying right now
(i.e. exam 1/P if you are taking STT441, exam 2/FM if you
are taking MTH360, and so on).
I
Pick an exam for material that you are interested in and what
your background is. For example, if you are a finance major,
maybe 2/FM is better than 1/P.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
1. Picking an exam
I
Picking an exam should be based on several things:
I
Pick an exam related to material you are studying right now
(i.e. exam 1/P if you are taking STT441, exam 2/FM if you
are taking MTH360, and so on).
I
Pick an exam for material that you are interested in and what
your background is. For example, if you are a finance major,
maybe 2/FM is better than 1/P.
I
Take the exams in a reasonable order. You should take 1/P
and 2/FM before you take the last three.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
2. Picking a sitting
I
In general, you should pick a sitting 3-6 months in advance.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
2. Picking a sitting
I
In general, you should pick a sitting 3-6 months in advance.
I
This gives you enough time to learn the material and drill
practice problems and exams without freaking out.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
2. Picking a sitting
I
In general, you should pick a sitting 3-6 months in advance.
I
This gives you enough time to learn the material and drill
practice problems and exams without freaking out.
I
Plan ahead. As an example, if you are taking 18 credits worth
of tough 300/400 level classes, perhaps it’d be better to take
a January sitting even if you have your heart set on taking it
in November. That way you can have winter break to do the
majority of your studying.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
3. Buy a study manual
I
The two top ”brands” of study manuals are ACTEX and ASM.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
3. Buy a study manual
I
The two top ”brands” of study manuals are ACTEX and ASM.
I
ACTEX manuals tend to teach material more thoroughly, and
are less difficult than ASM manuals.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
3. Buy a study manual
I
The two top ”brands” of study manuals are ACTEX and ASM.
I
ACTEX manuals tend to teach material more thoroughly, and
are less difficult than ASM manuals.
I
ASM manuals generally have more difficult problems.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
3. Buy a study manual
I
The two top ”brands” of study manuals are ACTEX and ASM.
I
ACTEX manuals tend to teach material more thoroughly, and
are less difficult than ASM manuals.
I
ASM manuals generally have more difficult problems.
I
Both manuals have their upsides. It is generally accepted that
ACTEX is better for P and ASM is better for the other four.
A lot of it is up to preference, however.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
3. Buy a study manual
I
The two top ”brands” of study manuals are ACTEX and ASM.
I
ACTEX manuals tend to teach material more thoroughly, and
are less difficult than ASM manuals.
I
ASM manuals generally have more difficult problems.
I
Both manuals have their upsides. It is generally accepted that
ACTEX is better for P and ASM is better for the other four.
A lot of it is up to preference, however.
I
Make sure to get a manual that is relevant. You can buy used
manuals for cheaper, but make sure that they cover the
material on the exam syllabus, since the material can change.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule
I
A general rule is to study 100 hours total for each exam hour.
As an example, exam 1/P is 3 hours long, so it is
recommended to study 300 hours total for it.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule
I
I
A general rule is to study 100 hours total for each exam hour.
As an example, exam 1/P is 3 hours long, so it is
recommended to study 300 hours total for it.
You will not need that much time if you have taken courses
with previous experience.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule
I
I
I
A general rule is to study 100 hours total for each exam hour.
As an example, exam 1/P is 3 hours long, so it is
recommended to study 300 hours total for it.
You will not need that much time if you have taken courses
with previous experience.
In general, you should only roughly follow that rule, and
instead study until you feel comfortable with that material.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule
I
I
I
I
A general rule is to study 100 hours total for each exam hour.
As an example, exam 1/P is 3 hours long, so it is
recommended to study 300 hours total for it.
You will not need that much time if you have taken courses
with previous experience.
In general, you should only roughly follow that rule, and
instead study until you feel comfortable with that material.
You will get your studying done if you set up a schedule. An
example could be to set up tentative rules for yourself, like
”study two hours every weekday night at 8:00pm,” or ”study
MWF between class X and class Y.” Following rules like this
will set yourself up for success, and make sure that you don’t
slack on studying.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule (cont’d)
I
When you have about a month left until your exam, it is time
to start doing practice exams. Do them in controlled settings
(i.e. use a timer, go to a quiet room, don’t take breaks), and
score yourself.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
4. Study Schedule (cont’d)
I
When you have about a month left until your exam, it is time
to start doing practice exams. Do them in controlled settings
(i.e. use a timer, go to a quiet room, don’t take breaks), and
score yourself.
I
Don’t overwork yourself. I always plan on not studying the
day before an exam so that I can relax and give my mind a
rest. Studying too much in a short period can cause stress
and make the whole process unappealing.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
5. Stick to your study schedule!!
I
The title says it all!
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
5. Stick to your study schedule!!
I
The title says it all!
