To become fully licensed, an actuary must pass a series of exams which can take years to accomplish. Unlike high school or college, you can’t just “cram” for an actuarial exam over a weekend. Most require HUNDREDS of hours of preparation. Therefore, the last month before exams is considered “crunch time” for an actuary.
These last few weeks are CRITICAL! How they are spent can make the difference between passing and failing. Given the significant time investment and limited opportunities to sit for exams each year, this last month before the test can be very stressful!
To support my fellow actuaries taking exams, I’ve put together some “crunch time study tips” specifically focused on how to get the most out of this last month before exams.
Practice, practice, practice!
Once you’ve reviewed all the material, the most important next step is getting exposure to as MANY different scenarios as possible. I would highly recommend working through every practice problem and exam you can get your hands on!
It is also helpful to replicate the test environment so that your mind and body are trained for what you’ll experience on exam day. This may look different depending on the exam, but generally you should:
- Time yourself! Get used to working under pressure. Especially for upper level exams, it can be challenging to finish all of the problems in the allotted time. You should practice working quickly and strategically.
- Write out your responses! Some exams involve 4 hours straight of nonstop writing! You should prepare your hands for the intense workout they’re about to experience.
- Remove distractions! Make the most of these practice exams. Focus in and really test yourself on what you do and don’t know. Your results should guide what topics you spend more time on in the coming weeks.
- Eat, drink or… Don’t! Be sure to check what is allowed at your test center. At some locations, you can bring food or drinks with you to consume during the exam. However, the time typically does not stop if you need to leave to use the restroom! So make a plan for keeping your energy levels high, but avoid lost time due to bathroom breaks if you can.
After you’ve completed a practice exam, spend time reviewing the examiner’s report. This is extremely helpful for determining the type of responses the graders are looking for. Then, score yourself and make a plan for what to study more in depth before you take your next practice exam.
Maintain balance. It’s a marathon not a sprint!
If you haven’t already, I would highly recommend checking out Paul Moorshead’s YouTube video with exam prep tips. I love his marathon runner analogy! As a former athlete, I can attest to the similarities between studying for an actuarial exam and training for an intense athletic event.
A few principles that are essential for both:
Nourish your mind & body!
To maximize brain function and stay healthy, make sure to incorporate nutrient rich food into your diet. Check out this post for brain food to consider, courtesy of my friend and medical dietician Katie Spada!
Incorporate regular exercise and get adequate rest. I CAN’T emphasize this enough. Sleep and physical activity are essential for brain function and memory!
Find a routine and stick to it! There is no “one size fits all” for actuarial exam prep. What works best for one person is likely not the same as another. It’s important to try different things until you find what works. Once you do, consistency is key for this last month! Maintain the rhythms that work best for you and limit interruptions to the extent possible.
Re-focus on what matters.
At this point, it can be REALLY tough to stay motivated. You’ve likely sacrificed time with family and friends. Stress and anxiety may have set in as you realize how much you still need to learn before the big day. Exhaustion and burnout is common as all you really ever do is eat, sleep, work and study.
Now, more than ever, it is essential to step back and consider the big picture:
- Why did you start taking exams in the first place?
- How will you feel when you finally achieve what you set out to do?
- What matters most to you?
The reality is… there are FAR more important things in life than exams. While they are a big part of becoming an actuary, they do not define you as a person and they do not determine your future success as an actuary. In fact, I know MANY incredible actuaries who did not pass every exam on the first try.
No matter how well you prepare, there is always a chance you won’t pass. I want you to prepare in a way that you don’t have any regrets regardless of the outcome.
To do this, take time to consider your non-negotiables. What are you not willing to sacrifice for success?
Once you’ve made this list of priorities, ruthlessly eliminate anything else from your life beside these and studying for the next 30 days. You got this!
Set boundaries with work and get the support you need.
If your company provides time to study at work, take full advantage of this amazing benefit! If you’re struggling to get this time in with other priorities, consider:
- Studying first thing in the morning! I often found it hard to pull myself away from work once I got started.
- Blocking time on your calendar so that teammates know not to bug you during this time.
- Getting away from your work space to avoid temptations or distractions.
- Working with your manager to consider alternate work schedules or re-assigning work if you’ve got too much on your plate.
Find a study buddy!
I wish I had started doing this sooner! Studying with others is helpful for many reasons:
- Accountability! If you’re struggling to stay motivated, having others to encourage you to study and stay disciplined is crucial.
- Get help! If you’re having trouble grasping a concept or solving a problem, two heads are better than one! Often you can help each other out when you study in groups.
- Deepen your understanding! When you explain a concept to someone else, it often helps solidify the idea in your head for quick recall when needed.
Go back to the basics!
Go back and review the actual papers on the syllabus closer to exam. Especially for upper level exams, the questions are often written with language directly from the papers. It’s important to be familiar with style of writing and specific words that are used.
