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LAM Syllabus Changes – Fall 2021

Sat, 08 May 2021

The SOA released the updated LAM syllabus today for the Fall 2021 / Spring 2022 exams. Overall the changes were small – with just two readings added and two removed. We will update the seminar over the coming weeks for these changes. There were no changes to Sections A/C/D. All changes below are Section B … Continue reading

Update to Prometric folder format

Tue, 27 Apr 2021

If you are registered with the SOA to take a spring 2021 FSA exam, you should have gotten an email from the SOA recently about an update to the way file folders on Prometric workstations will be named (PDF link). These instructions seem to be coming directly from Prometric and are slightly different from the … Continue reading

Q&A with FSA exam instructors on spring 2021 CBT changes and more

Wed, 21 Apr 2021

Thank you to everyone who submitted questions for our latest CBT Q&A, which we just posted on YouTube. Zak, Derek, and I (Eddie) covered key changes to the Prometric experience for spring 2021 and answered your questions about using Excel effectively for CBT as well as other CBT-related topics.

SOA releases updated Prometric video

Tue, 13 Apr 2021

Today, the SOA released an updated video covering the Prometric setup for the spring 2021 exams. Please make some time to watch this video before you take the exam. The key change for spring is that the SOA has created a new, distinct 5-minute session for you to use solely for submitting your exam files … Continue reading

