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  #11  
Old 11-18-2017, 03:34 PM
Patbaker12 Patbaker12 is offline
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For any of you who are starting to study now, whatever you do, DO NOT buy the ASM 10th edition. It was overly difficult, concepts are very poorly explained, some of the topics are useless, and it is riddled with mistakes. 3 months with ADAPT is better than a year with that god awful manual.
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  #12  
Old 11-18-2017, 03:58 PM
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Whoaminoneofyourbusiness Whoaminoneofyourbusiness is offline
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How'd you do Pat
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  #13  
Old 11-19-2017, 02:18 AM
eclipserydr eclipserydr is offline
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Quote:
Originally Posted by Patbaker12 View Post
For any of you who are starting to study now, whatever you do, DO NOT buy the ASM 10th edition. It was overly difficult, concepts are very poorly explained, some of the topics are useless, and it is riddled with mistakes. 3 months with ADAPT is better than a year with that god awful manual.
darn, i bought that manual. i have adapt too so hopefully it starts to click with that.
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  #14  
Old 11-19-2017, 02:11 PM
ARodOmaha ARodOmaha is online now
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Default MFE Exam Experience

Here's a rundown of my experience with MFE while it's still fresh:

I started studying in May (pretty early). Read the ASM manual 10th edition and then took a few weeks off to do the VEE Applied Statistics. While going through ASM I completed every quiz question and about every third practice problem at the end of the chapters. My philosophy while reading the material is "just keep swimming"; try to understand about 80% of the material and move on.

For the last 90 days I used Adapt. My EL went like: 3.0, 3.8, 3.8, 4.5, 5.9, 5.9, 5.9, and finally 7.5. I felt like all you really need to know are the formulas really really well. There were times my EL was stuck, but as soon as I learned more formulas and shortcuts it moved up. For this exam all you need are the formulas and how to use them. So much easier than Exam MLC. Make sure you know everything about binomial trees and interest rate trees!

I felt confident going into the exam and honestly I may have gotten every question right. Not a single question surprised me. First time through the test I didn't get two answers, marked them and moved on. In the last 15 minutes I was able to get those with pretty high confidence. I feel iffy on one or two answers, but that's about it. I probably over-studied with around 280-300 study hours. The last couple weeks I was just so bored with the material. But at least I'm confident I'll pass; I'll know the results in 8 weeks.

P.S. I also did the SOA released questions. They may have been slightly helpful to see the wording, but they made me unduly stressed out about Greek partial derivatives.
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  #15  
Old 11-20-2017, 03:33 PM
ActuariallyDecentAtBest ActuariallyDecentAtBest is offline
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I'm selling my ASM Manual 10th edition. PM me!
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  #16  
Old 11-20-2017, 04:31 PM
ARodOmaha ARodOmaha is online now
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P.S. I also did the SOA released questions. They may have been slightly helpful to see the wording, but they made me unduly stressed out about Greek partial derivatives.
I didn't realize until today that the SOA problem set I was using is different than this set:

https://www.soa.org/Files/Edu/2017/m...erivatives.pdf

Perusing through the file, I saw several problems that are very similar to the real deal, so I highly suggest knowing them.
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  #17  
Old 11-20-2017, 05:34 PM
ashleymarp ashleymarp is offline
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Originally Posted by ARodOmaha View Post

P.S. I also did the SOA released questions. They may have been slightly helpful to see the wording, but they made me unduly stressed out about Greek partial derivatives.
So did you actually need to know the formulas and graphs for the greeks?
Some I will definitely be able to derive, but I'm thinking it may just save time to memorize them all. And ASM seems to suggest the graphs *might* be important.
I hate to memorize things that *might* be important :/
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  #18  
Old 11-21-2017, 03:14 PM
ARodOmaha ARodOmaha is online now
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So did you actually need to know the formulas and graphs for the greeks?
Some I will definitely be able to derive, but I'm thinking it may just save time to memorize them all. And ASM seems to suggest the graphs *might* be important.
I hate to memorize things that *might* be important :/
I think it's important to know how the Greeks function and whether they increase or decrease. You can use the Black-Scholes formula for much of that analysis. I would also memorize Delta, Gamma, Rho, Vega, and Psi since they aren't that difficult and help you with delta-gamma problems. In the obscure case that Theta appears, I would estimate it by change in option price over change in time.
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  #19  
Old 11-21-2017, 06:30 PM
ActuariallyDecentAtBest ActuariallyDecentAtBest is offline
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I personally still think that the problems in the ASM Manual 10th edition are valuable, but do NOT read the actual lessons. I found that some of the concepts are poorly explained or are just simply wrong. And this was the first time I've ever used a manual for an exam. Probably won't use one for the rest of em.

I didn't pass MFE on my first try, but on the second round, I used the Coaching Actuaries review videos (also bought 1 weeks worth of ADAPT) and did the ASM problems. I took the exam today, and thought I did well, so I thought I'd pass along this method to you guys. The CA review videos are fantastic in my opinion. The concepts within this material are tough to teach/explain, and the guys at Coaching Actuaries do a fantastic job explaining the concepts and the formulas.
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  #20  
Old 11-21-2017, 06:37 PM
ActuariallyDecentAtBest ActuariallyDecentAtBest is offline
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Quote:
Originally Posted by ARodOmaha View Post
I think it's important to know how the Greeks function and whether they increase or decrease. You can use the Black-Scholes formula for much of that analysis. I would also memorize Delta, Gamma, Rho, Vega, and Psi since they aren't that difficult and help you with delta-gamma problems. In the obscure case that Theta appears, I would estimate it by change in option price over change in time.
I disagree with most of this sentence in bold. Yes to memorizing delta, but do NOT memorize Gamma (just know the derivative of N(di) with respect to the stock price) and derive. You can also derive the rest of the formulas pretty easily (specifically Rho and Psi.)
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