Path to Enrolled Actuary

[BG5150]

I wasn't sure where to put this, so I chose the DB forum.

I would like to start on the path to become an Enrolled Actuary.

On of the steps is to pass the exams.

The EA-1 is only given once a year and encompasses financial math and some life contingencies.

Credit for the test can also be obtained by passing grades on the SoA FM/2 and MLC exams.

I was thinking of taking the 2 SoA exams for a couple reasons:

1. They are given half a dozen times a year.

2. It breaks down the material into two exams instead of one big one.

However, it looks like the syllabus for FM (at least) is more expansive than the financial math needed for EA-1 (derivative markets is a big slice of the exam). I haven't looked at the MLC vs EA-1 topics yet.

So if I take the two exams, I will be studying more material than I need.

Any thoughts?

[AndyH]

Lots of discussion of this at actuarialoutpost.com EA exam section

[Calavera]

If you are not pursuing ASA/FSA designations I would think passing EA1 is much easier then passing other 2.

[BG5150]

But it's a lot of material all at once.

I was thinking it's either:

Do 2,000 pounds of learning/studying at once (EA-1) or do 2,500 pounds of studying, but only 1,250 at a time (FM-MLC).

And you never know, ASA/FSA could be an option (way) down the road...

[Lou S.]

If you are not pursuing ASA/FSA designations I would think passing EA1 is much easier then passing other 2.

Maybe maybe not. Having taken EA-1 (sadly more than once) I will say the exam was a bear. I have not taken the other two but have heard that passing the other two can be "easier" than passing EA-1. I think it depends how strong your math skills are.

[BG5150]

Lots of discussion of this at actuarialoutpost.com EA exam section

Half were EA! Half were FM/MLC!

Just looking for another perspective. (Pension Actuaries are the like crazy family uncle over there.)

[AndyH]

Yes, that is about right. No easy answer other than if you are considering ASA/FSA you should do the SOA exams, no question. Otherwise I think it's a tossup. If you have done calculus and heavy speed algebra this century, and don't actually have to work and live full time, you'll have an advantage either way with EA-1 or the SOA exams over some of us.

[david rigby]

Quote

...I will be studying more material than I need.

If you want to be any good at it, this statement is false.

[BG5150]

Yes, that is about right. No easy answer other than if you are considering ASA/FSA you should do the SOA exams, no question. Otherwise I think it's a tossup. If you have done calculus and heavy speed algebra this century, and don't actually have to work and live full time, you'll have an advantage either way with EA-1 or the SOA exams over some of us.

It's been over 20 years since my last math class.

[KATS]

I had not had any math classes in over 20 years when I took the EA-1 exam in 2006. I went through the same decision making process that you are going through and even considered taking some college courses that would satisfy the requirements. I ultimately decided that I needed the full year to study the material. I did take the EA-1 exam and I passed the exam on the first try. I had already taken the other two exams so the EA-1 was the last one I needed to obtain my designation.

[BG5150]

After your input and thoughts from others, I think I'm going to steer toward taking the EA-1.

I'm going to have to come up with some sort of study plan, however....

[AndyH]

http://www.theinfiniteactuary.com/

No decision to be made - use Rick G's course or materials and supplement it if you wish with other stuff. (Only problem is the online course is not available until 6 months before the exam and it ain't cheap. But you can get his prior stuff in hard copy from his website. http://www.softwarepolish.com )

[BG5150]

Thanks, Andy. I'll check it out.

I'll probably get acquainted with the material this summer, and see if I'll need the IA seminar after Thanksgiving.

I have a lot of FM/2 material (including ASM & ACTEX manuals) and some MLC stuff. I'll go through the syllabus and see what needs to be studied and what can be skipped.

[My 2 cents]

The material for EA-1 doesn't change much from year to year, does it?

[AndyH]

No, but the focus has. It has gotten much more theoretical - different mortality theories, etc. And (arguably) difficult.

[Calavera]

It was long time ago but out of suggested readings for EA1 outlined in http://www.irs.gov/pub/irs-utl/EA%20Program%20Booklet%20Jan%202014.pdf, I would definetely recommend Parmenter's "The Theory of Interest..." and Brown's "Introduction to Mathematics of Demography"

[BG5150]

For Interest, I have Kellison.

I'll look into the Demographics book.

[BG5150]

I also have Jordan for Life Contigencies

[BG5150]

It was long time ago but out of suggested readings for EA1 outlined in http://www.irs.gov/pub/irs-utl/EA%20Program%20Booklet%20Jan%202014.pdf, I would definetely recommend Parmenter's "The Theory of Interest..." and Brown's "Introduction to Mathematics of Demography"

I picked up Parmenter a couple weeks ago.

I'm thinking of taking EA-1 and -L in the spring.

[Effen]

Just an FYI, the pass ratios for EA 1 are very low, typically only about 20% or less pass. This is generally thought to reflect the quality of the student taking the exam, not the exam itself. Most "strong" students are going the ASA/FSA route and don't take EA1. The "weaker" students take EA 1 and therefore the pass marks are very low. Normally less than 100 students take the test each year.

