The 3rd phase is where the actuarial exams are passed or failed. Why? Often, the first two phases are enough to pass most exams.
Actuarial exams are different for two reasons:
- The material is not that hard compared to how much time you have. A barely motivated student can make it through the reading in 4 or 5 months. A somewhat motivated student can even do a few practice exams. When those students sit for the exam, they will complete 25% to 50% of the problems with 100% accuracy and fail. Those who complete the exam faster, even with less accuracy, will pass.
- The other people taking the exam are smarter than you and have studied harder than you. Companies pay intelligent people to take this exam. They get paid time off to study. They attend expensive and effective seminars. Many have taken the exam before. To pass, you have to do better than at least 60% of them. Not answering half the questions in the exam because you weren’t fast enough will make you fail.