Introduction ... lessons ... min of video
- Introductory Materials ...
  - LAM Intro Video (9:34)
  - READ FIRST: LAM Release Date Schedule and Revision History (sample) (handout)
  - A Time-Based Strategy for Using This Course to Pass the Exam (sample) (6:47)
  - Fall 2021 TIA LAM Suggested Study Schedule (sample) (handout)
  - LAM Syllabus (Fall 2021 / Spring 2022) (handout)
  - How to Prepare for FSA Exams: Tips and Best Practices (25:50)
  - Using the Course Forum (11:12)
  - SOA Guide to Written Exams (handout)
  - Video Player Keyboard Shortcuts (sample) (handout)
  - If You Failed (handout)
- Important: Understanding the Format of FSA Exams ...
  - 10 Tips for Successful FSA Exam Studying (Part 1 of 2) (21:04)
  - 10 Tips for Successful FSA Exam Studying (Part 2 of 2) (9:44)
  - First FSA Exam? Learn how FSA exams are different from the prelims. (17:53)
  - Overview of Prometric Experience for CBT Exams - Spring 2021 (sample) (20:20)
  - Meet the Verbs Part 1: Why it's important to understand what question verbs mean (6:12)
  - Meet the Verbs Part 2: Frequency and severity of verbs used on past exams (9:47)
  - Meet the Verbs Part 3: Verb definitions (5:59)
  - Meet the Verbs Part 4: Specific examples of how to answer questions based on the verb used (25:56)
A. Stochastic Models, Generalized Linear Models, Multi-State and Transition Matrix Models ... lessons ... min of video
- Section A Handouts ...
  - Section A - Detailed Study Guide (handout)
  - Section A - Video Lesson Handouts (handout)
- A.1: Stochastic Models ...
- A.2: Generalized Linear Models, Multi-State and Transition Matrix Models ...
  - A.2.1. LAM-137: Multi-state Transition Models with Actuarial Applications (Section 1) (28:17)
  - A.2.1. LAM-137: Multi-state Transition Models with Actuarial Applications (Section 2) (10:26)
  - A.2.2. LAM-138: A Practitioner's Guide to Linear Models (Part 1 of 5) (12:02)
  - A.2.2. LAM-138: A Practitioner's Guide to Linear Models (Part 2 of 5) (13:15)
  - A.2.2. LAM-138: A Practitioner's Guide to Linear Models (Part 3 of 5) (16:48)
  - A.2.2. LAM-138: A Practitioner's Guide to Linear Models (Part 4 of 5) (10:59)
  - A.2.2. LAM-138: A Practitioner's Guide to Linear Models (Part 5 of 5) (20:12)
B. Issues Common to Models ... lessons ... min of video
- Section B Handouts ...
  - Section B - Detailed Study Guide (handout)
  - Section B - Video Lesson Handouts (handout)
- Section B Videos ...
  - B.1.1. LAM-116: Life Insurance Forecasting and Liability Models (Part 1 of 2) (20:14)
  - B.1.1. LAM-116: Life Insurance Forecasting and Liability Models (Part 2 of 2) (26:12)
  - B.1.2. LAM-132: Cluster Analysis (Part 1 of 2) (13:09)
  - B.1.2. LAM-132: Cluster Analysis (Part 2 of 2) (21:29)
  - B.1.3. LAM-133: Model Risk Mitigation and Cost Reduction (Part 1 of 2) (5:37)
  - B.1.3. LAM-133: Model Risk Mitigation and Cost Reduction (Part 2 of 2) (15:52)
  - B.1.4. LAM-134: Supervisory Guidance on Model Risk (Part 1 of 2) (19:17)
  - B.1.4. LAM-134: Supervisory Guidance on Model Risk (Part 2 of 2) (16:46)
  - B.1.5. LAM-135: Stochastic Modeling, Section II.B.I (Part 1 of 2) (16:15)
  - B.1.5. LAM-135: Stochastic Modeling, Section II.B.I (Part 2 of 2) (10:45)
  - B.1.6. ASOP 56 (12:10)
  - B.1.7. LAM-144: Use of Discount Rates in Actuarial Models (Part 1 of 2) (9:16)
  - B.1.7. LAM-144: Use of Discount Rates in Actuarial Models (Part 2 of 2) (14:18)
  - B.1.8. LAM-149: Application of Professional Judgement by Actuaries (11:44)
  - B.1.9. Model Validation for Insurance Enterprise Risk and Capital Models (Part 1 of 2) (17:42)
  - B.1.9. Model Validation for Insurance Enterprise Risk and Capital Models (Part 2 of 2) (12:52)
  - B.1.10. Effect of Deflation or High Inflation in Insurance (Part 1 of 3) (18:34)
  - B.1.10. Effect of Deflation or High Inflation in Insurance (Part 2 of 3) (11:11)
  - B.1.10. Effect of Deflation or High Inflation in Insurance (Part 3 of 3) (14:41)
  - B.1.11. Interesting Challenges for Insurers (23:42)
  - B.1.12. Model Efficiency Study Results (Parts 1-2 of 7) (17:25)
