I'm new to the faculty exams and have never written one. I've completed all the preliminary exams through the US SOA system which are the equivalent of all the CT exams and CA exams. I've decided to write ST2 and SA2 because you get exempted for the equivalent upper level exams over here. In the US you cannot sit for both exams in one sitting and that's why I'm taking them in the UK. Mark Willder from the BPP site was very helpful. Is there any advice you guys can give me for sitting for both exams. It's very difficult to find any information regarding these exams in the US(the information is not accessible because no students take the exams). For all the games to date, I would just ask co-workers, students etc about the best technique to pass. For these two I have nothing. For eg, how many hours to study approximately, what do I need to bring to the exams(any tables, calculators), what's the best way to study when tackling both. Just anything and everything. I'm a blank slate right now. Thank in a advance to anybody who can shed some light for me.
You will need Acted study material to prepare for the exams. This will include course notes, revision booklets, etc. I will recommend to spend more time to do the past exam papers rather than going through the notes. The number of hours to study depends on how quickly you can digest the information. My suggestion will be to finish revising the notes at least two months before the exam and dedicate the last two months practising exam papers. Examiners’ reports are very helpful in understanding the sort of answer the examiners are expecting. SA2 assumes knowledge of ST2 so you will need to finish reading ST2 before you start SA2.
Do you work using UK regulations? If not, I don't think this is a good idea. SA2 is mostly UK specific. UK products and regulations are quite different to those in the US.
I agree with Elroy that regulation in US and UK is different. The products, capital requirements, reporting requirements and regulation are different. However, UK experience is helpful but not essential for passing the exams.
UK Exam. I understand the UK system is different but one of the items in demand over here is Solvency II which is a big deal across the pond in europe. Any type of Solvency II experience is huge and some of that is taught within the exams(Not sure if its in ST2 or SA2). So that knowledge will be beneficial. As for US terms and stuff, so much of the work one does is job specific so I'm not too concerned about the differences between exams. I really just want the exams done with. Also, the US upper exams require about 500 hours per exam. The exam is 9am - 4:30 in the US. The US equivalent exams are called DP Life and CSP Life for ST2 and SA2. I have never heard of anybody even considering writing both of the DP and CSP exams here..I honestly dont think it's possible. Both exams are on back to back days so it would be two sitting of 9 - 4:30. And the amount of material is ridiculous. Unlike the ST2, SA2 exams, you have to read all the textbooks. There's no study manuals and guides. Do many people get the marking or do you just study the material and do tonne's of old exams? I'm wondering if I should get the marking or not. Anybody. Also, thanks for the replies.
