On your journey to becoming an actuary you have to pass a series of exams on a wide variety of subjects. Just as actuarial science is a harmonious blend of statistics and finance, these exams are a blend of both theoretical and practical questions.

There are minimal restrictions on the order in which exams may be given. Many subjects build upon the earlier exams and so it would be wise to attempt those post passing the earlier exams. I would recommend starting with the subjects you feel most comfortable with e.g., someone who has extensively studied finance and accounts could start with giving CB 1and 2 that cover these subjects before moving on to the more mathematical subjects.

The most important skills to pass exams (other than understanding the material) are:

1. Preparing in advance: The material for the exams is vast and thus, one must ensure adequate time is set aside to prepare. Setting an explicit timeline of study goals (and sticking to it!) is equally important. Depending on the vastness of the syllabus, 3-6 months of prep time would be appropriate. Starting early is further needed when one is working in studying. Whilst working it would be best to identify the busy period and accordingly schedule your prep and exams.

2. Time management: As exams are sat with a fixed time, it is imperative that you answer as many of the questions as you can. I would recommend starting off with the questions you find easy and score those marks quickly in order to bank time for the tougher questions.

3. Attention to detail: The questions are worded in a specific manner in order to hint & guide towards what the answer is. It is important to pick on these hints and reference them in your answers. While answering mathematical questions this would translate into ensuring all details mentioned in the question are allowed for e.g., in CM1 if the select mortality is to be used, then using ultimate mortality would mean marks are lost or one has to redo (losing time).

4. Dealing with failure: It’s possible one may not pass all exams in one go. In such a scenario it is important to remember a ‘fail’ isn’t the end of the world. You must dust off and analyze where you went wrong and continuously learn from your mistakes.

Qualification: I hold a B.Sc. (Actuarial Science) degree from YCMOU and I am also an Associate member of IAI.

Work Experience

I am currently employed as an associate at Ankolekar & Co.