Study Method for May 2009

[zxcvb]

For those who have already given this exam or preparing for the May 2009 session, what was/is your method of studying ?

I know it is different for everyone but at the moment I am kind of overwhelmed with the size of the material and need to set myself a plan of attack. I have both the ASM and Mahler study guides. I read that many of you used both study manuals, did you use them side by side for each topic or one of them at the end for review ?

Any suggestions would be appreciated. Thanks !

[oldman_crying]

zxcvb,

I sat for this exam twice and will be sitting for it again in May '09. So, my suggested study plan could be a "use at your own risk" view.

The first sitting I started with the Loss Models and Derivative Markets textbooks. I went through the required readings and then proceeded to review each lesson of the Actex manual. From there, I worked on sample problems, but I only had time to work through the problems once. I got a 4.

The second sitting, I used the ASM manual and once I completed all of the lessons, I reviewed sample problems. You may have heard mention of the SOA289 sample problems in other threads. I went through that twice and had a good understanding of the material. I also completed relevant past exam questions (2000 - 2007). This time, I felt really good about the material and thought I had a better than average shot at passing based on the previous exam and released exam difficulty. I ended up with a 5.

As you mention, each person will require different approaches. This is definitely true for me. There are core subjects that a person must thoroughly understand for the exam such as: Bayesian, Buhlmann, MLE, Limits and Deductibles. Count on at least one question pertaining to risk measures and variance bias. For May, the Derivative Markets material will still be a requirement, so I would expect one or two stock related questions, maybe one on Lognormal and a ruin theory question. In the past, there always seemed to one question where you had to identify a distribution to use for a compound distribution calcuation.

As for a plan of attack, Lesson 1 is just as good as any other. Try to complete a lesson every couple of days. Some of the ASM lessons have a larger number of sample problems so they may take longer.

Good Luck!

[Clam Chowdah]

zxcvb,
Yes, 4/C is overwhelming but it is perhaps not the most difficult exam. I have read on this board that the questions are straight-forward calculation questions, and that your memory for formulas and concepts is your biggest ally. This is in contrast to exam MLC where very creative solutions are required.

I have not taken 4/C yet and so far I know only 20% of the material but so far, so far, it does not seem like an impossible task.

My study method is to read the ASM manual and copy into a hard bound notebook my notes for the lessons. When I have finished with learning the concepts and formulas, I proceed to the practice problems. If there is a problem that demonstrates to me a fallacy or miscomprehension, I make not of it. If there is a problem that I just plain can not understand, I copy it and the solution down on a clean sheet of paper. For MLC, the stack of papers grew to about 3/4ths of an inch.

Do not forget to use the search function of the A.O. if you have questions but I prefer using a Google site-specific search.

Good luck to you zxcvb!

[factuary]

I personally don't do well with reading and taking notes. I think I'm going to dive in head-first...meaning read a section for about 10 minutes, then keep doing problems until I have the method internalized, then move on. It worked for me for MLC (7 on first try) so I guess I've found my "method". I know this doesn't work for most people though.

[Vorian Atreides]

Given your study tools, I would recommend working through Mahlers notes first (don't try every problem given . . . do the underlined ones, maybe a few more if you feel like it's "almost there" but not quite) then use ASM to nail down the main topics. Try to have all of this done a month before you sit for the exam.

Then for the last month of studying, use the sample exams from Mahlers (I don't recall if any are provided with ASM, but if so, use them as well) under exam conditions to determine where your weak areas* are; then work problems from Mahler's material (and ASM if you haven't exhausted those problems) to solidify.

*including speed--did you get through at least 85% of the problems with at least 45 min. of time left? If not, you'll need to work on your speed as well. Focus on the following topics that I found to be my time drainers when I sat for this exam:

recognizing Buhlmann problems from Bayesian problems and knowing these two processes down pat.
memorizing the moment formulas for key distributions (exponential, gamma, single parameter pareto). I believe there an older thread in this forum that has a better list.
memorizing the various conjugate priors and the related distributional results.
Good luck!

[rose1234]

I have just started and am really confused whether i would be able to complete the course before April or not since Vorian suggested to allocate complete 1 and a half month for practice exams questions. Accordingly, I am planning to complete the course (reading and practice exercises) by March but i am not certain whether i would be able to grasp each and every topic or not. Presently, I am progressing at snail's pace and has yet not been able to attain full momentum. I am using ASM manual, is it advisable if i skip one section and start another like if i start credibility section before parametric models, i mean are the contents interrelated or should i follow the sequence of the manual. MY strategy is to complete one lesson everyday i,e, reading plus exercise.

Any useful tip or suggestion.

[vkichoi]

:iatp: I am doing 1 lesson/day,too!! (reading + exercises)

I try to get through the reading real quick and continuously adding new formulas
to my excel workbook, then go directly to the problems.

Another thing I try hard is that I want to make sure I "correct" the problems within
a few days. But I am still figuring out in what order should I revisit the previous
topics since there are many topics.

[Wmorrissey]

Right now, I am taking notes on each section(ASM) and doing every 3rd problem. Once I am through all the material, I am going to take two more passes through the problems. I believe I will pick up most the material by doing this. Then I am going to the Mahler seminar in Chicago March 10-15 and will be doing nothing but problem solving, memorization, and practice tests after that.

At least that is my game plan.

[badmaj5]

Right now, I am taking notes on each section(ASM) and doing every 3rd problem. Once I am through all the material, I am going to take two more passes through the problems. I believe I will pick up most the material by doing this. Then I am going to the Mahler seminar in Chicago March 10-15 and will be doing nothing but problem solving, memorization, and practice tests after that.

At least that is my game plan.

I'm also going to the Mahler seminar near Chicago. I just got my Mahler notes in the mail yesterday. My goal is go through all the material (not necessarilly master everything), by the seminar. I also have ASM and I've found that by combining the two together I'm able to better understand the topics.

[mhsmith]

Once I was done w/ going through the lessons and felt like I had a good understanding of things, I used a couple of the ASM sample exams (they have 9 if I remember right) and worked through them like they were practice problems, one exam at a time. Open notes, open formula references, and every time I needed to look something up or struggled w/ solving the question, I made a note of it. After each such iteration, I went back and revisited my weaker areas (aside from the five or so "screw it, I'm not learning this b/c I don't have the time" types of problems). I found this to be a much more useful learning tool than "exam condition" practicing when I wasn't quite at the level I needed to be. But that was just me, so the other way might be easier for you, I don't know.

[Vorian Atreides]

I agree with the approach you're taking wrt to the practice exams. However, I would encourage you to do some practicing under exam conditions. (And perhaps you're already planning this.) Knowing the material well is the start; doing enough problems in the time allowed is another critical skill to develop.

And even practicing under exam conditions, there's also the psychological effect of an actual performance vs. just practice (even under exam conditions). And there's a huge difference between having two 2-hour exams and one 4-hour exam.

In any event, good luck!

Once I was done w/ going through the lessons and felt like I had a good understanding of things, I used a couple of the ASM sample exams (they have 9 if I remember right) and worked through them like they were practice problems, one exam at a time. Open notes, open formula references, and every time I needed to look something up or struggled w/ solving the question, I made a note of it. After each such iteration, I went back and revisited my weaker areas (aside from the five or so "screw it, I'm not learning this b/c I don't have the time" types of problems). I found this to be a much more useful learning tool than "exam condition" practicing when I wasn't quite at the level I needed to be. But that was just me, so the other way might be easier for you, I don't know.