Start to Finish Study Tips!

If you’ve started down the path to becoming an actuary, then you likely know by now that you’ll need to pass a series of exams to become fully licensed. This is arguably the most challenging aspect of the profession. It takes a huge investment of time and sacrifices to pass actuarial exams.

It took me about 7 years to pass all of my exams. While I didn’t pass every test on the first try, I did learn a lot with each attempt, constantly adapting my strategy. I’m so excited to share these tips and hope you find them helpful on your journey to Fellowship!

But before we get started…

It’s important to keep in mind:

1. Everyone Learns Differently – What worked for me may not work for you and that’s okay! I would encourage you to experiment with different techniques and approaches to find what works best for you.
2. Everyone’s Journey Looks Different – You cannot, I repeat, you cannot compare your exam journey to someone else’s. We all have different life circumstances that impact how long it takes to get through exams. Focus on you, what you can control and show yourself some grace along the way. 

Now here we go!

Warning: This is a LONG blog. I’ve spent 7+ years compiling these tips and refining my approach. Therefore, I split up this post into the following sections so you can focus on what’s most relevant to you:

PART 1:

• Planning
• Execution

PART 2:

• Accountability
• Motivation

The purpose of this blog is to provide a comprehensive look at how to effectively prepare for actuarial exams start to finish. I previously shared a Crunch Time Study Tips blog that focuses on how to get the most out the last month before your exam and I plan to release an Exam Day Study Tips blog in the future.

I’m sure there are many great ideas that I don’t cover here. If you’d like to share what worked for you, please let me know and I’d be happy to feature you on the blog so others can benefit from your advice!

PART 1:

Planning

“If you fail to plan, you are planning to fail!” – Benjamin Franklin

Wise words. I couldn’t agree more. I truly believe this is the MOST IMPORTANT step to preparing for actuarial exams. I invested hours, if not days, into creating very strategic and detailed study plans for each of the exams I took.

Here is a screen shot of my actual study plan for the first time I took Exam 5.

Here are the major considerations for this plan:

• What Tasks You Will Get Done by When
  • Start by compiling a list of everything you plan to review for the exam. This includes syllabus material, videos and study guides from third party sources (more on those below), practices problems and exams, etc.
  • Then, I would suggest working backwards from exam day to figure out when you need to start studying. Personally, I would devote at least the last month before your test to take practice exams. That means you need to be completely through all of the syllabus material and have worked some practice problems before then.
  • My usual cadence looked like this:
    • 2-3 months getting through all of the syllabus material, videos and working 50-75% of the practice problems
    • 1 month of taking practice exams and digging deeper into topics I struggled with
    • 2-3 weeks before the exam, I would re-visit some of the key readings from the syllabus. It’s important for the context to be fresh since exam problems are often drafted using language pulled directly from the source text.
• Expect the Unexpected
  • General guidance is to study for approximately 100 hours per exam hour. As an example, Exam 5 is a 4-hour exam. Therefore, it is suggested that you prepare for about 400 hours.
  • As you can see, I didn’t quite hit that mark (I also did not pass the first time). However, when I set-up my study schedule initially, I planned to get 400 hours of studying in. But you know, life happens which leads to this very important point.
  • Build in buffer! Things always come up that you didn’t expect which will derail you from the initial study plan. Know that’s going to happen and it’s okay as long as you’ve built in some extra room into your schedule.
• Track ALL of Your Hours
  • Most actuaries I’ve talked to don’t do this. And I get it. Keeping track of all these hours can feel inconvenient. However, it is valuable for a few reasons:
    • First, as an accountability tool – I have found that when I’m going to be logging study time, I am more disciplined and focused during those hours. If I read a page and then realize I didn’t digest any of it because my mind was wandering, then the time doesn’t count. Logging my study hours, both work and non-work, helps me be more attentive and purposeful with my time.
    • Second, this info can provide a high-level gauge for whether you are on track with your studying or if you need to ramp things up. There’s no perfect formula, but it’s probably safe to say that if you get to a month before your exam and you’ve only put in 50 hours, you may not be adequately prepared come exam day.
  • The number of hours isn’t the point. Rather it’s to help you focus on quality over quantity, while gathering data to inform how your study plan needs to change over time.
• Consider Non-Work/Study Commitments
  • A common question I’ve gotten is whether you have to give up a social life or time with friends and family to become an actuary. I wholeheartedly believe that’s not necessary. However, life is all about priorities and aligning your time with what matters most to you.
  • Therefore, if there are events you’d like to attend or things that matter outside of work and studying – great! Just make sure to include those when you build out your study plan.
  • As an example, you can see that I blocked off several days where I didn’t plan to study so I could be fully present at a friend’s wedding. I would have also included any planned vacations, family events, etc.
  • Once these are included in the plan, then you can enjoy the time away from studying without guilt! Your brain NEEDS breaks. Make the most of them by being fully present. You planned for this and will be back to studying in no time, so make the most of the moment guilt-free.
• Review and Adjust as Needed
  • As mentioned above, life happens and plans change. Set aside time every couple of weeks to assess how you’re progressing towards your study plan and if adjustments are needed to keep you moving in the right direction.
  • I’d also encourage you to share your study plan with your boss. Not only will he or she be impressed by your initiative and commitment to passing exams, but he or she can help adjust your workload if needed when you’re not able to get study hours in as planned.

