6. Study Material
The Core reading material used has been developed by Acted for the IFoA and is the same that is used by students appearing for IAI exams. Aside from the Core reading, there are Question and Answer Bank and past papers. It is essential to keep an Actuarial table with you at all times.
All these names of the types of study materials may have gotten you thinking what you should really be using and whether you will have the time to do so. This is a very valid point. Time is a very crucial consideration. Ideally, students must be very thorough with the Core Reading material and must ensure that they practice past papers. The IFoA recommends about 350 hours of study time and it is a fair amount of time to feel confident about the core reading and past papers. But what if you don’t have the time or simply want to organised your study in a different way?
If you have say, 200-250 hours, you can get through the Core reading, do Question banks and X-Series questions (Part of Core Reading) and do some past paper questions to feel prepared. This will really raise your chances of clearing the exam that you are studying towards. If you have just 100-150 hours though, then using the Revision notes/ASAT would be a smart thing to do because these resources have core concepts listed in an organized way and have past paper questions sorted by topic. That makes life easy.
If you have less than 100 hours, then there is a very poor chance of being able to pass the exam. There is unfortunately no point (typically) in registering for exams.
It has been observed that preparation gets easier and less time consuming with the help of a mentor helping a student out. We as a coaching institute ensure that we keep our students on track with their study. Also, our teachers ensure that regular doubt classes are held, where past paper questions are discussed. This ensures that students get enough practice much ahead in time. We guide students through the core reading initially, so that they feel comfortable with the main concepts, and we then proceed with question banks, X-series and past papers. In case a student has lesser time to prepare, for whatever reason, we help the student use their time effectively so that they can maximize their chances of passing their exam.