  - B.1.12. Model Efficiency Study Results (Part 3 of 7) (10:04)
  - B.1.12. Model Efficiency Study Results (Part 4 of 7) (7:17)
  - B.1.12. Model Efficiency Study Results (Parts 5-6 of 7) (7:24)
  - B.1.12. Model Efficiency Study Results (Part 7 of 7) (9:44)
  - B.1.13. Model Efficiency in the US Life Insurance Industry (Part 1 of 2) (19:06)
  - B.1.13. Model Efficiency in the US Life Insurance Industry (Part 2 of 2) (20:43)
  - B.1.14. Assumption Governance, The Actuary, Jan 2021 (16:07)
  - B.1.15. Importance of Modeling Centralization (16:48)
  - B.1.16. Actuarial Modeling Systems: How Open We WANT Them to be vs. How Closed We NEED Them to be, The Modeling Platform (Part 1 of 4) (12:30)
  - B.1.16. Actuarial Modeling Systems: How Open We WANT Them to be vs. How Closed We NEED Them to be, The Modeling Platform (Part 2 of 4) (15:04)
  - B.1.16. Actuarial Modeling Systems: How Open We WANT Them to be vs. How Closed We NEED Them to be, The Modeling Platform (Part 3 of 4) (26:42)
  - B.1.16. Actuarial Modeling Systems: How Open We WANT Them to be vs. How Closed We NEED Them to be, The Modeling Platform (Part 4 of 4) (23:57)
  - B.1.17. Data Visualization for Model Controls (Part 1 of 2) (18:10)
  - B.1.17. Data Visualization for Model Controls (Part 2 of 2) (14:57)
C. Asset-Liability and Projection Models ... lessons ... min of video
- Section C Handouts ...
  - Section C - Detailed Study Guide (handout)
  - Section C - Video Lesson Handouts (handout)
- C.1 Asset-Liability and Projection Models ...
  - C.1.1. LAM-117: Key Rate Durations: Measures of Interest Rate Risk (Part 1 of 4) (sample) (21:00)
  - C.1.1. LAM-117: Key Rate Durations: Measures of Interest Rate Risk (Part 2 of 4) (23:32)
  - C.1.1. LAM-117: Key Rate Durations: Measures of Interest Rate Risk (Part 3 of 4) (9:10)
  - C.1.1. LAM-117: Key Rate Durations: Measures of Interest Rate Risk (Part 4 of 4) (18:42)
  - C.1.2. LAM-118: Revisiting the Role of Insurance Company ALM (Part 1 of 2) (7:31)
  - C.1.2. LAM-118: Revisiting the Role of Insurance Company ALM (Part 2 of 2) (15:15)
  - C.1.3. LAM-130: Diversification (Part 1 of 2) (14:16)
  - C.1.3. LAM-130: Diversification (Part 2 of 2) (16:35)
  - C.1.4. LAM-131: Ch. 22 of Life Insurance Accounting, ALM (Part 1 of 3) (25:18)
  - C.1.4. LAM-131: Ch. 22 of Life Insurance Accounting, ALM (Part 2 of 3) (14:33)
  - C.1.4. LAM-131: Ch. 22 of Life Insurance Accounting, ALM (Part 3 of 3) (9:56)
  - C.1.5. LAM-140: Asset Adequacy Analysis Practice Note (Part 1 of 3) (17:42)
  - C.1.5. LAM-140: Asset Adequacy Analysis Practice Note (Part 2 of 3) (29:03)
  - C.1.5. LAM-140: Asset Adequacy Analysis Practice Note (Part 3 of 3) (14:57)
  - C.1.6. LAM-146: Ch. 16 of ALM Management of Financial Institutions (Part 1 of 2) (22:39)
  - C.1.6. LAM-146: Ch. 16 of ALM Management of Financial Institutions (Part 2 of 2) (14:21)
  - C.1.7. LAM-147: Ch 2 of ALM Management of Financial Institutions (19:23)
- C.2 LTC Case Study ...
  - C.2.1. LTC Case Study (Part 1 of 2) [LAM-141, LAM-142 & LAM-143] (13:12)
  - C.2.1. LTC Case Study (Part 2 of 2) [LAM-141, LAM-142 & LAM-143] (14:56)
D. Economic Scenario Generator and Equity-Linked Models ... lessons ... min of video
- Section D Handouts ...
  - Section D - Detailed Study Guide (handout)
  - Section D - Video Lesson Handouts (handout)
- D.1: Investment Guarantees (Hardy) ...
  - Standard Normal Table (handout)
  - D.1.1. Inv. Guar. Ch. 1 - Introduction (20:27)
  - D.1.2. Inv. Guar. Ch. 2: Modeling Long-Term Stock Returns (Part 1 of 2) (8:32)
  - D.1.2. Inv. Guar. Ch. 2: Modeling Long-Term Stock Returns (Part 2 of 2) (22:19)
  - D.1.3. Inv. Guar. Ch. 6: Modeling the Guarantee Liability (Part 1 of 4) (5:29)
  - D.1.3. Inv. Guar. Ch. 6: Modeling the Guarantee Liability (Part 2 of 4) (14:52)
  - D.1.3. Inv. Guar. Ch. 6: Modeling the Guarantee Liability (Part 3 of 4) (25:51)
  - D.1.3. Inv. Guar. Ch. 6: Modeling the Guarantee Liability (Part 4 of 4) (10:43)
  - D.1.4. Inv. Guar. Ch. 7: Option Pricing Theory (Part 1 of 2) (28:23)
