9 May 2018
In this blog, Chloe Hung, Amazon best-selling author talks through the reality of actuarial exams alongside full-time work, and some of the mental challenges students are faced with.
Did you know that actuarial science is said to be one of the most difficult courses to study? When I first started studying actuarial science, I found myself wondering what is it that makes actuarial science so difficult?
It wasn’t until I started studying for the actuarial exams that I found the answer to that question. I have to admit that actuarial science is indeed one of the most difficult courses to study; but it’s not the university degree that makes this course so difficult. The real challenge begins with the actuarial exams. These exams are difficult because it requires an in-depth understanding of the various concepts and materials at hand. They are definitely more difficult than your typical math exams in school.
As an actuarial student, you must be prepared to put in months of studying and hard work because that is the amount of effort required to pass these actuarial exams. There is no short-cut or easy way through here. The actuarial exams are going to be part of your life as an actuarial student. Therefore, be prepared for a huge amount of studying in your upcoming actuarial journey.
Even though the actuarial exams may be tough, I believe the bigger challenge lies in the student’s discipline and motivation when it comes to preparing for these exams. Since it usually takes a few years to pass all these exams and become a fully qualified actuary, many students struggle with staying committed to the exams. Some students give up halfway through their actuarial journey because they keep failing a particular exam. Some give up because they are not willing to invest the time and effort required to prepare for the actuarial exams.
In my experience, most actuarial students go through two mental challenges when it comes to the actuarial exams. First is mental exhaustion. Some students spend so much time studying for the exams that they forget to take breaks in between all the studying. This leaves you in a mentally exhausted state when it comes to the actual exam day. Mental exhaustion causes you to lose focus, make careless and costly mistakes and forget essential concepts or formulas on the actual exam day. This is definitely a surefire way to fail the exam. Therefore, take ample breaks from all that studying when you are preparing for a particular exam.
The second mental challenge is the lack of instant gratification. We all love instant gratification. However, as an actuarial student, you must be prepared for a few months or years of hard work before getting rewarded. As I mentioned earlier, it usually takes a few years to complete all the actuarial exams and become a fully qualified actuary. Nobody goes through the actuarial exams without months of studying or hard work. Hence, you need to learn how to value delayed gratification instead of instant gratification. It’s ok to fail an actuarial exam. Simply learn from your mistakes and attempt that particular exam again.
Most importantly, don’t give up on the exams even when the going gets tough. Remember, as an actuarial student you need to value delayed gratification. A passing grade is usually awarded to the students who persist and commit through these exams.