4 Underutilized Study Techniques to Boost Actuarial Exam Success
When it comes to acing actuarial exams, even the smallest edge can make a big difference. We’ve gathered insights from an actuarial analyst and a director, among others, to bring you four specific study strategies. From incorporating real-world actuarial knowledge to engaging in deliberate practice with feedback, discover the unique methods that could elevate your actuarial exam preparation.
Incorporate Real-World Actuarial Knowledge
One lesser-known study approach would be to incorporate real-world knowledge into theoretical concepts of actuarial science for quicker understanding.
For example, while studying subjects like CM1—understanding how insurance products work in real life—or in CM2—examining derivatives available in the market and their price graphs can help to have a better grasp of the concepts and make them easier to recall during examinations. Going through some case studies in one’s leisure time, such as how insurers measure risk or set prices, may provide context and practical insights to the book work, which then becomes crystal clear.
Utilize the Teachback Technique
When you’ve mastered a subject, act as if you’re going to teach it to someone else. By having you explain difficult ideas in simpler terms, this “teachback” technique helps you retain more of what you’ve learned. The subject might be presented to a friend, relative, or even a made-up group of listeners. Teaching forces you to organize your thoughts logically, which improves retention and comprehension.
Form Interactive Problem-Solving Groups
Form small study groups with your fellow actuarial students to work through practice problems collaboratively. You can learn from others’ strategies and points of view because this method encourages teamwork.
To get a feel for different approaches to problems, switch up who is in your group. You can learn more and see more clearly when you talk about potential answers. Also, when you explain things to your classmates, it helps you understand them better.
Engage in Deliberate Practice with Feedback
Engage in deliberate practice by focusing on specific skills or concepts that challenge you. Follow a methodical approach to problem-solving, and ask for help from someone you trust, such as work mentors or even on internet forums.
Skill growth and exam-specific competency honing are both accelerated through targeted practice. Act on feedback to refine your approach and address weaknesses effectively.