I
You need to set up a reasonable schedule for yourself. If you
aim too high, then you will not meet your goals and become
overwhelmed. If you aim too low, then you won’t get enough
practice in.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Miscellaneous Notes
I
There are useful websites that can supplement or replace
study manuals, and these will be mentioned later in the
resources section.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Miscellaneous Notes
I
There are useful websites that can supplement or replace
study manuals, and these will be mentioned later in the
resources section.
I
Another thing worth mentioning is learning how to use
calculators. There are two recommended calculators, ”BA II
Plus,” which is the one I use. It is a financial calculator and
has a lot of useful commands for 2/FM. The other is the
”TI-30X II,” (and similar), which is useful because you can
look back on what you’ve input.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Online resources
I
ADAPT
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Online resources
I
ADAPT
I
The Infinite Actuary
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Online resources
I
ADAPT
I
The Infinite Actuary
I
Society of Actuaries
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Online resources
I
ADAPT
I
The Infinite Actuary
I
Society of Actuaries
I
Actuarial Outpost
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Online resources
I
ADAPT
I
The Infinite Actuary
I
Society of Actuaries
I
Actuarial Outpost
I
Be an Actuary
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
ADAPT
I
ADAPT (www.coachingactuaries.com) has online coaching for
studying. For a higher $ amount, it has entire learning
courses.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
ADAPT
I
ADAPT (www.coachingactuaries.com) has online coaching for
studying. For a higher $ amount, it has entire learning
courses.
I
It has bundles (i.e. pay $150 for a study manual (regular $50)
and a 180 day pass to their online content) and passes to
access their online material for periods of time.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
ADAPT
I
ADAPT (www.coachingactuaries.com) has online coaching for
studying. For a higher $ amount, it has entire learning
courses.
I
It has bundles (i.e. pay $150 for a study manual (regular $50)
and a 180 day pass to their online content) and passes to
access their online material for periods of time.
I
It also has online exams that you can customize difficulty-wise
and it mimics the CBT experience.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
ADAPT
I
ADAPT (www.coachingactuaries.com) has online coaching for
studying. For a higher $ amount, it has entire learning
courses.
I
It has bundles (i.e. pay $150 for a study manual (regular $50)
and a 180 day pass to their online content) and passes to
access their online material for periods of time.
I
It also has online exams that you can customize difficulty-wise
and it mimics the CBT experience.
I
I have not personally used it (since I did not actually know
about it until halfway through studying for MLC), but it
seems extremely useful and I plan on using it for Exam 4/C.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The Infinite Actuary
I
The Infinite Actuary (www.theinfiniteactuary.com) is similar
to ADAPT, but it is strictly an online learning course.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The Infinite Actuary
I
The Infinite Actuary (www.theinfiniteactuary.com) is similar
to ADAPT, but it is strictly an online learning course.
I
It has amazing lecture videos, and you can view the first few
for each exam for free.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The Infinite Actuary
I
The Infinite Actuary (www.theinfiniteactuary.com) is similar
to ADAPT, but it is strictly an online learning course.
I
It has amazing lecture videos, and you can view the first few
for each exam for free.
I
It has free practice exams for exam P (and $35 for two
practice exams for FM) that have online video solutions
(VERY helpful!)
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The Infinite Actuary
I
The Infinite Actuary (www.theinfiniteactuary.com) is similar
to ADAPT, but it is strictly an online learning course.
I
It has amazing lecture videos, and you can view the first few
for each exam for free.
I
It has free practice exams for exam P (and $35 for two
practice exams for FM) that have online video solutions
(VERY helpful!)
I
The downside is that it is very expensive. The exam P course
is $400, while an ASM exam P manual is $100.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The Infinite Actuary
I
The Infinite Actuary (www.theinfiniteactuary.com) is similar
to ADAPT, but it is strictly an online learning course.
I
It has amazing lecture videos, and you can view the first few
for each exam for free.
I
It has free practice exams for exam P (and $35 for two
practice exams for FM) that have online video solutions
(VERY helpful!)
I
The downside is that it is very expensive. The exam P course
is $400, while an ASM exam P manual is $100.
I
Regardless of purchasing, the free material is amazingly useful.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Society of Actuaries
I
The Society of Actuaries (www.soa.org) are the guys that run
everything.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Society of Actuaries
I
The Society of Actuaries (www.soa.org) are the guys that run
everything.
I
It is a good place to look for miscellaneous information.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Society of Actuaries
I
The Society of Actuaries (www.soa.org) are the guys that run
everything.
I
It is a good place to look for miscellaneous information.
I
It also has a large database of sample questions, and it is
recommended to do every question in that database before
sitting for an exam.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Society of Actuaries
I
The Society of Actuaries (www.soa.org) are the guys that run
everything.
I
It is a good place to look for miscellaneous information.
I
It also has a large database of sample questions, and it is
recommended to do every question in that database before
sitting for an exam.
I
This is also where you will sign up and register for exams, and
register your VEE credits.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Outpost
I
The Actuarial Outpost (www.actuarialoutpost.com) is one of
the most useful sites to an actuary.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Outpost
I
I
The Actuarial Outpost (www.actuarialoutpost.com) is one of
the most useful sites to an actuary.
