Using Anki vs. Custom Flashcards for Actuarial Exams

Anki's Advantages

Anki is free, open-source software that automatically schedules card reviews using a spaced repetition algorithm. Cards you find difficult appear more frequently while easy cards are shown less often. This optimizes your review time by focusing on material that needs reinforcement. The algorithm adapts to your individual learning pace, so two people studying the same deck will see cards at different intervals based on their personal recall patterns.

Anki supports LaTeX for mathematical notation, making it suitable for actuarial formulas. You can render expressions like the present value of an annuity-due, compound interest formulas, or probability density functions directly on your cards. This is a significant advantage over most flashcard apps, which cannot display mathematical notation cleanly. Anki also supports images, so you can include diagrams, graphs, or screenshots from your study materials.

How Anki's Spaced Repetition Algorithm Works

Anki uses a modified version of the SM-2 algorithm. When you review a card, you rate how well you remembered it: "Again" (failed), "Hard," "Good," or "Easy." Based on your response, Anki calculates the next review interval. A card you rate "Good" might reappear in 3 days, then 8 days, then 21 days, with intervals growing each time you successfully recall it. A card you rate "Again" returns to a short interval and must be relearned.

This system ensures that you spend the most time on material you find hardest while maintaining long-term retention of easier material with minimal effort. Over a three-month study period, a well-maintained Anki deck can reduce your daily review time from over an hour to 20 or 30 minutes while keeping all previously learned formulas and concepts fresh.

Building Effective Anki Cards for Actuarial Exams

The quality of your cards matters more than the quantity. Each card should test a single, atomic piece of knowledge. Instead of creating a card that asks "List all the annuity formulas," create separate cards for the present value of an annuity-immediate, the present value of an annuity-due, the accumulated value of an annuity-immediate, and so on. Atomic cards are easier to rate accurately and produce better spaced repetition scheduling.

Use cloze deletions (fill-in-the-blank) for formulas. For example: "The present value of an annuity-immediate is a-angle-n = (1 - v^n) / {{c1::i}}." This forces active recall of the specific component rather than passive recognition of the complete formula. For conceptual cards, frame questions as they might appear on the exam: "If the force of interest is constant at delta, what is the accumulation function a(t)?" followed by the answer "a(t) = e^(delta * t)."

Custom Flashcards: Handwritten and Digital

Handwritten flashcards have a distinct advantage: the physical act of writing engages motor memory and forces you to process the information actively. Studies show that handwriting activates different brain regions than typing, leading to deeper encoding of the material. For complex formulas with multiple subscripts and symbols, writing by hand also forces you to understand the notation well enough to reproduce it, which is valuable practice for exam conditions.

Custom digital cards in apps like Quizlet offer convenience and portability. You can study from your phone during a commute or lunch break without carrying a stack of physical cards. Quizlet also offers collaborative features, allowing study groups to share decks and contribute cards. However, the main disadvantage of non-Anki digital systems is the lack of intelligent scheduling, meaning you must manually decide which cards to review and when.

Shared Decks vs. Self-Made Decks

Shared decks for some actuarial exams are available online through Anki's deck-sharing platform and actuarial forums. These can save significant time since someone else has already identified and formatted the key concepts. However, creating your own cards produces better learning because the process of deciding what to include, formulating questions, and writing answers is itself a powerful study activity.

A practical compromise is to download a shared deck as a starting point, then modify and supplement it as you study. Delete cards that cover material outside your exam's current syllabus, reword questions to match your understanding, and add new cards for topics that the shared deck did not cover well. This approach gives you the time savings of a pre-built deck while still engaging actively with the material.

When to Use Each Approach

For most actuarial candidates, Anki is the better choice for long-term study campaigns of three months or more, because the spaced repetition algorithm provides the greatest benefit over extended periods. The initial learning curve for Anki (installing the software, learning the interface, configuring settings) takes one to two hours, but this investment pays off over hundreds of review sessions.

Handwritten flashcards make sense for shorter study periods, for candidates who strongly prefer physical materials, or as a complement to Anki for material that benefits from the writing process. Some candidates use handwritten cards during initial learning (to benefit from the encoding advantage of writing) and then transfer the most important cards to Anki for long-term review.

Regardless of which format you choose, limit your daily new card intake. Adding too many new cards per day creates an unsustainable review burden within a few weeks. Start with 10 to 15 new cards per day and adjust based on how manageable your daily review load feels. The goal is consistent, sustainable review rather than an overwhelming backlog that causes you to abandon the system entirely.

Tips for Maintaining Your Flashcard Practice

The biggest challenge with any flashcard system is consistency. Do your reviews every day without exception, even on rest days or busy days. Missing a single day doubles the next day's review load, and missing several days can create a backlog that takes hours to clear. Think of daily reviews as non-negotiable maintenance, similar to brushing your teeth, rather than an optional study activity.

Schedule your reviews for the same time each day, ideally first thing in the morning before other tasks compete for your attention. A 15 to 25 minute morning review session followed by your regular study blocks is a sustainable rhythm that keeps your formula recall sharp throughout your preparation period.