Actuarial Exam Workshop 2019 2020 Exam Process Registration

Actuarial Exam Workshop 2019 -2020

Exam Process Registration Course Prep Study Strategy Exam Day Subsidy Policy VEE Process

Exam Registration Part I: Ordering the Exam Be aware of exam registration deadlines! ● Visit soa. org or check SAM emails/calendar for reminders ● Register ASAP (first-come first-serve basis) Step 1: Visit soa. org and create account (for new members) Step 2: Under “Education and Exams, ” click registration Step 3: Select the exam you are taking (choose CBT if possible). Click Go. Step 4: Follow the instructions. Enter credit card information. ● IMPORTANT: You do not select your testing location/date when you initially pay!

Exam Registration Order Receipt

SOA Letter of Confirmation

Exam Registration Part II: Scheduling the Exam ● Receive Letter of Confirmation 3 -5 business days later ○ Check spam folder if still missing ● Follow instructions on email for scheduling your specific exam date and time ● Location will be at a prometric testing center (choose location that is closest to you) ○ Factors to consider: Will you be at home or on campus? Will you be working at an internship? ● Appointment confirmation from Prometric will be emailed to you immediately after you schedule ● Review their instructions/directions to see what you need to bring to the exam and how you get to the testing center

Registration Review

SOA Actuarial Exams: 2019/2020 Exam P Exam FM Exam IFM Exam SRM Exam STAM Exam LTAM Exam PA Jan Feb Mar Jan Feb Apr Jun Mar Apr Jul May Jun Oct Dec May Jun Nov Sep Oct Jul Aug Sep Oct Nov Dec 9/2/2018 8

Exam Process Registration Course Prep Study Strategy Exam Day Subsidy Policy VEE Process

Course - Exam Matching Course Exam MA 425 P MA 424 FM MA 423 + FIN 300/302 IFM STATS 415 SRM MA 523 + MA 524 STAM MA 520 + MA 521 LTAM TO 414 PA

Exam Process Registration Course Prep Study Strategy Exam Day Subsidy Policy VEE Process

Study Resources 1. 2. 3. 4. 5. Course Material Study Manuals SOA Problems/Syllabus SAM Library (contact Professor Natarajan or me) Exam Chair (email zwency@umich. edu if you have any question regarding exams/VEE/class registration

Suggested Study Strategy Tips ● Best piece of advice: Everyone studies differently. Find what works for you. ● Courses provide general knowledge, Study Manuals are your study guide ○ Focus more on the study manual ● During Course ○ ○ ○ Take good notes and review material frequently Do well on tests! - More likely to do well on the exam if you perform highly in the class Find time to review study manual ● Study Manuals ○ ○ ○ Coaching Actuaries (Promo code: ? ? ), ACTEX, ASM, TIA Covers exam content and provides sample problems/practice exams Utilize SAM Library for free study materials! Goal: Learn material in class but find most important material/what’s tested on exam by reviewing the study manuals

Important Additional Study Resources ● Adapt (coaching actuaries) ○ Receive thousands of practice problems ● SOA Sample Problems ○ ○ Retired exam problems Many questions still repeated on exam ● Review exam syllabus on SOA website

Study Timeline ● ● Everyone learns at different speeds Rule of Thumb: 100 hours of studying per hour of the exam Create a schedule and stick to it (studying lasts months) Schedule suggestion: Make sure you leave enough time to cover all content and still have time for 1 month of practice problems/practice tests ● NOTE: Exams get harder (more material = study more) as you progress Sample Study Strategy (Minimum Study Amount): 1 semester: learn material through course and work through study manual 1 month: Practice! (problems and exams) Take Exam

Utilize Peers ● ● Study in groups Utilize Slack Ask your SAM mentor how they studied Reach out to your Exam Chair

Day Before The Exam ● Drive to the testing center so you don’t get lost on exam day ● Make sure your calculators are fully charged/ buy an extra calculator ○ Review Exam Syllabus for acceptable calculators ● Light studying ○ Don’t stress yourself out ● Pack your bag ○ ○ Photo ID, calculator, exam receipt Check prometric confirmation email/exam syllabus for additional information ● Get a good night’s sleep! ● Be confident!

Exam Process Registration Course Prep Exam Study Strategy Exam Day Subsidy Policy VEE Process

Exam Day ● Eat breakfast ● Arrive early ● Testing center procedures (Prometric is very official) ○ ○ They will pat you down/ use metal detector They will check your glasses for cameras They will provide you with pencils…. I have no idea why They will clear your calculator’s memory ● You will be seated at a computer terminal and instructions will be given on screen ● Take a deep breath and begin the exam ○ Don’t panic! You will find a rhythm ● Finish exam and take a brief survey ● Receive automatic results for P, FM, IFM, SRM, and STAM, need to wait 6 -8 weeks for others

Official Results ● 6 -8 weeks after the exam ● If signed up for texts, receive a text from SOA: “Hello candidate (number) the result of your (exam) is Pass/Fail” ● List of passing candidate numbers can be found at soa. org → “Education & Exams” → “Exam Results” → Choose exam ● Transcript can be found at soa. org → “Education & Exams” → “Exam Results” ○ Use transcript for official proof of pass if there’s no preliminary pass for reimbursement

Exam Process Registration Course Prep Exam Study Strategy Exam. Day Exam Subsidy Policy VEE Process

Congrats! You Passed!

SAM Exam Reimbursement Policy Step 1 • Be a paid member of SAM • Declare actuarial math major • Be an enrolled student when exam is taken • Be an enrolled student when all materials submitted Step 2 Step 3 • Fill out exam reimbursement form Case 1 - Pass During School Year: • Proof of passing (preliminary or official transcript if preliminary isn’t provided) Send materials to Professor Natarajan’s Office (EH 2855) • Receipt of exam purchase Email materials to Professor Natarajan (rogernat@umich. edu) Case 2 - Pass Over Summer: • Resume For Further Information: https: //sam. math. lsa. umich. edu/subsidy-policy/

Exam Process Registration Course Prep Exam Study Strategy Exam. Day Exam Subsidy Policy VEE Process

Course - VEE Matching Course VEE ECON 101 + ECON 102 Economics STATS 426 Mathematical Statistics ACC 300 + FIN 300/302 Accounting and Finance

SOA Approval Step 1: Take all courses required for all 3 VEEs. You will need your transcript. Step 2: Go to soa. org → Education and Exams → VEE: Validation By Educational Experience Step 3: Apply for each VEE separately Step 4: Wait 6 -8 weeks for SOA approval

SAM VEE Reimbursement Policy Step 1 • Be a paid member of SAM • Declare actuarial math major • Take VEE courses at Michigan Timeline • Be an enrolled student when all materials submitted Step 2 Step 3 • Fill out exam reimbursement form Case 1 - Apply During School Year: • Proof of payment to SOA Send materials to Professor Natarajan’s Office (EH 2855) • Resume SOA approval for VEE credit is NOT NEEDED! Case 2 - Apply Over Summer: Email materials to Professor Natarajan (rogernat@umich. edu) For VEEs: You have 30 days to submit all materials to Professor Natarajan after applying for VEE credit with the SOA Note: Students can only apply for reimbursement after receiving all 3 VEEs or in their final semester of their senior year if all 3 are not achieved For Further Information: https: //sam. math. lsa. umich. edu/subsidy-policy/

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