It a forum with millions of posts on all sorts of things. You
can literally post anything actuarial related and you will get an
answer.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Outpost
I
I
I
The Actuarial Outpost (www.actuarialoutpost.com) is one of
the most useful sites to an actuary.
It a forum with millions of posts on all sorts of things. You
can literally post anything actuarial related and you will get an
answer.
Examples of things I’ve asked (and gotten answers for): What
is the best study manual for exam X/X? Is getting a masters
degree useful in attaining an actuarial job? How do you do
question X in Y manual? (and more...)
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Outpost
I
I
I
I
The Actuarial Outpost (www.actuarialoutpost.com) is one of
the most useful sites to an actuary.
It a forum with millions of posts on all sorts of things. You
can literally post anything actuarial related and you will get an
answer.
Examples of things I’ve asked (and gotten answers for): What
is the best study manual for exam X/X? Is getting a masters
degree useful in attaining an actuarial job? How do you do
question X in Y manual? (and more...)
They also have a section for resume critique and job postings.
I posted my resume on there and got it critiqued by several
F.S.A.’s and A.S.A.’s that handle hiring at insurance
companies.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Be an Actuary
I
Be an Actuary (www.beanactuary.org) is a catchall site for
miscellaneous information.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Be an Actuary
I
Be an Actuary (www.beanactuary.org) is a catchall site for
miscellaneous information.
I
It tells you: what is an actuary, what do they do, finding jobs,
college study, and has information on actuarial exams.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Be an Actuary
I
Be an Actuary (www.beanactuary.org) is a catchall site for
miscellaneous information.
I
It tells you: what is an actuary, what do they do, finding jobs,
college study, and has information on actuarial exams.
I
It is especially useful for its information on actuarial exams, as
it includes the sitting schedule for all exams, the syllabus for
the exams, and a lot of other miscellaneous information that
you’d like to know.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Offline Resources
I
Actuarial Club
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Offline Resources
I
Actuarial Club
I
MSU Math Library
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Offline Resources
I
Actuarial Club
I
MSU Math Library
I
MTH 490 (?)
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Offline Resources
I
Actuarial Club
I
MSU Math Library
I
MTH 490 (?)
I
Me!
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Club
I
The Actuarial Club (this thing going on right now) is
absolutely great for social networking and asking people for
information.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Club
I
The Actuarial Club (this thing going on right now) is
absolutely great for social networking and asking people for
information.
I
As well, you can visit msuactuarialscienceclub.yolasite.com
with lots of useful information.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Actuarial Club
I
The Actuarial Club (this thing going on right now) is
absolutely great for social networking and asking people for
information.
I
As well, you can visit msuactuarialscienceclub.yolasite.com
with lots of useful information.
I
The website also includes a list of members with what exam
they are studying for, so that is a good way to meet new
friends and people to study with and ask questions to.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MSU Math Library
I
The MSU Math Library has several study manuals for the
exams.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MSU Math Library
I
The MSU Math Library has several study manuals for the
exams.
I
They are slightly outdated, but are a great resource for
referencing, plus they have practice exams at the back.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MSU Math Library
I
The MSU Math Library has several study manuals for the
exams.
I
They are slightly outdated, but are a great resource for
referencing, plus they have practice exams at the back.
I
I know they have manuals for 1/P, 2/FM, 3C/MLC, and I
believe they do for 3F/MFE and 4/C.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MSU Math Library
I
The MSU Math Library has several study manuals for the
exams.
I
They are slightly outdated, but are a great resource for
referencing, plus they have practice exams at the back.
I
I know they have manuals for 1/P, 2/FM, 3C/MLC, and I
believe they do for 3F/MFE and 4/C.
I
Just ask for the ”actuarial study manual” behind the desk.
They are big books in binders.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MTH 490 (Exam P Study Course)
I
Thomas McCollum, a former actuarial intern and graduated
M.S. Statistics student is teaching an exam P study course
this spring.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
MTH 490 (Exam P Study Course)
I
Thomas McCollum, a former actuarial intern and graduated
M.S. Statistics student is teaching an exam P study course
this spring.
I
He has passed exam P personally, and is a very entertaining
guy, so the course is highly recommended if you plan to take
exam P in the future.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Me!
I
I am glad to answer any questions you have, about anything
actuarial or even beyond that.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
Me!
I
I am glad to answer any questions you have, about anything
actuarial or even beyond that.
I
I will try hard to attend every club meeting, so you can ask
me questions there, or if you see me in the halls in Wells, feel
free to say hello and ask questions.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The End
I
Thank you all very much for your time.
James Risk
Introduction to Actuarial Exams
Outline
Introduction
Exams
General Timeline
Resources
The End
I
Thank you all very much for your time.
I
Any Questions?
James Risk
Introduction to Actuarial Exams