Ok, I have been spending a little more time looking at the MFE material, and this is the schedule I am going to start with. I am using the Sections as broken out in TIA, as that will be my primary source. I will also be reading along in ASM with each section.
Each date listed is what I plan to work on in the week beginning on that date.
11/13/10 - TIA A. Parity and Other Relationships
11/20/10 - TIA B. Binomial Trees
11/27/10 - TIA C. Black-Scholes Formula
12/4/10 - TIA D. Market Making
12/11/10 - TIA E. Exotic Options
12/18/10 - TIA F. Lognormality
12/25/10 - TIA G. Stochastic Differential Equations
1/1/11 - TIA H. Interest Rate Models
In each week, I plan to review all the lessons, work to memorize the appropriate formulas, and work through the end of lesson questions. My plan is to have a comfort level with each section by the end of the week, knowing what formulas I still need to memorize, and knowing that I know how to approach the problems.
I know this study schedule finishes 4 months before the exam! I will reassess where I am at the end of this schedule. Right now I intend to begin working practice problems more seriously after finishing the lessons, with the intention of memorizing all the formulas and working the problems in good time. Realistically, I may decide certain lessons need more attention first, etc.
Currently, I am working through the lessons in section B. There are still some formulas I need to start memorizing, and then I will try to work practice problems starting tonight or tomorrow night.
Tuesday, November 23, 2010
Thursday, November 18, 2010
11/18/10 - Beginning Studying for MFE
Ok, I have just begun to study for MFE. I have about 25 weeks left until the exam, so I certainly have plenty of time to tackle it. Hopefully, I can average 2 hours per day over those weeks, which will give me 350 hours of studying.
I am going to use The Infinite Actuary's online seminar as well as the ASM manual. Back in September I worked through the first few chapters of ASM, but I am going to start from scratch here.
Yesterday, I did the Section A.1 of TIA, which was on Put Call Parity. This was really just a review of stuff I learned in FM, and it came back to me after a little bit. It was almost easy enough to make me overconfident, but I know I have a long way to go!
Today I looked at Section A.2, which dealt with options on currencies, bonds, and exchange options. The currency options I know I had a good handle on back in September, but the execution wasn't exactly coming back to me tonight. I am going to have to note formulas as I go along and keep them right near my monitor at work for frequent review. I will have to spend a little more time on this section before moving on, perhaps in combination with A.3 over the next few days.
There are 28 lessons grouped into 8 categories in the TIA seminar. I will have to put some thought into a schedule for me to tackle them. Although it seems like I have quite a while, I think this material is going to take a lot of work.
Should I start ending each post with a confidence level of passing this early? No, I don't think I will. As I get through more of the material and put a structure on my study schedule that will help me gauge my confidence level.
I am going to use The Infinite Actuary's online seminar as well as the ASM manual. Back in September I worked through the first few chapters of ASM, but I am going to start from scratch here.
Yesterday, I did the Section A.1 of TIA, which was on Put Call Parity. This was really just a review of stuff I learned in FM, and it came back to me after a little bit. It was almost easy enough to make me overconfident, but I know I have a long way to go!
Today I looked at Section A.2, which dealt with options on currencies, bonds, and exchange options. The currency options I know I had a good handle on back in September, but the execution wasn't exactly coming back to me tonight. I am going to have to note formulas as I go along and keep them right near my monitor at work for frequent review. I will have to spend a little more time on this section before moving on, perhaps in combination with A.3 over the next few days.
There are 28 lessons grouped into 8 categories in the TIA seminar. I will have to put some thought into a schedule for me to tackle them. Although it seems like I have quite a while, I think this material is going to take a lot of work.
Should I start ending each post with a confidence level of passing this early? No, I don't think I will. As I get through more of the material and put a structure on my study schedule that will help me gauge my confidence level.
Tuesday, October 19, 2010
10/19/10 update
Ok, lots to update here! Well, maybe not lots, but one significant item - I was offered that position I interviewed for within my company! I accepted on the spot of course. I start there on 11/1. With the position, my exams will be paid for, I will get study materials, etc. It will be awesome!
I believe it was a combination of a strong work history as well as the two exams that made me stand out for the position. I'm sure there are a lot of candidates just out of school, with one internship perhaps, and two or three exams, but perhaps this gives hope for those of us that are "middle aged" and are deciding to look at this career. I asked about people who are career changing in my interviews for this position, and people have come from much more diverse backgrounds that me. I was in an operations position already within the company, and with a solid work history there that really helped me stand out - but even people with good work histories in unrelated fields are people that stand out, according to some of the people I interviewed with.
So, I have been only glancing at the MFE material for now, and plan to start the real study effort after 11/1. I'm going to put a testing date countdown on the blog, but that will be tentative until the actual test date is confirmed. Looks like MFE will be going from a fixed test date to a Computer Based Test with flexible dates in 2011, as I get more info I will pass along updates.
I believe it was a combination of a strong work history as well as the two exams that made me stand out for the position. I'm sure there are a lot of candidates just out of school, with one internship perhaps, and two or three exams, but perhaps this gives hope for those of us that are "middle aged" and are deciding to look at this career. I asked about people who are career changing in my interviews for this position, and people have come from much more diverse backgrounds that me. I was in an operations position already within the company, and with a solid work history there that really helped me stand out - but even people with good work histories in unrelated fields are people that stand out, according to some of the people I interviewed with.
