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When to start studying for Exam P/1?

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  • When to start studying for Exam P/1?

    Hi Guys and Gals,

    This is my very first post! I have just recently discovered this career and have not stopped looking into it since. I added about 6 different actuarial sites to my "favorites" and cant wait to get started with preparing to be and actuary.

    Anyways...my question is, when is the optimal time to start studying for this test? I am a junior in college and just barely finished my lower division work. FInished all lower division calc and linear alg. No probability and statistics background other than Highschool, which is not much. Is it too early to start? Should i just concentrate on finishing up my math degree with a high GPA?

    I read that the ACTEX is a very good study manual. Does it assume that i have probability and statistics background? Is it too early for me to start studying. How long does it usually take to be ready for this first test if i devote 15 hrs a week to studying for it?

    DO you have to pass the first test to get an internship?

    Any input would be wonderful. Any other suggestions on supplemental guides besides ACTEX and BPP?

    Thanks,

    Eric

  • #2
    It's never too early to start. People say 100 hours of study time per exam hour. Adjust as necessary.
    Whether you are the lion or the gazelle, when the sun comes up, you better be running.

    Comment


    • #3
      any input on how the studying will be considering i have no probability and statistics under my belt? Are the study guides geared more for college grads, in-college, etc.. ?

      Comment


      • #4
        Some of them teach material while others review. Which ones do which, I do not know.
        Whether you are the lion or the gazelle, when the sun comes up, you better be running.

        Comment


        • #5
          You will need to make sure that you do a thorough review of calculus as this is a major part of the material for P/1.

          Depending on your background though this should not be a problem; I had not studied calc for 15 years and it came back pretty quickly.

          If you are still at college then I am sure you would be able to get an internship at an insurance firm in the summersdoing something like actuarial technical assistant role.
          Proper prior planning prevents poor performance!

          Comment


          • #6
            Starting out

            Originally posted by etsil325ci
            Hi Guys and Gals,

            This is my very first post! I have just recently discovered this career and have not stopped looking into it since. I added about 6 different actuarial sites to my "favorites" and cant wait to get started with preparing to be and actuary.

            Anyways...my question is, when is the optimal time to start studying for this test? I am a junior in college and just barely finished my lower division work. FInished all lower division calc and linear alg. No probability and statistics background other than Highschool, which is not much. Is it too early to start? Should i just concentrate on finishing up my math degree with a high GPA?

            I read that the ACTEX is a very good study manual. Does it assume that i have probability and statistics background? Is it too early for me to start studying. How long does it usually take to be ready for this first test if i devote 15 hrs a week to studying for it?

            DO you have to pass the first test to get an internship?

            Any input would be wonderful. Any other suggestions on supplemental guides besides ACTEX and BPP?

            Thanks,

            Eric
            Well ... the ASM manual for exam P is excellent. I am its author and I do think highly of it.

            It is pretty hard to get an internship or a job without an exam. Your best strategy is to start studying immediately for the first two exams, take them and pass them. The material on exams P/1 and FM/2 is accessible to anyone who has an undergraduate degree in mathematics or statistics. Ask more, please, if you still have questions.

            Yours truly,
            Krzys' Ostaszewski
            Want to know how to pass actuarial exams? Go to: smartURL.it/pass

            Comment


            • #7
              Hello. I am first-timer here, so kindly pardon me if I make any mistakes.

              Is a degree in relevant fields 100% necessary to take actuarial exams? Can one just self-study for it without even entering college?

              Comment


              • #8
                I've seen high school kids taking exams before.
                Whether you are the lion or the gazelle, when the sun comes up, you better be running.

                Comment


                • #9
                  Originally posted by daydreamer View Post
                  Hello. I am first-timer here, so kindly pardon me if I make any mistakes.

                  Is a degree in relevant fields 100% necessary to take actuarial exams? Can one just self-study for it without even entering college?
                  Since 2005, I believe, you must have an undergraduate degree to become a Fellow. But you can take exams without one. Yes, you can just self-study. But make sure you are realistic about the level of difficulty of the actuarial exams: they are much harder than college classes.

                  Yours,
                  Krzys'
                  Want to know how to pass actuarial exams? Go to: smartURL.it/pass

                  Comment


                  • #10
                    I know of a sophomore in high school who passed whatever the name of the first exam was about 5 years ago. However, her mother is an ASA and the head of the ACSCI dept at my college.

                    Comment


                    • #11
                      Originally posted by krzysio View Post
                      Well ... the ASM manual for exam P is excellent. I am its author and I do think highly of it.

                      It is pretty hard to get an internship or a job without an exam. Your best strategy is to start studying immediately for the first two exams, take them and pass them. The material on exams P/1 and FM/2 is accessible to anyone who has an undergraduate degree in mathematics or statistics. Ask more, please, if you still have questions.

                      Yours truly,
                      Krzys' Ostaszewski
                      __________________________________________________ _________

                      '''. It is really amazing to see you post on the first thread I have seen. It is ironic and soothing to see your post because I'm holding the 11th edition of your study manual for P 1. The description had me sold with the BTDT Rule. (very catchy)

                      I look forward to studying and passing the first test.
                      Raffael Iula

                      Comment


                      • #12
                        are these problems really going to be on Exam P?

                        I've been studying Dr. Ostaszewski's ASM guide for upwards of a month or so, going exam by exam. Some of them I just cruise through in about two hours while others include problems which take me an hour to assemble the pieces and follow the work. Are these multi-page problems actually going to be on the exam or were they placed in there to make the more typical problems seem easier? Or in other words, "been there, done that"? I know it seems odd to ask but, given that for the three hour exam, one must average 6 minutes a question, it seems a bit unreasonable to put some of these questions on there. What's the deal?

                        Comment


                        • #13
                          Generally speaking, ASM sample tests are at least as hard as the actual exam. After studying from the ASM manual for exam MFE I felt that the actual exam was easier. Now I am studying for MLC and bought the ASM manual as well, specifically because of the sample tests.
                          If you are able to understand and solve the ASM problems, then you should do just fine on the actual exam. It won't necessarily be 'been there done that', but it will be much easier to identify what the exam questions are really asking.
                          P FM MFE MLC 4/C

                          Comment


                          • #14
                            Originally posted by Edwin Oslan View Post
                            I've been studying Dr. Ostaszewski's ASM guide for upwards of a month or so, going exam by exam. know it seems odd to ask but, given that for the three hour exam, one must average 6 minutes a question, it seems a bit unreasonable to put some of these questions on there. What's the deal?
                            Not odd, but not fully accurate. There are multipage solutions, but no multipage problems. And multipage solutions are, as I recall, that long because I often give several solutions to one problem, to teach you several possible approaches. The point of those is that when you look at a problem on the exam you must, absolutely must, immediately know what to do.

                            And yes, I do believe in overstudying for actuarial exams. Better to be overprepared than underprepared just a bit.

                            Yours sincerely,
                            Krzys' Ostaszewski
                            Want to know how to pass actuarial exams? Go to: smartURL.it/pass

                            Comment

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