CAS Exam 6 Encouragement

[GA Peach]

This is my first time taking a "real" CAS exam. I started studying about 2 weeks ago and have only made it through the Wiser article. I know my pace needs to be picked up since there are SO many articles, but I'm finding it really tough to get motivated.

Now that I've actually finished the article, I started working the old exams (in CSM) and have discovered that I must have been reading the wrong paper! (Ha!) I haven't been able to get that many right answers. I usually don't suck this bad. Is it just me or is anyone else out there struggling?

I guess the other problem that I'm having is on Exams 1-4, I'd get my nice little study manual and start plowing through it. With the amount of study material for exam 6, I'm a little overwhelmed. Is this normal for other people or am I just being a big baby?

What really makes things so bad is that I review companies reserves at my job. I would have thought this exam was going to be a piece of cake or at least interesting since it applies to my job.

Any advice or encouragement? I know need a big kick in the arse to get me motivated!

[Wolverine]

Reviewing reserves at your current company will not make this a piece of cake. You will need to know information (both current and out-dated) on lines that you may never look at while working for most companies. My advice to you is keep plowing through the material as quickly as possible. I am taking it for my second time this fall and I am currently about 15% of the way through the syllabus. I have previous note cards done and have the CSM from last sitting. I have purchased the All 10 manual and will be attend the All 10 seminar in Northbrook IL in Sept. I am shooting to have gone totally through the syllabus (including doing problems) by that time. So far I am on track.

Keep pushing and keep your eye on the ultimate goal.

If you want to to exchange e-mail addresses to give/get more personal encouragement, just PM. That goes for anyone else too.

[Cynical Realist]

You're first mistake was reading Wiser - the number of triangles in that paper is just numbing. Also - it is VERY LONG. You feel like you are not making any progress. The best approach is to read the other reserving papers first. Wiser is basically a summary of a lot of the other papers. So if you read Wiser later - you can skim thru chunks of it while he reexplains what you learned in Paper XYZ about ALAE for instance.

The other big advantage is some of the other papers are not that long, so once you get them down, you'll at least feel you are building momentum.

Most people when they hit the upper exams do feel completely overwhelmed, so you're not alone. Remember they will pass almost 40% if not higher - you're goal is not to know every minute detail in every paper, it is to learn enough of it and know it well enough to get in the top 40% on exam day. Heck you probably already know how to do reserving - but they don't give you letters for just knowing how to do it in real life! ;)

[Kitten]

This is my first time taking a "real" CAS exam. I started studying about 2 weeks ago
Well, you have a good start, that's positive! :D

[Maine-iac]

You CAN do it, but I would recommend using All 10. There are a lot of dots to connect in these readings, and the manual is good at connecting them. You won't have time to deduce all the connections yourself on your first attempt.

Cheer up, Wiser is much longer than many of the other readings. I disagree that it is a bad place to start, though. It gives the overview, while the other readings tend to focus on a specific method. It is hard to get a handle on it, though, because of its size and scope, so it can be discouraging.

[GA Peach]

Thank you all! I'm glad to hear that I'm not alone out there!

I did just get my ALL10 manual in and will begin using it today. I started going through it yesterday and was sort of confused with the layout. I expected it to go article by article (like the CSM), but it does not. The way ALL10 is set up seems to make more sense by going by the subject, which will combine different papers.

Anyway, my blue-Monday's over and it's time to hit the books! Thanks again everyone for your words of encouragement.

[Dooby Scoo]

Also, the Wiser article is one of the first readings on the recommended study schedule put out by NEAS. This is also my first time around on Part 6, or a CAS Exam for that matter, so I am there with ya GA Peach.

Here's my question.

Why are these two different articles on the syllabus, they seem to be the same thing??

"Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves"

and

"Actuarial Standard of Practice No. 9, Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations (Doc. No. 027)"
[/url]

[jets fan]

Why are these two different articles on the syllabus, they seem to be the same thing??

Repetition is common on Parts 5-9. So are the instances where one author says something is false, and another author on the same syllabus says the exact same thing is true.

[Mel-o-rama]

I just wanted to grab the 666th post of the Exam section. I think this will do it.

And since I'm taking Exam 6, it is triply appropriate!

[Shrek]

Why are these two different articles on the syllabus, they seem to be the same thing??

"Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves"

and

"Actuarial Standard of Practice No. 9, Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations (Doc. No. 027)"

While the Statement of Principles is an appendix to the ASoP #9, these two documents are not the same. Adding the Statement of Principles seperately may be a way to emphasize its importance - but most likely it's from the department of redundancy department.

[Fiveagain]

GA Peach, I too wondered where they got their questions on some of the articles. Looking at old tests is essential.

Don't give up--you'll get into it after you read some more aticles. For example, the Fisher/Lange paper is about a report year method of reserving, and the Adler Klein paper is the similar method, but uses accident year. Study those two together.

Several of the articles are pretty easy, such as Fisher Lester, Balcarek, IASA chapters, Dynamic Financial Analysis, Khury, etc. My advice would be to tackle a couple of tough papers, and then enjoy an easy one. I will say there is a lot of material to master on this exam. Good luck.

[jared]

I was told that the study hours needed to pass Exam 6 is more than Exam 5, perhaps 50% more. is this accurate?

[Maine-iac]

Slightly more, maybe. Not 50% by a long shot. Really depends a lot on whether you are more familiar with pricing work, reserving work, neither, or both.

If your pre-existing knowledge of topics on both exams was even, maybe a 5% - 10% nod to Part 6 for the relatively higher volume of time consuming material.

[jets fan]

Jared, I wouldn't go by any % like that - it depends on a lot of things, like your work experience, your study habits, whether you like calculations more than memorization, etc. If you have a lot of reserving experience you might have an "easier" time with Part 6 than someone who has none. If you find it easier to do calculation types of questions, Part 6 emphasizes that more than Part 5 - it doesn't have a whole CPCU section which is almost pure memorizing. All in all, IMO Part 6 was definitely more complicated and "harder" than Part 5, but that doesn't necessarily translate to a set % of more study hours.

[Mr. Penguin]

Is the All10 study guide the best one out there? Anybody take the NEAS Part 6 seminar? How was it and how are the associated study notes?

[MNBridge]

Use All 10 for reserving and reinsurance it is the best.

The All 10 manual effectively turns all the reserving papers into two types of reserving. Then you just amke the appropriate adjustment at the end based on the reserving method used.

I'm not much of a fan of Zarnic though. And used CSM for all the stuff Bob Scott didn't teach.

Passed first attempt.

[GA Peach]

Thanks again all for the responses.

MNPoker - out of curiosity - did you go to a seminar? If so, which one?

[MNBridge]

Went to All10 seminar. The last two days were Sept. 11 & 12th so those were a waste.

Bob Scott's portion is essential, the other guys stuff (Zarnic?) you can skip.