When preparing for the SOA Exam FM, mastering key concepts efficiently can feel overwhelming given the sheer volume of material you need to cover. One of the most effective tools you can use to boost your memory and understanding is the humble flashcard. But not all flashcards are created equal, and how you use them can make a massive difference in how well you retain the information. I want to share some practical, proven flashcard techniques that helped me—and many others—memorize crucial formulas, definitions, and problem-solving strategies for SOA Exam FM study sessions.

First, it’s important to move beyond just flipping through a stack of flashcards mindlessly. One common mistake is to review all cards in order without prioritizing the ones you don’t know well. Instead, try this simple but powerful approach: when you pick a card, if you know the answer instantly, set it aside; if not, put it back into the stack to revisit sooner. This way, you end up reviewing the difficult cards multiple times while spending less time on what you’ve already mastered. It’s a way to work smarter, not harder, because your brain needs repeated exposure to tough concepts before they stick, and this method naturally prioritizes that[1].

Another technique that pairs beautifully with this is spaced repetition. Our brains are wired to forget things quickly if we only review once. Spaced repetition involves reviewing flashcards at increasing intervals—the trick is to revisit the material right before you’re about to forget it. There are apps designed for this, like Anki or Quizlet, but even with physical cards, you can mimic this by organizing your cards into groups: one for daily review, another for every few days, and so on. For example, if you master a card today, you might review it again in three days, then a week, then two weeks. This timing helps move information from short-term to long-term memory. Studies suggest spaced repetition can improve retention by 200-300% compared to cramming[4][5][6].

When it comes to creating your flashcards, less is more. Avoid cramming too much information onto one card. Instead, focus on one formula, concept, or question per card. This “chunking” method breaks down complex material into bite-sized pieces, making it easier to digest and recall. For example, instead of a card that says “Explain the difference between the Laplace transform and moment generating function,” break it into two cards: one for the definition and key properties of the Laplace transform, and another for the moment generating function. This approach reduces cognitive overload and sharpens your focus on each concept[4].

Adding visuals to your flashcards can also enhance memory. SOA Exam FM involves mathematical concepts that often benefit from diagrams or graphs. For instance, a flashcard explaining the probability distribution of a certain random variable could include a simple sketch of the curve or histogram alongside the formula. Visual aids help create multiple pathways for your brain to recall the information, which is especially helpful for abstract or technical topics[4].

I found it really helpful to turn flashcard review into a teaching moment. Pretend you’re explaining the answer to a friend or even an imaginary classroom. This forces you to articulate your understanding clearly and exposes gaps in your knowledge. It’s one thing to recognize an answer on a card; it’s another to explain why it works that way. This active recall practice strengthens your memory far more than passive reading[1].

It’s also useful to review flashcards both before and after your study sessions. Starting with a quick run-through of cards you studied previously warms up your brain and prepares it to absorb new information. Ending your session by revisiting some flashcards helps cement what you just learned, reinforcing your memory. It’s like doing a mental stretch before and after a workout—you prime your mind for learning and then consolidate it[4].

Now, here’s a practical example from my own SOA Exam FM prep: I created a set of flashcards for the “Interest Theory” section, a topic loaded with formulas and definitions. On one card, the front asked, “What is the formula for the accumulation function (a(t)) given a constant force of interest (\delta)?” The back had the formula (a(t) = e^{\delta t}). I made sure to review this card multiple times per day initially and spaced out reviews as I got more confident. For more complex cards, like those involving multiple steps or conditions, I wrote down hints or mini-explanations on the back to jog my memory without giving everything away outright. This made the review process active and engaging rather than a dull flip-fest.

If you’re worried about losing track of your progress or feeling overwhelmed by hundreds of flashcards, consider implementing the Leitner System. It’s a simple, effective way to organize your cards into boxes based on how well you know each one. Cards you answer correctly move to a box that you review less frequently, while cards you struggle with stay in a box that you review daily. This system gamifies your study process and provides clear feedback on your mastery level over time[5].

One more tip: avoid making your flashcards too wordy or vague. A flashcard should have a clear question or prompt on the front and a concise, focused answer on the back. If you find yourself writing long paragraphs, it might be better to split the content into multiple cards or use diagrams and formulas instead of full sentences. High-quality flashcards are the foundation of effective memorization—they should encourage recall, not overwhelm with information[2].

Finally, don’t hesitate to use digital flashcard apps. They’re perfect for SOA Exam FM study sessions because you can review cards anytime, anywhere, and the apps often have built-in spaced repetition algorithms. Plus, you can easily add images, audio, or links to your cards, which physical cards can’t match. But if you prefer physical cards, that’s fine too—the key is consistency and quality in your review process, not the format itself[3][6][7].

Memorizing key concepts for SOA Exam FM doesn’t have to be a slog. With these effective flashcard techniques—prioritizing unknown cards, spaced repetition, chunking, visualization, teaching aloud, pre- and post-study reviews, and smart organization—you can transform your study sessions into efficient, focused, and even enjoyable experiences. The secret is to make your flashcard practice active, varied, and systematic. Give these strategies a try, personalize them to your style, and watch how your recall and confidence grow as exam day approaches.