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I wanted to create a thread for my fellow Spring 2021 ILA-LPM test takers. These threads have helped me answer questions/discuss strategies for past exams, so I’d like to get one started for this sitting.
I’m also taking LPM this Spring! Really miss the old AO – I feel like this place is a ghost town. I’m curious to know how people are studying, but it doesn’t look like there’s many people signing on anymore.
I agree, it’s unfortunate that the response rate is lower than before. I’ve been going through TIA’s videos and have been writing notes from the lessons. I’m hoping to be done with those by March and will use the next month to try to memorize all the flashcards. Then April/May will be used to do practice problems and continue going through flashcards. How are you planning on studying?
I have 3 suggestions for others working towards fellowship, or even associateship, that have helped me:
Identify your learning style and choose study materials that complement it. TIA is my go-to. Once I left behind the traditional manuals & methods and went with TIA, I’ve been passing all my exams on the first round. I only wish I had switched earlier in my career…I could’ve saved a lot of time and money.
Learn how to study more effectively instead of just getting the hours you think you need. Actuarial Exam Tactics (by Roy Ju and Mike Jennings) helped me develop better study methods and habits. I sailed through high school and most of college without really needing to study, so I never learned how to study effectively when it came to challenging material. This book was one of my better purchases.
Increase reading speed/comprehension with a speed reading course. Udemy has some free speed reading courses that take a few hours to complete and helped me quite a bit. Public libraries also often have free courses, I know my local library does.
Hello,
I also prepare the ILA-LPM exam in Spring of 2021.And I want to know what material you use.
Catherine
Could have been worse. I thought they were relatively kind with the material they decided to test. Felt low on curveballs. Didn’t have too much of a time issue. I struggled with the wording of the TWR question which I saved for last and never quite got working very well.
The topics they tested overall were not a surprise. Basically stuff that hadn’t been tested ever or not in a couple sittings based on the TIA historical list. That helped a lot because I was able to focus my last few study days on reviewing material I thought was most likely to be on this exam sitting, and much of it was.
You can take much of this with a grain of salt given it was my first 5 hour FSA exam, but if nothing else I actually thought it went better than expected. If everybody else felt the same that’ll probably work against us though.
Agreed the wording on the TWR question was weird. They seemed to say “calculate the TWR using the annual MWR with the LIRR method” … that made no sense…. I think they meant to say “calculate the TWR and also calculate the LIRR using the annual MWR (since they then tell us to compare 2 calculations.
My biggest gripe was on the reinsurance question I could not for the life of me find any info in the problem that allowed us to figure out the number of policies there were. They gave a number of things in terms of expense per policy but I could not figure out how many policies there were, they only mentioned how much face there was (would’ve thought they’d also include “face per policy” to figure out the number of policies. Unless I totally was missing something.
i also had issue about the number of policies for the reinsurance.
Also, struggled with the VM20 question, re-read the reading and didnt seem to find the answer…
Similar to what has been said, I thought it was pretty fair and I was prepared for a few of the questions they asked based on the TIA historical list. Time wasn’t a huge issue as I put something down for each question, and I didn’t feel clueless about any individual problem. I’m hoping that puts me over the pass mark, but I don’t have a great idea as this was my first FSA exam attempt.
I agree was kinda clueless on the VM-20 question regarding product design and went back through the VM-20 material after the exam and couldn’t find any clear answer to that question. The TWR LIRR question was weird as well. I think I got it right but wasted 30 minutes on it which left me little time for the remaining questions. I wasn’t quite sure about the question regarding asymmetrical results for MCEV sensitivities either. Otherwise I felt ok but it seems like everyone else felt pretty good about the exam as well so that’s making me worried I’ll get a 5. 🙁
It’s worrying me that only one other person had an issue w/ number of policies on the reinsurance question. That was worth a lot of points and I was hoping they were throw the question out due erroneously not supplying enough info.
hey everyone! I’m sitting for Fall 2021 ILA LPM exam and was wondering which study manual to use? PAK vs TIA? This is my first F-level exam and I don’t know what to expect.
for anyone who has used either one your input is much appreciated!!
I only used TIA so take this with a grain of salt, but I thought their instructional videos, forums, and flashcards were sufficient in preparing me for the exam. I felt much better than I anticipated leaving the exam and don’t regret skipping over the source material.
The SOA posted the actual exam. I briefly went through it again (for some reason) and feel so nauseous. Even though I wrote down something for almost every single question (except for maybe two 1 point sub-questions,) I just feel so anxious and there’s a part of me that doesn’t feel like I did enough to get a 6. I put down formulas for the TWR/LIRR question, and I barely put anything down for the 5 point VM-20 question.
I think I’m going to start studying for LAM and also review some LPM notes at the same time. Anyone else in the same boat?
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