  - D.1.4. Inv. Guar. Ch. 7: Option Pricing Theory (Part 2 of 2) (10:52)
  - D.1.5. Inv. Guar. Ch. 8: Dynamic Hedging for Separate Account Guarantees (30:47)
  - D.1.6. Inv. Guar. Ch. 12: Guaranteed Annuity Options (Part 1 of 2) (15:59)
  - D.1.6. Inv. Guar. Ch. 12: Guaranteed Annuity Options (Part 2 of 2) (15:27)
  - D.1.7. Inv. Guar. Ch. 13: Equity-Indexed Annuities (Part 1 of 2) (24:19)
  - D.1.7. Inv. Guar. Ch. 13: Equity-Indexed Annuities (Part 2 of 2) (32:45)
- D.2: Economic Scenario Generators (ESGs) ...
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 1 of 8) (9:57)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 2 of 8) (14:02)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 3 of 8) (10:29)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 4 of 8) (15:47)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 5 of 8) (20:59)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 6 of 8) (11:42)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 7 of 8) (sample) (14:46)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Part 8 of 8) (31:40)
  - D.2.1. Economic Scenario Generators: A Practical Guide (Bonus Video - Ch 11 Derivations) (13:22)
  - D.2.2. LAM-139: Simulation of a Guaranteed Minimum Annuity Benefit (Part 1 of 2) (26:25)
  - D.2.2. LAM-139: Simulation of a Guaranteed Minimum Annuity Benefit (Part 2 of 2) (14:20)
  - LAM-139: Practice Question [Note: Zip File Download] (9:30)
  - LAM-139: Practice Question - Fall 2020 4(c) (11:40)
  - D.2.3. LAM-148: Introduction to Economic Scenario Generators - Selecting and Specifying ESGs (Part 1 of 2) (20:46)
  - D.2.3. LAM-148: Introduction to Economic Scenario Generators - Selecting and Specifying ESGs (Part 2 of 2) (17:18)
  - Congrats on finishing the video lessons! Now what? (16:11)
Supplementary Materials ... lessons ... min of video
- TIA FSA Instructor Video Series on Recommendations for Prometric FSA Exams ...
  - Please Read: PDF with Youtube Video Links for Understanding Prometric FSA Exams (handout)
  - How CBT is changing the format of FSA exams starting Fall 2020 (14:58)
- PDF Flashcards ...
  - TIA LAM PDF Flashcard Download (1 per page and 3 per page formats) (handout)
- Condensed Outline ...
  - TIA LAM Condensed Outline (handout)
- Formula Sheet ...
  - TIA LAM Formula Sheet (handout)
- Drill Problems ...
  - TIA LAM Drill Problem Set - Questions Only (handout)
  - TIA LAM Drill Problem Set - Questions and Solutions (handout)
- TIA Practice Exams ...
  - Note: The downloads below are zip files. (handout)
  - TIA Practice Exam #1 (Questions Only) (handout)
  - TIA Practice Exam #1 (Solutions) (handout)
  - TIA Practice Exam #2 (Questions Only) (handout)
  - TIA Practice Exam #2 (Solutions) (handout)
  - TIA Practice Exam #3 (Questions Only) (handout)
  - TIA Practice Exam #3 (Solutions) (handout)
- Past Exam Questions ...
  - Spreadsheet Mapping of Relevant Past Exam Questions (handout)
  - TIA Solutions to the Fall 2019 LAM Exam (handout)
  - TIA Solutions to the Spring 2020 LAM Exam (Part 1 of 2) - PDF Solutions (12:41)
  - TIA Solutions to the Spring 2020 LAM Exam (Part 2a of 2) - Excel Solutions (18:09)
  - TIA Solutions to the Spring 2020 LAM Exam (Part 2b of 2) - Excel Solutions (12:30)
  - TIA Solutions to the Fall 2020 LAM Exam (Part 1 of 2) - PDF Solutions (17:01)
  - TIA Solutions to the Fall 2020 LAM Exam (Part 2 of 2) - Excel Solutions (handout)
  - Solutions to various Investment Guarantees (Hardy) questions from past LP exams (handout)
  - Solutions to various cluster modeling questions from LFV exams (handout)
- Exam Day Checklist/FAQ ...
  - Exam Day Checklist/FAQ - PDF Download (handout)
- Optional Bonus Materials ...
  - WATCH FIRST: How to Approach the Bonus Materials (3:30)
  - TIA Importance Sampling Example (Part 1a of 2) (12:12)
  - TIA Importance Sampling Example (Part 1b of 2) (12:27)
  - TIA Importance Sampling Example (Part 2 of 2) (9:39)
  - Bonus Practice Problems - Questions (handout)
  - Bonus Practice Problems - Solutions (handout)

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