Free Resources for Actuarial Exam Preparation

Aspiring actuaries often seek the best resources to prepare for their exams without breaking the bank. Both the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) provide a wealth of free resources for those studying for actuarial exams. However, to truly maximize your preparation, it is highly recommended to study as many past exam questions as possible, as these tend to closely reflect the actual exam format.

SOA and CAS Resources

The SOA and CAS websites offer an extensive array of free resources, including:

Past exam questions and practice exams for the P and FM exams. Sample questions and problem sets that mimic the actual exam format.

These resources are invaluable for understanding the type of questions you will encounter on the exam day. By dedicating time to study past exam questions, you can gain a better insight into the exam's structure and the level of difficulty you can expect.

Importance of Past Exam Questions

Studying past exam questions is perhaps the most effective method for preparing for the actual exam. The questions released to the public for free provide the best preparation because they closely align with the format and content of the actual exam. Paying for study manuals, while beneficial, often does not offer the same level of relevance to the actual exam as these free resources.

For instance, when I was studying for the P exam, I utilized the Infinite Actuary and engaged in extensive practice with past exam questions. After my exam in November 2018, it became clear that my efforts in this area were the most effective in my preparation.

Additional Free Resources

Alongside the official resources, there are other free tools and materials you can leverage:

Infinite Actuary offers a vast collection of practice problems and solutions. YouTube hosts various lectures, such as Sanjay Saraf's cycle of exams (CT1) lectures.

These free resources, while not comprehensive, can provide valuable supplementary material to your studies.

Studying Effectively

To prepare effectively, it is crucial to:

Stay updated with the latest syllabus information by referring to the official source material. Ensure you cover each learning objective listed in the syllabus. Utilize a variety of resources, including textbooks and online courses, to diversify your study methods.

While it is true that you must purchase study materials from the SOA or CAS to apply for their exams, you can find soft copies of these materials at a lower cost. Checking the syllabus and the official resources from the exam society is the best way to ensure you are well-prepared.

Diversity Exam Reimbursement Program

If you are a minority, you may be eligible for the Diversity Exam Reimbursement Program. This program reimburses the first two exam fees when you successfully pass the exams. This can be a significant financial relief, especially if you need to pass several exams.

By utilizing these free resources and financial assistance programs, you can prepare effectively for your actuarial exams without facing excessive financial strain.