Passing actuarial exams takes strategy, persistence, and the proper support. Discover six proven study habits that have helped thousands of candidates master the toughest actuarial exams with confidence.
Actuarial exams are no small feat. With passing rates hovering around 47% for SOA preliminary exams and 51% for CAS preliminary exams, every aspiring actuary must know that they’re in for a formidable challenge.
The question of how to pass actuarial exams hinges entirely on how to study for them. So, how can you ensure success in this painstaking process of knowledge and certification?
At Coaching Actuaries, we support both those just starting and those aiming to conquer their next test. Here are six tips we have witnessed work for countless candidates.
1. Understand the Actuarial Exam
Actuarial exams come in many forms, each assessing different skills and knowledge areas. Consequently, actuary exam difficulty varies depending on which test you are taking. Before you even begin studying, understanding the specific exam structure, subjects, and expectations is paramount.
For instance, if you are preparing for the SOA Exam P (Probability), you need a strong grasp of probability theory, random variables, and distributions. On the other hand, CAS Exam 5 focuses on completely different matters: ratemaking and estimating claim liabilities.
When you thoroughly review the syllabus and exam format, you determine which topics require the most attention. A foundation in your study approach makes your preparation more efficient and targeted.
2. Find Quality Study Materials
Many candidates make the mistake of relying on only one type of resource, such as textbooks. Actuarial exams require a multi-dimensional study approach; reading alone is never enough. Here are some types of study materials to secure:
- Official Textbooks and Study Guides: Structured, comprehensive views of the syllabus subjects organized by the exam administrators.
- Video Lessons and Online Courses: Complex concepts explained visually and interactively by experienced professionals.
- Formula Sheets and Study Summaries: Condensed notes and formula sheets that reinforce key concepts.
- Flash Cards: Cards with questions and answers for quick review and memorization.
- Quizzes and Mock Exams: Official or unofficial practice tests that simulate the exam environment.
When choosing your study materials, consider your learning style. Find and gather materials you know will help you stay interested.
3. Create a Schedule
Many aspiring actuaries juggle multiple responsibilities, whether a full-time job, university coursework, or personal commitments. As such, time management is essential. A well-structured study schedule covers all topics while avoiding last-minute cramming.
Allocate time to each subject based on its weight on the exam and your current proficiency level. It would also be best to break down your study plan into weekly or biweekly goals to track your progress. Furthermore, include periodic reviews throughout your schedule to reinforce concepts and prevent forgetting.
Be disciplined when following your schedule and flexible enough to adjust it based on your advancement.
4. Take Practice Exams
Never pass up opportunities to apply your knowledge under timed conditions. Taking full-length practice exams allows you to do the following:
- Gauge Your Readiness: Identify weak areas before the actual test.
- Build Stamina and Time Management Skills: Develop the focus and endurance for exam day.
- Get Comfortable With the Exam Format: Recognize patterns and common question types and strategize accordingly.
The more practice exams you take, the readier you will be when it truly matters.
5. Get in Touch With Experts and Other Aspiring Actuaries
Many students find that they learn best when studying alone. However, even the most independent learners can benefit from seeking guidance from others in the actuarial community.
Connecting with experienced actuaries, mentors, or fellow candidates gives you insights into topics you may struggle with. Actuaries who have passed exams can also share valuable advice on study techniques and what to expect on test day.
Studying for actuarial exams can be mentally exhausting, and being part of a study group or an online community motivates and holds you accountable. Moreover, engaging with professionals gives you a deeper understanding of how actuarial concepts apply in real-world scenarios, making your learning more meaningful.
6. Take Care of Yourself
Expect your actuarial exams to be stressful; there is no “easy path” or “effective shortcut.” Still, staying physically and mentally healthy is vital. Neglecting your well-being can lead to burnout, reduced focus, and poor performance. Here is how to keep yourself in peak condition:
- Get Enough Sleep: Sleep is critical for cognitive function. Aim for at least seven hours of quality sleep every night, especially in the days leading up to the exam.
- Maintain a Balanced Diet: Fuel your brain with nutritious foods. Avoid excessive caffeine and junk food that can lead to energy crashes.
- Exercise Regularly: Physical activity boosts focus and reduces stress. Even short walks or quick workouts daily can make a difference.
- Practice Relaxation Methods: Meditation, deep breathing, or listening to music can help control anxiety.
- Take Breaks: Studying without breaks decreases productivity. Take time off from your studies to rest, socialize, or do something you enjoy.
Taking care of yourself is all about feeling good, which is crucial when dealing with the demands of actuarial exams.
Coaching Actuaries: Your Actuarial Exam Partner
Coaching Actuaries does not just tell you how to study for actuarial exams; we guide you through the entire process.
We personalize study schedules to suit your pace, strengths, and weaknesses, and provide quality study materials for every course, all designed based on official syllabi. With us, you find a network of fellow aspiring actuaries and industry experts!
Acing your actuarial exams will not happen overnight, but you can have a partner to rely on throughout the journey. Find your course today or contact Coaching Actuaries to learn more about how we can support your career in actuarial science.