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Thread: General question about exams

  1. #1
    Actuary.com - Level I Poster
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    Question General question about exams

    Hello everyone,

    I'm layman to soa exams and have some questions...

    1) For soa exams, there are preliminary exams(P1/FM/M/C), course8 exams, EA exams, right?

    2) No one can exempt from these exams,right?(even with higher degree in statistics or actuarial science)

    3) Are there any specific requirements for exam registration? (I mean background...)

    4) Some job-posting requires '1 to 3 actuarial exams', does it mean soa exams?

    5) I heard some companies just reimburse the exam fee. Is it better to take these exams after graduation?

  2. #2
    Actuary.com - Level VI Poster
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    Quote Originally Posted by hisiko1980
    1) For soa exams, there are preliminary exams(P1/FM/M/C), course8 exams, EA exams, right?
    Well, here's the structure:

    ASA Requirements
    • Exams P, FM, M & C
    • VEE Statistics, Economics, Corporate Finance
    • FAP Modules 1-8 and FAP Exams 1-2
    • Associateship Professionalism Course

    FSA Requirements
    • All the ASA Requirements
    • FSA Modules 1 & 2
    • Strategic Business Module
    • Exams DP & CSP
    • Fellowship Admissions Course

    The EA exams pertain to those who want to become pension actuaries only.
    2) No one can exempt from these exams,right?(even with higher degree in statistics or actuarial science)
    You can get credit for the VEE topics (Statistics - Linear Regression & Time Series, Economics and Corporate Finance) through classes in college, but that's the only parts you can get credit for. All the other exams and activities you must complete.

    3) Are there any specific requirements for exam registration? (I mean background...)
    The only requirement is that you have enough money in your bank account or a credit limit high enough to handle the cost of an exam. There has been an occasional high school student that takes these actuarial exams.

    4) Some job-posting requires '1 to 3 actuarial exams', does it mean soa exams?
    If it's a life, health or pension job, that's usually the case. If it's in property and casualty, then they're usually referring to the CAS exams. For the most part, though, the first 4 exams are similar between the two societies (with Exam 3/M being the only different one - if you pass Exam P, you get credit for CAS Exam 1, since it's the same exam).

    5) I heard some companies just reimburse the exam fee. Is it better to take these exams after graduation?
    The company should offer a decent study program (with time to study at work or time off from work to study, additional raises/bonuses when you pass exams, exam reimbursements or having it paid up front, etc.).

    But it's hard to find a job with a company without any exams to start with. You may want to try and take 1-2 exams before you begin a job. But good luck in finding one if you don't have any exams.

  3. #3
    Actuary.com - Level I Poster
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    Thank you so much!

  4. #4
    Actuary.com - Level I Poster
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    Which book for exam-P?

    For exam-P, which reference book do you recommend?

    I already have statistics background but want to find more materials to practise exam questions.

    Is it possible to prepare exam-P in 3mths?

  5. #5
    Actuary.com - Level III Poster
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    Quote Originally Posted by hisiko1980
    For exam-P, which reference book do you recommend?

    I already have statistics background but want to find more materials to practise exam questions.

    Is it possible to prepare exam-P in 3mths?
    I think 3 months is enough to prepare for exam P. There are some great study manuals out there. I would recommend picking one up. The popular choices seem to be Actex, ASM, and BPP. I would recommend ASM. The author (kryzsio) frequently posts on the forum and can probably help you with any questions. You can check out a sample at www.studymanuals.com
    Good luck

  6. #6
    walawala
    Guest
    Quote Originally Posted by PhillyP View Post
    I think 3 months is enough to prepare for exam P. There are some great study manuals out there. I would recommend picking one up. The popular choices seem to be Actex, ASM, and BPP. I would recommend ASM. The author (kryzsio) frequently posts on the forum and can probably help you with any questions. You can check out a sample at www.studymanuals.com
    Good luck
    I passed exam P without using any of these manuals. I just practiced solving the sample exams from the soa website and some of kryzsio's & I studied for less than five weeks.

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