PAK Study Manual Package / PAK Online Seminar (CFE201 Nov. 2025 Exam)

Exams - Study Groups and Discussion Corporate Finance and ERM (CFE) Track
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Hi All,

It is my honor to announce that the PAK Study Manual Package / PAK Online Seminar ( Nov. 2025 ) are now available. Please note that we added the second-attempt guarantee in our PAK Study Manual Package. This guarantee will give you the free access of the updated materials in Mar.2026 exam administration (if you do not pass the exam in Nov. 2025).

Our PAK products include the following items:

  • PAK Study Manual
  • PAK Flash Cards
  • PAK Exam Aid
  • PAK Test Aid
  • PAK Online Seminar

The PAK Suggested Study Schedule for CFE201 is now available on our PAK website (www.pakstudymanual.com ). The samples of our manuals are attached in this post. Our products are available for purchase on the Actuarial Bookstore and Actex.

Should you have any questions, please feel free to contact us. Thanks!

Best regards,

Eddy

Testimonial
“For my FSA exam journey, PAK wasn’t just a study manual. It was two encouraging, helpful guys, Paul and Eddy. Not only were their materials critical in getting me through the Corporate Finance and ERM track, but also their personal instruction through email and videos pushed and encouraged me. The notecards, condensed study manual, forum to communicate with other students, and videos were the most useful materials in my exam preparation. I used PAK for all 3 of my FSA exams and passed each one on my first attempt! While I’m grateful to be done with FSA exams, I’m going to miss the friendships that I’ve made with these two guys, as that’s how much I felt they cared about my success. I highly recommend their study materials. Paul and Eddy, I wish you both the best!”
Luke – SDM/CFE/ERM Student

“I have used PAK study materials for preparing for my FSA exams and I believe they are the best products on the market today. The thoroughness of the material, the ample review questions and the comprehensive online course made a difficult journey to FSA measurably easier. In addition, their responsiveness to my questions and customer service were always exemplary.”
Mark – SDM/CFE/ERM Student

CFE201 Nov. 2025 (PAK Product Sample and PAK Suggested Study Schedule)
PAK Study Manual for CFE201 Nov. 2025
PAK CFE201 Suggested Study Schedule

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Should you have any questions about the CFE/SDM exams or the FSA exam restructure, please feel free to send us an email. Thanks!

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And please let me know if you have any questions I can answer for you!

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Thanks to Paul and Eddy, I passed CFESDM exam this time and passed all CFESDM, CFEFD, and ERM exams in MY FIRST ATTEMPT! I used PAK Study Package and PAK Online Seminar and they were extremely helpful. The study manual was comprehensive yet concise, and there are a lot of other exam aids that I utilized such as the condensed study manual (for the second round of read-through), the online videos (super helpful and explain the calculations/walk through examples), the mock/practice questions (strengthen my understanding on the topics), the emails (the 2 instructors Paul and Eddy are extremely helpful and respond to any question you have and with great clarity/detail, which was probably my favorite part of this package). All in all, I’m very happy with the materials and coaching received, I don’t think I could have done more in the time that I had to study. I will 100% highly recommend PAK to everyone.

DMAC, here I come!

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Thanks, PAK too! I passed the CFEFD exam and got a 8! C’est fantastique!

The PAK manual package is extremely beneficial in getting me ready for the exam. It helped me lay out my game plan, read/understand the source materials, practice the topics and calculations, and review the areas I missed in the last month. Most importantly, I was able to get their feedback on my answers and apply what I had learned to the case study and the exam questions.

Thank you, Paul! I really enjoyed your videos. You explained the hard calculations in an easy format. I was able to grasp the calculation methods quickly and strengthen my knowledge by practicing numerous practice questions and mock questions in the package.

The PAK Audio and Anki flashcards were my favorite part! They condensed the key topics into a well-organized format so that I could review them easily. I used the audio flashcards at least 30 minutes in my jogging every day. That means one week = 30 mins x 7 days = 210 mins and one month = 210 mins x 4 = 840 mins. That is an extra 14 study hours per month!

PAK is your best choice if you are determined to pass CFEFD. I highly recommend PAK to all of you! Merci!

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Before I used PAK, I took the SDM exam once, with other resource, and failed it. I studied very hard but was unable to complete the questions on the exam day. Then I switched to PAK this time and had a great experience. I got many questions about the readings, and Paul and Eddy replied to my questions quickly and clearly. I appreciated Eddy’s feedback on my answers to previous exam questions. In addition, I discovered a lot of mock and practice questions for practice. This is critical because not many past exam questions in the SDM exam are available.

The online videos are fantastic! Paul went over each reading and discussed which topics were important. I watched his videos again if I didn’t remember anything and asked him questions if I did.

I passed the SDM exam with a 9. Thanks Eddy and Paul! Thanks all your hard work! I really appreciate it!

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Congratulations on passing the CFE/SDM exam! Please feel free to contact us if you have any questions about the other exams and/or the FSA exam transition. You can also find more information here: https://community-new.goactuary.com/t/highlights-of-fsa-track-changes-and-transition-rules-for-2023/5833

Thank you very much for all your kind words! Keep in touch!

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The PAK Product sample and the PAK Suggested Study Schedule for CFE/SDM Fall 2023 are now attached (in the first post). Please feel free to send us an email if you have any questions. Thanks!