The material generally doesn't change much from year to year. Best approach is just get a bunch of old exams and make sure you know how to do all the questions. All the old exams and answer keys are available on the Joint Board site. Really no reason to buy the newest study material and solutions for EA1. You would probably be just a well off if you could find someones used stuff from a year or so ago and save yourself some money.

The text books you mentioned are great, but practicing on old exams is the best way to go. Also, save the 2 or 3 most current exams and practice on them in simulated exam conditions. This will give you good insights on where you need help.

[WhatsESUP]

Has anyone taken the EA-1 exam lately? 

Anything new to consider?  

[AndyH]

Yes.    i took it half heartedly 5 years ago and didn’t retake it till last year   Passed    

New? not really.  

If you take Rick G’s online seminar he guides you where to focus.     Most importantly practice all annuity and life contingency related items until your hand hurts.   And the last 10 exams.   And the mortality basics.  And knowing the insurance formulas is essential.   Don’t worry about calculus.   

[GoVolsKickSomeAss]

Howdy all, long time lurker first time poster

I took a few exams before the kids were born (P & FM), last sitting was 2007 when my daughter was still in the crib.

Now looking to get back in the game, definitely just going for the EA and not the ASA path...

BUT -- with FM already under my belt, would just sitting for MLC be 'easier' than rehashing the old annuity stuff on EA-1?

I sat for MLC (don't even ask the score...exams are damn near impossible with kids that can crawl), so have the materials for both FM & MLC, including the separate flash cards and practice tests. Would that be sufficient for EA-1 study materials and practice tests? The FM stuff is 13 years old, but I didn't really have a problem with that exam -- that being said, I'm not tryna 'over-study' if i cant have to.

Mainly I'm just wondering about the MLC vs MLC-part-of-EA1 comparison here.

I assume there's some free & good EA-1 practice tests out there? (Gandalf's stuff on Actuarial Outpost for FM was really what allowed me to ace that one).

any/all insight would be much appreciated.

Thanks

[GoVolsKickSomeAss]

so i guess its:

EA-1 will be 'easier' than MLC, but I'll also need to refresh my 13-yr old FM stuff (minus the derivatives stuff)

MCL will be 'harder' than EA-1, but at least I wont need to deal with any FM stuff at all.

 

i think if the old study guides (pretty sure i had ASM) for MLC will be sufficient for EA-1, I'm inclined to try and use my old MLC materials to sit for EA-1, just fill in any gaps with available EA-1 practice tests.

[Effen]

The prior EA exams are available on the Joint Board website.  They also provide answers, but not solutions.  Best option would be to download the last few exams and see how you do.  That would be the best determine on how to study for the next one.  

You mentioned Actuarial Outpost - Is that site back up?  I was down for months for some unknown reason.

[BG5150]

The AO has been semi-replaced with goactuary.org.  The Outpost is up and running again, but with a much pared-down forum section.  Though there is a back-door somewhere so that people can get into the legacy forum and still post.  Not sure if any new exam questions would be answered, but the old stuff is probably there.

[C. B. Zeller]

Free worked solutions to some older EA-1  exams are available here: https://studymanuals.com/Product/Errata/56

EA-1 is a niche exam; the number of test takers is very low compared to SOA FM or LTAM (exam MLC is no longer offered). As a result you are less likely to find resources tailored to it.

[Lou S.]

On 1/6/2021 at 2:49 PM, BG5150 said:

The AO has been semi-replaced with goactuary.org.  The Outpost is up and running again, but with a much pared-down forum section.  Though there is a back-door somewhere so that people can get into the legacy forum and still post.  Not sure if any new exam questions would be answered, but the old stuff is probably there.

The backdoor to the AO disappeared a few months ago. I think you can access specific threads if you work hard to get there and know enough about them to find them because nothing ever really dies on the internet but it isn't very easy from what I understand.

https://community.goactuary.com/c/exams/5

Go Actuary has an an exam section similar to the old AO.

If you're looking for a paid course Rick Groszkiewicz and David Farber are both very good, I did David's courses years ago. I suspect a google search on either would point you in the direction of their information. And if this is against the terms of this site I apologize, I have no realation to either nor do I receive any referral fee.

[BG5150]

Old Actuarial Outpost forums can be found here.  Currently up and running.  You have to put in the url directly:

 

http://204.232.242.165/actuarial_discussion_forum/index.php

 

[AndyH]

On 1/7/2021 at 1:06 PM, Lou S. said:

The backdoor to the AO disappeared a few months ago. I think you can access specific threads if you work hard to get there and know enough about them to find them because nothing ever really dies on the internet but it isn't very easy from what I understand.

https://community.goactuary.com/c/exams/5

Go Actuary has an an exam section similar to the old AO.

If you're looking for a paid course Rick Groszkiewicz and David Farber are both very good, I did David's courses years ago. I suspect a google search on either would point you in the direction of their information. And if this is against the terms of this site I apologize, I have no realation to either nor do I receive any referral fee.

I did each of Rick's courses and they were excellent.  I think he's only doing EA1 now though.  And yes Dave's materials are also excellent.