Recently there have been notable changes to the content outline’s for exams through the Admissions Transformation Plan (ATP). While candidates may express frustrations regarding the new content outline’s, it’s important to recognize that this is a natural part of evolving our basic education program. It’s essential to ensure that credentials meet the gold standard for property & casualty actuaries. The primary objective of candidates is to successfully pass the examinations and attain their professional credentials. Let’s dive into some study tips and strategies that can help you navigate these changes.

1. Understand the changes

The initial step of taking any exam would be reading through the content outline’s thoroughly. Identifying what topics have been added, removed or modified will give you a clear picture of what to expect. The content outline’s provide you with information on exam structure, content material and areas on which to focus. Keep in mind that when exam question writers craft the questions, one of the main considerations is whether the question is covered by the content outline’s domains and tasks. Therefore, the ability to complete the tasks given in the content outline’s is the key. Moreover, pay close attention to any new topics and ones with more weight. 

In addition to the changes in domains and tasks in the content outline’s, new exam item types have been introduced. Since the majority of exam practice problems are not presented in the new exam item type format, it is critical to be familiar with these item types before taking your exam. The CAS provides sample testing through Pearson Vue for candidates to prepare for the exam environment. This is the appropriate way to understand how the new exam item types will be presented. For a complete overview, the CAS also provides a sample item video tutorial. If this is your first exam with spreadsheet-type items, keep in mind there are differences between the Excel functions and Pearson Vue spreadsheet capability.

New terminologies were also introduced in the content outline’s a few years ago. “Content Outline’s” are being referenced throughout this article instead of “Syllabi.” These terms refer to the same concept; however, there are a couple of other terminologies that might have similarities and differences compared to the old terms. The CAS published an article, “Content Outline Informational Announcement”, detailing the new terminologies that are intended to provide you with an understanding of how the new content outline’s are structured. 

2. Use official resources provided by CAS

The key resource that you should utilize is the source materials provided under the test references section of the content outline’s. Exam question writers are leveraging those associated readings and so should you. Investing your time into studying the source materials helps you gain a deeper understanding of the key concepts, especially in the situation where minimal past exam problems are available. Mastering the source material would be the optimal strategy to prepare for an exam.

The CAS has a whole section on their website dedicated to resources for preparing for CAS exams. It contains many useful insights that can help you prepare for an exam. For example, the new “Post Exam Summary,” crafted by the Syllabus and Examination Working Group, aims to offer candidates insights on past exam performance, along with recommendations and study tips. It provides specific commentaries regarding each of the constructed response exams. It is particularly useful to see the areas in which many candidates need improvement — you should pay close attention to those areas to avoid repeating the same mistakes. Taking some time to explore this site for additional study resources and strategies is worthwhile. 

3. Leverage the study material from an old exam

Several strategies can be used effectively to prepare you for the updated content outlines. If you have previously studied the material from the prior exam, revisiting your old study material can be beneficial. This allows you to save some time by identifying areas where you may need additional review compared to starting from scratch. Familiarizing yourself with old study material helps you reinforce concepts and understand the subject matter better. 

It’s important to note that the instructors from study vendors might be new to producing these materials for the course. It’s possible that they may not be as well-established or comprehensive as other materials. In this case, finding and practicing old exam problems related to the new content outline’s can help you gain some familiarity with how these problems may show up on the exam. In addition, seeking support from friends or colleagues who have successfully passed the exam with these content outline’s and borrowing their study materials can be an alternative approach to take. They can provide you with valuable resources and strategies based on their experience.

4. Join a study group

There are numerous advantages you can gain from studying with other candidates for the same exam. First, collaborative learning allows you to teach and learn from each other. The best way to know whether you have mastered the material is through explaining concepts to others. This process can also identify gaps in your knowledge. Others can help you to gain additional insights and clarify any confusion. Second, you can share study resources such as formula sheets, practice problems and additional support. It’s always good to have more study materials to leverage. Additionally, others may have alternative effective study strategies for you to try out. Last, peer pressure can be motivating and encourage you to be actively studying. If there are structured study sessions and deadlines set up by the group, it can help prevent procrastination and ensure that you are staying on schedule. 

5. Be adaptive

It’s possible that some strategies that worked well for others may not work for you. It’s common for candidates to try out multiple exam strategies before finding out what works best. This is especially true when you are starting a new exam. There are also different study materials that are better suited for different exams. Video-based lessons may have worked well for you in the past, but with a new exam, reading through the source material might better prepare you instead of going straight to study vendors. Utilizing as much study material as possible and not just focusing on what you like can be key.

It is challenging enough to study for an actuarial exam. It is even more stressful to fail an exam and have the content outline’s change in the next sitting. This situation can feel overwhelming since it requires you to recalibrate your study approach and learn new material with limited resources. By keeping a positive mindset and adjusting your study strategies, you can give yourself the best chance of success in your actuarial exam journey.