What happens when you fail the same exam multiple times? How do you deal with the 
repeated devastation and figure out what to do differently to make your next sitting successful? Virginia (Genny) Jones, a newly minted FCAS, shares her experience of failing Exam 6 twice and passing on her third attempt.
Genny had failed exams before, but she had always passed them on her second try. In the winter of 2012, all that changed when she got the results back from her second try at Exam 6: unsuccessful again! Genny had wanted to be an actuary since high school, so there was no way she was giving up now. This was back when the exam was only offered once per year, so she had until October 2013 to prepare for her third attempt. Some people say “third time’s the charm,” but Genny knew she needed more than just luck to make this her last sitting for Exam 6, so she made some serious adjustments to her study routine:
Future Fellows: After you failed Exam 6 the first time, what did you do to prepare for your second attempt? Did you change your study techniques at all?
Genny: Exam 6 was a different animal for me because it was less what I call “mathy” and more concept heavy, which wasn’t what I was used to. Even though math and formulas come very naturally to me, I knew I personally needed more time to memorize concepts. I knew I needed to learn the material more thoroughly to be able to write conceptually, so I worked more on learning the material and practice problems.
Future Fellows: Why do you think you were unsuccessful again, despite the additional study time and effort you put into preparing for your second attempt?
Genny: This is a tough question. To be honest, it’s not easy to figure out what you did wrong. The initial feeling is, “I did everything I possibly could. What do I do now?” But in reality, there is always something you can tweak or something you can change, and it really just takes knowing yourself well enough to be able to make those slight adjustments.
Future Fellows: How did you feel when you saw that you had failed a second time? How did you overcome those feelings, and what did you do to change your strategy?
Genny: I was devastated. […] I felt disappointed, discouraged, and very much like a failure to myself and all those rooting for me. After drowning in my sorrows for about a day, I picked myself up and started strategizing on what I needed to do to be successful because I wasn’t going to fail for a THIRD time! It was important for me to realize that I tried my best and there was nothing I could do to change the outcome, so I had to forge ahead and look to change something.
This is about the time that I jumped into gear and started calling any and all mentors. These mentors included fellow exam takers, fellow colleagues, formal mentors, and managers. I simply asked, “What techniques did you use when studying for actuarial exams or Exam 6?” The people that I was engaging ranged from those that were the same age as me to those that had been an actuary for 20+ years. It was important to me that I gain as much information from all those around me and compile ideas and techniques in a way that I could decide what worked for me. Obviously these people have been very successful, and I trusted I’d find something new to add to my study routine.
With that said, it was important that I be conscious of the fact that everyone is different and some techniques others used may not work for me. I compiled all the information I gained and started to formalize a plan of my next steps to tackle Exam 6 for a third (and last) time.
Future Fellows: What new study techniques did you use?
Genny: I actually implemented a lot of different strategies. Essentially these strategies were helping me mold my study habits for all upper-level exams.
- I made sure to stick to a routine. I had certain days where I would study at home or at the library or even taking a half day from work to “super-focus” on studying.
- I made sure to find an environment that shielded me from distractions. It was important that study time be productive. For example, I don’t always study well at home when there is laundry to be done or a mess around the apartment. I know that I can get easily distracted thinking about how hungry I am (even though I probably just ate breakfast), so I listen to music at a very low volume while I study. This just provides a white noise in the background to keep me from going crazy. I also learned to put away and/or turn-off my phone when needed.
- I used notecards. I was using notecards beforehand, but this was when I decided to ONLY use notecards. Before, I was using a combination of notebook/loose-leaf paper notes and notecards. I realized that I do not comprehend a full sheet of paper of notes well and it is not conducive to memorizing concepts – again, for me. I know myself well enough that notecards work better for me because it keeps the notes concise and separate, so as I read my notecards, I’m focusing on one topic at a time. This meant all my notes were transferred to notecards… I would have A LOT for each exam, especially Exam 6. My notecards became my study manual; typically I wouldn’t have to go back to the study manual I had purchased or any source material unless I needed to supplement a concept with more information.
