How I passed Course 3.... [Archive]

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Bama Gambler

01-03-2003, 06:20 PM

My background:

This was my first time taking Course 3.
I had no prior experience with any of the material.

Disclaimer:

I am not claiming this method will work for everyone. It worked for me. I think it’s a great way to approach the exam. Find what’s best for you and do that. If you have no clue what’s best for you, then give this try.

What you’ll need:

Mahler’s Notes
Actuarial Mathematics textbook
Arch 3 – sample chapter
“A Guide for the Actuarial Student” by Bob Batten
GSU Seminar

What to do:

Start studying as soon as you can. This test is HUGE! Get Mahler’s Notes ASAP, they are all you need for the non-life material (45% of the exam). Don’t be overwhelmed by the size of the notes. You can read 10 pages of the notes in the time it takes to read one page of a textbook. DO NOT work any of the sections in italics!! DO NOT read any of the material in italics!! You will not have time. If you are having a hard time understanding a particular section, then move on to the next. The GSU seminar should fill in any gaps. Count the number of sections in the material. Count the number of weeks before the GSU Seminar. Divide the number of sections by the number of weeks. Try to work through all the sections before the GSU Seminar.

I preferred to mix up the life and non-life stuff. I would study non-life for a couple of days and then study life-contingencies (55% of the exam) for a couple of days. This helped me stay focused. For the life-part start with the Arch 3 – sample chapter (had I not ordered Actex then I definitely would have gotten Arch 3. I never really used Actex). Read it twice. Basically all you are trying to accomplish before the seminar is a understanding of the symbols from chapters 3, 4, and 5 of AM. Anything more than that is icing on the cake. After you read the Arch 3 sample, then read chapter 3 of AM. If you have already received your packet from GSU try to work a couple of Batten’s chapter 3 problems. If you can’t don’t be discouraged; I could hardly work any life-contingencies problems before the seminar. Once you feel pretty comfortable with the Chapter 3 notation, then read chapter 4. After you feel comfortable with the chapter 4 notation (notice I say comfortable with the notation – you don’t have to be able to work the problems yet), read chapter 5.

This seems like a lot of stuff to do before the seminar, but it will really help. At the seminar there will be three instructors: Katz, Treadway, and Batten. Katz teaches for 3 days and covers the non-life stuff. He works a TON (171) of problems. He works a few of the problems a different way then Mahler did. I found this to be very helpful. This gave me a much better understanding of the non-life material. I copied down the detailed solution to each problem. Treadway was ok. He covers ruin-theory for half a day. I chose not to worry about this material. Discrete ruin theory can be done easily using the stuff Katz teaches and they just don’t ask many questions on Continuous ruin theory (2 questions at most). Lastly, the great Batten covers life-contingencies. He really knows his stuff. Try your best to concentrate for all four days. He talks fast and everything he says is important. Don’t worry if you don’t get it all the first time his manual will help reinforce his techniques.

After the seminar it is time to start working problems. Batten gives you 691 problems to work. Work as many of those as you possibly can. Rework Katz’s problems (I think his are a little, not much, better than Mahler’s). If somehow you finish all those, there are bunches more in Batten’s manual. The problems in Batten’s manual are literally twice as hard as the exam problems. If you can work those problems you will pass with flying colors, but if you can’t (I couldn’t) you can still pass. Try to save the most recent exams until right before the exam. Take those under test conditions.

Good Luck to everyone,
Bama Gambler

Tommy Vercetti

01-03-2003, 07:54 PM

BG,
Which Seminar is better for the non life part:
Mahler@NEAS or GSU?

littlegenius

01-04-2003, 11:10 AM

Bama Gambler:

Where do I get the Mahler's Notes?
What do you mean by Arch 3 – sample chapter ?

Thanks!!

Macroman

01-04-2003, 12:32 PM

Go to:

http://www.archactuarial.com/samples.html

and download the free chapter.

