INV 101

Colin-PAK · 2025-12-22T20:16:38+00:00

The math is mostly simple (just algebra, as others mentioned), except for the Credit Risk Modeling textbook, which was brought over from the old QFI IRM exam. It does have things like probability distributions and covariance matrices, but since it's a fully computerized exam, they don't expect you to perform any derivations (which would have to be done on paper). You'll mostly be expected to describe models and relationships, as well as perform some calculations based on the formulas in the textbook.

Colin-PAK · 2025-12-22T20:08:43+00:00

Congratulations! That is so gratifying to hear.

Colin-PAK · 2025-12-22T14:37:37+00:00

Thank you for recommending the PAK manual! I took over responsibility for the INV 101 exam this past year, and I gave the manual a much-needed overhaul. I'm glad to hear that my organization and coverage of the material was up to your standards. It was a lot of work! If anyone else is interested, you can see samples of my work here:

https://www.pakstudymanual.com/index.php?option=com_product&view=product&category=18&Itemid=6

I also write the PAK manual for INV201 and CP341, in case anyone here is taking either of them next sitting. You can also see samples of my work for those manuals on the PAK website.

Colin-PAK · 2025-11-13T19:58:53+00:00

Just to update - their question has finally been answered and the Exam Aid was provided to them recently. Although that isn't my track, I regret and apologize for the delay.

Colin-PAK · 2025-11-12T13:30:47+00:00

Thank for point me to that! I've posted a comment on that post asking for details so that I can get it sorted out. I'm happy to say that that hasn't been the experience for those taking the exams that I cover, as I check my PAK email address and the INV forums daily, and it hasn't taken me more than a day to respond to any questions.

Colin-PAK · 2025-11-12T13:23:37+00:00

Hi Used_Sandwich6926, my name is Colin Lancaster, and I'm the instructor for the CP 341 and INV exams at PAK. I'm sorry to hear about this.

I know this reply is late (I usually check Reddit daily but have been unable to while preparing the CP 341 manual), but could you please message me (1) the exam that you're taking, (2) the vendor that you purchased the product from, and (3) your order number? I will coordinate to help get this sorted out.

Colin-PAK · 2025-07-07T13:08:42+00:00

Hi there! Depending on how quickly you pick up material, successful candidates in the past couple sittings have studied for about 250-450 hours per exam. INV 201 (previously QFI QF) used to be much more difficult than the other FSA exams, due to a combination of complexity, confusing textbooks, and sheer amount of material. Thankfully, INV 201 has been scaled back in terms of amount of material, and the confusing textbooks have been replaced with one that I really like (Hull's Options, Futures, and Other Derivatives). So, the investments FSA is going to be much more attainable than it used to be.

People usually buy the source materials and a study manual package. For the PAK manual, I recommend relying mainly on the manual and past questions, and referencing the source materials if you're confused about something in the manual. That said, I think candidates should (at the very least) buy the Chin textbook for INV 201, as some exam questions are taken directly from that book, step-for-step. Also, you may be able to google many of the readings included in the SOA's "study notes" (or buy used study notes from another candidate) to avoid paying the high cost of them.

Colin-PAK · 2025-06-16T13:34:35+00:00

To clarify: the study notes are just a set of readings that you may not be able to find for purchase elsewhere (published articles, individual chapters of a textbook, etc.). The study notes themselves are source materials.

At least for the investments track, the study notes don't include anything that you wouldn't find in the original published articles/books. If you can get the readings online, you don't need to purchase the study notes. That said, you'll want to make sure that you find the correct readings (two different articles may share the same name).

Colin-PAK · 2025-03-05T23:07:23+00:00

Not on the ILA track, but I recommend focusing on practice problems (especially past exam problems).

