Four Tips to Survive Your Actuarial Exams

If you’re reading this, you’re probably well-versed in the challenges of becoming an actuary. The journey requires dedication as you face down this demanding series of exams. 

Check out four tips from Coaching Actuaries’ expert coaches (Dana Zrust, Jia Bin Ho, Zi Jian (Larry) S. and Terence Chow, ASA, CFA) on persevering through your actuarial exams.

1. Keep Yourself Motivated

First, it’s important to stay motivated throughout your exams. Coach Terence recommends “keeping your eye on the end goal and reminding yourself why you’re doing this in the first place.” Focusing on your “why” can sustain you from start to finish.

Coach Larry also recommends tying your study process to tangible rewards. “What will you do with that bonus or raise?” asks Larry. “Think of a concrete incentive or reward that motivates you.” That can turn an abstract goal (“become an actuary”) into something more immediate.

“The exam journey is a long process,” adds Coach Dana, “but it won’t go on forever. As you’re studying, think about how the process will benefit you as you move through your career.”

Partnering with others can also help. “One of the things I have found most helpful during the study process,” says Dana, “ is finding other people to study with.” This approach (sometimes called Body Doubling) can make studying less isolating.

Finally, Coach Jia Bin advises setting clear milestones: “Set goals and checkpoints to ensure you’re making progress.” Small victories can keep your spirits high and your progress on track. We believe in celebrating every step of the way.

2. Be Flexible in Your Scheduling

It’s important to stick to a schedule, but you should also be flexible and realistic about what you can accomplish. 

Both Terence and Dana recommend building in buffer time to ensure your schedule fits your life. Coach Dana says, “There will likely be days that you end up not being able to study as much or at all, so having a buffer added in can help make sure you stay on track.” 

Terence adds, “The longer you stick to your schedule, the less likely you'll fall off the wagon, as it'll feel like a big let-down. It'll also help keep you accountable and make sure you hit the necessary milestones in your study journey.”

Coach Larry emphasizes the need for balance: “You should be disciplined about your study schedule, but also be flexible. Incorporate study breaks, vacation nights, and date time into your schedule.” 

Making room for living your life can help you prevent burnout and ensure you’re ready for the long haul.

3. Bounce Back from Failure

What happens if you fail an exam? How do you persevere?

“Take comfort in the fact that almost everyone fails at least one exam on their journey,” says Coach Terence. “We've all heard about people who breezed through the exams without a single failure—but know that they're outliers.”

Coach Dana adds, “It helps to remember how difficult these exams really are and that it’s not uncommon to fail actuarial exams.” She advises viewing failure as a learning opportunity that can “help you better prepare for your next attempt.”

Larry recommends focusing on what you can control. “The issue is not failing the exams,” he says, “it’s what you do after you fail the exams.”

“Examine why you failed and learn from your mistakes,” suggests Coach Jia Bin, “whether it's due to insufficient study, lack of practice, or unfamiliarity with certain topics.” That self-reflection can prevent you from failing again.

4. Develop Exam Day Strategies

Finally, our coaches recommend developing sound strategies for exam day. 

“It all comes back to practice,” says Coach Larry. “If you truly want to nail this down, make sure to frequently take your practice exams in an environment that closely resembles the actual exam setting. Find a quiet room and simulate the actual exam experience using Coaching Actuaries.”

Coach Jia Bin reminds you that it’s not just OK to skip questions. It’s recommended: “Be comfortable to skip questions you can't solve right away and circle back to them once you've finished the questions you are familiar with.”

“If you are taking an exam with written answers,” adds Coach Larry, “look at the entire exam before you start. Identify the questions you are confident about and tackle those first. Come back later to the ones you are not 100% confident in.”

Finally, Coach Terence recommends taking care of your health. “Make sure to get plenty of rest not just the night before,” says Coach Terence, “but the week leading up to your exam. You know your body the best. If you know you'll struggle to focus when you're hungry, make sure to eat before the exam.”

Self-care is important during the exam itself, too. Coach Terence says, “If you need to, take a short break during the exam to stretch your legs and reset.” He believes “it’s worth sacrificing 5 minutes of exam time to be slightly more alert for the remaining 2 hours.”

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Navigating the path to becoming an actuary requires a blend of motivation, effective scheduling, resilience in the face of failure, and strategic exam day tactics. By incorporating these insights from our experienced coaches, you can better manage your journey and boost your chances of success!