Failing an actuarial exam is a gut punch. After months of sacrifice—late nights, missed social events, endless practice problems—seeing that “fail” on your results can make you question everything. But here’s the truth: you’re not alone. Most actuaries, even the most successful ones, have faced this moment. The difference between those who eventually succeed and those who don’t isn’t talent or luck—it’s how you respond to failure. This isn’t the end of your story. It’s a plot twist. With the right mindset and a smart plan, you can turn this setback into a springboard for your next—and hopefully final—successful attempt.

Step 1: Let Yourself Feel, Then Reframe Your Mindset #

First, give yourself permission to feel disappointed. It’s normal. You’ve poured time and energy into this goal, and it hurts to fall short. But don’t let that disappointment define you. Coach Austin Wallestad puts it well: “Failing one doesn’t mean you aren’t smart. Actuarial exams are hard—really hard—and everyone stumbles at some point”[1]. The key is to shift your focus from what went wrong to what you can control moving forward.

Coach Fred Brautigam suggests focusing on how much you’ve learned, not just the outcome. “I focus on how much I’ve learned and how well I know it. This helps me understand that through the exam process, I’ve become a smarter version of myself, and that is always a good thing!”[1]. Kong Foo Pang, another coach, allows himself a brief moment to acknowledge the setback, then quickly moves on with renewed determination[1].

Actionable Advice: Write down three things you learned during this attempt, no matter how small. Maybe you finally grasped a tricky concept, improved your time management, or discovered a study technique that works for you. Celebrate those wins. They’re proof you’re growing, even if the exam result doesn’t show it yet.

Step 2: Conduct an Honest Post-Mortem #

Before you dive back into studying, take a hard look at what happened. Did you run out of time? Were there topics you just didn’t understand? Did life get in the way? This isn’t about beating yourself up—it’s about gathering data so you can make smarter choices next time[2][4].

Here’s how to do it:

• Review your exam breakdown. Most exams provide a diagnostic report showing where you struggled. Use it.
• Reflect on your study habits. Were you consistent, or did you cram at the last minute? Did you skip practice exams?
• Consider external factors. Were you dealing with stress at work or home? Did you get enough sleep?

One common mistake is doing the same thing over and over, hoping for a different result. As one actuary admits, “I sorta just kept doing the same thing over and over again. Each time getting a little closer and closer to passing”[4]. Break that cycle. Identify what didn’t work and commit to changing it.

Practical Example: Suppose you scored poorly on the probability section. Instead of re-reading the same textbook, seek out different resources—maybe a video course, a study group, or a tutor. If time management was the issue, try taking more timed practice exams under realistic conditions.

Step 3: Build a Smarter, Flexible Study Plan #

Armed with insights from your post-mortem, it’s time to rebuild your study plan. This isn’t about studying harder—it’s about studying smarter. Here’s how:

• Set clear, measurable goals. Instead of “study more,” aim for “complete 30 practice problems daily” or “take a full-length exam every Saturday.”
• Schedule regular reviews. Every couple of weeks, assess your progress. Are you sticking to the plan? Do you need to adjust your approach? Life happens, and flexibility is key[5].
• Involve others. Share your plan with your boss or a mentor. Many companies support actuarial students with study time or flexibility—take advantage of that[5].
• Mix up your resources. If textbooks aren’t clicking, try online courses, flashcards, or study groups. Different formats can make complex concepts clearer.

Personal Insight: When I failed my first exam, I realized I’d spent too much time passively reading and not enough actively solving problems. For my next attempt, I flipped the ratio—80% of my study time was spent working through practice questions, and my score jumped significantly.

Step 4: Address the Root Causes of Failure #

Let’s get specific about why people fail actuarial exams. According to one experienced actuary, there are three common reasons: not studying enough, not understanding the material well enough, and not answering questions quickly enough[3]. Often, it’s a mix of these.

Not studying enough: This isn’t just about hours logged. It’s about quality and consistency. If you skipped days or relied on last-minute cramming, you’re not alone—but it’s a recipe for trouble. Set a realistic schedule you can stick to, even if it means studying a little less each day but doing it every day.

Not understanding the material: Sometimes, you study a lot but still feel lost. That’s a sign you need to change how you’re learning. Try explaining concepts out loud, teaching them to someone else, or using visual aids. If a topic still doesn’t make sense, don’t hesitate to ask for help—forums, tutors, and study groups exist for this reason.

Not answering questions fast enough: Actuarial exams are as much about speed as they are about knowledge. If you knew the material but ran out of time, practice under timed conditions. Use a stopwatch. Challenge yourself to solve problems faster each week.

Actionable Advice: For your next attempt, track your study time, topic mastery, and problem-solving speed. Adjust as you go. If you’re weak in a section, give it extra attention. If you’re slow, drill timed quizzes until your pace improves.

Step 5: Take Care of Your Mental and Physical Health #

Studying for actuarial exams is a marathon, not a sprint. Burnout is real, and it can sabotage your best efforts. Many students feel guilty for taking breaks or skipping a study session, but downtime is essential for long-term success[7].

Embrace balance. Schedule regular breaks, exercise, and time with friends and family. When you’re rested, you’ll absorb information faster and retain it longer. As one actuary notes, “relaxation can be just as productive as studying. If you never have downtime to recover, you won’t maximize focus and productivity while you study”[7].

Manage stress. Exam anxiety is common. Practice relaxation techniques like deep breathing, meditation, or even short walks. On exam day, arrive early, bring snacks, and remember—you’ve prepared. Trust the process.

Personal Touch: After my second failed attempt, I started scheduling “mandatory fun” every Sunday—no studying, just hiking or hanging out with friends. My focus and mood improved, and so did my study efficiency during the week.

Step 6: Stay Motivated and Keep Perspective #

It’s easy to lose motivation after a failure. You might wonder if you’re cut out for this career. Remember, actuarial exams are designed to be tough. Passing rates for some exams hover around 40–50%, meaning most people don’t pass on their first try. This isn’t a reflection of your intelligence or potential—it’s a reflection of the exam’s difficulty.

Celebrate small wins. Did you master a tough concept? Finish a practice exam without running out of time? Give yourself credit. These milestones matter[7].

Connect with others. Join online forums or local study groups. Hearing others’ stories—both successes and setbacks—can remind you that you’re not alone. As one forum user wrote, “The feeling of failure is so demoralising and I’m struggling to get out of the rut. Any motivational messages, links, books, exam strategies?”[8] The community is there to support you.

Keep the big picture in mind. Every attempt teaches you something. With each one, you’re building resilience, knowledge, and skills that will serve you well in your career. As the coaches at Coaching Actuaries put it, “The most successful actuaries aren’t the ones who never fail—they’re the ones who never quit”[1].

Final Thoughts: Turning Failure Into Fuel #

Failing an actuarial exam doesn’t mean you’re not good enough. It means you’re brave enough to try something difficult. Use this experience to reassess, reset, and come back stronger. Adjust your strategies, take care of yourself, and lean on your community. The path to becoming an actuary is rarely straight, but every detour teaches you something valuable.

When you sit for your next exam, you’ll do so with more experience, better habits, and a clearer plan. And when you pass—because you will—you’ll appreciate the victory even more, knowing how much you’ve grown along the way. So take a deep breath, dust yourself off, and get ready to try again. Your future self will thank you.