Bama Gambler

01-04-2003, 12:35 PM

BG,
Which Seminar is better for the non life part:
Mahler@NEAS or GSU?

I didn't attend the NEAS seminar, but I heard Mahler basically reviews his notes. I think if you buy his notes and attend GSU you get the best of both worlds.

Bama Gambler

01-04-2003, 12:37 PM

Bama Gambler:

Where do I get the Mahler's Notes?
What do you mean by Arch 3 – sample chapter ?

Thanks!!

You can order Mahler's notes here: http://www.neas-seminars.com/Misc/

Meg Murry

01-04-2003, 05:59 PM

Mahler's notes are excellent. I really wouldn't bother going to his seminar, though. I went to it, and I didn't find his part of the seminar very helpful. He says everything he has to say - which is a lot - in his notes.

I passed on the first sitting, and followed about the same method as Bama. I borrowed the Actex, and thought it was a waste of time, and did not use the Arch sample chapter. In retrospect, I would have gone to the GSU seminar and used the Arch, though.

The Batten seminar/Mahler note combo, along with giving up 350-400 hours of your life, is definitely the way to go for a pass.

Brutè

01-04-2003, 08:30 PM

Now I remember why I came to this site in the first place - to talk about course 3. I got bogged down in the sports section. GO BUCKS!

Thanks for the tips, BM. Sounds like your main points are: learn the notation, go to Batten seminar, do as many problems as humanly possible. This will technically be my second attempt, but I really didn't have time to study for November's exam (when all the material was new to me), though I won't be starting completely cold this time, because I did learn a little.

Given all the material and all the practive problems, is there enough time if I restart studying today? How many total hours do you think you put in? How many hours per day did you spend studying?

Also, do you think a very strong understanding of life con and a weak understanding of the other material can get a passing score?

perception

01-05-2003, 08:22 AM

VernSchil

01-05-2003, 02:56 PM

emm.....i have a dumb question to ask..
i heard ppl saying tat course 4 is easier than couse 3..so which one should i go first with??
and does 3 or 4 have anything to do with course 1 and 2??

ur time is very much appreciated..thanks a lot..

Unless you had a boat load of statistics in college, I'd suggest you take course 3 before course 4. Course 3 takes a lot of probability from exam 1 and interest theory from exam 2. Course 4 deals heavily with upper level statistcs. I've had the survival analysis and time series on 4 in college, and it's a major pain in the butt to memorize. I wouldn't say 4 is easier, but if you're better at memorizing long formulas as opposed to solving more complicated problems, then 4 might be more your thing. I also can't see much on course 4 relating to course 1 or 2, where as lots of the probability models from 3 build on the fundamentals of probability you learned in 1 and life contingencies use the interest theory from 2.

littlegenius

01-05-2003, 09:02 PM

Bama Gambler,

Do you mean that actually you didn't use the whole Arch manual?

Macroman

01-05-2003, 11:59 PM

littlegenius,
That's what he said.

I second Lporter33's comments about the relationship between 1 and 2 and 3 and 4. There is very little and especially course 4 is very different. If you have an extreme amount of statistics there is no reason you couldn't start with course 4, but for most it will be a pretty hard exam.

toms

01-06-2003, 04:47 AM

In my case preparation for exam 3 was much simplier I just looked into study notes and learned what books and what chapters I should read. Then I have read Bowers, Loss Models I could not get Simulation in my country so I left this topic and started to do previous exams. I have done them all and that was all about preparation for exam 3 then I started for exam 4. Unfortunately I have played to much counter-strike :D and failed on this although I felt quite good after the exam. Never mind I’m gonna conquer this part in spring.

Good luck for all U lucky equipped with seminars, manuals, sylabusses and actex

Bama Gambler

01-06-2003, 10:23 AM

Given all the material and all the practive problems, is there enough time if I restart studying today?

Plenty of time!

