Actuarial Exam Reviewers

Welcome to Training Actuaries, where I will help and train you to become an actuary. The SOA Actuarial Exam Reviewers and training materials for your first 2 preliminary SOA Exams are available in this website. My aim is to help you to easily understand the concepts.

Study materials

You do not need multiple books or resources. The study materials of the Actuarial Exam Reviewers include section summaries and SOA-exam style problems. There will also be complete solutions provided for each problem. I will also post study tips and guides to help you study better with less time.

Feel free to post any feedback or questions under each article or section. You also can contact me through the contact form.

Thank you and good luck!

Your trainer.

Why Be an Actuary?

I am an Actuarial Analyst from a consulting firm that caters Retirement Valuations but I am not yet an Actuary. I only passed the preliminary actuarial exams, Exams P and FM. Last year, I decided to be an Actuary. Here are my top five reasons why I want to be an Actuary.

  1. First of all, the pay is generous. I had 2 raises for passing my exams and another 2 performance raises which are also due to the exams.
  2. I will never get bored. It’s a lifelong career that is both exciting and nerve wrecking. Moreover, you constantly learn new things on the job. Due to this, you sharpen your skills and broaden your knowledge. Always aim to get an accreditation such as an ASA, FSA or CERA.
  3. The chances that you will be unemployed are minimal. With the current demand and less supply, you can expect to have a job always.
  4. It’s a rewarding career. Passing the exams while working full time proves to employers that you are serious, reliable and disciplined.
  5. And lastly, you get to work with a lot of people. You should be able to explain technical concepts to your clients who do not necessarily have the same technical background as you.

With all that said, I assume, your main goal is to be a Actuary. You need to pass your exams as efficiently as possible. Never let a failure get in the way of a long term goal. The most important thing is to devote your time each day to the goal of becoming an Actuary. For more details on the actuarial designations, please go to the SOA website.

What does an Actuary do?

An Actuary manages and evaluates risks and uses data to predict the financial impacts of certain events. Most companies are hesitant to go into a new endeavor without consulting an actuary. Actuaries predict the possible outcomes and impacts. This can be acquisitions, mergers, or mass lay offs.

Some actuaries work in Insurance companies, others, such as myself, work in the consulting services that prepare retirement and accounting valuations. A pension Actuary calculates the liabilities of the Company to its employees and prepares the yearly reports. Pension Plans vary across regions. To calculate the liabilities, an actuary needs the raw data and assumptions. The raw data includes employee information. The assumptions are the decrements, salary increase rates and pension increase rates. Some plans are complex and funded, while others are straight forward and unfunded.

Actuaries heavily rely on the information provided. The information should be correct, otherwise the whole picture doesn’t add up. An actuary is the sum total of being an accountant, mathematician, statistician and programmer. You need all these skills to be an actuary.