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 Plan ahead, from day one until exam day 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 Exam 1 Exam 2 Marked Problems from Exams 1 & 2 1 2 3 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 Day Of Take 1 Practice Exam Review the Basics 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 Are you breathing? 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 Are you breathing? “BYOG. Bring Your Own Guts.” - Dabo Swinney

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!

PASS PASS PASS FAIL P P FM PASS PASS PASS ST LC C MFE Track to Pass January 2014 P/1 May 2014 P P FM MFE FM/2 August 2014 MFE/3F November 2014 PASS PASS ST PASS April 2015 LC ST LC C C/4 October 2015

Study Materials Used By Exam P/1 FM/2 MFE/3F ST LC C/4 Actex (Broverman) ASM (Ostaszewski) ASM (Cherry & Gorvett) ASM (Weishaus) The Infinite Actuary (online seminar) SOA Sample Problems ADAPT Exams and Quizzes ADAPT Exams Mahler Exams CAS Past Exams

“Never give up…. NEVER SURRENDER!”

Thank You Resources mvparad@ilstu.edu ActexMadRiver.com ActuarialBookstore.com CoachingActuaries.com TheInfiniteActuary.com SOA.org CASact.org Resources mvparad@ilstu.edu