Passing the SOA Exam LTAM (Long-Term Actuarial Mathematics) is a significant milestone for any aspiring actuary. It’s known for its challenging blend of theory and practical application, combining multiple-choice and written-answer questions that test not only your technical knowledge but also your ability to communicate complex actuarial concepts clearly. If you’re gearing up for this exam, I want to share 10 essential tips based on experience and proven strategies to help you prepare effectively and boost your confidence on exam day.

First, understand the exam format and syllabus thoroughly. LTAM covers topics like survival models, life contingencies, reserves, and risk management techniques specific to long-term insurance products. The exam includes about 20 multiple-choice questions and several written-answer questions, with a strict rule that you must pass the multiple-choice section to have your written answers graded[6][8]. This means you can’t afford to neglect either part. Download the latest syllabus and exam tables from the SOA website and keep them handy for reference throughout your study journey[3].

Next, create a detailed study plan with milestones. LTAM’s syllabus is extensive, and trying to cram everything last minute won’t work. Break down the syllabus into manageable chunks—perhaps by chapters or topics—and assign specific time frames to each. Incorporate regular review sessions and allow time for mock exams. Tools like TIA Study provide integrated schedules and track your progress, which helps keep you accountable and focused[4]. Remember, consistency beats intensity. Even dedicating an hour daily is more effective than erratic bursts of study.

A third tip is to master the fundamentals before moving to complex problems. LTAM builds heavily on foundational actuarial mathematics, so ensure you have a solid grasp of survival models, interest theory, and basic life insurance mathematics. Use study manuals like ACTEX or ASM to work through early chapters thoroughly, solving every practice problem as you go[3][7]. This foundation makes the advanced topics more approachable and reduces the risk of confusion under exam pressure.

When it comes to practice, do a mix of multiple-choice and written-answer problems regularly. Multiple-choice questions test your ability to apply formulas and concepts quickly, while written answers assess your understanding and communication skills. Practicing both helps you build speed and clarity. For the written section, practice writing concise, well-organized answers and showing all your steps clearly, as partial credit can be awarded for incomplete parts[6]. Try simulating exam conditions by timing yourself and limiting resources to a calculator only, mimicking the real testing environment.

Another essential tip is to focus on the multiple-choice section early in your exam day strategy. Since you must pass this section to have your written answers graded, aim to secure the minimum threshold (usually 12 out of 20 correct) first[8]. Don’t rush through it, but allocate enough time to carefully consider each question. If you’re unsure about a question, mark it and return if time allows, rather than guessing wildly. Building confidence here can relieve pressure for the written-answer section.

Tip six: use high-quality study materials and resources. The official SOA syllabus, sample questions, and exam tables are indispensable[3][6]. Supplement these with comprehensive manuals like ASM or ACTEX, which offer thousands of practice problems and detailed explanations[3][7]. Online courses with video lessons, such as those from The Infinite Actuary, provide visual and auditory learning, breaking down complex topics with examples and formulas[4]. Also, don’t underestimate the power of study forums and discussion groups to clarify doubts and gain insights from peers.

Tip seven involves developing your calculator skills and exam tools familiarity. LTAM is proctored with limited resources, usually just a calculator and exam tables, so know your calculator inside out. Practice performing common calculations swiftly and accurately, including annuity factors, reserves, and survival probabilities. Being comfortable with your tools reduces exam-day stress and saves precious time[2].

A personal insight I find invaluable is to focus on understanding concepts instead of rote memorization. While formulas are critical, knowing why they work and how different pieces connect makes it easier to tackle novel problems. For example, instead of just memorizing reserve formulas, understand how they reflect expected future obligations and premiums. This conceptual clarity will help you adapt when faced with tricky or unfamiliar questions, making your answers more robust and flexible.

Another practical tip is to review and memorize key formulas and tables, but don’t rely solely on them. The SOA provides exam tables for survival probabilities and interest rates, which you’ll need to use efficiently. Have a formula sheet or flashcards for quick recall of essential equations and concepts during your study. However, make sure you practice applying them, so you’re not caught off guard by questions that require interpretation or combination of formulas[4].

Finally, as the exam approaches, take multiple full-length mock exams under timed conditions. This helps build stamina, improve time management, and reduce anxiety. Analyze your results carefully to identify weak areas and adjust your study plan accordingly. Aim to simulate the actual exam environment by following rules such as no internet access and only using allowed resources. Many candidates find that repeated exposure to mock exams turns uncertainty into confidence, making the real exam feel much more manageable[3][4].

In summary, passing the SOA LTAM exam is about smart preparation: knowing the exam format inside out, mastering fundamentals, balancing multiple-choice and written-answer practice, and steadily building confidence through realistic practice. By following these 10 essential tips, you’ll position yourself for success and make the challenging journey toward your actuarial credentials a bit smoother and more rewarding. Remember, persistence and strategic study habits are your best allies. Good luck!