If you previously took an exam and didn’t pass, it’s essential that you take time to reflect before you create your study plan for the next attempt. Some things to ask yourself:

• Did I feel adequately prepared going into the last sitting? Why or why not?
• What went well and what would I have done differently in hindsight?

Use these answers to guide how you craft or adapt your study plan for the next sitting.

Execution

One HUGE perk of the actuarial profession is that you can earn a living while continuing to work towards your credentials. In addition to that, many companies provide actuaries time during work to study! This is an invaluable benefit that you should absolutely make the most of! This leads me to this first important part of how to execute well on your study plans…

Get Your Work Study Hours

This is easier said than done, but here are some strategies that helped me:

• Study before you start work! Once you begin responding to emails or doing something more fun than studying, it can be incredibly difficult to pull yourself away. Even if it’s only a few minutes, guarantee you’ll get study time in at work by doing it before anything else.
• Eliminate distractions! Make it clear to coworkers and your boss that you are not to be bothered while studying. This can be done politely by blocking time on your calendar for studying, setting your status as “busy” or “away” and having conversations to set expectations for respecting this time. If you are in an office, you could also put up a “Studying” sign, get away from your desk to study in a conference room, or close the door to your office. I’d also highly recommend turning off your phone or putting it on Do Not Disturb.
• Get the Support You Need! Some environments are tougher than others to get work study time. If you work in a fast paced and demanding role, then it will be even more important to have your manager’s support while taking exams. Make sure you clearly communicate your goals and study plans. Provide frequent updates on progress, especially if you start to fall behind on hours. Your boss is best positioned to help you adjust workload so you can stay on track with studying. If after several attempts, things don’t seem to improve, then you may want to consider whether this work environment is best suited for you during this season or whether another one might better support your goals.

Invest in Study Aids

Thankfully, a lot of study material is available for free online. However, I would highly suggest researching the best third-party study materials for your exam and investing in one or more! If you are employed full-time, you may even have the costs of these materials covered by your employer. If not, you may have to pay out of pocket, but trust me, it’s worth it! If you pass the exam, you will more than make up for the cost in the long-run. Plus some of these providers offer discounts for students which can help!

Here is a link from the SOA website which lists many of the Distributors of Textbooks and Study Materials. I have no affiliations with any of these, but I’ll share my thoughts on the ones I have used in case it’s helpful!

• For exams P and FM, I used the ACTEX and ASM study manuals. I also had classes in college which helped prepare me for these exams. I was able to pass both on the first attempt after putting in roughly the recommended number of study hours and using exclusively these study manuals and the syllabus material. I didn’t know about Coaching Actuaries (CA) at the time, but I’ve heard nothing but great things from those who have used this study aid! If I were to take these exams today, CA would probably be my first choice.
• I then used The Infinite Actuary (TIA) for nearly every other exam. In my opinion, TIA is most helpful for learning the material because they have video lectures that walk you through the syllabus and many practice problems. They also provide suggested study schedules, formula cheat sheets, practice problems and unique practice exams. If you don’t pass your exam on the first try, they will allow you to renew your access for another sitting for free which is really nice.
• For the last few exams (Exams 7-9 with the Casualty Actuarial Society), I realized after two failed attempts that I needed more challenging practice problems to feel better prepared. This is when I discovered Casual Fellow (CF) and Rising Fellow (RF) study materials. I ordered their Cookbook to supplement TIA and it made all the difference.

