Q & A Exam Tips from Seniors
Is your mind full with questions about the professional exams?
We have collected some tips and advices for exam success from our seniors. Here's what they have to say.
February, 2021
1) How long does it take to prepare for one Actuarial Exam?---Question by ms_charisax
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Answered by:
---Wendy Wong Wei Wei:
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“For most people, the average time taken to prepare for one preliminary exam is about 3 to 4 months. However, it highly depends on one’s schedule and time needed to master the concepts as well since everyone’s pace is different. It is not about the number of hours you have spent in studying, but whether you have allocated sufficient time in learning, practicing, and reviewing past exam questions to build your confidence for the paper. To start your preparation, you can aim for a specific exam date, begin learning the materials, and only register once you feel confident for the exam.”
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---Wendy Chua Xing Zhao:
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“It would take 3-4 months for a student to complete CS,CM or CB papers for IFoA exam. It also depends on how the student manages their time and their efficiency to understand the study materials. Some subjects might be tough for some students which requires more time to prepare, for example CM1 and CS2 usually require more time for students to prepare as their study materials have more content than other subjects. Meanwhile, it is important to prepare well for the online examination (Paper B). Students who do not have experience in excel and R programming might require more time to learn. Therefore, I would suggest for those who are interested in taking IFoA exam to plan their study schedule properly. IFoA exams fall in April and September, so by November students can start their preparation for the April exam. After the April exam, students can start to prepare for the September exam. I would advise students to take one paper for each exam period to ensure that you are fully prepared for the upcoming exam."
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2) Is it advisable to sit for the papers while still in university? If yes, then which papers would you advise us to take?---Question by kesha_ramjeet
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Answered by:
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---Wendy Wong Wei Wei:
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“ Since it can take about 7 to 10 years to become a fully qualified actuary, it is therefore recommended to start taking the papers while you are still in university. Apart from that, it is likely that the concepts you have learned are still fresh in your mind when you are still a student, this probably reduces the time needed to understand the exam materials.
The preliminary exams can be sat in any order. If you prefer to qualify under the SOA, you can attempt Exam P (Probability) during end of year 1 and Exam FM (Financial Mathematics) in year 2 while taking the Financial Mathematics course such that you can ask questions during the class to get a better understanding of the materials. As for IFOA, you are recommended to focus on getting exemptions for core principles.”
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---Wendy Chua Xing Zhao:
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“I would advise students to take the CM,CS and CB papers for IFoA exam while studying in university. However, the new exam format for the IFoA exam is different from SOA. For example, CM1 is a combination for financial mathematics and life contingencies. Some students might prefer to take it after learning it from APU course, which means CM1 paper will be taken during Year 3. Meanwhile for CS2 which consist of risk modelling, time series, stochastic, survival model and machine learning, it consists of a few courses provided by APU throughout the 3 years study. For those students that do not have IFoA exemptions from APU, I would suggest them to go through the syllabus of IFoA exam before taking it. Students can take their own initiative to take the exam by self-study, seeking detailed advice from seniors who took it and lecturer's assistance to have better understanding on certain topics. “
3) In case actuarial students do not want to sit for exams, are there any other alternative options for a successful career?---Question by ms_charisax
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Answered by:
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---Wendy Wong Wei Wei:
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“Actuarial students are advised to sit for actuarial exams if they intend to pursue a career as an actuary. However, there are certainly other fields that you can pursue with an actuarial science degree. For example, if you are a data science enthusiast, you might prefer to take certification courses or focus on skills such as programming, machine learning, and data cleaning. Apart from that, depending on your interest, there are also alternative career options that you can check out from HERE . These careers would require different qualifications and skill sets.”
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---Wendy Chua Xing Zhao:
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“Yes. There are a lot of job opportunity out there that requires actuarial skills like data scientist, data analyst, financial analyst etc.”
4)What are the most challenging modules to you that we should put more effort in? ---Question by anonymous
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Answered by:
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---Wendy Wong Wei Wei:
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“All modules are equally challenging, because it requires an in-depth understanding of various concepts. There are modules which tested heavily on the calculation and application side, while others focus on theory and concept basis. An effective way of learning is to avoid memorizing things, but rather understand the reasoning behind each formula and concept.”
