Not every ambitious individual pursuing a career as an actuary comes from a Center of Actuarial Excellence University. This article is aimed toward the nontraditional actuarial student who will not get an Actuarial Science degree from a powerhouse University with a renowned actuarial program. Instead of having access to professors from the field, exam preparation classes, actuarial clubs, or exam resources on campus, these students have to navigate through the tedious exam process independently.
Is that even possible? And if so, where do you start?
My intention in writing this blog post is to reassure these students that success is absolutely attainable. I come from a small engineering school in the Midwest that is in the process of creating an Actuarial Science program—but it has not taken off quite yet. Even so, I am a junior who has successfully prepared for and passed Exams P, FM, and MFE completely on my own as independent study courses.
What exactly does that look like? Well, for me, it meant that I opened up the textbook or exam manual, read it cover to cover, and practiced as much as possible. I was able to find success and you can too if you follow these three steps:
- Get Organized and Make a Plan
The most crucial step in independently preparing for an actuarial exam is being completely clear and intentional in your study plans. For me, this meant taking into account how many chapters of material I had to cover, how much time I had before Test Day, and setting “due dates” for myself as to when each chapter and its corresponding practice problems would be completed. I prefer to have all of the material learned at least 30 days prior to Test Day. This ensures that I have time to get my ADAPT earned score to a comfortable level, get a grasp on all required formulas, and go back through any material that gives me trouble. Everyone’s strategy may be different, but the most important thing is that you HAVE a strategy and that you plan accordingly.
- Hold Yourself Accountable
The biggest difference between learning from a textbook or manual versus a professor is the lack of accountability. No one is holding your hand, giving you assignments, and making sure that you are keeping up with studying in order to pass biweekly tests. Instead, independent studying requires that you hold yourself accountable. For me, this came in the form of setting attainable study goals—both short-term and long-term—and rewarding myself for achieving them. A “Self-Reward” could be ice cream, a night off of studying, or splurging on something that you’ve been wanting to buy for yourself. Whatever it is, find a way to endorse your own good behavior.
- Stay Motivated
Lastly, do not lose sight of why you are investing the time and energy into this process. Yes, it is temporarily inconvenient… but for the sake of permanent improvement. Figure out what it is that motivates you to succeed and remind yourself of that every time you start a study session.
Ultimately, you could have all of the resources in the world available to you or you could be approaching exams with very little exam support. At the end of the day, the person who will find success is the one who sets him or herself up for success. Make a plan, hold yourself accountable, and stay focused. Best of luck!