Designing and executing a 100-day custom study plan for the SOA Exam FAM-S (Fundamentals of Actuarial Mathematics - Short-term) is a smart, manageable way to prepare effectively without feeling overwhelmed. The key is to break down the syllabus, incorporate regular practice, and tailor the plan to your own pace and learning style. I’ll walk you through a detailed, step-by-step guide, sharing practical tips and insights I’ve gathered from experience and from top study resources.
First things first: understand what you’re preparing for. The FAM-S exam covers foundational actuarial mathematics, focusing on modeling, ratemaking, reserving for short-term insurance, and contingent payment models. The core study materials typically include the textbooks Loss Models: From Data to Decisions by Klugman et al. and Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance by Brown and Lennox. These are your primary references because the exam questions are heavily based on these texts[4][9].
Step 1: Assess Your Starting Point and Set Clear Goals
Before jumping into study, honestly assess your current knowledge. Have you covered related actuarial exams like Exam P or FM? These build the groundwork assumed for FAM-S[1]. Knowing your strengths and weaknesses will help you allocate time wisely.
Set a clear, measurable goal — for example, aiming to pass with a target score or mastering specific topics by certain days. A practical goal like “Complete Topics 1-3 by Day 40” makes progress tangible. Keep this goal visible as a motivator.
Step 2: Break the Syllabus Into Manageable Segments
The FAM-S syllabus can feel dense, so divide it by topic weight and difficulty. For instance:
Topics 1-4: Mathematical and statistical models (heavy emphasis)
Topic 5: Qualitative ratemaking and reserving principles
Use study manuals with planners that weight topics by exam importance to prioritize your focus[3][8]. For example, spend more time on Topics 2, 3, and 4 from Loss Models since they represent a large exam portion[4].
Step 3: Create a Detailed 100-Day Calendar
Map out what you’ll study each day. I suggest mixing reading, problem-solving, and review days to keep engagement high. For example:
Days 1-30: Intensive reading and note-taking for Topics 1-3
Days 31-50: Practice problems and quizzes on these topics
Days 51-70: Study Topics 4-5 with reading and practice
Days 71-90: Full-length practice exams and targeted review of weak areas
Days 91-100: Final revision, formula memorization, and rest before exam day
Allow buffer days in case you need extra time on difficult concepts. Tools like ASM’s GOAL platform offer customizable schedules and practice question banks that adapt to your progress, making this step easier[3][8].
Step 4: Study Actively With Multiple Resources
Reading the textbooks is essential but don’t stop there. Combine your study with:
Instructional videos that explain tricky concepts visually
Flashcards for formulas and key terms (flashcards rated by exam importance are especially helpful)[3]
Practice questions from study manuals and online platforms to build problem-solving speed and accuracy
Use formula and review sheets regularly to reinforce recall[3][5]
Mixing resources keeps study sessions fresh and helps deepen understanding. For example, after reading about loss models, watch a short video to see an applied example, then immediately attempt related practice questions.
Step 5: Track Your Progress and Adjust
Every week, review what you’ve covered and assess your comfort with each topic. Use practice tests to pinpoint weaknesses. If you find a topic challenging, schedule extra review sessions.
Keep a study journal or app log—note what works and what doesn’t. For example, you might find morning study sessions are your best focus time, or that you need to slow down on ratemaking concepts.
Step 6: Practice Under Realistic Exam Conditions
Starting about 3-4 weeks before the exam, simulate exam conditions by timing yourself on practice exams. This builds stamina and reduces anxiety. ACTEX and Coaching Actuaries offer practice exams and bootcamps tailored for FAM-S that mimic real exam timing and format[5][7].
Analyze mistakes immediately to avoid repeating them. This targeted practice is often what separates passing candidates from the rest.
Step 7: Prepare Mentally and Physically
Don’t underestimate the power of rest, nutrition, and mental preparation. Include breaks in your study plan to avoid burnout. Simple habits like getting enough sleep, staying hydrated, and short physical activity can boost concentration.
Also, familiarize yourself with the exam logistics well in advance—know your testing location, required materials, and rules[9]. Feeling organized reduces pre-exam stress.
Here’s a quick example of how a typical week might look during the middle phase of your plan:
Monday: Read and summarize Topic 3 sections on claim severity distributions.
Tuesday: Watch a video explaining frequency-severity models, then do 15 practice problems.
Wednesday: Flashcard review morning, practice quiz afternoon focusing on Topic 2.
Thursday: Deep dive into Topic 4 ratemaking concepts, take notes.
Friday: Full practice exam section (Topics 1-3), then review errors.
Saturday: Rest or light review of formulas.
Sunday: Group study or coaching session to clarify doubts.
A few parting insights:
Be flexible. Life happens, so adapt your plan if needed but keep the 100-day goal in mind.
Don’t just passively read—actively engage with the material by teaching it to a peer or writing your own questions.
Use community forums or coaching resources to ask questions and get support. Many candidates find this invaluable.
Remember, consistent daily effort beats last-minute cramming. On average, candidates who follow a structured study plan like this see pass rates above 60-70% on FAM-S[4], which is encouraging.
Following this step-by-step, customized 100-day study plan will give you a clear roadmap and build the confidence you need to succeed on the SOA Exam FAM-S. Good luck—you’ve got this!