HOW TO
PASS
ACTUARIAL
EXAMS
February 10, 2016
Mike Paradiso
Getting
Started
• Big Picture
– Line up your exam with the corresponding ISU course
Example: Take Exam FM immediately after or during MAT 280
• Study Materials
– Get the right materials for your study habits
– Manuals vs. Video Lectures
– ADAPT
“We are what we repeatedly do.
Excellence, then, is not an act, but a habit.”
- Aristotle
Time
Management
Schedule
• Plan ahead, from day one until exam day
• Make a simple note of each day’s goal, for example:
“Read Chapter 7”
“ASM Practice Exam 2”
“SOA Sample Problems 1-15”
• Build in buffer days
Should I count my study hours?
 NOT as an indicator of preparedness
 OK as a way to keep you on schedule and motivated
“The struggle you’re in today is developing the
strength you need for tomorrow.”
- Robert Tew
Abbreviated Example
MY
STUDY
PROCESS
Step 1: Study Manual
• 4 to 6 Weeks
• Reading-focused: Get the Main Idea!
• Attempt a select few practice problems
– You will likely struggle – and that’s okay!
– Focus on understanding how the main ideas are applied in an exam question setting
Step 2: Practice Problems
• 2 to 4 Weeks
• Section-by-Section
– ADAPT Quizzes
– SOA Sample Problems
• Review study manual for trouble topics
Step 3: Practice Exams
• 4 to 6 Weeks
• REVIEW YOUR MISTAKES
– Go back a few days later and do these problems again
1
2
3
1
2
3
Exam 1
Exam 2
Marked
Problems from
Exams 1 & 2
Exam 1
- Exam 2
- Marked
Problems from
Exam 1
- Exam 3
- Marked
Problems from
Exam 2
• Recognize and Correct Trouble Spots
• Build Trouble Spot Practice Exams
Day Before
• Take 1 Practice Exam
– If you are doing well on your practice exams, make this last a
relatively easy one; choose one you have already taken but
scored poorly on because it was early in your full-exam
practice phase
• Review the Basics
Day Of
• Do not study – you are already prepared
– Flashcards are okay for “Hail Mary” formulas
• Eat a filling (enough) breakfast
• Get to the exam center ½ hour early
“Fear is self-imposed. You create it, you can
destroy it too.”
- Greg Plitt
During the
Exam
• Breathe
• Note your surroundings
– Use the headphones if there are loud typers or other
disturbances in the exam room
• First Pass
– Attempt any question you are familiar with. This should be
about 70% of the exam
– As you go, “mark” the questions you are unsure of or are
otherwise leaving blank
• Second Pass
– Go through your marked problems, attempting the questions
you think you have the best chance of working through using
basic principles
“BYOG. Bring Your Own Guts.”
- Dabo Swinney
• Are you breathing?
During the
Exam
• Third Pass
– Attempt to work through any unanswered problems you
think you have a shot at
– Answer every question, and if you must, make an educated
guess
• Submit your exam
• Tremble with anxiety as you fill out the survey
• Celebrate your preliminary pass!
Track to Pass
P
P
FM MFE
P/1
January 2014
P/1
May 2014
FM/2
MFE/3F
ST
LC
C
August 2014
November 2014
ST
LC
April 2015
C/4
October 2015
Study Materials Used By Exam
P/1
Actex (Broverman)
FM/2
MFE/3F
ST
C/4
ASM (Cherry &
Gorvett)
ASM (Weishaus)
ASM (Weishaus)
The Infinite
Actuary (online
seminar)
ASM (Weishaus)
ADAPT Exams and
Quizzes
ADAPT Exams and
Quizzes
ADAPT Exams
ADAPT Exams
ADAPT Exams
Mahler Exams
Mahler Exams
Mahler Exams
CAS Past Exams
CAS Past Exams
SOA Sample
Problems
ASM (Ostaszewski)
SOA Sample
Problems
LC
SOA Sample
Problems
“Never give up….
NEVER SURRENDER!”
Thank You
• ActexMadRiver.com
Resources
• ActuarialBookstore.com
• CoachingActuaries.com
• TheInfiniteActuary.com
• SOA.org
mvparad@ilstu.edu
• CASact.org