SOA Exam LTAM-Introduction
Please be well prepared for this exam. The study manual for this exam is the heaviest of the other preliminary actuarial exams. The learning manual I am using is the ASM exam LTAM manual, which has over 2000 pages across topics.
The physical version of this manual consists of three books. Each of them has the thickness of previous SOA exams, exam IFM study manuals from the same ASM brand.
Even with removing some practice exam questions and other references, each candidate must complete their learning of about 1500 pages of actuarial terminology before taking the LTAM exam.
This exam is usually the first exam for new graduates after taking a college/university course. You have to allocate your time and effort to your work and exams, and that feeling is horrifying for the first candidate.
There are a lot of things you have to do at work or at home, spend more time on this exam. The most important thing is to pass the exam steadily. Don't waste your money at the risk of passing this exam early.
This is the heaviest author of the ASM manual, but I suggest taking a 14-week study schedule as a sample preparation plan for the exam LTAM. However, time and efficiency depend on your ability; plan well before taking this actuarial exam.
SOA Exam LTAM-Structure
IN APRIL AND OCTOBER, the SOA exam LTAM was held twice each year.
The exam has 20 multiple-choice questions and 6-7 math (manually written) questions. This exam is different from the previous three actuarial exams, and all previous exams have only 30-35 multiple questions. Therefore, this is the first exam that the candidate must write down and physically hand over the calculation.
Each MCQ has 2 points, for a total of 40 points, but the total score for the written part is 56 points, for 96 points.
You will be given four hours to answer these questions, but the time is very tight for most candidates. It's already challenging to complete all the questions, not to mention checking the questions asked.
By the way, if the performance of the first part of the MCQ is poor or below the threshold score, you will not be able to proceed to participate in the written question, and the examiner will not ask the question.
SOA Exam LTAM-Reminder
The hard part is the written part; the difficulty of calculating those 6-7 questions is that there are many questions, and the knowledge is broadly included.
There are only 6 questions, but each has a small question, such as 12345. When answering questions, stay calm and try to calculate the right one at a time. Getting catastrophic answers during calculations is devastating, and it takes time to solve the problem.
Therefore, you need to study thoroughly and completely before taking this exam. Otherwise, you're just wasting money, time, and effort.
The next part details the assignment of topics and the exam structure that each chapter relates to. See you in the next post.
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