Quick link round-up

Here are a few links to previous blog posts you might want to check out as you are starting your studying for fall 2019.

Good luck, and please let us know if you have any other questions.

LFV: fall 2019 or spring 2020?

I recently got this question, and I’m expecting it to be a FAQ over the next few months:

Is there any information available on the new syllabus for LFV starting Spring 2020? I am debating taking it in the fall or waiting until the new sitting. I cannot find anything on the SOA website. LFV is the last exam I need for FSA.

The SOA keeps these things extremely confidential, and it’s impossible to know in advance how large the changes will be. Even if/when I get advance notice, I will have to keep it confidential too.

However, given the size of the recent changes to LP and LRM, I think it’s reasonable to expect larger than normal syllabus changes for LFV as well. However, I think it’s also very possible that   some of the material they cut from LP and LRM will show up on LFV (because they did move some LFV material to LPM). I think it’s also safe to assume most (if not all) of the Lombardi stat book (SVILAC) will stay on syllabus. Beyond that, I would be making wild guesses. 🙂

Assuming you are otherwise ready to take LFV and can put in the hours, I would recommend trying to knock it out this fall. All of our material is 100% ready now, so you could get an early start if you want. If you wait until spring, there is a higher chance of delays if we have to do a lot of rebuilding.

TIA solutions for fall 2018 LFV-U exam now available

Solutions for every on-syllabus problem on the fall 2018 LFV-U exam are now posted on the SOA Exams tab of the online seminar. As with past sittings, I’ve done my best to provide as much instructional value as possible with my solutions. I’ve also addressed several issues in the SOA model solutions where appropriate. If you have additional questions on past exams, please post those to the course forum for that exam.

Practice exams updated

The practice exams in the Supplementary and Review Material section have been updated to be 100% consistent with the 2019 syllabus. Both exams are full-length 5-hour exams with distinct morning and afternoon sessions. I recommend working at least the first exam during the final 4 weeks before the exam under exam conditions if possible.

Analysis of Past Exams spreadsheet updated for spring 2019

The Analysis of Past Exams spreadsheet in the Supplementary Materials section has been updated to include the fall 2018 exam. I’ve also updated all references to the old stat valuation book (VLIL) so that they point to the correct chapter in the new stat valuation book (SVILAC) as well as a number several other edits noted on the “Key Changes” tab of the spreadsheet.

Key purpose of the spreadsheet: Break down every relevant exam question going back to the early 2000s. By my most recent count, there are over 450 individual sub-questions (roughly 80 hours in point value) still on syllabus. This is way more than the average person can (or should) work, but one way to use it is to look for problems from specific readings (e.g. calculation type problems).

Just be careful with your time. Sometimes I see people spend weeks and weeks working the older CSP exams. While there are certainly many relevant questions in those older exams, the problem is that you will end up spending many hours practicing a fairly small percentage of the current syllabus. 

Another pitfall to avoid: Do not use this spreadsheet as a prediction tool for future exams. The testing frequency of past readings is highly biased toward readings that have been on the syllabus the longest. Some readings have been on the ILA syllabi for over a decade, while MANY others have been added only in the last 1–2 years. 

A better use of your time: I would focus mainly on the more recent exams first — especially trying to work them under exam conditions. Unfortunately there is only one past LFV-U exam that is still 100% on syllabus (fall 2016), so I would definitely work it in its entirety under exam conditions for practice. You can use other exams for topic-specific practice as you have time, but be sure to continue studying the entire current syllabus. Assume anything on the current syllabus will be tested with equal probability.

Also, please remember that I have solutions for many, many past problems posted on the SOA Exams tab of the online seminar. I will be posting solutions to the fall 2018 exam later this month as well, and will also be making some updates to our TIA-unique practice exams included in the course.

Don’t neglect exercise in your study routine

When studying for actuarial exams on top of work and personal responsibilities, it is very easy to neglect your physical health by not exercising. This is a big mistake. As Wendy Suzuki explains in her TED Talk, “The Brain-Changing Benefits of Exercise,” when you exercise it literally changes your brain for the better. Your focus improves immediately, and it even causes your brain to grow new brain cells over time. Given the highly cerebral nature of most actuarial exam topics, mixing regular exercise into your study routine is, well, a no-brainer. 🙂

How many hours do fellowship exam candidates study?

In November 2018, we surveyed our customers to see how many hours they spent studying on their exam. The survey was sent a few days after they took their exam.

The data we collected are shown in the graph below. The key driver in hours studied was the length of the exam (2-hour, 4-hour, or 5-hour), as one would expect. There was generally not a material difference across exams and tracks, especially for 5-hour exams. 

Fsa study hours fall2018

Key observations for 5-hour exams:

  • 90% of candidates studied 200–500 hours
  • 70% studied 200–400 hours
  • 40% studied 300–400 hours (the most common range)

Key observations for other exams:

  • For both the 4-hour ERM exam and other 2-hour exams, most candidates spend 200–300 hours studying.
  • G&H Specialty candidates tended to spend more time studying than ILA-LRM, QFI-IRM, and even ERM candidates. Nearly all candidates in the 300–400 hour group for 2-hour exams were G&H Specialty students. We are curious to see if this pattern holds up in future surveys. There was not a similar tendency to study more for 5-hour G&H exams compared to other tracks.

Keep in mind that the quality of your study time is just as important as the number of hours you study. One hour of distraction-free study time first thing in the morning while your mind is fresh is probably worth 2–3 hours of study time when you are exhausted or being distracted.

Look in the online course for more tips on maximizing your study time, and let us know if you have any add additional questions. We are here to help!