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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.
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