Study Methods for Actuarial Exam 3F / Exam MFE

The Actuary's Free Study Guide for Exam 3F / Exam MFE

To accompany The Actuary's Free Study Guide for Exam 3F / Exam MFE, I offer a list of general studying methods, techniques, and insights that have guided my own preparation for the financial economics half of the third actuarial exam. While my methods may not be suited to every type of actuarial student - and it is ultimately your decision to embrace them or to reject them, based on your estimation of your abilities and ways in which you learn most efficaciously - I have found them tremendously helpful in making sense out of an immense exam syllabus. I will first discuss general study approaches and then address ideas to keep in mind for this exam in particular.

General Studying Approaches

1. Begin studying early and study regularly. The actuarial exams, as you are likely well aware, are not comparable to final exams in college, to which you might allot a few hours of study and get an A as a result. These exams require months of preparation in order to adequately learn and apply the material. I recommend starting at least 2.5 months ahead of the exam date and reading, solving practice problems, and even writing practice problems yourself every day.

2.Set daily goals and develop a system to quantify your studying. To make sure that you are putting in the necessary effort every day, it is not enough to have a subjective feeling that you have worked sufficiently. The exam material is quite difficult and, in my personal experience, after doing any work, one feels like one has done plenty. It is much wiser to set an objective goal in advance for each day and attempt to meet it. Of course, goals need not be rigid and can respond to any unforeseen challenges posed by the course material. Setting up a point system that needs to be met every day rather than insisting on highly specific and unalterable objectives.

Here, I will outline the point system I have used to prepare for Exam 3F/MFE as well as for exams 1/P and 2/FM. I require myself to accumulate at least 100 points per day. Here is how the points may be accumulated.

I receive 5 points for every page of exam-relevant text that I read.

I receive 10 points for every exam-relevant problem that I solve.