How many total hours do you think you put in? How many hours per day did you spend studying?

Total 270.

Also, do you think a very strong understanding of life con and a weak understanding of the other material can get a passing score?

Probably, but I think it is a better to have a good understanding of both vs. a great understanding of one and a weak understanding of the other. What if the one you have a strong understanding of is really hard? You might not get as many questions right as anticipated. The non-life stuff is pretty easy. Just use Mahler and let Katz reinforce.

Brutè

01-06-2003, 10:25 AM

Thanks, you're helping me get motivated!

Woody

01-06-2003, 01:55 PM

Thanks, you're helping me get motivated!

I second L'hopital's above comment. Coming from a guy who has failed this exam numerous times, the incentive to study again is just not there. I have Mahler notes and never gave them a shot. They looked very cumbersome, but I am going to take your advice on studying just the non-italicized stuff.

Thanks, BG.

Brutè

01-06-2003, 03:29 PM

Come on Woody! We can do it!!!!!!!!!!

Sodii

01-07-2003, 12:04 AM

Bama Gambler: What about CSM? I found this very helpful for course 2 and I was wondering if it is not that good for course 3 since I haven't heard anyone reccomend it? Any advice to this effect would be greatly appreciated!

Sodii

01-07-2003, 12:23 AM

Did everyone who has been recommending the Mahler study guides really pay $285 for them? That seems rather expensive to me, are they really worth that price? Are they offered anywhere other than neas? Thanks!

Bama Gambler

01-07-2003, 10:07 AM

Bama Gambler

01-07-2003, 10:07 AM

drctypea

01-07-2003, 10:20 AM

mahler is worth the 285...company reimbursed me for that one..but i did pay for asm and actex out of pocket. i would sugges the asm for the life material..

Sodii

01-07-2003, 10:25 AM

Thanks for the help. I think I am going to go ahead and order Mahler's notes, I really just wanted to make sure that I was ordering what you guys have all been recommending.

c3 taker

01-07-2003, 12:01 PM

Bama Gambler,

When you say Batten's "A Guide for the Actuarial Student", do you mean that is something he gives out for his seminar students or do you mean:

Life Contingencies & Ruin Theory, by: Robert Batten

Is anyone interested in selling this (or either of these), whichever the case may be. Anything by Batten I think I'd like to have. Please PM if your interested. :D

Bama Gambler

01-07-2003, 12:22 PM

Eeyore

01-07-2003, 01:50 PM

Bama Gambler,

How did you find this:
Life Contingencies & Ruin Theory, by: Robert Batten

useful over and above Batten's seminar and seminar materials?

Bama Gambler

01-07-2003, 01:52 PM

Bama Gambler,

How did you find this:
Life Contingencies & Ruin Theory, by: Robert Batten

useful over and above Batten's seminar and seminar materials?

It is almost useless without his seminar. I found it very useful after the seminar. Since he covers a lot of material in four days, I forgot some of the stuff after the seminar. The manual was a great refresher to his method of solving the problems.

Hope this helps,
Bama Gambler

littlegenius

01-07-2003, 02:39 PM

Bama Gambler:

Did you get a 9 again this time?

Bama Gambler

01-07-2003, 02:42 PM

Bama Gambler:

Did you get a 9 again this time?

I haven't received my score yet.

DukeCrow

01-08-2003, 11:27 AM

Bama Gambler,

Thanks for sharing your Course 3 experience with us.

One question. Do you feel Mahler's notes would've prepared you adequately if you hadn't taken the non-life part of the seminar at GSU? Basically, I'm just trying to get an idea of how much "value-added" any non-life seminar is when compared to just studying Mahler's notes.

Thanks for the help.