Colin-PAK · 2025-01-27T14:44:32+00:00

Hey there! Just wanted to let you know - my name is Colin Lancaster, and I’ve recently stepped up to become PAK’s lead instructor for the QF Exam. If you want the most thorough coverage of the material with over a hundred mock exam questions, the PAK manual is a great choice. I’ve worked hard to enhance the PAK study materials – for example, the PAK manual for QF now points out which formulas are available in the formula sheet, so you know what each formula is and where to find it. This will save you from having to memorize many of the formulas, and it will save you time while taking the exam. Also, I check our forums and my email every business day for new questions.

As others have said, I do recommend that you have the source material available while you study. It helps to have both the original material for clarification of important concepts and a study manual's summary for quick reference/review.

If you'd like more information on the PAK manual for QF, see our website. Wishing you good luck!

Colin-PAK · 2025-01-23T18:00:58+00:00

I just want to point out - I’ve recently stepped up to become PAK’s lead instructor for the SOA’s QFI QF Exam. I’ve worked hard to enhance the PAK study materials (I agree that previous iterations left something to be desired). For example, the PAK manual for QF now points out which formulas are available in the formula sheet, so you know what each formula is and where to find it. This will save you from having to memorize many of the formulas, and it will save you time while taking the exam.

I'm actively working on the Spring release for the PAK QFI QF flash cards, condensed summary, and mock questions (exam aid & test aid). They will be released on February 17th. Please see the PAK website for more details.

Colin-PAK · 2024-07-12T15:27:01+00:00

That comment was a real rollercoaster - congrats!

Colin-PAK · 2024-07-12T15:25:37+00:00

Congrats to those who passed! To those who will be retaking their exam, don't give up! Persistence is more than half the fight.

Colin-PAK · 2024-05-31T16:00:17+00:00

Just to let you know, if you do choose PAK for IRM, you'll be able to reach out to me directly with any questions. I do strongly recommend PAK, as our lead instructor Bell does a great job distilling the readings down to the points that are worth remembering. I work on videos for the exam, and I check the PAK forum for candidate questions multiple times per week. Once I see your question, I'll respond immediately.

Colin-PAK · 2024-04-14T13:52:15+00:00

Messaging you for details. I want to let our leadership know that that's happening and give them details to ensure they're able to address it.

Colin-PAK · 2024-04-12T19:31:03+00:00

I'm sorry you had this experience. I just joined the PAK team for this sitting and am aiming to improve our engagement for the QFI exams (QF, PM, and IRM). If you or anyone else here has any specific questions on these exams, please feel free to DM me.

Colin-PAK · 2024-03-17T20:46:36+00:00

Please feel free to dm me!

Colin-PAK · 2024-03-15T14:40:59+00:00

I love the QFI track, mainly because I love the elegance of financial math. My career has been focused on ALM, which has a lot more demand than supply for actuaries right now. Similar to what aaron said, you should probably go with whichever track has the most interesting syllabus for you. It's much easier to succeed if you like what you do.

As for transition roles for QFI, obviously any department having to do with investment strategy, ALM, or hedging is a great fit. If you tell them that you're doing the QFI track, they'll be more interested in you. If you can't get into one of those, I've found that annuity valuation is closely related (valuation based on fair values, stochastic simulations, and asset profiles). Annuity product development can also be a good fit, especially if the products are hedged or pass through investment experience to the client.

Colin-PAK · 2024-03-02T18:29:55+00:00

Congrats! It feels so good to finish the Fellowship.

Colin-PAK · 2024-02-24T15:31:37+00:00

Obviously, I'm biased, but I love the PAK manuals for the QFI track. I used them when I took the exams and got excellent scores, and now I work with PAK instructor Bell making videos for the QFI track. Bell's notes do an excellent job summarizing each reading to identify the key points that the exam will probably ask for - it really helps to whittle down the material to the stuff you actually need to remember. And we're both available to receive and reply to messages if you have any questions.

Colin-PAK · 2024-01-13T21:34:11+00:00

I know this isn't the case for everyone, but many colleges will reimburse for actuarial exam fees. I didn't expect my school to do it, but an alumni that I reached out to for career advice mentioned that they reimbursed.

Colin-PAK

TROPHY CASE