How to Pass Actuarial Exams?

Is going to you be someone who love taking exams? Since an actuarial student, that is what you will be doing in the first few years. You need to try to take and pass the first five preliminary tests to become an actuary. And these five tests require a lot of self-discipline and determination.

I assume that dedication and persistence would be the key factors in helping anyone to become a successful actuary down the road. I never understood the value of these until I experienced it myself. I started taking my first actuarial exam, Exam FM/2 this year. Again then I believed that doing as many exam problems as possible would help me pass this exam. I spent a huge amount of time studying just for this exam. I actually completed the complete ASM and Actex manual for this exam and I appeared I could pass it once i walked into the exam center. exam simulator

Unfortunately, My spouse and i failed test in my first sitting. I had been emaciated. I kept asking why and how is this possible? I was irritated and sad at the same time as it was actually the 1st time that failed an exam. Everybody thought that I would pass the exam since I studied so hard for it. It was an extremely tough time for me as I sensed really down and stressed out. However, I realized that wallowing in your own self despair will never get you anywhere. Need to move on and learn from this mistake. I mastered that doing as many questions as you can prior to the exam is not really a powerful way to pass the exam. I actually then made a decision to focus instead on the chapters that I was not quite strong at as I missed out by using a few of the chapters that were deemed not so important for the exam previously.

So I travelled registered and sat for the exam again for the second time. And guess what? I failed it again. I was shocked. I couldn’t understand what went wrong. My spouse and i studied much harder than most students in my first sitting, finished all the questions in the ASM and Actex manual, followed a strict review schedule and I even focused on the chapters i was weak at recently for my second waiting but I still failed the exam again. We were obviously sad but it also made myself even more determined to pass this exam. I actually was determined never to make failure stop me. My spouse and i registered for test again the next day after I received my consequence and started analyzing what went wrong with the previous exam.

Then i realized that my basic foundation for the exam was actually not so strong. And we all know that something cannot be built depending on a poor foundation. I had developed to change my studying habit. My spouse and i spent time aiming to understand the concepts that were being explained in the study manual. I discovered to ask why rather than just accepting the answers given and memorizing formulations blindly. This difference in my strategy helped me to the exam on my third attempt and We were really relieved.

I actually applied the same strategy when I was sitting down for my Exam P/1 and it worked. We passed my Exam P/1 in the second waiting as I was unsuspecting for the exam at first when i first seated for it. This was also another lesson that I learned. We must always plan our time wisely and we are unable to expect to pass an actuarial exam with only a few weeks still left to study. I tried out doing this for my Exam P/1 in my first sitting and it was definitely a bad move.

Based on my own, personal experience, I would say that becoming a successful insurance company would demand a lot of determination and persistence. Hard work is obviously needed but careful planning is evenly important as well. I’ve never understood what it really methods to study smart until I sat for the actuarial exams. Learning hard will not guarantee a pass in the exam but studying smart will. Actuarial students must not be frightened of taking exams because actuaries are trained to always treat risk as a possibility.

Failing an exam provides students with an possibility to learn from their mistakes and alter their studying habits. It train locomotives us to analyze our mistakes also to come up with solutions for these mistakes. I assume that this is a really important quality that good actuaries really should have.

In a nutshell, the strategy to moving actuarial exams are:
– Study smart not hard
– Analyze a problem and ask questions
– Plan your time properly and carefully
– Get persistent, determined and self-disciplined
– Never give up

Chloe Hung is a recent finish Drake College or university majoring in Actuarial Research and Finance. She has a strong passion for the finance and actuarial field and is constantly looking for opportunities to gain experience in these fields

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