Bama Gambler

01-08-2003, 11:30 AM

Numbers123

01-08-2003, 06:34 PM

I highly recommend that you take a look at Jim Daniel's Seminar in Austin, TX. His seminar was definitely a great boost for me to pass C3 at my first try.
Also consider the fact that most of the other seminars are very crowded. His seminar is for about 25 people only. You can get an one-to-one tutor before, during (in breaks) and after any seminar day. Jim's enthusiasm and energy during his seminar are admirable.
Also it takes place in Austin, TX that is a relatively inexpensive place to spend a week.
His seminar was also the first seminar I have ever attended, so indirectly he helped me to understand and have a good idea how to prepare for any actuarial exam.
In summary, I'm fully satisfied with his seminar and with my exams results since then.

Lex

01-08-2003, 06:55 PM

Hello All,

I'm about to take on Course 3 for the first time...Any suggestions as to what order I should tackle the material? Any suggestions Bama?

The Drunken Actuary

01-08-2003, 10:07 PM

Hello All,

I'm about to take on Course 3 for the first time...Any suggestions as to what order I should tackle the material? Any suggestions Bama?Um, did you miss his first post in this thread?

Bama Gambler

01-09-2003, 10:36 AM

Hello All,

I'm about to take on Course 3 for the first time...Any suggestions as to what order I should tackle the material? Any suggestions Bama?

As far as Life-Cont. vs the Non-Life Material I mixed it up. Life for a couple of days, then non-life for a couple of days.

For Life-Cont. you must go in the order of the chapters. In other words, you need to understand chapter 3 to understand chapter 4, you need to understand chapter 4 to understand chapter 5, and so on. I think you can do chapters 9 and 10 with just knowing chapter 3 (and maybe a few things from chapter 4).

For the Non-Life follow the order of Mahler's notes. Start at page 1 and work from there.

Good Luck,
Bama Gambler

glenn

07-15-2003, 11:09 AM

:bump:

Bama's on to course 5 now, but his sage advice is still worth reading.

jennyzhang

07-15-2003, 02:38 PM

Thanks for Bama, I have a question.

Did you attend CAS3 or SOA 3?
I am preparing for CAS 3. The study materials will be the same with SOA3 or quite different? any details materials are welcome

thanks in advance

regards

Jenny

Bama Gambler

07-15-2003, 02:41 PM

This fall will be the first exam (since the transition) to be split into SOA3 and CAS3. Sorry, but I don't know the differences in the exams (except that CAS3 will have a lot less life contingencies).

Avi

07-15-2003, 02:42 PM

Life Con removed:Bowers et. al:
3.6
4.4 and beyond
5.4
6.4
7.5-7.6
8.1-8.4
9.6, 9.8
10.4 and beyond
all readings in Chapter 11
all readings in Chapter 13

The Yee (http://www.casact.org/pubs/proceed/proceed88/88049.pdf) (warning, PDF) paper was added.

glenn

09-17-2003, 09:10 PM

and a :bump:

I Pity the Fool

09-18-2003, 07:48 AM

:bump: Bump #2: http://www.actuary.ca/phpBB/viewtopic.php?t=15286

glenn

11-24-2003, 09:14 AM

Bump.

survivr44

11-24-2003, 03:56 PM

I applied to late to the GSU seminar but found that Batten AND Mahler teach together in Chicago (sponsored by Midwestern Actuarial Forum). Although Mahler's notes might be adequate on their own, his organization and instruction at the seminar was helpful. Batten was great but bear in mind that you have to understand the problems to know when to use short cuts. Very few if any of the problems on the recent exam were simple 1 or 2 line solutions.

Hoochie Coochie

11-24-2003, 05:08 PM

I agree that the GSU seminar was pretty good. The key is not getting sucked in by Buckhead bars or the Claremont Lounge. :toast:

I also found that the Arch manuals were the best. I didn't think Actex were helpful at all.

ahow

11-24-2003, 06:12 PM

The Yee (http://www.casact.org/pubs/proceed/proceed88/88049.pdf) (warning, PDF) paper was added.
Note, you only need to refer to the first few pages of the Yee paper. I didn't check the page numbers and ended up reading WAY too much and my head exploded. I think the page numbers are 55-57.