So, I have been only glancing at the MFE material for now, and plan to start the real study effort after 11/1. I'm going to put a testing date countdown on the blog, but that will be tentative until the actual test date is confirmed. Looks like MFE will be going from a fixed test date to a Computer Based Test with flexible dates in 2011, as I get more info I will pass along updates.
Tuesday, September 28, 2010
9/28/10 update
It has been a month since I passed Exam FM! I wavered for a week or two on trying to take Exam MFE on Nov 5. I bought a study manual and started reviewing it, but ultimately decided I shouldn't attempt to squeeze in another exam with only 10 weeks of studying. At this point I am going to take MFE in May 2011.
In the meantime, I was able to obtain a job interview for a position as an actuarial student within the company I currently work for. I think it went well, we shall see if that comes through. If it does, that will be so awesome. Can you imagine exams paid for and study time at work?!?
I expect to update more frequently as I begin to study for MFE more seriously.
In the meantime, I was able to obtain a job interview for a position as an actuarial student within the company I currently work for. I think it went well, we shall see if that comes through. If it does, that will be so awesome. Can you imagine exams paid for and study time at work?!?
I expect to update more frequently as I begin to study for MFE more seriously.
Monday, August 23, 2010
Passed!
Took Exam FM/2 today and passed! Of the 35 questions, I was very confident in 30 of my answers, totally guessed on 4 answers, and there was 1 question that I kept getting two different answers depending on how I approached it. Both were possible answers, so I just chose one of them.
I found the exam itself not quite as difficult as practice exams I encountered. Having gone over the material and practice questions over and over, the 30 questions I felt comfortable with were well within what I had studied, and in fact many were almost TOO easy. I'm not saying the exam was easy, but there were a lot of questions where I got an answer very easily and reread the question slowly 4 or 5 more times to make sure I took in all of it. Good thing I did, as there were two or three times I changed an answer due to a detail in the question (interest v discount, beginning v end of period, etc).
I'm not sure which exam I am going to attack next at this point. I will keep you posted!
I found the exam itself not quite as difficult as practice exams I encountered. Having gone over the material and practice questions over and over, the 30 questions I felt comfortable with were well within what I had studied, and in fact many were almost TOO easy. I'm not saying the exam was easy, but there were a lot of questions where I got an answer very easily and reread the question slowly 4 or 5 more times to make sure I took in all of it. Good thing I did, as there were two or three times I changed an answer due to a detail in the question (interest v discount, beginning v end of period, etc).
I'm not sure which exam I am going to attack next at this point. I will keep you posted!
Friday, August 20, 2010
8/20/10 - T minus 3
Since the last post, I have managed to get back in the studying groove a bit. I haven't been able to get anywhere near the focus or energy I had for Exam P, but I've been putting in a few hours every day. I'm really not sure how I feel about the exam or my chances overall at this point. I have at least a small measure of confidence in every section of the material, so I should have at least a fighting chance at every question. Oh the other hand, I find myself getting tripped up or doing things incorrectly more often than I would like. I am going to put in a solid effort over the next 3 nights and go into the exam just looking to do my best. I know that sounds like I should be doing that anyway, but I guess what I mean is I'm going to try not to put any pressure on myself. Sure, I want to pass, and in the moment I will feel some pressure I am sure, but I also know I can only do what I can do.
Ok, that last paragraph was really rambling! I am still pretty exhausted from the summer, from the past year, etc. I need a break! I will try to give myself a week or two before tackling my next project.
My confidence in passing is at about a 4 right now.
Ok, that last paragraph was really rambling! I am still pretty exhausted from the summer, from the past year, etc. I need a break! I will try to give myself a week or two before tackling my next project.
My confidence in passing is at about a 4 right now.
Wednesday, August 11, 2010
8/11/10 T minus 11
Long time no post. It has been a rough month for studying. The two trips I took turned out to be really exhausting. I guess all travel is, but I'm not usually studying for an exam so perhaps I don't notice as much! My job has been very taxing during the last month as well. If I had thought about it, August is one of my busiest months and not the time to try to study on the side. That being said, I would have scheduled the exam anyway to see how it went.
So, in the past month I have tried to keep up the studying as much as I can, but I just don't find the new material I need to know sticking. I find myself exhausted still, and just can't focus in the evenings when I sit down to study. My motivation and drive is pretty low right now as well. Needless to say, my studying hasn't gone well. I'm not confident at all of being able to pass this exam in 11 days. With exam P, I had a clear path and was able to focus on it. With this exam, I know the stuff I still need to learn, but I just don't have a great structure for it.
My confidence in passing right now is at about a 1.5.
So, in the past month I have tried to keep up the studying as much as I can, but I just don't find the new material I need to know sticking. I find myself exhausted still, and just can't focus in the evenings when I sit down to study. My motivation and drive is pretty low right now as well. Needless to say, my studying hasn't gone well. I'm not confident at all of being able to pass this exam in 11 days. With exam P, I had a clear path and was able to focus on it. With this exam, I know the stuff I still need to learn, but I just don't have a great structure for it.
My confidence in passing right now is at about a 1.5.
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