- I would write down notecards. This technique came from a fellow colleague who was taking the same exams as me and then he had surpassed me, so I knew he was doing something right! One of the things I struggled with was fully memorizing and understanding concepts, so the technique suggested to me was when I was reviewing my notecards that I actually write the answer down. It doesn’t have to be legible, but the act of actually writing down what is on the back of the notecard helps make sure you are 100% reading what is on the back. It’s very easy to read the front of the notecard, turn it over, skim it, and assume you have it memorized, when in reality you don’t, and more importantly, you don’t fully grasp the concept and reasoning.
- I used a notecard tally system. After suggestions to use notecards and to write down the note cards, this next technique was something that came from one of my managers that had been an actuary for over 20 years. The way that the “tally system” works is as you review a notecard and write down what is on the back, if you get it correct, you mark a tally in the front corner of the card. After you get 3 tallies, you discard the notecard. The object is that the discard pile won’t need to be looked at again because after 3 tallies, it should be memorized. Not only is this a good technique to help build memorization, it is also a good technique that helps boost your confidence. Being able to watch the discard pile grow […] is the most rewarding feeling of great accomplishment. Even if a tiny stack of notecards is left on the day of the exam, you go in feeling confident and prepared, which for me was a good strategy to keep my test anxiety low.
Future Fellows: Do you think those techniques will work for everyone?
Genny: No, I don’t think what works for one will work for everyone, but the important take away is to engage those around you. Don’t be ashamed or scared to ask questions. I think it’s pretty fair to say that those taking actuarial exams and those that have passed all understand how hard and taxing it can be at times, and they are always willing to lend support and advice. You are the only person that can figure out what routine and techniques work for your personality, so be mindful of that when deciding what techniques you’d like to implement.
Future Fellows: What other study habits do you find work well for you? Why?
Genny: This is a good question. In 2015, I went 0/2 on my last two fellowship exams, Exam 9 and Exam 8. While my personal life had some influence on my studying, I knew I could do better! I started thinking about my actual study routine and what I needed out of my daily life to keep stress and test anxiety low. I decided that I needed people and the gym as a constant in my life. The next question I asked myself was, “Well, how do I accomplish this without feeling completely guilty that I’m not studying during any and all of my free time in the day?” In the past, I would eventually cut out friends, family, and the gym completely to make sure I was getting as much study time in as possible. However, I realized that I personally need friends and family in my life at all times. I like to socialize and I enjoy doing fun things outside of studying and work, so why would I eliminate that? It’s important to still study on the weekends and also know when you have to just say “No” to a social event because studying and passing exams should always come first, but again, it’s just finding that balance that works for you.
What I found that worked for me is during the week I began waking up at 5:00AM every morning to start studying by 5:30AM for 4 hours. On the weekends, I would wake up at 6:00AM or 7:00AM and study until about Noon; sometimes this was more flexible because you need sleep! I did this for a couple reasons: (1) I am a morning person, so waking up early isn’t that difficult, (2) I know I work better in the morning, (3) It’s easy to push off studying in the afternoon because of a long work day or fatigue, so this strategy eliminated that, and (4) It allowed me to spend time with friends in the evening for a quick Happy Hour or maybe just to treat myself to some time at the gym. I was able to do all of this without any guilt because I knew that earlier that morning I already completed my scheduled hours of studying for the day. It was a glorious feeling, my stress remained low, and even though I may have been a little tired towards the end of the four months of this, I went 2/2 on those fellowship exams in 2016 and I’m now an FCAS, so I think it worked!
Future Fellows: What advice would you give to someone who just got exam results back and didn't pass, possibly after multiple attempts?
Genny: Take a second to think about you. What do you need in daily life? What makes you happy? Do you need music while you study or an extremely quiet room? Do you need lots of paper or lots of notecards? Do you prefer studying in the morning, afternoon, or evening? These are all questions that one has to figure out on their own and there is no one-size-fits all. The main thing you need to figure out is how to organize your day or week so that when you study it is the most productive time slot of your day. When you find how to make study time productive, then balancing the other things you enjoy to help keep stress low is more natural.
Please log in to leave your comments or questions. Are you going to try some of the notecard strategies Genny described? What other study strategies have you used and found to be the most valuable?