How to Use Spaced Repetition for Efficient Study of SOA Exam MFE Concepts in 60 Days

Let’s be honest—preparing for the SOA Exam MFE (Models for Financial Economics) is a marathon, not a sprint. The sheer volume of concepts, from Black-Scholes to binomial trees, interest rate models to option Greeks, can feel overwhelming. But here’s the good news: you don’t have to rely on last-minute cramming or endless, unfocused study sessions. With a smart approach—specifically, spaced repetition—you can master the material efficiently, even if you’re starting with just 60 days on the clock. I’ve seen students transform their study habits (and their exam results) by embracing this method, and I want to show you exactly how it works, step by step.

Why Spaced Repetition Works for SOA Exam MFE #

Spaced repetition is based on a simple idea: reviewing information at increasing intervals helps move knowledge from short-term to long-term memory. It’s not just a theory—research consistently shows that students who use spaced repetition retain information far better than those who cram[1]. For a content-heavy exam like MFE, where you’re juggling formulas, derivations, and problem-solving techniques, this approach is a game-changer.

Think about it: you’re not just memorizing definitions. You’re building a mental framework for solving complex financial problems. Spaced repetition lets you revisit each concept just as you’re about to forget it, reinforcing your understanding and making recall faster and more reliable. Over 60 days, this means you’ll see each topic multiple times, but without the burnout of nonstop review.

Setting Up Your 60-Day Study Plan #

First, let’s break down what you’re up against. The MFE syllabus covers derivatives pricing, stochastic calculus, interest rate models, and more. Most study manuals recommend covering the material in about 22 lessons or modules[8]. That’s roughly one module every three days—a manageable pace if you stay consistent.

Here’s a sample 60-day timeline:

  • Days 1–45: Cover all modules, one every 2–3 days. After each module, do the practice problems immediately[8].
  • Days 46–55: Focus on mock exams and targeted review of weak areas.
  • Days 56–60: Final review, formula sheet run-through, and light practice to stay sharp.

This structure ensures you see every topic at least twice before the exam, with more frequent reviews for tricky concepts. But to make spaced repetition work, you need a system. Let’s talk about how to build one.

Building Your Spaced Repetition System #

You don’t need fancy apps (though they help). The key is consistency and intentionality. Here’s how to set up your system:

  • Create Flashcards: For each module, make flashcards for key formulas, definitions, and problem types. Include both concepts (e.g., “Explain put-call parity”) and calculations (e.g., “Price a European call using Black-Scholes”).
  • Schedule Reviews: Use a calendar or app to schedule review sessions. A classic spacing might be: Day 1 (learn), Day 2 (review), Day 4, Day 8, Day 15, and so on. Adjust based on how well you remember each card.
  • Mix Topics: Don’t review modules in order every time. Shuffle your flashcards so you’re constantly switching between topics. This interleaving strengthens your ability to apply knowledge flexibly.
  • Track Progress: Note which cards you struggle with and review them more often. This active recall and feedback loop is where the real learning happens.

Practical Examples: Applying Spaced Repetition to MFE Topics #

Let’s make this concrete. Suppose you’re studying the Black-Scholes model. On Day 1, you learn the formula and its components. You make a flashcard: “Write the Black-Scholes formula for a European call option.” On Day 2, you test yourself—can you write it from memory? If yes, schedule the next review for Day 4. If not, review it again tomorrow.

A week later, you encounter a practice problem where you need to calculate the option price given specific inputs. You pull out your flashcard, recall the formula, and apply it. This kind of active retrieval, spaced over time, embeds the formula deeply.

Another example: understanding the Greeks. Make a card for each Greek (Delta, Gamma, Theta, Vega, Rho), with definitions and how they behave for calls and puts. Review these cards every few days, mixing them with other topics. Soon, you’ll start to see patterns—how Delta changes with moneyness, how Vega spikes near expiration—and these insights will stick.

