Frequently Asked Questions (FAQ’s) on Actuarial Exams

Do I have to take actuarial exams to be an actuary?

Yes, many employers expect potential interns to have passed at least one exam, and entry-level hires to have passed at least two exams. Once you start working in an actuarial role, passing exams can help you get to the next level and land more advanced roles, as well as increasing your salary and expertise. Many actuarial roles require a credential (Associateship or Fellowship) to be able to do the work.

How much time do I need to prepare and study for an exam and how should I prepare?

Actuarial exams are often 3-4 hours long and cover a great deal of material. Some best practices are:

• Check out the syllabus about 3-6 months before the exam.
• Enroll in actuarial exam prep courses offered by your college or university, if applicable. Your school may also have an actuarial club or study group for certain exams.
• If your school doesn’t offer prep courses, there are many outside resources to help you study, like actuarial exam seminars, online programs, and study manuals. While some of these are free, many may have a fee attached. Some offer discounts to students or career changers.
• Lay out a study schedule that will allow you to read all the materials listed on the syllabus. An old rule of thumb was that you need 100 hours of study per hour of the exam. For a 3-hour exam, you may expect to study for around 300 hours.
• Let your friends and family know that you are studying for an exam. Get their support to help you stick to your goals. Make sure you have people around you who will motivate you and cheer you on!
• Study at the times of day and days of the week that you are most likely to stick to and be consistent. For some, that means blocking off a large chunk of time each week, for others, that means studying for a little bit every day. Figure out what works best for you!
• Consider supplemental resources, such as study guides, online courses, and exam review seminars offered by independent organizations.
  • Note: None of these services are sponsored or endorsed by either society.
• Do lots of practice problems to help you master the concepts.
• Take at least one practice exam all the way through in a timed setting. In addition to identifying which topics to review more, it will also show you the types of problems you need to practice become faster or more accurate.

What tips do you have for taking the exam?

• Make steady progress through the questions. Don’t spend too much time on a question you’re not sure about. Move on and come back later.
• Complete the easier questions first and come back to questions that might take you more time.
• Because there is no guessing adjustment, mark an answer choice on the answer sheet for every examination question.

What should I do if I fail my exam?

Don’t give up! It’s not uncommon for people to fail their exams, and preliminary exams are offered several times per year, so if you didn’t quite get it this time, you can review the material, work on more practice problems and practice exams, and try again.