100% of the Section A detailed study manual is now available

Today we posted the final Section A detailed study manual, which covers 100% of the readings in Section A. The remaining video lessons for Section A will be posted by June 19. This update includes a couple of large SOA-authored study notes (LPM-165 and LPM-166) that form a very important core foundation for the types of products covered on the LPM syllabus.

We are still working furiously to update materials in Sections B-D, and we will be updating those items as quickly as possible in the coming weeks. In the meantime, there is plenty of material to work with in the fully complete sections A and E, as well as a lot of material already available in B-D.

LPM course update

In addition to Section E being 100% complete, we now have a significant amount of material posted in Sections A and B. Section A will be 100% complete very soon after we do some final checking against the new SOA study notes that recently started shipping. Sections C and D will also be substantially complete within the next couple of weeks.

Since early May, we have been adding new content weekly and will continue to do so until everything is done. We’re on the home stretch! 

Section E detailed study manual and video lessons 100% complete

As of Friday, all lessons and detailed study manual manual content is 100% complete in Section E of our LPM course. As I mentioned earlier, Section E contains all of the brand new asset and portfolio management on the LPM syllabus. You can read more about the new textbooks in Section E here

Section E contains a substantial amount of information and represents about 25% of the total LPM syllabus by itself. The detailed study manual for Section E weighs in at just under 200 pages, and we added roughly 13 hours of comprehensive video lessons, complete with many numerical quizzes designed to help you master these concepts for the exam. 

I still believe Section E is the logical place to start if you are starting to prepare for LPM right now. In the coming weeks, we will be completing the course structure for Sections A–D, which contains a mix of brand new material and existing lessons. Much of that material is already complete, so those sections will come together faster than Section E did. I will post more details as we roll out those materials this month.

Another batch of Section E lessons released

Today we released another batch of brand new lessons and detailed study manual content for Section E. I had hoped to have all of Section E in place today, but decided to take a few extra days to further condense a few of the remaining readings, which have a lot of redundancy. I think you will be better served by avoiding some of the redundancy and overlap in a few of these readings. 

At any rate, the latest round of lessons focus on several asset types that can be conceptually challenging the first time you study them: floaters, inverse floaters, and various mortgage-backed securities. The visuals and quizzes in these new lessons are designed to simplify those concepts.

The remaining Section E material will be posted next week. As always, you can see what’s in place now and what’s coming in the future in the study schedule posted in the Introduction section. The Revision History and Scheduled Updates spreadsheet also has information on past and future updates. Enjoy your Memorial Day weekend!

Latest LPM course update

Today we updated the Section E detailed study manual and also added more lessons to Section E.2, which should be 100% by Friday next week. Section E spans 485 pages of completely new source reading (over a quarter of the new LPM syllabus by itself), so we are pretty happy to have so much in place this soon.

We’ve also added some rough time estimates to the study schedule spreadsheet to give you an idea when to expect updates in Sections A–D. Right now, I think we have a very realistic chance of having all lessons in place by the end of June, but it will be very close, and the final updates could end up happening in July. June updates will include brand new lessons and also merging in lessons from the previous LP course as well as other ILA courses that the LPM syllabus pulled readings from.

Either way, as promised, we are adding more and more content with each passing week for anyone ready to study now.

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.

About the new asset and portfolio management content on the LPM syllabus

We just released our first batch of brand new detailed study manual content and video lessons for the LPM syllabus. We are focusing on Section E first, which contains all-new material related to asset and portfolio management. Please see the study schedule and also the first video in the Introduction section for more details on the release schedule and rationale for starting with Section E.

The asset and portfolio management readings represent a significant and interesting change to the syllabus compared to the previous LP syllabus. This portion of the syllabus is mainly composed of two textbooks: Managing Investment Portfolios (MIP) and the Handbook of Fixed Income Securities (HFIS). I think it’s helpful to have both books handy as you study the syllabus, and HFIS in particular is a favorite of mind. It is extremely well written and likely already on the shelf at many large companies. 

Both MIP and HFIS have been on and off various FSA syllabi for the last two decades, and we have covered them in depth for a while. So even though they are new to LPM, they are not new to us as an exam prep company. Even so, I have personally developed entirely new and comprehensive lessons tailored to an ILA context, which I think is critical for studying these on LPM.

One unfortunate thing about the MIP book is that it contains an above-average number of typos, some of which are quite bad, especially in chapter 6. These typos will cause you to lose a lot of unnecessary study time if you are not aware of them. Even though there is no errata for the book online, we’ve created our own in the detailed study manual to help save you a lot of time. We’ve also invested a significant amount of time in the video lessons so that you will be assured of covering all critical concepts using correct formulas for the exam. 

Overall, I think the addition of the asset material is a very positive development for the exam, and I think many people will find this material interesting and engaging to study.

Next steps for our LPM course

I’m naturally getting a lot of questions from everyone eager to start studying the new LPM syllabus, so I wanted to give you a quick update on what’s in place now, and what to expect in the near term.

What we have in place right this moment in the LPM course are only those lessons based on readings that got carried from LP to LPM. This covers about 1/3 of the total LPM syllabus. In the coming days (most likely by this Friday), I am going to start rolling out brand new detailed study manual content and video lessons covering the asset and portfolio management readings on the new LPM syllabus. This first rollout should finish up around May 17 and will comprise a lot of new material.

I’m going to recommend that people focus on the asset material until we finish filling in the rest of the new LPM material and finalizing the layout. Once we’re done, the asset material will actually be in the final section, so anyone who gets an early jump will have already seen it by the time they cycle through the rest of the syllabus. The existing LP lessons will also be reordered into the new LPM layout so they fit logically within the new syllabus.

Please understand that the existing LP lessons available are still arranged based on the old LP syllabus, and we will be recommending an optimal order to study these lessons within the new LPM syllabus. Once all updates are made, you will have a single contiguous LPM course that flows in an order that we believe is the most optimal to study the readings.

For anyone that wants to get a very early start in May, I think focusing on the asset material will work out well because it is fairly self contained—and also pretty interesting since it’s a bit more “prelim-like” in terms of the math and financial concepts. I am very happy with how these new lessons are turning out.

Ultimately, it is totally up to you when you start. There will be plenty to work with whenever you are ready. The nice thing about our course is that you’re guaranteed 6 months access, so you will get all the updates for fall no matter when you start between now and the exam.

How to find updated materials

Just a reminder that as we add new material to the LPM course, the lessons page will highlight any new or updated lessons. You can also filter for these on the lessons page. I will also be very active on the blog to describe major updates as we roll them out. Additionally, I will soon  post a Revision History and Scheduled Updates spreadsheet in the Introduction section that will show a complete history of updates as they occur and also when to expect future updates by section.