Stepping into the world of actuarial exams can feel like being in a new dimension. Unlike university exams, you're no longer just studying for a grade, but building precision for a professional career. As someone who has been through this process, I've reflected on my journey to identify the key habits that led to my success and the pitfalls that nearly derailed me. Whether you're a fellow student or a career changer, you'll find them useful as they address the practical hurdles that textbooks often don't mention. Here are the top 5 things I did right (and wrong) while studying for Exam P.

5 Things I Did Right

1. Started Early, Planned Ahead

Each actuarial exam covers multiple topics. Depending on your comfort level, you may need to dedicate different amounts of time to each one. The worst situation is realizing you haven't finished or understood some topics after you've already booked an exam that's coming soon. Don't just schedule your studying to finish the week of the exam; build your plan so you finish the material with at least three weeks to spare. For first-time test-takers especially, that buffer is meant for mock exams and last-minute questions. The general rule: make yourself both confident and mentally equipped.

2. Did Not Expect to Learn Everything on the First Attempt

Exam P tests your knowledge across various distributions, each with its own shortcut formulas and tactics that can easily get mixed up. Don't force it. If you've genuinely tried and it's not clicking, move to the next topic and come back later; your brain needs time to absorb the material. Often, the realization of how formulas connect hits when you're doing something entirely unrelated. I'd also suggest spending time deliberately comparing distributions by finding their differences. It trains your brain to spot hidden clues in a problem that indicate which distribution applies.

3. Built Muscle Memory with My Calculator

Think of your calculator on the preliminary exams as an extension of your hand. On exam day, you should not need to spend time recalling how to reach nCr, factorial, or the exponent key. Learn the memory storage functions too; they help you avoid rounding errors, which matter a great deal when answer choices differ only in the third decimal place.

4. Kept Track of Problems I Got Wrong and Understood Why

After enough practice problems, you'll notice that there are only so many ways the exam can ask you something. If you don't know how to solve one type of problem, that gap will likely show up across multiple topics. When you get a problem wrong, don't just read the solution. Mark it, then try it again from scratch 48 hours later. If you can't solve it purely from memory and logic without your notes, you haven't actually learned the pattern yet.

5. Translated Text into Variables

On Exam P, you're allotted an average of six minutes per question. To maximize your time for actual problem-solving, develop the habit of active translation: convert each line of text into mathematical variables, givens, and unknowns on your first read. That way, you won't waste time on redundant reads. I'd suggest building this habit across every practice problem, not just Exam P.

5 Things I Did Wrong

1. Not Practicing Under Simulated Exam Environments

Exam simulation isn't just a knowledge checkup. It also serves to build your awareness of time constraints, sharpen your sense of pace when working through a problem, and help you know when to skip a question versus grind through it. First-time test-takers are especially prone to mental fatigue during the exam. Accustom yourself to that environment early. Psychological endurance is about how you perform, not just what you know.

2. Memorizing the Formula Sheet Instead of Understanding It

Opening the four-page Exam P formula sheet for the first time can feel daunting. But the formula sheet is there to make your learning comprehensive, not overwhelming. The formulas can generally be sorted into three categories: those that require memorization, those that are variations of something you've memorized, and those you can build from what you already know. Don't blindly memorize everything. If you do, you'll struggle when an exam problem modifies a formula slightly. Instead, build a knowledge web so you can derive formulas with the least amount of rote memorization. Then you'll be able to recognize and solve every variation.

3. Panicking Over One Small Challenging Topic

It's tempting to obsess over the hardest 5% of the syllabus. For me, it was conditional variance. I convinced myself there would be many such problems and that I'd fail because of it. The reality: the exam has to cover the entire syllabus, so each sub-topic typically shows up in only one or two questions. You don't need a perfect score to pass. If your study time is limited, get as confident as possible in as many topics as possible, then tackle the hard ones.

4. Getting Trapped by the Sunk Cost Fallacy

University exams give credit for process work. Exam P and FM do not; problems are binary, either 100% right or 100% wrong, and each is weighted equally. First-time test-takers often refuse to move on from a question they've already spent several minutes on, and that decision cascades into a broken time schedule. Treat your time as a strict budget. If you haven't established a clear path to the solution within three minutes, mark the question, make your best guess, and move on.

5. Skipping Practice on Topics I'd Already Mastered

After months of dedicated study, the last thing you want is to make a silly error or blank on something you know cold. Don't let your easy topics become blind spots. Treat every concept with respect, even the ones that feel like second nature. That's how you protect months of hard work from a few seconds of exam-day brain fog.

Overall, ACTEX was the resource for me because it presents formulas in a way that actually makes sense. The combination of diagrams, line-by-line derivations, and clear language meant I didn't have to constantly revise; I gradually grasped the logic on the first pass. I also found GOAL extremely helpful for customizing topic concentration and building mock exams. Being able to simulate an exam environment right after finishing a unit is, I think, the core reason I didn't panic on exam day.

At the end of the day, preparing for a preliminary actuarial exam is more than a test of math; it's a test of character. My experience taught me to give myself a little grace and respect the nature of learning. It is always hardest at the beginning. The SOA exams moved me closer to becoming an actuary and made me a better adapter to unexpected situations. Keep refining your patterns, don't let small hurdles distract you from the finish line, and I'll see you on the other side of the results page.