Are you writing Exam P or FM soon? If so, I bet you’ve heard or maybe even seen that the pass rates for these exams is really low.
Only about 50% of the candidates pass each time the exams are offered. That includes those candidates writing for their 2nd, 3rd or 4th time too. It’s not just first time writers. So the number of people that are passing on their first attempt is incredibly low.
Why? Well, it’s probably not what you think. It’s not that there aren’t good study materials available. There are lots of really helpful guides out there. Study materials like ASM, ACTEX, TIA, and Coaching Actuaries are all really awesome! So that’s clearly not the problem.
The real problem is that most candidates don’t know how to study properly for actuarial exams. They’re so much different than what most students are used to.
By the way, this it completely understandable. There’s not a whole lot of specific guidance out there on how to pass. That’s why I’m writing this! I want to help you, a first time exam writer, to know from the start what you really need to do pass.
How to study for actuarial exams
I call “how to study” your study strategy. A study strategy is your step-by-step action plan on you’re going to pass. It’s certainly the #1 think you need to pass Exam P and FM. Without it, it’s easy to do lots of hard work but not get the result you were hoping for (a pass).
When you have a concrete study strategy in place, you feel really focused and organized. It really gives you momentum to keep going day-in and day-out because you know that if you follow the steps you’re going to be prepared by exam day.
Basically it’s a process. If you follow it properly.. it rarely goes wrong!
Why have a study strategy?
If you have a solid study strategy in place, you’ll have clarity, accountability, a road map and all the support you need in order to be successful. It’s like knowing exactly what to do and when to do it. It’s takes the overwhelm and confusion out of studying.
It’s like lifting a weight off your shoulders and having all the confidence and resources that you need to pass.
It ensures that you don’t procrastinate and fall behind schedule. It ensures that you actually know what you need to do each day in order to success. It ensures you’re focusing on all the right things at the right time.
How to get your own study strategy
So now that you know all this, you probably want to get your own study strategy in place so that you have the absolute best chance of passing Exam P. So many people go into actuarial exams without a strategy in place, and many of them don’t pass. I don’t want that to be you.
Truthfully though, it’s almost impossible to create a study strategy when it’s your first exam. Like I said above – there’s really no way to know what you need to do when you’re just starting out. If you try it, you’d just be using the trial-and-error approach like most people. Unfortunately that’s not very reliable, especially if you want to pass on your first attempt.
So to help you implement a study strategy and have the best chance of passing, I’ve created the Study Strategy Program where I work personally with you throughout your study period. In the program, you learn step-by-step what a good study strategy looks like, specifically for you.
Not only do I help you get all set up, but I’m always there to answer all your questions, and guide you in the right direction at each step of the way. It’s hard to go wrong with the guidance of an ASA (Associate of the Society of Actuaries) showing you what to do. After all, I’ve passed both Exam P and FM, and all the other preliminary exams too!
I know you’re serious about passing your exam (otherwise you wouldn’t have ended up on this article), so if having all that support is something you’ve been looking for then you can read all the details here.