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How to tackle Actuarial Examinations
How to tackle Actuarial Examinations
ByVikashKumarSharma
FIAI,FIA
Contents Basics about Actuarial Examinations Reasons why people do not succeed
in professional exams Ideal Approach to prepare for examinations The beginning – CT series CT series and beyond Commonmistakes made by candidates To Sum up Snapshot about other series (papers)
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BasicsaboutActuarialExaminations
Are professional exams like any other exams
Significant chunk of exams are given while working
Important to manage work and studies
No regular classroom coaching (like in schools & colleges)
Self motivation critical to success
Failure is acceptable if taken as part of learning curve
Very important to improve from your previous attempts
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BasicsaboutActuarialExaminations
Flow chart explaining the levels in Actuarial exams
IAIConnect‐ 20th August2014
CTseries
CAseries
STseries
SAseries
ReasonswhypeopledonotsucceedinProfessionalExams
Lack of focus and determination
Inadequacy in preparation
Poor time management
Unable to judge the level required to acquire aclear pass
IAIConnect‐ 20th August2014
IdealApproachtoprepareforexaminations Start your preparations well in advance‐‐‐ Gives you time to revise as well focus onyour weak areas
Stay focussed and disciplined and study everyday
Keep some benchmark or specific target pointsin your study schedule‐‐‐ Adhere to them strictly
Always better to aim at “chapter no X today”rather than “X no. of hours of study ”
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It becomes more difficult to study once you startworking
Study when it best suits you – but studyregularly
Make best use of study leaves (if you are able toget it from your employer)
Allow time before the exams to test yourselfunder exam conditions
Practice question banks, assignments and pastpapers (if you do get time) before the exams
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IdealApproachtoprepareforexaminations
Thebeginning– CTseries
Comprises ‐ 8 theoretical (CT 1 to CT8) &1 practical paper (CT9)
Most of the content is mathematical or statistical (as thename suggests “Core Technical” )
Emphasis on computation rather than communication Focussed approach by the student ‐‐‐‐ Can expect to clearthe CT series in 2 years
Very high level of mathematical knowledge not required toexcel
Sound logical reasoning along with conceptual clarityacquired through regular studies ‐‐‐ critical to success
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CTseriesandbeyond
Veryimportantsteppingstonefortheremainingpapers HowwellyouhavestudiedandunderstoodyourCTseriesdirectlyimpactsyourperformanceintheremainingpapersaswellasyourworklife
Thefocusintheremainingpapersshiftsfromtechnicaltoapplication.ThecommunicationaspectplaysanimportantroleinallofCA,STandSAseriespapers
TherecanbedirectlinksthatcanbefoundinCTSTSAseriespapersForexample:CT1– CT5– ST2– SA2areallrelatedandanaturalextensionofthepreviouspaper
Howquicklyyoupassthatpaperdependsuponhowwellyoustudieditsimmediatepredecessor
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Commonmistakesmadebycandidates:
Lot of chopping and changingToo much time spent on questions that warrant lesstime and energy‐‐‐ Implies poor time management and strategy
Questions not read carefullyVery few questions attempted (either due to lack ofpreparation or poor time management)
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Commonmistakesmadebycandidatescont’d
All steps not documented Leads to marks being lost as step wise marking is thenorm
If steps are skipped and final answer turns out to bewrong the examiner only gets to see the final incorrectanswer rather than the correct intermediate steps
So candidates lose marks which could have been easilyscored
Illegible handwriting (you would not believe sometimesit is difficult to identify even numbers!!!)
Pressure of exams getting to the candidate
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ToSumUpAreas requiring attention to avoid commonmistakes made by the students (as referred to inprevious slides):Prepare wellStudy the question paper thoroughlyApportionment of timeStrategy & implementationTry to cover most of the questionsMethod of AnsweringLegible handwriting
IAIConnect‐ 20th August2014
ToSumUp Important to study regularlyToo much pressure before exams can lead to ahead which is cluttered with information
Clarity of thinking in the exam hall beforeanswering can lead to fewer mistakes andpossibly higher coverage of questions in thepaper
Remember actuarial examinations aim totest your understanding and grasp of thesubject‐‐‐‐‐ Focus your efforts in this direction
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Snapshotaboutotherseries
CA series Focuses on communicationRequires practical application of CT series and youroffice work
ST series Pick 2 papers out of the many on offer Preferably based on your interest and maybe the kindof industry or sector you are working in
Tests your relevant subject level knowledge in depth
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Snapshotaboutotherseries
SA seriesNatural extension of the ST series papers‐‐‐‐ where you generally choose one from the 2 subjectschosen previously in the ST level
Requires you to have practical knowledge andappropriate application skills
Also requires sufficiently detailed understanding ofthe relevant rules and regulations as well as technicaland professional standards applicable to the work ofan actuary
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AnyQuestions?
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HARDWORKistheKEY toSUCCESS
GOODLUCK
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THANKYOU
IAIConnect‐ 20th August2014