Preparing for the SOA Exam LTAM, or Long-Term Actuarial Mathematics, can feel like standing at the base of a steep mountain. The syllabus is broad, the concepts complex, and the exam format challenging with both multiple-choice and written-answer questions spread over four hours. But with the right approach, mastering this exam is absolutely within reach. Drawing from years of experience and feedback from successful candidates, here are 7 proven study strategies that will help you retain concepts deeply and manage your time effectively on exam day.

First off, understand that LTAM isn’t just about memorizing formulas. It’s about developing a solid grasp of the theoretical foundations of contingent payment models and their applications to insurance and financial risks. The exam tests your ability to apply these concepts, not just recall them[1][2]. This means active learning and strategic practice are key.

1. Build a Strong Conceptual Foundation

Before diving into problem sets, spend ample time mastering the underlying theories. For LTAM, this means really understanding the mathematics of contingent payments, the modeling of life contingencies, and actuarial notation. Don’t just skim the syllabus—explore the “why” behind formulas. When you grasp the intuition, you’ll find it easier to tackle tricky questions that don’t follow textbook patterns.

For example, instead of just memorizing the formula for a net premium reserve, understand how it derives from expected present values of future cash flows. Visualize the timeline of payments and contingencies. Using diagrams or timelines can make abstract concepts tangible.

2. Use a Mix of Study Materials and Formats

Relying on a single textbook or source can limit your perspective. Combine official SOA materials with video lessons, online forums, and practice exams. Video explanations, such as those offered by platforms with over 40 hours of content covering the entire syllabus, can break down complex topics into digestible parts and allow you to pause and revisit difficult sections[5].

Additionally, active participation in discussion forums gives you access to diverse problem-solving approaches and clarifies doubts. Explaining concepts to others in these communities is also a powerful retention tool.

3. Practice with Past Exams Under Realistic Conditions

Practice exams are your best friend. The LTAM exam format includes both multiple-choice and written answer questions, so simulate these conditions. Time yourself strictly for four hours to build stamina and pacing skills. For written responses, practice organizing your answers clearly and concisely on paper or typed format since the exam may use computer-based testing with no internet access[1].

Review your answers critically: identify where you lose time or make conceptual errors. Use solutions with step-by-step explanations to understand your mistakes thoroughly. Consistent practice with past exams builds familiarity with question styles and reduces surprises on exam day.

4. Develop a Strategic Time Management Plan

Managing time during the exam is crucial. With multiple-choice questions that can be relatively quicker and written answers that demand detailed reasoning, allocate your time wisely. For instance, you might spend roughly 2.5 hours on multiple-choice questions and 1.5 hours on written answers, but adjust based on your personal strengths.

During practice sessions, track how long you spend per question. If you get stuck, flag it and move on to avoid losing precious time. Save at least 10-15 minutes at the end for reviewing your written answers for completeness and clarity.

5. Create and Use Customized Formula Sheets

While the exam provides formula sheets, preparing your own customized sheets during study is invaluable. Writing formulas repeatedly helps reinforce memory. More importantly, organize them by topic with notes on when and how to apply each formula. Highlight common pitfalls or tricky conditions.

For example, you might annotate the formula for a life annuity with reminders about assumptions on mortality or interest rate changes. When you review these sheets regularly, you form mental shortcuts that speed recall during the exam.

6. Focus on Active Recall and Spaced Repetition

Passive reading is not enough. To retain complex actuarial concepts, practice active recall — test yourself without looking at notes. Use flashcards to quiz definitions, formulas, and model assumptions. Tools that schedule spaced repetition help you revisit material just before you might forget it, strengthening long-term retention.

A practical tip: after studying a topic, close your materials and write down or verbally explain the key points. Then check for accuracy. This process makes your brain work harder, embedding knowledge deeply.

7. Take Care of Your Well-being and Build Exam Day Confidence

Finally, don’t underestimate the power of good physical and mental health in exam success. Regular breaks during study sessions, exercise, and proper sleep improve focus and memory. Closer to the exam, simulate the testing environment at a Prometric center or quiet room to reduce anxiety.

Confidence comes from preparation and mindset. Remind yourself that the LTAM exam tests understanding over rote memory, so your efforts to grasp concepts will pay off. If possible, connect with peers or mentors who’ve passed LTAM—they can offer encouragement and practical advice.

By combining these strategies, you transform LTAM preparation from overwhelming to manageable. Remember, the goal is not just passing but truly mastering the material to build a strong foundation for your actuarial career. With persistence, smart study habits, and time management, you’ll walk into that exam room ready to tackle any question confidently.

Good luck!