By Kelvin Kahuro, CAA

If you ask any aspiring actuary what motivated them to start taking the actuarial exams, some would answer that it is the way to break into the field. This is true in most cases, but the majority did not take the time to understand what starting this journey actually meant. Others would say it was the anticipated hype that comes with passing an exam that drove them to start the path. Yet, what they did not know was that pursuing these exams is rather a challenging task that not only requires sacrifice, but also a lot of mental fortitude.

In my opinion, most actuaries would agree that they needed a blueprint of expectations before starting the actuarial exams path. This blueprint would have significantly improved their chances of passing exams from the first go. Below is my attempt at creating the blueprint I wish I had before I started taking the actuarial exams.

1.  Find a mentor

I did not start my career in actuarial science; I began in technology but always wanted to transition. While working my first job, I began studying for the Certified Actuarial Analyst exams, but I was unsure of how to make the career change. I kept passing exams, hoping that with more exams I would get accepted into an actuarial role, but it did not happen.

I then figured that in the competitive actuarial field, exams alone are not enough—you need a professional network to help propel your career, and therefore mentorship should be your starting point. To find a mentor, you could utilize business platforms like LinkedIn or Indeed to connect you with professionals in the field. When reaching out to potential mentors, be bold and have a clear plan in mind. Start the conversation by sharing your thoughts with them. Here are a few questions you could ask yourself while approaching a mentor:

1. Why did you choose them?
2. What are your ambitions and how do they align with the mentor’s expertise?
3. What kind of mentorship are you looking for?
4. What should the form of your communication be?
5. How often do you want to meet them?

While these questions are not exhaustive, sharing your answers will help your prospective mentor determine how best to support you in achieving your goals. It is worth noting that not everyone will reply. The key there is that you keep trying. After acquiring a mentor, it is your responsibility to schedule regular meetings with them and  keep them updated on your progress.  As Oprah Winfrey once said: “A mentor is someone who allows you to see the hope inside yourself.” — you do not need to take this journey alone.

2.  Begin exams early

The earlier you start taking exams, the better you get accustomed to them and to the preparations required for each of them. You will also be more attractive to potential employers. If you start the exams during your undergraduate studies, it will not only give you a head start, but will also help your coursework. This is due to the fact that the preliminary exams will have a lot in common with your classes.  Thus, studying for your undergraduate classes and the actuarial exams simultaneously will help you master the basic concepts as well as improve your chances of passing both of them.

Most actuarial bodies have preliminary exams that I recommend you start with. After doing some research, choose the most suitable exam to first sit for. You can also include your mentor in your decision making process, which brings me to the next point.

3.  Look for study buddies and find good study materials

After you have settled on a exam, remember that you do not have to go through your preparations alone. You should find study partners, preferably, but not necessarily, ones taking the same exam. The study sessions will keep you accountable and ensure you are on track. They will also provide you with an opportunity to test your mastery and guarantee that you all share the same understanding of different concepts. You can create a group study plan where you log in your progress. This will create a sense that you are a team working towards a common goal.

When selecting study materials use trusted providers- first look at the required readings and if you want exam prep materials choose a reputable company (like ACTEX Learning! ;)). These are serious and hard exams and it is not easy to build good quality exam prep materials or to teach these topics with competence. When in doubt, ask your professors or your mentor for a reference.

Finding supplementary materials to aid your exam preparations is always a good idea. Personally, I use YouTube videos to help me understand difficult concepts in the primary study materials. That said, be careful not to fall into a rabbit hole that gets you off track from the core coursework. Mixing study materials is vital to broaden your understanding of the essential concepts. Lastly, practice with past exams which will help you refine your exam techniques such as how to allocate time to each question and know when to move on from tougher ones. 

4.  Balance between life and actuarial exams

When I began working on my professional exams, I did not realize how much time and effort they would require.  Preparing for your exams while balancing social life, sleep, and normal activities is no easy task. However, what keeps me motivated is remembering that I chose this path for a reason and believing that it will not always be this hard.

Achieving the correct balance is possible, but it requires diligence as well as understanding and support from your family and friends. One should expect sometimes to miss events and sacrifice weekends, especially if you are working full-time. Nonetheless, do not make your life just about grinding to pass the exam-take breaks and catch up with friends when possible. Be consistent in your studies, plan your time wisely, and keep your family and friends up to date on your progress. Speaking with other students can also help but remember that what works for one person may not work for another. 

5.  Learn to cope with failure

Most of the qualified actuaries — with the exception of a few outliers — will tell you they have failed one or more exams at some point. Failing is a likely possibility, so you need to know how to deal with it. Personally, I find it useful to do a post-mortem analysis on the exams I do not pass, which helps me recognize my areas of weakness. Afterward, I dedicate more time to studying these areas again while continuing to practice across all topics to maintain my strengths. Another way to help you cope with failing is to talk about it with other people. However, do not dwell on failure for too long, the sooner you accept the outcome, the better you are to mentally prepare for your next sitting. Failure might be part of the process, but the best thing to do is to learn from it and begin again.

In conclusion, success in any exam requires planning, execution and consistency. It may take you longer than others, but what matters is your progress. Stay focused on your “why”, learn from any setbacks and keep moving forward. If others have done it, so can you!

About the author: Kelvin Kahuro is a Certified Actuarial Analyst and currently pursuing an actuarial fellowship with the Institute and Faculty of Actuaries (IFOA) in the UK. He works as an Actuarial Analyst at an Insurance company in Kenya and has previously worked as a Corporate Business Underwriter.  Kelvin has also been a Business Systems Analyst in a Financial Services company in his previous technology career. He is interested in Mathematics and Programming specifically in Data Modelling and Statistical Learning.