Becoming Actuary

01-02-2004, 01:14 PM

i have no finance and economics background 9 (I am an Engineer). So, is it fine to just read mahler's guide and follow your procedure for course 3 study?

Do I really need to attend the seminar? becasue i can not really afford to pay for it.

please help.

john

01-02-2004, 02:01 PM

Hello all. I took test 2 and am confident I passed due to storing my answers on the calculator and comparing with popular answer key.

I did not use any study guide for the test. I only used the textbooks and read each of them at least twice. I used the released exams as practice problems.

I was wondering if it is possible to use this same method for course 3 -- using only the textbooks and previous exams. Thank you.

qwyjiboChu

01-02-2004, 04:37 PM

Hey johnlau. I wouldn't recommend it. I think I also passed Course2 this sitting (we'll find out in a week won't we?), but I sat for 2 and 3 both. I used just the textbooks and previous exams for Course2, but for Course3, I used the textbooks, previous exams, and the ARCH manual. I'm still fairly sure I failed it. If you're good at math, it's definitely passable on a first try, but spend some money for some study materials, because the application that SOA asks for is far beyond the practice given in the textbooks. This May, though, I'll be ready. :P

Cynic

01-02-2004, 04:46 PM

IMO, you don't need textbooks for C3 (except, perhaps, the Act. Math. book). Get a good study manual and work out problems.

Sunny

01-02-2004, 05:48 PM

qwyjiboChu

01-02-2004, 05:58 PM

Actually, it was primarily my fault for underestimating the exam and not managing my time better. I plan on studying for May's sitting without purchasing any additional materials because I was pretty happy with the ARCH manual. Well, I might purchase the practice exams by Ramanathan, but I don't think I'll be spending the money on getting a guide, per sé.

qwyjiboChu

01-02-2004, 05:59 PM

Oh, and in response to your question... nope, I didn't work all the problems available.

john

01-03-2004, 02:55 PM

but spend some money for some study materials, because the application that SOA asks for is far beyond the practice given in the textbooks. This May, though, I'll be ready. :P

the reason why i asked this is because i am too poor to buy any study manuals. like course 2, i am relying on the good old public library for the textbooks...

chic squirrel

01-24-2004, 01:36 AM

like johnlau I too am hard up on cash and cant really afford to attend the GSU/NEAS seminars.
Having said so, what is the best manual to use for the life con part? I figure that Mahler's notes are the best for the non-life part.

Summer

01-26-2004, 04:22 PM

you dont' have to go to a seminar. After you have been through all the material, go over as many questions as you can get your hands on as many times as you can before the exam (exam type questions preferably)

leocas04

02-12-2004, 11:52 PM

I think many exam-takers like me can't afford to attend GSU seminar - even it is great. Does Batten/Katz offer to sell their manuals and practice problems seperately like Mahler does? What are contents of these materials? How useful are they without attending GSU seminar?

Hope valuable advices from these who attended GSU seminar. Thanks! :roll:

Avi

07-11-2004, 11:41 AM

:bump:

SnareSound

07-16-2004, 03:40 PM

I've ordered the ARCH manual, the books, and the DVD seminar. Do you think I'll have enough practice problems with those materials?

Joe

07-16-2004, 04:01 PM

I've ordered the ARCH manuel, the books, and the DVD seminar. Do you think I'll have enough practice problems with those materials?

Joe

No. You will need Batten's problems and Actex's practice exams. Just my couple of pennies.

Brutè

07-16-2004, 04:09 PM

God I am so sick of seeing this thread every July and January. Someone just kill me.

Brutè

07-16-2004, 06:03 PM

God I am so sick of seeing this thread every July and January. Someone just kill me.

Maybe it's time for a vacation?Just had one pretty recently.

