Failing Exams

[zhomerd1]

I have taken Exam FM/2 twice now and failed twice. I plan to retake it a third time. I used the ASM Manual 10th Edition and used the coachingactuaries.com eCourse for help. I am just upset failing it two times now and I just want to pass. I definitely put in enough time to prepare for the exam but I don't know what it is.

Anyone have any suggestions?

[Ryan.Befort]

I am in the same boat as you, except it has greatly deterred me from wanting to keep pursuing this; partly due to my work ethic so far, how hard it is to get a job even after spending money/time on these early tests, and no internship. This time around, I am going to study first, and then if I feel like I am doing decently well by the registration deadline, I will register. If not, I can take it 3 months later. So, my .02 is to keep studying and only register if you feel confident. Then, spend the next month doing problems over and over. Also, think about the previous times you took exams and how you felt during the process; what can you fix?

[Sub_Zero]

Quit now, they only get harder.

[Bobby]

Quit now, they only get harder.

:iatp:

[dmbfan41]

I have taken Exam FM/2 twice now and failed twice. I plan to retake it a third time. I used the ASM Manual 10th Edition and used the coachingactuaries.com eCourse for help. I am just upset failing it two times now and I just want to pass. I definitely put in enough time to prepare for the exam but I don't know what it is.

Anyone have any suggestions?

i don't think it's necessarily time for you to quit. i failed Exam P twice before i passed, and then passed FM, MFE and MLC all on my first try.

you said you "put in enough time" but one thing i have found with these exams is that quantity of time is nowhere near as important as quality of time. how do you study? when you work on practice problems, do you give yourself enough time to try them before you look at the solutions? do you actually understand the solutions or do you just memorize them? do you do the same practice problems over and over, or do you attempt new problems?

from my own experience with FM, the key is to draw timelines for the cash flow/interest problems. i also found the ACTEX DVD very helpful.

[DanielSong39]

Try using different source material. A few suggestions:

SOA-recommended text:
Mathematics of Investment and Credit
Solution Manual, Mathematics of Investment and Credit
Derivatives Markets and Solutions Manual, 2nd edition

Manuals:
ACTEX, 2011 Edition
Broverman, 2012 Edition
Guo, 2012 Edition

Seminar:
TIA, James Washer, Instructor

Use some combination of the above and let me know how it goes. Some times you just need a fresh approach.

[zhomerd1]

Thank you all for the responses. With my study habits, regarding the practice problems, I try and solve the problem at first. On some the problems, I get stuck and then consult the solution to see where I went wrong and then make my corrections.

To the the people that say "quit now", way to be encouraging and helpful. The reason why I posted this thread was to get ideas on how to approach studying and see what I can do differently. Also, I know people that have obtained their FSA that have failed 40+ times on the exam process and they didn't quit.

DanielSong39, dmbfan41, and Ryan.Befort thanks for the advice. I think I'm going to buy the Broverman Study Manual 2012 and take a look at the DVD. dmbfan41, how much did the DVD go for and where did you purchase it? Good luck on your exams and thank you again for your advice!

[Hero3128]

It all depends on how bad you want it. I failed MFE 3 times and flunked out of my company's exam program before I finally passed on the 4th attempt. What I lack in intelligence, I make up for in persistence. :wink:

[DyalDragon]

For FM (and mostly any of the prelims), you don't want to judge your preparedness by how much time you have studied, but how many problems you have mastered. If you can go through the SOA sample problems and work >80% of the problems quickly and without peeking at the solution then you should be in pretty good shape... if you can only do 50% or less of the problems this way then you need work. Between 50% and 80% you might have a chance, but it would depend on how lucky your draw is from the question database.

[DataDan]

Now you know exactly what to expect on the exam. You probally know what kinds of problems you are struggling on by now too. This would be the worst time to give up now that you have worked so hard.

[DyalDragon]

Thank you all for the responses. With my study habits, regarding the practice problems, I try and solve the problem at first. On some the problems, I get stuck and then consult the solution to see where I went wrong and then make my corrections.
I have a couple pointers if you are open to suggestions for adapting your study methods (some people aren't, or just don't want to listen :shrug: )

Let's say you have 10 practice problems for Chapter X. You work 1-3 no problem and get stuck on 4... don't look at the solution and then rework 4 immediately. Look at the solution and then move on and do 5. After you finish 5 think to yourself 'do I remember exactly how to do 4?' If the answer is:

- YES, then proceed to problem 6 next and repeat the question afterwards...

