How to prepare Actuarial Exams
Why is Actuary important?
Predict the life/death of one person
, it's called "Fortune-telling";
Predict the life/death of one group
, it's called Actuary;
Actuarial Lecture Notes and Exam Registration
Actuarial Lecture Notes By Jveeh,
Exam I-Probability,    Exam II-Financial Mathematics
If you are university faculty, staff, or students, don't forget 50% discount
There are overall more than 7 exams to pass successfully to become a North American Actuary Fellow, and it may take a few years to complete. Many people gave up during this long-time process.
The passing rate for entry-level exam is less than 50%; out of those who successfully passed the 1st exam, the passing rate for the 2nd exam is again less than 50%, so the probability to successfully pass
first 2 exams is less than 25%, and more and more difficult to pass ....
Highly Recommended study notes and Financial Calculators
Before we go deep into this topic, there is one pre-requisite: strong mathematics background
; for instance, if you usually got grade C or lower on your college mathematics/statisticis courses,
then i don't recommend this career for you. You will feel very frustrating because the first entry level actuarial exam requires very strong mathematics background(Not easy to get high-pay!).
Probability Sample Exam Download
Based on my own experience and the feedback from my previous students, if you can Ace the upper level undergraduate probability/statistics course,
then it shouldn't be that difficult for you to pass the 1st exam.
In that case, you just need to download a copy of the sample exam, get familiar with the question style in half an day,
then you should be ready to take the exam.
you can download the Sample exam from the official website at either SOA. In case if you don't know where to find,
Sample Exam Solution.
To get a high score on the exam
(especially if you want to
score higher than 95%)
it seems better if you can spend 1-2 weeks to review those stuff throughly
before taking the exam.
You will see, most likely you already forget some subjects if you haven't touched them for a while.
For those who are not that confident about your memory for undergraduate probability, and just to be more safe(you don't want to waste several hundred dollars for the exam registration), you may need to buy some manual to
study throughly. In that case, you may need at least 1-2 months of intensive study
. As for which manual is better(you can easily find many actuarial
exam manuals on the market), peronally I recommend the one by ASM, the other one by ACTEX is just too easy, and not that match to the exam difficult level.
During the time of preparation, you may also review the subjects you learnt in college, try to find your previous in-class notes, or borrow notes from friends, it will be useful. I strongly recommend this, since it will
recall your memory that may be hidden somewhere, you can even remember when you are over 80 years old! :) :)
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Exam-II: Financial Mathematics
After you pass the 1st actuarial examination, it takes a little bit more time to prepare the 2nd exam: Financial mathematics. In general, you may need at least 2-3 months of intensive study
This subject is different from the 1st one, it focus on more practical problems, and requires more speed in solving the problems.
Continue to How to prepare Exam I-Probability
Exam II-Financial Mat
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