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---Wendy Chua Xing Zhao:
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“It depends on personal interest. If you really have interest in that particular subject, you might ace the module easier than others."
5) What preparations are needed from now on to score well in exam?---Question by anonymous
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Answered by:
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---Wendy Chua Xing Zhao:
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“Time, effort and determination. Find the best way to understand the content. Sometimes people study for the sake of taking exams which I think is not the best way to learn. Instead, we should truly understand why and what we are learning. ”
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---Lim Wei Han:
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“Assuming you are taking your university exams, you will need to do some studies for each module at least once a week. Also, when learning new chapters and topics, try your best to understand them so that in preparation you will save your time by avoiding starting from zero knowledge.
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For SOA/IFOA exams, you will need to start studying at least 3 months prior of the exam date. This will allow you to have more time for practice questions to grasp the knowledge of topic, technique in solving and familiarize with the style of questions that allows you to determine the tricks/trap in the questions.
Both also require good time management as final exams and professional papers can happen concurrently. Since APU is providing exemption for IFOA papers, it is also important to focus on final exams depending on which route is your goal.”
6) Do you have any suggestions on the books that can be used for revision?---Question by anonymous
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Answered by:
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---Lim Wei Han:
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“The most common study manual for studying actuarial and even for taking the actuarial exams that I know are ACTEX and ASM (Actuarial Study Manual). You can also get loads of exercise from sample questions or past papers from the professional bodies’ websites.”
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---Low Joey:
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“I usually do revision for the exams using ACTEX or ASM study manual. You may also try out Coaching Actuaries. Do not rely solely on the slides and tutorials provided by your lecturer as they are not fully covering the topics tested in the exams."
7) Can you give us a brief description on how the exams will take place, for example, do we have tutors for the papers, or will it be self-learning, whether the exams take place online or physically, and what is the level of difficulty for the papers?---Question by kesha_ramjeet
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Answered by:
---Lim Wei Han:
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“Based on my experience in taking SOA exams, most of the SOA exams in Malaysia are only computer-based-test in the selected test center by the professional body, which is the Prometric Testing Center. RMB PASSPORT is a must for identity verification. I would say the level of difficulty depends on you and your luck, because the questions are randomly chosen from a pool of questions in the system. You can rate the level of difficulty yourself at the survey after the exam :) For the preparation of the exam, it will be self-learning and of course there are many resources on the web that aid your study such as the Coaching Actuaries.”
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---Low Joey:
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“It will most probably be self-learning to prepare for the exams, but you may try to request for a tutor if many of you are sitting for the exam together. The exam will be computer-based but you will need to go to the exam centre to sit for the exam. The level of difficulty is similar to the sample exam questions posted by SOA, where you must try to complete them before you sit for the exam. "
8) In case I am sitting for the professional papers whilst still in university, can you share some tips on how I can effectively allocate my time between university work and passing the papers?---Question by shiqi_ho1202
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Answered by:
---Lim Wei Han:
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“You need to understand what you are capable of. Whether you’re a quick learner or require a long period of time. Whichever way, eventually you will need to do lots of questions to grasp the techniques and style of the questions. Also do some timed test runs to determine your speed in answering questions as well. With these, it is best to have a well-planned timeline and schedule on what needs to be done by the time to keep yourself on track. Studying for the professional papers during the sem breaks and taking the exam in the beginning or middle of the semester can be one of the options to balance with the university work. Pass is not a guarantee, but don’t give up easily!”
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---Low Joey:
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“DO NOT PROCRASTINATE! Start preparing for the exam earlier, probably a few months before you sit for the exam. Also, schedule your time based on your progress. For example, aim to revise one chapter per week. Stick to your schedule to use your time wisely and effectively."
This brings us to the end of the Q & A Exams Tips with Seniors. We hope it has enlightened your insight about the professional exams and clarify your doubts!
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A huge Thank You to all those who responded to our Instagram story and sent in their questions.
