What to expect when taking Actuarial Exams

Hello Everyone!

For those uncertain about the actuarial exam process, here is some useful information about what you can expect from taking the preliminary actuarial exams. These are the three exams joint between SOA and CAS: Exam P (Probability), Exam FM (Financial Mathematics), and Exam MFE (Models for Financial Economics—to be renamed Investment and Financial Markets after July 2018). 

How to register:

  • Create an account on the Society of Actuaries website/log in to MySOA: https://www.soa.org/member/

  • Select the exam and sitting you would like to take (preferred method: Computer Based Testing [CBT])

  • Pay for the exam

  • Wait 3 days for a confirmation email

  • Select the desired Prometric Testing Station where you will sit for the exam

How to plan your exam sitting:

  • Consider an exam location close to UCSB, either in Camarillo or Santa Maria, or close to your hometown

  • Plan your sitting around the school calendar (over break is the best option as it won't conflict with your coursework)

  • Organize a carpool with others sitting at the same time/ take a train if you have no car

How to study:

  • Opt to take PSTAT 182T (Actuarial Tutorial)

  • 2 Upper Division units, Pass/Fail

  • Get UD credit for studying for your exam

  • May take this class 3 times, once for each exam: P, FM, and MFE 

  • Borrow an ACTEX study manual from the PSTAT department, located on the 5th floor of South Hall (Rm. 5607)

  • Purchase an online seminar from The Infinite Actuary

  • To obtain The Infinite Actuary discount: email jen@theinfiniteactuary.com from your UMAIL

  • Subject: Exam __ Seminar (fill in the blank with the exam you are studying for)

  • Body: Ask for a full-time student discount

  • Use discount code at time of purchase

  • Purchase Adapt problem bank from Coaching Actuaries

  • email aa.ucsb@gmail.com for a discount code that is exclusive to UCSB Actuarial Association members

  • Do as many practice problems as you can

  • Take practice exams strictly under exam conditions (timed and with no formula sheets)

  • Find additional resources at http://www.pstat.ucsb.edu/undergrad/resources/actuarial-science  and  http://actuaryclub.pstat.ucsb.edu/actuarial-exam/advice-for-exam/

How to get results:

  • Unofficial Pass/No-Pass statement will print up at the end of the exam for CBT (computer based testing) only

  • Official scores are released on the SOA website 8-12 weeks after the end of the exam testing period

  • Go to SOA website, log in to MySOA, click Exams and Education, click Transcripts

How to get reimbursed for exams:

  • Must pass beyond first exam taken and receive official scores from SOA (see instructions above)

  • Bring exam scores and exam receipts to Mr. Jerry Chung, Academic Coordinator, in PSTAT department (SH 5607G)

  • Complete reimbursement form within 60 days of receiving official passing notice (print from PSTAT website)

  • Reimbursements take a few weeks to process and will be credited to the student’s BARC account

 

Good luck on your upcoming exams!

Please feel free to contact any one of our officers if you have questions! 

For more information:

Follow our Facebook Group: UCSB Actuary Club

Check out our Website: http://actuaryclub.pstat.ucsb.edu

 

Best,

UCSB Actuarial Association Officers

aa.ucsb@gmail.com