Most candidates struggle with derivatives pricing, interest rate models, and the mathematical complexity of option valuation—particularly Black-Scholes and binomial models. Time management is another major challenge; the exam is dense with calculations, and many test-takers find themselves rushing through later questions. Understanding when to apply specific formulas versus deriving them from first principles is a key distinction that separates high scorers from those who barely pass.

Expert tutors can identify your specific weak areas—whether that's derivatives, fixed income, or risk management—and create a targeted study plan rather than having you review everything equally. They help you master problem-solving strategies, teach you how to recognize question patterns, and build the confidence to work through complex calculations under time pressure. Regular practice with feedback from a tutor significantly accelerates your understanding compared to studying alone.

Most actuarial candidates spend 150-300 hours preparing for IFM, depending on their background in finance and mathematics. If you have strong calculus and probability foundations, you may need less time; if you're refreshing those skills, plan for the higher end. A typical study schedule spans 3-6 months with consistent weekly hours, supplemented by full practice exams in the final weeks to build exam-day stamina.

Practice tests reveal exactly where you're losing points—whether it's calculation errors, misunderstanding question wording, or running out of time. They also help you get comfortable with the exam's pacing and format, reducing test anxiety on exam day. Taking full-length, timed practice exams every 2-3 weeks allows you to track improvement and adjust your study focus before your actual test date.

Your first session will focus on assessment—a tutor will review your background in calculus, probability, and finance, then work through a few IFM problems to identify your current strengths and gaps. Together, you'll establish clear goals, discuss your exam timeline, and outline a personalized study plan. This foundation ensures every subsequent session targets the areas where you'll gain the most improvement.

Varsity Tutors connects you with tutors who have deep expertise in actuarial exams and the IFM curriculum. When you reach out, you'll be matched with someone whose experience and teaching style fit your needs—whether you prefer working through theory first or diving straight into practice problems. Tutors work with you flexibly around your schedule, making it convenient to prepare alongside work or other commitments.

Score improvement depends on your starting point and effort, but most candidates see meaningful gains—typically 5-15 points or more—when working with a tutor consistently over several months. If you're struggling with foundational concepts, early sessions focus on building those skills before tackling advanced problems. The key is consistent practice between sessions and applying feedback from your tutor to avoid repeating the same mistakes.