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We are also extremely grateful for our seniors for their time and effort to pen down their precious advices. Here is a brief profile of our seniors.
Meet Miss Wendy Wong Wei Wei.
She joined in September 2017 and graduated in 2020.
She currently works as Associate Technical Consultant at SAS.
She has cleared Exam STAM, Exam IFM, Exam P, Exam SRM, Exam FM.
(Published by 2021)
Meet Miss Low Joey.
She is currently in Semester 2 of Year 3.
She has cleared Exam P and Exam FM.
(Published by 2021)
Meet Miss Chua Xing Zhao.
She currently works at RHB insurance as Pricing & Portfolio Analyst.
She has cleared CM1, CB2, CS1.
(Published by 2021)
Meet Mr. Lim Wei Han.
He is currently in Semester 2 of Year 3.
He has cleared Exam P and Exam FM.
(Published by 2021)
A few words from Wendy Wong Wei Wei, founder of ASC
December, 2020
Greetings future actuaries,
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I’m Wendy Wong Wei Wei, founder and President in 2019, and Vice President 1 in 2020 for ASC.
I remember during my freshie days, I often thought about how it could benefit the actuarial students in APU if there is a platform where we can build our network, discuss doubts related to the actuarial field, and acquire skills which are not taught in the classroom. Without such a platform, I observed that students will have to seek for self- improvement independently, and this could sometimes feel like a lonely game.
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My main inspiration came in when I was attending the Actuary Redefined Conference organized by the Society of Actuarial Science of Heriot-Watt University in October 2018. It was a fruitful event where participants from various universities have gained valuable industrial knowledge, and even got the chance to showcase their skills in case study challenges. After the event, I realized that it was my aspiration to unite APU actuarial students and to have a platform where everyone gets an equal opportunity to exchange knowledge, develop skills required for future career, and to excel individually or as a team. This is when I communicated with Dr Raja about my intent to establish ASC.
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Today, I am really happy and proud of the hard work that my team and I have made in promoting the growth of ASC. Besides, I am also grateful that our club advisors, Ms Caryn, and Ms Zawatil have been supportive in our operations. Overall, it is always fulfilling to receive all the positive feedback and recommendations from participants after every event. We are glad that participants are satisfied with what we are doing, and it motivates us in the continuity pursuance of excellence.
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I hope that ASC will continue receiving support from all of our club members. Besides, I also wish ASC success in all future events. I am looking forward for ASC to organize larger events in the future. Hopefully, ASC will emerge as one of the most active and successful actuarial science clubs among undergraduates in Malaysia one day.
A few words from Ong Khai Liang,
president of ASC 2020
December, 2020
Dear future actuaries,
I’m Ong Khai Liang, the Vice President 2 in 2019 and President in 2020 for ASC, thank you for reading our magazine!
Wendy first approached my class when we were in a class and introduced us to the club and told us that there was a vacancy for the Vice President 2 role. Before I got the chance to think about it, my classmates had elected me for that role. During the club orientation, the team vibe was very good and I immediately became friends with the committees and members. From that point onwards, I knew that I could work well with the people in the club. By becoming the Vice President 2 has since given me a lot of opportunities to expand my network including being elected as a Student Representative Council Member in Malaysian Actuarial Student Association (MASA).
In 2020, I was elected as the President by Wendy and I immediately accepted without hesitation. Together with her help, we have recruited a new batch of committees for 2020. After deliberating the tasks for them, everyone was very responsible and got their job done in a very short time! We have reached new highs in 2020 such as creating new social media pages, inviting some professionals from the industry to be a speaker or instructor for our various events held! Based on the feedback received, all of the events organised were very enjoyable and they have learnt a lot of new knowledge that are often not taught during class!
For the calendar year 2021, Wendy and I will be graduating. Thus, we recruited another batch of committees and we have successfully appointed them in November 2020. By seeing all the attitude and passion from them, I can only see that they will bring this club to a higher level and in the future, ASC will be well known in Malaysia and I cannot wait to see what is coming next!
ASC has opened many new doors for me and I would like to thank everyone who has given me this once in a lifetime opportunity throughout the years!