Don’t give up now!
Feel like you’re missing out on tons of fun while you study your life away?
Plan something exciting for after the exam! I would highly encourage taking a vacation after your test. You deserve it!
Anytime you think of something fun you’d rather be doing, write it down, make a plan to do it after your exam, and then get back to studying! Having these plans to look forward to can help you stay motivated and focused to finish strong.
I want to hear from you!
If you have other study tips that I did not mention, please let me know! I’d love to feature you and your ideas on the blog so that we can learn from each other and help more people.
Coming up…
In future blog posts, I’ll be sharing more in depth advice on how to prepare for actuarial exams and tips for success on exam day. If you have questions about the actuarial profession, please share in the comments below or email me at [email protected].
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I am such a fan of your blog! I can 100% relate to your fear of failure and the stress that brings. I actually sit my second exam in two weeks and am hoping a pass will allow me to move into an entry-level actuary position. I have worked for a Life insurance company for about 5 years, but am worried about my weak math background. I would love to hear your thoughts on people changing careers or with non-traditional backgrounds.
In my case, I took two terms of calculus in college about 10 years ago (Chemistry major), and am feeling comfortable with the math on the exams so far (FM passed/P sit in two weeks/IFM sit in Nov). I still worry though I am at a disadvantage or won’t be able to keep up “in the real world”. Should I put in the effort to improve my general math skills (advanced calculus, stats, linear algebra), or am I letting my fear of failure get to me? From my reading, exam P has the most calculus, but with Coaching Actuaries help, I feel fairly conident I will pass. I still worry I won’t be able to keep up with the analysis and work once fully qualified.
Any thoughts on the differences between real-world skills and what you need to pass exams?
P.S. If I was pursuing the CAS credential, Root would be at the top of my employer search. You do a great job at highlighting the company!
Travis, thank you so much for reaching out and sharing your perspective!
I completely understand your concerns. The good news is: I can honestly say I’ve never used calculus or linear algebra on the job as an actuary. So if you’re struggling with those, no worries once you make it through the exams. Stats is more relevant, so I would focus on that more if you have time.
I actually plan to write a blog on career transitions and non-traditional backgrounds in the future, so stay tuned! Wishing you the best of luck on Exam P coming up. Ps. It’s not too late to pursue the CAS track and join Root 😉
Im a 10+2 student, I’m really facing a very hard time in finding the right track for me. I’m really interested in actuarial science and I have an ambition of becoming an actuary. I have secured 96/100 in mathematics at class 12th and I also have a keen Intrest in statistics and numbers, though I’m a science student I really don’t have an idea that if id be able to cope up with the finance and business area. I have talked to people and peers but still I’m unable to get all my answers. Maybe if you could help id be a ray of light for me…thenks
Hi Tanish! Thanks for reaching out. Picking a career can be a really tough choice! If you’d like to learn more about the actuarial profession specifically, I would encourage you to check out my prior blog posts on why I love being an actuary and what day to day life looks like. If you have specific questions, feel free to reach out anytime and I’ll do my best to help.
Chelsea, these are wonderful tips on how to prepare for an exam when it comes to crunch time. I also appreciate your analogy to marathon running. I have always thought it was a marathon as well. I remember the feeling of not being smart enough to pass the exam. It is like not being fast enough to run a marathon. It was encouraging to see it wasn’t about the speed, but about persisting. You have an inspirational blog. Thank you!
Thank you so much for the kinds words Dave! I truly appreciate you taking time to read my blog. I haven’t personally used Coaching Actuaries, but I hear wonderful things all the time from candidates who have used your program. Thanks for all you do to help future actuaries as well!
My motivation to study for acturial exams increase.
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Thank you so much! I’m glad you’ve found my blog helpful. Wishing you all the best in your studies and pursuit of becoming an actuary!
Hey there, You have done a fantastic job. I will definitely digg it and personally suggest to my friends. I am confident they’ll be benefited from this site.
I’m a junior and I’m getting ready for my FM exam, therefore I’m a little worried. The actuarial program at Miles College, where I attend classes, was just launched two years ago. I worry that I don’t have all of my math, but I know it can be done. My FM test will be scheduled for December, but I feel a little underprepared.
Hi Alexia! Thanks for reaching out. Sorry for just seeing this! I hope your exam went well. I understand the concern with your school’s actuarial program being new. If you have any questions, please feel free to reach out and I’ll do my best to help.
Excellent pieces. Keep posting such kind of info on your blog.
Thank you so much! I’m glad you’ve found it helpful. Please feel free to reach out anytime if there are other topics you’d like me to cover!
Thanks so much! I’m glad you’ve found the posts helpful.
I was suggested this blog by my cousin.
That’s wonderful! I hope you’ve found it helpful.