Preparation before taking the SOA exam IFM
Preparing for SOA exam IFM
In the first two chapters, I gave my personal opinion through the ExamIFM textbook ASMSOA ExamIFM Study Manual and Coaching Actuaries Next is the time for me to read.
First, remember that the reading and time allocation of the textbooks below does not mean that it is suitable for any candidate. We recommend that you use familiar learning methods to understand the content of the textbook. Readers can also search and view opinions from elsewhere before making their own comparisons.
As mentioned earlier, ASM textbooks contain 31 chapters containing 11 practice exams and their answers, as well as the content of some older exams [the first 13 chapters are corporate finance , then the next. 18 chapters are financial models ].
My preparation time is longer than others, about 6 months. Of course, this is not the average time for everyone. Some of my college friends also took a long time to prepare. Some of them were ready within a month and even scored high
My My preparation time is longer than others, about 6 months. Of course, this is not the average time for everyone. Some of my college friends also took a long time to prepare. Some of them were ready within a month and even scored high
I stayed between the university and the accommodation during the exam FM exam and before entering the MCO. Basically you should go to class or go to class. If you can stop running around, don't run around. During this time, besides going to college and taking regular exams, I was also reading ASM's IFM manual at the library.
Then in early March, I heard near the office that the university was planning to suspend a week's lessons. After that, the university management also made a formal announcement. The announcement will take effect on March 15th (at that time, the Prime Minister had not announced the MCO).
It was only a week, so my local friends and I just packed up and left the college accommodation, shared a car and returned to their home. What I didn't expect was that this week would be a few months back in the dormitory.
How to Pass the SOA Exam IFM
Unfortunately, I didn't bring this ASMI FM manual home because the materials are heavy.
Fortunately, however, I got a PDF version of the IFM manual with a friend at the end of March. After that, I started the study period for the exam IFM.
I'm busy and very lazy in other areas, so I spend about two hours a day reading and exercising, usually less than an hour.
Fortunately, however, I got a PDF version of the IFM manual with a friend at the end of March. After that, I started the study period for the exam IFM.
Summarizing the ASM textbook time schedule, it took a total of about three months to complete the entire textbook.
I completed reading the first 13 chapters on corporate finance for the month of April. In the final 18 chapters of the financial model, we spent May and June to gain a deeper understanding of the points of equations and knowledge. It took me half a month to complete the next 11 practice exams.
The most important point is to fix all the wrong parts first. Especially the part of the practice test proposal is to correct the error at an early stage. Otherwise, you may be confused about the choice of multiple-choice questions when you enter the practice exam later. .. Is it correct?
Personally, my favorite review method is to finish the lesson before doing the exercises. This applies to all chapters. Of course, some people prefer to review some chapters before starting a series of exercises.
If you encounter an exercise that you cannot answer / do not understand after reading the answer, remember to mark it first so that you can answer it later.
Write examples and exercises for each chapter on paper. Basically, write on one side of the chapter or on paper. I do not intend to combine the exercises in the two chapters. So don't forget to prepare a large A4 paper or heavy exercise book to write down your exercise and your answer.
When doing these exercises, I personally prefer to use refill pens instead of pens to answer. The main reason is that if you get the wrong answer, you can easily erase it and use a pencil to answer the test. (Currently, the pen is used in the doctor's office under the new crown pneumonia epidemic)
As for whether I wrote a personal reading note, I didn't write it myself. This textbook already has a detailed record, and I use OneNote to read and record some important points.
There are many equations in the financial modeling chapter. In particular, there is a warrant's advanced theory [Call & Put Options] that is very confusing to beginners / beginners in the stock market.
In the financial model chapter, the text of many chapters is very relevant. Therefore, we first need to build the basic foundations of these chapters (such as the basic theory of futures and options). Otherwise, you will be upset and upset, and it will take extra time to build your own insights into these theories from the beginning.
Don't remember these equations and do your best to understand the logic and theory behind them. The text in the next chapter is sufficient to understand the meaning of these equations. At the same time, you can write and understand these equations on paper from the beginning. If you forget to refer again, there is an important analytical draft that you can leave for future references.
For the practice exam part, it is highly recommended to do the practice exam from back to front, 11 days to 1 day, and answer all questions using standard test methods [3 hours, 2 standard computers] , 1 stack of paper and pencil / refill pen]. After the exam, correct the correctness, observe the range of weaknesses, and try to correct at least 21 or 22 questions.
In summary, there are the following points:
Complete content modification according to Erreta
Plan your study time based on your taste
Don't forget to have a lot of paper / thick exercise books [handwritten notes / if you need answers to your questions]
After reading the chapter text, do the exercises
Mark suspicious questions
The content of most chapters is very relevant
Establish an appropriate foundation based on options and futures theory
Do not memorize the equation without intercepting
Practice creating and analyzing equations from scratch
Start the practice test from back to front
At that time, I was able to actually apply for the exam IFM, but when I took the practice exam later, it became more and more difficult and I could not guarantee stable performance. In addition, the distance between my test room and my hometown was 400 KM, and due to cross-state restrictions on mobility control orders, I rejected the opportunity to apply for a test IFM in August.
And it was this idea that missed the scholarship opportunity offered by the university (I'll talk about it later, but I'll talk about it later).
In August and September, I prepared for the final exam and internship location at the university. Next Exam I didn't spend a lot of time confirming and conducting the practice exam until the IFM exam began.
Actuary Guidance
The CA textbook was given to me by a friend (and the same person who gave me the IFM manual). The time was around September. It took me a couple of weeks to watch the video and review the textbook.
Initially, I didn't try to watch the video or notes, mainly for final exams and internship arrangements. The location of my internship was the same as at the university, but the internship arrangements were interrupted due to a housing problem and the sudden implementation of another mobility management order.
Fortunately, my internship moved my company computer home and work, giving me more time to prepare for the exam IFM. At the same time, another test and accommodation issue was successfully resolved and I began to release my hand to confirm my test.
The content of the CA notes and videos is really great. The 11 topics are too long, but I read them again and finished the review. It feels great to have someone study this actuarial exam step by step, and it's a different experience than facing a boring review.
Is there a quick way to bring these video materials to a lazy person like me? In fact, you can use plugins such as Google's "Video Speed Controller" and "VLC Media Player" to increase the display speed.
Basically, this method is suitable for those who want to review. The recommended speed is between 2x and 4x. Beyond this range, it will be difficult to hear the instructor's remarks.
During the internship, I spent about 2 hours each day checking the exam IFM through CA videos and it took about 2-3 weeks to complete all the videos. It is also very convenient to go back on the day of the exam, read the notes, and prepare at the last minute.
The above share is my own time arrangement for the two textbooks of Exam IFM. If you have any questions, please ask in the message area below or send a private message on the contact page.
I hope you all pass the SOA exam.
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