Sunny

07-16-2004, 06:24 PM

God I am so sick of seeing this thread every July and January. Someone just kill me.

;) I hear ya.

funk1

07-16-2004, 11:02 PM

God I am so sick of seeing this thread every July and January. Someone just kill me.

Amen to that!!! It's the same thing every time.
"what's the best manual"..."Batten"..."ARCH is good...Actex sucks"..."can I pass course 3 without studying"..."ASM, CSM, CSI, NFL, NBA, MLB...:)"
I want to be an FSA so I don't give a f about manuals anymore!!!! :)

Kasey

07-17-2004, 05:43 AM

Thanks a lot for the information! :) Thanks

SnareSound

07-19-2004, 09:48 AM

Actually, FUNK, I didn't ask any of those questions. I merely wanted to know if ARCH had a large number of problems to do. Fair question, I believe.

Joe

Brutè

07-19-2004, 10:07 AM

Actually, FUNK, I didn't ask any of those questions. I merely wanted to know if ARCH had a large number of problems to do. Fair question, I believe.

JoeI don't think funk was directing his comments to you.

Arch, IMO, does not have a 'large' number of questions. I would say about 10 post-2000 problems and something less than 10 pre-2000 problems for each LC chapter. Not sure about the Non-LC since I mostly used Mahler's notes which has tons of problems.

funk1

07-19-2004, 10:37 AM

LHospital is correct. I was not commenting on you, Snare. Just in general, the threads that say the same thing every January and July...literally, the same threads, same answers, etc. It is just the way it is and no harm meant....fail 3 a few times, and you will agree with me :). I think that Hospital and I may just be jealous that we don't own a "HOW I PASSED COURSE 3" thread b/c WE HAVE NOT PASSED THE FREAKING THING. :)

SnareSound

07-19-2004, 01:32 PM

No harm done; thanks for the help. It's looking like Mahler's problems and some practice exams will be good tools for a 6 week charge up to the exam. Thanks again.

Joe

TiderInsider

11-17-2004, 10:34 PM

God I am so sick of seeing this thread every July and January. Someone just kill me.

Instead of January, I'll bring it back to life in Nov. :D There has been a lot of talk about the changes to Course 3/Exam M in this thread. Can anyone comment on BG's strategy in light of those changes?

Avi

01-09-2005, 04:39 PM

.
http://www.actuary.ca/actuarial_discussion_forum/images/smilies/bump.gif

Bama Gambler

07-11-2005, 03:06 PM

Memories :)

Avi

07-11-2005, 03:24 PM

Indeed.

If so, might as well plug my one-time Bama tribute thread :-P

http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=14664

junaid

07-11-2005, 03:26 PM

Well i passed Exam FM and M this sitting...Veiwing them for the first time was like a nightmare but as the time passed things become to clear up though for the FM exam...but eventually near the exam i started grabbing the M material and even on the final day i was thinking to skip the M...

As far as the material is concerned i used Old Course 3 Actex for M (only)..and CSM manual for Course 2 and Interest Theory....Practice is what makes the difference

And well for those who think time is a problem.... i started studying mid March...by the way i have a job... hence there were only two things for me to do...work and study

hardinda

07-11-2005, 04:43 PM

Memories :)

Great, gotta follow more bama advice, just what i need. ;)

Maxprime

07-13-2005, 01:23 PM

Does Bama have a thread like this for Poker? I mean uhhh . . . I am going to go study.

Avi

07-13-2005, 01:29 PM

Great, gotta follow more bama advice, just what i need. ;)

Hey, you can always follow my rip-off, er, tribute ;)

http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=14664

Brutè

07-13-2005, 02:54 PM

Instead of January, I'll bring it back to life in Nov. :D There has been a lot of talk about the changes to Course 3/Exam M in this thread. Can anyone comment on BG's strategy in light of those changes?It's still a good strategy. The changes weren't that significant.