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How to study for the Actuary Exam

An Actuary is a professional who works primarily with insurance companies to determine levels of management and other financial issues related to insurance coverage . The path to actuarial licensing requires passing a rigorous system of tests. Planning , studying and learning the material for these tests is relatively consistent from one country to the next .There is no shortcut to success in the exams. There are the fours ways for successful preparation of actuarial exam.

1.    Knowing Your Testing Requirements-

Each actuarial society will have its own sets of tests that you must pass to attain membership to know about this you will need to review society’s website. Before selecting any exam you must learn the order of tests because in some cases , you must attain a particular level of work experience before you move from one exam to the next  .It makes sense to learn the order of tests and  find out from the actuarial society whether you can substitute work experience for testing .

The CAS in the US provides a very handy “map” that illustrates the order of the tests, with a timeline for coursework and work experience that you should accumulate along the way.


2.    Using Practice Tests as a Study Materials

Many of the actuarial societies release copies of past exams. Use the past tests as a study guide .When you are ready to take practice test find a quiet place to test , with no distractions  .Determine   what time limit is on the test that you are practicing if you are not  to completing the test as per guidance of the societies then learn to pace yourself to use the full amount to your best advantage.


3.    Practicing Good Study Techniques

Obtain good study materials. You can search online for study materials for each test , or contact a bookstore recommended by the actuarial society. Plan adequate time to study for each exam .Cramming at the last minute is not a good substitute for allowing yourself adequate time to study  , practise ,restudy , and completely learn the material. The SOA recommends allowing yourself atleast  8 weeks for the first exam Find the study partner who will help you in studies by using studypal.co in your area. Study Actively and master yourself before moving on.


4.    Taking and Passing the Actuarial Exams

Cramming right through to the test day is not going to be productive .  The final night will be better spent getting some good rest. Pace yourself during the exams . Read and attempt each question  very carefully .If you have difficulty understanding the question break the question down into separate parts or sub- questions and highlight key terms or numbers.


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