One of your biggest decisions is how to prepare for the notoriously tough actuarial exams. Should you go it alone with self-study, or enroll in an online course with structure and support?
Becoming an actuary is a dream for those who are drawn to the challenge of mathematics, risk assessment, and financial security. This career brings intellectual stimulation, job stability, and excellent earning potential, but the path to becoming an actuary is anything but easy.
In fact, actuarial exams are notoriously difficult. If you are taking one soon, you need to decide between self-study and enrollment in online courses. Which study method offers the best return on investment?
An Overview of the Actuarial Journey
Actuarial science is the application of mathematical and statistical methods to assess risk in various sectors, including insurance, finance, and investments. Actuaries help organizations make data-driven decisions to mitigate financial uncertainties and optimize long-term profitability.
To become an actuary, you must do the following:
- Pass Actuarial Exams: Professional societies like the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) administer multiple actuarial exams.
- Gain Work Experience: Many actuaries begin working as trainees while completing their exams, with most employers supporting their preparations.
- Earn Professional Credentials: After passing the required exams and meeting experience requirements, actuaries earn designations such as Associate (ASA or ACAS) and eventually Fellow (FSA or FCAS), which signify expertise in specialized areas of actuarial practice.
Most aspiring actuaries also pursue a degree in actuarial science, statistics, mathematics, finance, or a related field.
The Pros of Self-Studying
When you self-study for actuarial exams, you prepare independently. You learn the actuarial science study material at your own pace through manuals, textbooks, practice problems, and other resources you find yourself.
The self-study method requires learners to create their own schedules. Many people follow a strict timeline, setting daily or weekly goals to cover topics, review concepts, and complete practice exams. You must also evaluate your progress and identify weak areas.
Aspiring actuaries opt for the self-study route when they seek the following:
- Flexibility in Learning: Self-study allows you to spend extra time on challenging topics while moving quickly through familiar concepts.
- Personalized Study Approach: Self-learners can select the best resources that match their learning preferences, whether video lectures or problem sets.
- Greater Control Over Preparation: You have the freedom to adjust your schedules, experiment with different study techniques, and revisit topics as many times as needed.
The Perks of Online Courses
An online course is a structured, instructor-led program that provides a comprehensive learning experience. These courses combine video lectures, guided study plans, practice problems, and expert support to ensure students grasp complex concepts.
Instead of creating your study schedule, you follow the course curriculum and complete assignments according to a set timeline. Consequently, your progress hinges on defined study milestones. This method brings the following advantages:
- Structured Learning Experience: Online courses follow a proven curriculum, covering all essential topics thoroughly.
- Professional Guidance and Clarifications: Access to experienced instructors lets you ask questions and receive explanations for complex concepts.
- Accountability and Motivation: With a clear schedule, regular quizzes, and instructor feedback, you are more likely to stay engaged and committed to your preparation.
The Better Way to Study for Actuarial Exams
Whether you self-study or enroll in an online course, you have the chance to become an actuary. Both approaches work, but one might be more suitable for you than the other. To figure out how to study for actuarial exams, compare the costs of your options first.
On the one hand, studying on your own has less financial overhead. On the other hand, online courses can be expensive, ranging from $50 to at least $10,000 for everything the program includes. Moving on from the financial standpoint, consider the following factors as well.
Structure
Self-studying costs less, but it demands discipline in creating and sticking to a self-made plan. In contrast, courses craft your exam journey, involving all topics you might miss when preparing independently.
Resource Availability
Free or low-cost resources are helpful, but curated and exclusive materials get you ahead. Experts do the legwork of gathering the most relevant content in courses, giving you exactly what you need to learn.
Learning Outcome
Self-motivation is every self-learner’s success mantra, and it can be enough. With online courses, accountability that leads to excellent learning outcomes comes at a price.
Certification
Most online courses offer a certificate or a diploma that employers recognize. If you do not mind seeking credentials separately, you may go for self-studying.
Peer Interaction and Expert Support
If you thrive through solitary learning, self-study is a cost-effective choice. However, peer interaction and instructor support from online courses may expand your knowledge and understanding, not just for the exam but also in your career.
Actuarial Exam Study Tips From Coaching Actuaries
Choosing to self-study for actuarial exams is an impressive and inspiring feat. Still, given the complexity and rigor of the tests, online courses are valuable investments. At Coaching Actuaries, we lighten every aspiring actuary’s load by:
- Following Structured Study Plans: We tailor study schedules to your exam date and personal learning pace.
- Providing High-Quality Actuarial Science Study Material: Expert professionals create our content, feeding you the most recent information in the most effective ways possible.
- Mastering Speed: Timed practice exams simulate actual test conditions, helping you build speed, accuracy, and confidence before exam day.
- Adapting Technology: Our platform leverages technology to evaluate your strengths and weaknesses and adjust difficulty levels to optimize your study efficiency.
- Maintaining Engagement: When you encounter hurdles, you never struggle alone. Your fellow learners and our instructors are always available to assist you.
Prepare for Your Actuarial Exams With Coaching Actuaries
Coaching Actuaries is eager to share more actuarial exam study tips and join you in your pursuit of becoming an actuary. Contact us today, and let us discuss how you can pass with our online courses!