T minus 2 to MLC, FAP Modules update

As seems to often happen in the blogging world, it has been a long time since my last update!  While I often thought of updating, finding the time has been pretty hard recently.

Let's get up to date:  While I was studying for MLC last summer, I was also doing the FAP Modules.  I passed all the modules, the IA and the FA on the first attempt, and got a 4 on MLC.  I was not surprised to fail MLC, the time divided between Modules and MLC made it tough to get fully prepared for that exam.

Hopefully I can make some time to do a post on strategy for the FAP Modules.  I have some opinions on how to best approach them that are, while seemingly entirely logical, different than what I find on the Actuarial Outpost.  Very short version: read everything, take detailed notes, don't try to rush, actually try to learn something, and you will be fine.

As for MLC last fall, I never got fully prepared.  I was able to do some questions from a first principles basis, but for questions that required knowledge of specific formulas, I hadn't gotten to the point in my study where I was able to recall those formulas.  On one hand, I tried to do too much last summer and fall.  On the other hand, I did that on purpose, knowing I would probably sacrifice a good shot at MLC, but at least having a good familiarity with the material to set myself up for the Spring.

So, where are we now??  As you may have seen in previous posts, I am a big believer in buying multiple study manuals.  Between fall and spring I have purchased Actex, ASM, BPP and the TIA seminar.  Each has their strengths and weaknesses.  I love the ability to watch someone talk through problems in the TIA videos, but I need material to read as well.  The ASM manual probably rates as the most comprehensive, but sometimes it is so dense and it tends to avoid using plain english to explain anything.  The BPP manual actually uses plain english, and has pretty good answers for their practice problems (they don't skip as many steps as other manuals, which can be confusing).  I have also gone back to my Actex manual a few times over the months as a review.  It is a little shorter and is presented somewhat differently, which is good to get a different look at the material.

As with any exam, studying this sitting has been tough.  There have been times of hopelessness and times where ideas have come together.  One thing I am finding different about MLC is that I know 95% of the formulas pretty well, but still have a hard time with some questions.  Whereas with MFE if you knew the formulas most of the questions weren't too bad, with MLC I find even if you know the formulas the questions are rather tricky.

I was originally using BPP as my practice question set, but switched to TIA a while back.  I made it above 65% in the TIA practice questions, which is about where I have been with the other exams I have passed.  I then focused on the TIA practice exams and the Fall and Spring 2012 exams in order to review the material. The TIA practice exams are very difficult, I am getting maybe 50% of the questions on those.  The Fall and Spring 2012 exams seem fair at this point.  I can answer 60-70% of the questions.  I have never really been above 50% on practice exams in the past, so based on my style of self grading (I don't count guesses, if the question takes me too long I don't count it), this puts me at about par with previous exams sittings where I have passed.

So, the exam is in 2 days, and I feel like I could have any result from passing by a mile to failing by a little bit.  Hopefully I can fall in the middle there and pass by at least a little bit!

As for my chances of passing, I'd put it at about 8 out of 10.