- NO, go back and reattempt 4. If you still can't get it read the solution and continue where you left off.

This way you aren't just copying down the solution right after reading it, but you are forcing your brain to either retrieve the process after it is no longer fresh.

Another thing to do is make a list in each chapter of all the problems that you had to refer to the solution, and then reattempt those problems the next morning... this will also help you build up your ability to recreate the problem solving processes for the common types of questions.

[vernie822]

All I can say is - fall 7 times, stand up 8.

No one is going to pass the exam for you! You have to be confident in yourself and know that you can do it. Everyone is different - we study in different ways, learn in different ways, test in different ways.

If actuarial tests were easy and 90% of people passed on the first try - the profession would be a lot different. They make these tests hard for a reason! Be one of the few and one of the proud. :)

[Ambiguity]

All I can say is - fall 7 times, stand up 8.

No one is going to pass the exam for you! You have to be confident in yourself and know that you can do it. Everyone is different - we study in different ways, learn in different ways, test in different ways.

If actuarial tests were easy and 90% of people passed on the first try - the profession would be a lot different. They make these tests hard for a reason! Be one of the few and one of the proud. :)

...but you're responding to a 6 month old post. This person has probably already quit the profession and opened up a dry cleaning shop in the suburban area of Chicago...

[WowAndFlutter]

...but you're responding to a 6 month old post. This person has probably already quit the profession and opened up a dry cleaning shop in the suburban area of Chicago...

Maybe someone else who's having trouble now will read this thread and find it helpful. And for that person: I passed P on the third try, then passed FM on the first go round, so anything's possible if you stick with it. Hang in there!

[willel2338]

...but you're responding to a 6 month old post. This person has probably already quit the profession and opened up a dry cleaning shop in the suburban area of Chicago...

There's a school of thought that says opening a dry cleaning business, working your ass off and becoming the best damn dry cleaner in your area is the easiest self-employment route to take. You don't have to pay a franchise fee, the work isn't particularly difficult and the equipment and chemicals are relatively inexpensive.

I've never really looked into it. Just something I read once. For whatever it's worth...

[gaddy]

"There's a school of thought..."

Hilarious.

[Hero3128]

...but you're responding to a 6 month old post. This person has probably already quit the profession and opened up a dry cleaning shop in the suburban area of Chicago...

If he did, then he's even more screwed. There are already way too many dry cleaners here.

[AAABBBCCC]

There's a school of thought that says opening a dry cleaning business, working your ass off and becoming the best damn dry cleaner in your area is the easiest self-employment route to take. You don't have to pay a franchise fee, the work isn't particularly difficult and the equipment and chemicals are relatively inexpensive.

I've never really looked into it. Just something I read once. For whatever it's worth...

immigration bureau?

[TheShark]

To the the people that say "quit now", way to be encouraging and helpful. The reason why I posted this thread was to get ideas on how to approach studying and see what I can do differently. Also, I know people that have obtained their FSA that have failed 40+ times on the exam process and they didn't quit.



40+... that is crazy...

[Ambiguity]

There's a school of thought that says opening a dry cleaning business, working your ass off and becoming the best damn dry cleaner in your area is the easiest self-employment route to take. You don't have to pay a franchise fee, the work isn't particularly difficult and the equipment and chemicals are relatively inexpensive.

I've never really looked into it. Just something I read once. For whatever it's worth...

...yeah, I hear it worked well for Antoine Walker. :rimshot:

[J2S]

To the the people that say "quit now", way to be encouraging and helpful. The reason why I posted this thread was to get ideas on how to approach studying and see what I can do differently. Also, I know people that have obtained their FSA that have failed 40+ times on the exam process and they didn't quit.

It takes all kinds...

FWIW, the "quit now" people are not necessarily malicious. I've seen a few people fritter away years of their mornings, nights and weekends banging their heads against the exam process.

With seven exams in the CAS line-up (to ACAS) it's just not worth it to me if I can't pass each exam on the first or second attempt.