Practice problems, practice problems, and more practice problems!

Do EVERY SINGLE practice problem you can get your hands on! I can’t emphasize this one enough. Most of us learn best by doing. Reviewing the syllabus and watching videos will only get you so far. You have to do a bunch of practice problems and exams to adequately prepare for an actuarial exam. The more scenarios you are exposed to, the better off you’ll be come exam day.

It may not be enough to just do a bunch of problems. How you do them matters too. I touch on this in my Crunch Time Study Tips blog, but I highly recommend reserving some time to replicate the exam environment when you’re taking practice exams. You are training both your mind and body to perform on exam day! Time yourself, grade your test and then use the results to inform what you spend more time focusing on next.

Memory Tactics

There are many approaches for how to commit studying to memory. A few that I have personally found helpful include:

• Make it personal! When you review study material, you should always be looking for ways to apply what you’re learning to your day job. I mean, that’s the point of all these exams, right?! They are intended to make us more knowledgeable and skilled actuaries. There’s no point in memorizing a bunch of facts only to forget them a few weeks later. If you are intentional to apply what you’re learning, it will not only help you remember it better on exam day, but it will also enhance your work experience! You will see how impactful and purposeful your job is and your coworkers/boss are sure to be impressed too!
• Create your own acronyms! Don’t get me wrong, I’m a huge fan of study aids. Often they will provide helpful ways of memorizing lists or facts. However, if you can come up with your own versions, these will stick SO MUCH BETTER! It will take more time on the front end, but going through the exercise of creatively thinking how these words and facts are related and relevant to you is so effective for helping you recall them at a later date.
• Look for mistakes! Someone once encouraged me to comb through study material so meticulously that I could find spelling or grammatical errors. That might sound a bit excessive, but the point was 1) I needed to have a high level of attention to detail when studying and 2) actuarial exam materials are created by imperfect humans. There are sometimes mistakes! At times, the theories don’t hold up. It’s critically important as an actuary to understand why you believe something. Don’t just take someone else’s word for it! Question what you are being taught and push back if something doesn’t make sense.
• Teach someone what you’re learning! There’s so much evidence to show how effective teaching is for helping us truly understand and absorb what we are learning. Seek out others who are studying the same exam. You can discuss what topics you find confusing as well as help others with what you know well. Both teaching and discussion are extremely effective methods for helping the content sink in deeper and stick longer.

Optimize Your Time

We all have the same number of hours each day to work from. If you want to be successful passing actuarial exams, you need to be strategic about how you spend this time.

• Study when your brain works best! Some people are most focused in the morning, while others prefer to study at night. Some can work effectively for hours and hours, while others need breaks to stay focused. I’d encourage you to experiment with different routines until you find what works best for you and then stick to it! If you are going to be studying for an hour, you want make the most of that time. Hone in on the time and conditions that allow you to be most alert and productive while studying so you don’t have to put in extra time.
• Simplify your life! For many, it will not be possible to continue doing all the hobbies or commitments you had prior to starting actuarial exams. You may need to spend less time or completely eliminate some things from your schedule while studying. This is never fun to hear, but here’s some good news: This season is temporary and the more you commit to it, the sooner it will be over. It takes most actuaries between 5-10 years to pass all the exams. While this feels endless when you’re in it, the reality is it isn’t. Work hard to maximize your chances of passing with each attempt. Once you finish exams and even between sittings, you will have much more time for other more enjoyable things.
• Eliminate Distractions! I’ve said it before, but it’s worth repeating. Do whatever you need to be focused while studying. If you have a family, you may need to ask your spouse or a friend to watch your kids so you can study. While you may not have control in all circumstances, I would highly encourage postponing any major life events to when you are done with exams or during the breaks between exams. For example, I would avoid moving or planning any large events during exam season, especially the month before. I personally took a sitting off when I was getting married. I wanted to really embrace that season and I knew I couldn’t be successful with studying at the same time. Know your limits and re-arrange to prioritize studying when you can. If that’s not possible, no problem! Just make sure you build that into your study plan.

