Is ongoing review of Exam Materials necessary?

[Boertjie]

As one progress on the PRE ASA path, do you have to keep in practice with all the materials or can you allow yourself to get rusty? I know it is general, but will I be expected to solve exam type problems in the field?

[Gandalf]

No one would expect you to stay sharp enough to pass the exam 6 months later, and normally people don't go back and review past material except as required by a specific work situation.

If you got so out of touch that you forgot really basic stuff like that 1 payable 20 years from now is worth v^20 today (assuming a level interest rate), that would look terrible.

Note that subsequent exams assume you know the material from earlier ones, but I don't think people go back and review for that reason either.

[Bühlmann]

and conversely you won't be expected to solve work-like problems on the exams.

[A1ex WK]

what a waste of time. is it me or is the only point in exams to show that you're really good at taking tests?

[atomic]

what a waste of time. is it me or is the only point in exams to show that you're really good at taking tests?

With all due respect, I feel this is rather naive reasoning. You could similarly argue that college is just for the diploma. The purpose of the exams is to ensure that every actuary has the foundation of knowledge pertaining to the profession; that is not to say that every practicing ASA/FSA has to know all exam subjects like the back of their hand. A secondary purpose to the exam structure is to ensure that those who are continuing in an actuarial career can demonstrate the ability to recall, analyze, and interpret information with high proficiency and accuracy. Do the questions have to have obvious practical applications? I say that they already do, even though one doesn't solve exam-type questions as part of their job.

Can I immediately recall everything I learned in Exam 1/P or 2/FM? Hardly. But if I were presented with a problem, would I know where to go to figure out the solution? Absolutely. And that's why we take exams, to learn how to learn.

[remilard]

I've been working for 4 weeks and I've used stuff from exams FM and M daily. I've even pulled out Bowers once or twice. Given what a lot of people say about how they never use anything from exams I feel like I have lucked out.

[A1ex WK]

With all due respect, I feel this is rather naive reasoning. You could similarly argue that college is just for the diploma. The purpose of the exams is to ensure that every actuary has the foundation of knowledge pertaining to the profession

i know, i know. i was just looking for a reason to call the exam system a waste of time since i just failed FM. my comment was more in jest than anything. i totally get what you're saying though and i'll just keep at it.

[modelthry]

With all due respect, I feel this is rather naive reasoning. You could similarly argue that college is just for the diploma.


It is. And the beer.

[atomic]

i know, i know. i was just looking for a reason to call the exam system a waste of time since i just failed FM. my comment was more in jest than anything. i totally get what you're saying though and i'll just keep at it.

Ah, I see. Well, I failed FM on my first sitting by 1 question. Had they not eliminated #5 on the Fall 05 exam, I might have passed. I was very, very bitter about it, but in the end it only strengthened my resolve to pass this time around. These tests are crazy hard, there's no question about it. But in my case, the most difficult thing of all is finding someone who's willing to employ me. I know I have the skills to pass the exams, but I haven't had the reassurance that comes with knowing that someone wants to hire me.