I am trying to use PRing to help me pass Actuarial Exams. Not to toot my own horn but these Actuarial exams are really tough. Here’s some background. It as been said that CPA (Certified Public Accountant) really stands for Can't Pass Actuarial exams. My wife, who is a CPA, agrees with that Actuarial exams are more difficult. Most Actuaries are math majors and work for life insurance companies or pension companies as experts in the use of the mortality (probability of dying) and morbidity (probability of getting disabled) assumptions. There are six large exams for a half-way, Associate level and several more exams for a full, Fellowship level designation. The first four exams are purely mathematical. For example the first exam covers four semesters of calculus and four semesters of probability and statistics in four hours. The later exams are finance, law, and industry information; the math here is less, but still very demanding, geared for someone with a math major. I guess, after the first four, it is like finance on mathematical steroids (as opposed to just pure mathematics). My math professors who passed several actuarial exams claimed that it seemed more work than getting their Ph.D. in math because you do it while you are working full time. They also said that the only remote way of passing is to be at the level of acing the college course because every problem is a “trick” problem – and I agree. For each exam students in at least 400 and even in excess of 600 hours in a semester to pass. (Some company-paid study time is provided.) Even with all this the passing rate is about 25 to 40 percent. Anyway, enough, horn tooting.
Since I am past the first four exams which are purely mathematical, the exams are now about 50% math with the rest informational. These exams are about 85% essay with some multiple choice. For the informational, they may ask to explain the points of a nine point list. For the math finance, it will be, to put it into something similar that non-actuaries will understand, calculate the 15th month loan balance of a fixed rate mortgage amortizing monthly at 8% APR over 30 years assuming no prepayments. (Actually, this is problem would be too simple for an actual Actuarial exam but I think it serves to provide an idea of the level of complexity. We are not talking about simple averages and standard deviations. We are talking about taking integrals and taking derivatives.) I think the point is that these problems require a lot of practice. So I am wondering how PRing may help.
Are there any tips specific for PRing (1) this type of highly technical, math-based information as well as (2) needed to know a lot of detail on non-math information?
Also, I have several levels of assistance/resources: (1) official texts listed in syllabus; (2) summary manuals providing (a) detail outline, (b) general/condensed outline, (c) CD and cassette tape to listen to general/condensed outline, (d) general/condensed outline on memory cards; (3) I also attend a intensive review seminar for a week (at my own expense).
I’ve been basically, previewing (1) memory cards, (2) detail outline, (3) text. Then I PR the (1) memory cards, (2) detail outline, (3) text. Then try sample problems if there are any and/or test my self on the memory cards to activate. I skip the mind map because I have the detail outline from the summary manuals. I then go and SuperReak/Dip or skitter the text. Especially with the calculus based finance, it really seems to slow down. I just started the PRing, unfortunately, I only have time to practice on this tough material. I find myself ending up Rapid Reading every thing even the non-math informational areas. I sometimes wonder if I would be better off scrapping this whole Pring and regular reading from the beginning because by the time I finish the material I had to Rapid Read just about everything and wonder if regular reading would have been quicker than the last four steps (preview, PhotoRead, activate, rapid read). I must say, however, that the prepare step is good and experiencing via tape has some benefits to just reading about it in the book.
Any tips, comments or questions would really, really be appreciated. In this field failing enough exams can cost you your employment. (Hope you don’t mind, I revise my initial post to be more descriptive. Sorry, I know this one is rather long.)
For more information about the Actuarial field see links below: http://www.beanactuary.org/
http://www.soa.org/
http://www.casact.org/
http://www.actuary.ca/phpBB/viewforum.php?forum=19&1783
[This message has been edited by OT (edited February 03, 2002).]