Remember the Big Picture

Perspective is so key no matter what you do. When you invest so much time into studying, it’s easy to believe that your worth comes from whether or not you pass. The reality is – you are loved and your life has incredible value beyond anything you do.

Stress & Anxiety

Two of the major threats to success on actuarial exams are stress & anxiety. Actuarial exams are hard and the field is extremely competitive. It’s natural to feel weighed down by the pressure to perform.

I have personally struggled with stress and anxiety most of my life, but it was definitely at its peak when I was taking actuarial exams. Looking back, I can see how damaging stress and anxiety can be if left unchecked. I am still learning how to best take care of myself to combat stress and anxiety. While I haven’t figured it all out, I’ve come a long way and wanted to share what I would tell my younger self:

• Eat Well, Get Adequate Sleep & Exercise – It’s actually insane how crucial these three elements are to our overall well-being, especially our mental health. If you make these a priority, you will be able to think more clearly when studying and you will be better equipped to handle stress that comes your way. I’m no dietician, sleep expert or fitness coach, but here are a few things that have been game changers for me:
  • Nutrition – Prioritizing nutrient dense foods and learning about gut health plus balancing blood sugar levels throughout the day has made a world of difference. I LOVE coffee and sweets probably more than most and while I often felt these were the pick-me-up I needed during study sessions, I didn’t fully contemplate the crash I later felt and how some habits were leading to more anxiety and poor sleep long-term.
  • Sleep – Quality sleep is absolutely essential for our brains to function effectively. For so many years, I struggled with sleep. I used to rationalize my midnight study sessions or 3am epiphanies with “Well, I’m just a night owl. My brain works best at night.” While there was some truth to this, most of it was just a function of bad habits. After years of this, I finally hit a breaking point where I KNEW I needed to make a change. It was definitely tough, but we are capable of re-training our bodies for new routines. A few of the most helpful changes I made were:
    • No caffeine after ~3pm
    • Putting my phone in another room to charge at night and NOT allowing myself to scroll in bed
    • Establishing a bedtime routine where about an hour before I want to go to sleep, I focus on activities that don’t use my brain and allow me to relax before bed. These often include yoga, doing the dishes, reading a non-academic book, journaling, etc.
  • Exercise – Endorphins are the BEST drug and they’re free!! You don’t have to train for a marathon to experience the benefits of exercise. A 20 min walk can do wonders for your body and mind! The most important thing is to find something you enjoy doing so you can be consistent. I often benefited most from exercising right after work before I started studying in the evenings. It was exactly what I needed to rest my brain for a bit and get an extra surge of energy to finish the day off strong.
• Consider Therapy – I hate that there is a stigma that something is wrong with you if you go to therapy. This couldn’t be farther from the truth! Talking with someone to process what you are experiencing is one of the healthiest things you can do for yourself! If you take vitamins to keep your physical body strong, then why wouldn’t you consider counseling to be mentally and emotionally healthy? If you have the means to meet with someone, I’d highly encourage it. Once I finally started meeting with a counselor, I haven’t stopped raving about how life changing it has been. I wish I had implemented this practice YEARS ago!
• Trust the Lord – I know without a doubt I would not have passed all the actuarial exams and earned my Fellowship without the Lord’s grace and strength along the way. If faith is important to you, I’d encourage you to start every study session with prayer. Surrender your work and studies to Him. Ask Jesus to remind you of His promises and your infinite worth in Him. Trust that He has given you unique gifts and talents for a grand purpose. Work hard for His glory, but give Him control over the outcome. This journey through actuarial exams is infinitely more enjoyable and meaningful when you seek Him daily. There’s nothing quite like getting to witness His faithfulness and miracles in action.

PART 2:

The next two sections go hand in hand. You can have the best approach in the world, but if you don’t actually follow through on those plans, then it’s unlikely you’ll accomplish your goals. That’s where accountability and motivation come in!