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Paul and Eddy, thank you so much! I passed the CFEFD exam on my first try!!! Because of the FSA exam restructure, my colleagues told me to wait for one exam administration to see how the new exam would be like. After talking to you, I started creating my study schedule and preparing for the CFEFD exam. Thank you for responding to all of my emails on study methods, readings, and past exam questions! I also appreciate your practice and mock questions, which helped me improve my knowledge a lot! Without them, I would not be able to pass this exam! Nevertheless, Paul’s videos are the best in the class! I greatly recommend PAK to my friends!

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Finally, I passed my last FSA exam, the CFESDM exam. As I agree with PAK before, I will make a short summary here once I finish all the FSA exams.

First of all, thank you so much PAK, Eddy and Paul! You did an amazing job, creating the study materials. I like the audio flashcards, the online videos, and the mock questions the most. They are the best of the best.

When I first started the ERM exam, I was new and used another manual and online seminar for study. I thought I was fully prepared, just like preparing for the preliminary exams. I read the syllabus readings three times with their manual and online videos and did their questions and the past exam questions. Unfortunately, I got a failed grade of 3. Then I talked to Eddy and Paul. They gave me useful feedback on what went wrong and how to enhance my exam score. For instance, I never thought I need to pay too close attention to the time. Of course, I knew that I need to finish each question by certain time, but I did not know there were some clues in each part of the question. There are some useful tactics to approach this exam. After 3 months of study, I got a 7. Not bad.

The next exam I took was the CFEFD exam. It was better than I thought. Perhaps the CFEFD exam is relatively close to the preliminary exams in terms of calculation topics. There were lots of readings in the syllabus. PAK did a great job on clarifying the lengthy calculations. This was the first FSA exam I passed in my first attempt and I got a 9.

The last exam I took was the CFESDM exam. This is a FSA exam, in my opinion, not much related to actuarial work. It focuses more on the operational side. I do apply the balanced scorecards in my team. That’s cool. I worked on all the past exam questions and the PAK mock questions. I also listened to the audio flashcards in my car and watched the online videos to improve your knowledge on the topics. I also discussed the case study with Eddy and Paul, trying to narrow down a list of key topics I should concentrate on. I was so delighted to find my number in the list yesterday.

These are some key points that you may find useful:

  1. If you are new to the FSA exams, you should go to PAK. They will give you a lot of details and insights on the CFE track.
  2. Use the PAK suggested study schedule to create your own study schedule. That’s very important because it helps you keep track on your daily study progress. If you fall behind, you can adjust it a bit to catch up with your schedule.
  3. Read the syllabus readings and manual, and watch Paul’s videos. His videos explain the confusing concepts in clear format. Take notes and pause the video to reflect on the information being presented.
  4. Spend time to practice the past exam questions under the limited-timing environment. This will help you understand which topics were tested. If you do not understand them, you can ask Eddy and Paul for explanations. You may find some errors in the SOA solutions. If you find them, that means you master the topics.
  5. Identify which topics you always forget. Review them daily.
  6. Use the PAK flashcards to memorize definitions, pros and cons, and key concepts. Make sure to review them regularly to reinforce your memory.

One final note: Once again, thank you very much PAK! Finally, finally, finally, I am here and am done with all the FSA exams! I love you both! Great job on the amazing manual!

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Congratulations AceClip! It is our great pleasure to assist you! =)

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Congratulations ATrainee2! That’s a life achievement! It is always great to chat with you. Keep in touch! =)

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Here is the new CFE201 Syllabus (Nov.2025/Mar.2026/Jul.2026) https://www.soa.org/49b691/globalassets/assets/files/edu/2025/fall/syllabi/2025-11-cfe-201-syllabus.pdf

Newly-Added Readings
CFE201-108-25: When Nothing is Normal: Managing in Extreme Uncertainty
CFE201-109-25: When Machine Learning Goes Off the Rails
CFE201-110-25: Artificial Intelligence Applications in Financial Services

Removed Readings
F-131-16: Heavy Models, Light Models and Proxy Models, sections 1-5 & 7 (excluding Appendices)
F-139-19: How to Improve Quality of Stress Tests Through Backtesting (excluding Appendices)
F-164-F23: Ch 18 Case Studies from Operational Risk Management: A Complete Guide to a Successful Operational Risk Framework
Implementing ERM from Methods to Applications Ch. 16: Risk-Based Performance Management
Implementing ERM from Methods to Applications Ch. 17: Integration of KPIs and KRIs
Implementing ERM from Methods to Applications Ch. 18: ERM Dashboard Reporting
Implementing ERM from Methods to Applications Ch. 19: Feedback Loops (pp. 366-371)
Measures of Market Risk Ch. 13: Stress Testing
Measures of Market Risk Ch. 15: Backtesting Market Risk Models
Measures of Market Risk Ch. 16: Model Risk
Measures of Market Risk Ch. 9: Applications of Stochastic Risk Measurement Methods
Online Reading: Nested Stochastic Modeling for Insurance Companies (excluding Appendices)

CFE201 Nov. 2025 (PAK Product Sample and PAK Suggested Study Schedule)
PAK Study Manual for CFE201 Nov. 2025
PAK CFE201 Suggested Study Schedule

The last tab also includes the newly-added and removed readings over the last few exam sittings.

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Here is the updated for Nov. 2025 exam!