Actionable Advice for Each Study Phase #

Phase 1: First Pass Through the Material (Days 1–45)

  • Read Actively: Don’t just skim. Pause after each section to summarize in your own words.
  • Do Practice Problems Immediately: Most study manuals, like ACTEX, recommend this[8]. It cements understanding and highlights gaps.
  • Make Flashcards as You Go: Turn key points into questions. For example, “What is the difference between N(d1) and N(d2) in Black-Scholes?” or “How does the binomial model handle dividends?”
  • Start Spaced Repetition Right Away: Don’t wait until you’ve finished all modules. Begin reviewing your flashcards the next day.

Phase 2: Mock Exams and Targeted Review (Days 46–55)

  • Take Full-Length Mock Exams: Use exams from the SOA and your study manual[2][3]. Simulate exam conditions—timed, no notes.
  • Analyze Mistakes: For every question you miss, make a new flashcard. Add these to your review cycle.
  • Focus on Weak Areas: Use your flashcard data to see which topics need more attention. Spend extra time here, but keep rotating through all material.

Phase 3: Final Review (Days 56–60)

  • Review Formula Sheet: Most manuals include a grand formula sheet[8]. Run through it daily, testing yourself on each formula.
  • Light Practice: Do a few problems each day to stay sharp, but avoid burnout. Focus on confidence and recall.
  • Trust Your Preparation: By now, spaced repetition has done its job. You’ve seen every concept multiple times, in different contexts. Trust the process.

Personal Insights: What Works (and What Doesn’t) #

I’ve coached dozens of students through MFE, and the ones who succeed are consistent, not necessarily the ones who study the longest. Spaced repetition turns chaotic review into a predictable, stress-reducing routine. It’s okay to forget—that’s part of learning. The magic happens when you review just as you’re about to forget, strengthening the memory each time.

A common mistake is neglecting to mix topics. It’s tempting to review modules in order, but real exams shuffle questions. Training your brain to switch gears prepares you for the actual test. Another pitfall is making flashcards too vague. Be specific: “Calculate the price of a European put using Black-Scholes” is better than “Know Black-Scholes.”

Relevant Statistics and Facts #

While there aren’t specific studies on spaced repetition for actuarial exams, educational research consistently shows that students using spaced repetition outperform crammers by a significant margin on retention and application tests. One classic study found that spaced review could improve long-term retention by up to 200% compared to massed practice. For an exam like MFE, where application and recall under time pressure are critical, this advantage is huge.

Tools and Resources #

You don’t need to reinvent the wheel. Here are some tools that can help:

  • Anki or Quizlet: Digital flashcard apps with built-in spaced repetition algorithms. They handle scheduling so you can focus on learning.
  • Study Manuals: ACTEX and ASM integrate practice problems and mock exams, making it easy to follow a structured plan[1][2][8].
  • SOA Sample Questions: The SOA provides official sample questions and solutions—essential for realistic practice[3].
  • Formula Sheets: Keep the grand formula sheet from your manual handy for quick reviews[8].

Staying Motivated Over 60 Days #

Let’s be real—60 days is a long haul. Here’s how to stay on track:

  • Set Daily Goals: Break your study into small, daily tasks. Celebrate small wins.
  • Track Progress: Use a checklist or app to mark off modules and flashcards reviewed. Visual progress is motivating.
  • Study with Peers: Explaining concepts to others (even just talking to your cat) reinforces your understanding.
  • Take Breaks: Spaced repetition isn’t about nonstop grinding. Regular breaks improve focus and retention.

Common Questions Answered #

What if I fall behind? Adjust your schedule, but don’t skip spaced reviews. It’s better to cover less material with deep understanding than to rush through everything superficially.

How many hours per day? Aim for 2–3 hours of focused study daily. Quality matters more than quantity.

Can I use this method for other exams? Absolutely. Spaced repetition is a universal learning tool, effective for any content-heavy test.

Final Thoughts #

Preparing for SOA Exam MFE in 60 days is ambitious, but entirely possible with spaced repetition. By systematically reviewing concepts at optimal intervals, you’ll build durable, flexible knowledge that stands up under exam pressure. Remember: consistency beats intensity. Trust the process, stay curious, and give yourself credit for every step forward. You’ve got this—and with spaced repetition, you’ll not only pass the exam, but truly understand the material for your future career.