Accountability

• Study with others!
  • I have to admit, this was a tough sell for me at first. I’m an introvert and very independent. It was hard for me to envision how studying with others would actually help. However, when I finally did accept an invitation to study with coworkers, I was pleasantly surprised!
  • After work, several of us would gather in a conference room and study for an hour or two together. We all worked independently and often on different exams. Occasionally, we would chat about something we were struggling to understand, but the majority of the time was silent and focused.
  • These study sessions came to be some of my most productive! Because everyone in the room was studying, I was much more likely to put my phone away and truly focus on my exam. Plus! Especially on days when I didn’t feel like studying or a work assignment seemed more important, it was helpful to have others check in and encourage me to prioritize studying. I never once regretted it afterwards.
  • How does this look practically?
    • When I gathered with coworkers to study it was pre-COVID. I realize that post pandemic this arrangement is not as easily achieved if you work remotely or in an office only a few days per week.
    • While it is nice to meet in person, it is definitely not required for accountability! I have several coworkers who jump on a Zoom call and just sit in silence while they study together. There are also actuaries who have created “Study with me” videos on YouTube that you can tune into so you don’t feel alone when you’re studying.
    • Find what works for you and stick to it!
  • Benefits – Some of the benefits I’ve seen from studying with others include:
    • More focused and productive study sessions
    • That extra push to study when motivation is lacking
    • Opportunity to discuss concepts you’re struggling to understand with others who are studying the same material or did so previously
  • A word of caution:
    • Studying with friends is great… except when you’re not on the same page in terms of how your time together is spent.
    • You all should be committed to prioritizing study above socialization when meeting together. By all means, grab coffee or a meal to catch-up on life, but make sure this time is very clearly set apart from when you should be studying.
    • If you end up finding that studying with others creates more distraction than focus, you may need to re-evaluate who you’re studying with or reset expectations around the time together.
• Communicate your progress!
  • Whether it’s your boss, coworkers, friends or significant other, ask the people in your life to periodically check-in and ask how studying is going. The frequency and depth of these touch points likely will vary based on the individual and your relationship, but it’s critically important to verbalize how things are coming along for many reasons. Here are just a few:
    • When you know someone is going to ask about something, you’re more likely to have devoted time and energy to making progress so you have an update to share.
    • At times, studying can feel like the most important thing in life because it’s what you are spending a large quantity of time, if not the majority of your time on. Especially when things aren’t going well with studying, it’s crucial to have people in your life who can help you regain perspective on what’s truly important and focus on the positives.
    • If you are not progressing as you’d like, you can explore opportunities for others to support you in your studies. This could look like your boss providing clarity on the most important work priorities and possibly taking some nonessentials off your plate. This could look like a friend offering to come clean your house or do laundry so you can focus on studying. The opportunities are really endless. It’s often so hard for most of us to ask for help, so having someone in your life who is on this journey with you and willing to pick up extra slack when needed, can make all the difference.
• Track your study hours!
  • I’ve said this before, but it’s worth repeating. Logging your studying time has many benefits:
    • It can provide a sense of accomplishment. It’s easy to feel overwhelmed by what you don’t understand yet. Taking pride in what you have learned can boost your confidence and provide some extra motivation to keep going!
    • It can reduce stress and anxiety! If you’ve got a solid plan and you’re tracking with it, then you don’t need to feel guilty taking a break or spending quality time with friends and family. Tracking your time allows you to focus on one day at a time and what you can control in that moment.
    • It’s a great accountability tool! If you can see clearly that you are not keeping pace with the study plans you originally set, then tracking your hours can give you the extra push you may need to take studying more seriously going forward.

Motivation

Let’s be honest – studying for actuarial exams is not only mentally exhausting, but it can also be emotionally draining. Rest is crucial for allowing our brains to recover and perform. But how do you rejuvenate a spirit that is weary from years of sacrifices and struggle??

When motivation is lacking, it can be SO TOUGH to keep going even when you have the best of intentions. During my 7 years of studying for actuarial exams, I definitely struggled with motivation at times and have experimented with many different approaches. Here are some that helped me:

• Plan how you will celebrate when the exam is over!
  • Take a vacation – you deserve it! If you have the means and ability to take time off from work, I would highly encourage you to consider taking a vacation shortly after your exam. It doesn’t have to be extravagant (although it could be), but it should be something you are genuinely excited about! Knowing that you can rest and enjoy life once this test is behind you will help keep you focused and working hard until the very end.
  • Implement a post exam day ritual! What will you do immediately after your exam to celebrate the hard work and dedication you’ve put into preparing? Personally, I love massages and sweets. So I would schedule a massage either later in the day after I took an actuarial exam or in the days following. Additionally, my husband (who is also an actuary) and I started a tradition where we would give the other cupcakes from our favorite local shop on exam day. After several grueling hours of test taking, it was always so exciting to return to my desk with a sweet treat waiting! Take what you enjoy and practice some post exam self-care by starting a tradition with a friend or family member!
  • Make a “fun list”! Unfortunately, you may not have a lot of time for fun things when you’re preparing for an actuarial exam, especially in the last couple of months. Sometimes this means you will have to miss out on events, but many times you can plan ahead to partake in these activities when your exam is over. While studying I would often be interrupted by thoughts of something fun I’d rather being doing. Sometimes it was getting brunch with friends or spending time with my family or watching a new show. Whenever these ideas would pop into my head, I’d immediately write them down and commit to scheduling them after my exam date. That way I didn’t feel defeated by missing out, but also didn’t waste precious study time doing these activities at the wrong time. Having this “fun list” to look forward to in the month or two off between sittings was so helpful to stay motivated in the moment knowing I could enjoy them later!
• Build in breaks!
  • Studying for an actuarial exam is a marathon, not a sprint. You need to build in breaks and enjoyable things to keep you motivated along the way. Otherwise, you’re likely to burn yourself out. I would encourage you to brainstorm ways you can celebrate your progress and mini wins. Everyone has different needs in this area, but I found that having something to look forward to daily, weekly and monthly was most helpful for me. Here are some examples of what I looked forward to and helped me stay motivated:
    • Daily – cup of coffee, walk outside, home or gym workout
    • Weekly – a nice dinner and a movie. Personally, I think it’s ideal if you can take one full day off from studying each week to recharge. I didn’t always feel comfortable doing this, but Friday evenings were consistently a time that I devoted to stepping away from work and studies to be present and enjoy time with my husband.
    • Monthly – a home spa day, a weekend trip to see friends or family, etc.
• Remember why you started!
  • Why do you want to become an actuary? Who are you doing this for?
  • It’s crucial to get clear on what drives you and why you are working so hard. When the going gets tough, it is easy to give up when you aren’t clear on your convictions and the future benefits the hard work will reap.
  • Taking actuarial exams is a temporary season. No matter how long it feels in the moment, there will eventually come a day when you finish. There is SO much life and opportunity on the other side of exams. Don’t fret over “missing out” on career or other opportunities. There is a time and place for everything. Focus on what you can do to optimize this season of life so that you can fully enjoy and embrace the next one when it arrives!
  • Remember the big picture. Despite how it may feel at times, you are NOT defined by your exam performance. You already have worth that can’t be earned. While it’s necessary to work hard to achieve your goals, don’t let your identity get wrapped up in what you are trying to accomplish. You are valued and loved no matter the outcome on your next exam or your past performances.
  • When I have struggled to remember these truths, a few things that helped were:
    • Volunteer or help someone in need – When we shift our eyes from ourselves to others, it is easier to see our true purpose beyond exams. Often by giving in some way, you’ll find you are just as blessed in return.
    • Encourage someone who is struggling – When we share words of affirmation, we are often encouraged and uplifted as well.
• Picture yourself accomplishing your goal!
  • I spent a lot of time day dreaming of when I’d finish exams and earn my Fellowship. Often on a run I’d picture myself receiving my final passing grade. I’d imagine how I’d feel walking on stage and being handed my diploma. I’d think about how proud I’d feel that all the hard work finally paid off.
  • This vision of what it’d be like to achieve my goal was SO POWERFUL. It provided excitement to start studying again after finishing one exam. It provided fuel to prove the naysayers wrong when I hadn’t been successful on a previous sitting.
  • It’s so important to envision and believe you can achieve your goals. If you haven’t spent much time thinking about it before, then I’d encourage you to do so the next time you’re alone at the gym or walking home from class. This picture should be one that excites and motivates you!

If you’ve made it to the end of this post, THANK YOU so much for reading! I truly hope what I’ve shared is helpful to you. If you have questions, please leave me a comment below. I’d love to hear from you! If there are other topics you’d like me to cover, you’re welcome to share those as well.