The actuarial exam process is filled with regrets, triumphs, and frustrations. However, some of these frustrations are self-imposed. As I reflect, here are 4 things I wish I would have known to make the exam journey less stressful:
1. Avoid fixating on exam hours
While I did not track each hour spent studying, I continually reminded myself how far behind I was relative to the 100 study hours per exam hour “rule”.
Rather than assess my study progress based on my knowledge of the material, I continually counted myself out for not putting in the hours suggested by this rule.
I stressed out the week before my preliminary exams because I assumed that I was unprepared, relative to my peers.
I don’t want to discredit the merit of the 100 study hours per exam hour rule; it does a good job of providing general guidance on the high study requirement for actuarial exams.
But, I would caution over-reliance on this rule. Had I deemphasized this rule, I would have studied with more confidence and continued to embrace study efficiency.
The key is to be as honest with yourself as possible in assessing your readiness. Do not compromise efficiency by striving for an arbitrarily high number of hours, but at the same time, do not cheat yourself out of necessary study time.
2. Don’t feel guilty about not studying
This one will resonate with anyone who has taken an actuarial exam.
We’ve all skipped study sessions, whether it’s from peer pressure to hang out with friends or feeling a strong lack of motivation. Many of us feel guilty for falling behind schedule, and this can weigh us down for days as we try to catch back up.
This guilt is very natural for ambitious actuarial students – we feel that if we’re not studying and being productive, then we are falling behind. However, relaxation can be just as productive as studying.
If you never have downtime to relax and recover, you won’t maximize focus and productivity while you study, and it will take longer to get through the same amount of material. (Read more about how fatigue impacts study performance).
When you play, play hard and don’t think about studying. Don’t let the guilt of a missed study session prevent you from fully relaxing and coming back 100% the next day.
Long-term sustainability is the key, and adherence to “manageable” study targets is essential. Overextending may increase your productivity for that week, but it can unnecessarily stress you to the point of hurting your long-term performance.
Embracing this mentality epitomizes our focus on “study smart, pass fast, live life”.
3. Celebrate the small wins
During my first exams, I used
However, this reward system added a lot of pressure and made it hard to stay motivated while studying.
It is much easier to form good study habits if you reward your effort along the way, not just based on the end result.
When you have a good study session or reach a good checkpoint, reward yourself.
It’s a long journey, so you should break it up into shorter goals. By rewarding yourself along the way, you will increase your adherence and improve morale, making your actuarial journey more successful.
Even if you fail the exam, reward yourself for the good effort and stay motivated to conquer the exam next time.
Rewarding your efforts also encourages a growth (rather than fixed) mindset (as we previously discussed).
In circumstances when you feel very confident as you draw close to your exam date, do not let your confidence increase pressure to the point of feeling miserable if you fail or anything less than ecstatic if you are to pass.
4. Avoid frustration over perfection
No matter how much you study, there will be practice problems and concepts that confuse you.
There were times when I unnecessarily fixated on these, seeing them as challenges to overcome.
In reality, some of the problems were the “weird exceptions” and obscure topics that were unlikely to be tested.
Even if they were to be tested, these were not the problems that I would answer correctly in a testing
It was poor prioritization to fixate on these items and unnecessarily frustrate myself, destroying momentum.
This does not give you permission to skip all difficult sections, but be wary of which battles you pick.
For example, if you can hit a section of practice problems with ease, but you can’t overcome a select problem or two, you are probably good to move on. (More on how to implement this in our book, Actuarial Exam Tactics).
The actuarial exam journey is long and strenuous, but you can remember these 4 tips to make it a little more enjoyable.
Study Smart, Pass Fast, Live Life
Mike & Roy