PAK Study Manual Package / PAK Online Seminar (ERM) (Fall 2024)

Hi All,

It is my honor to announce that the PAK Study Manual Package / PAK Online Seminar ( Fall 2024 ) 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 Spring 2025 exam administration (if you do not pass the exam in Fall 2024).

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 Schedules for ERM are available on our PAK website ( ). 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,



“PAK material provided me with a really comprehensive assistance process for preparing my ERM exam. I did not feel any time pressure through the entire studying period. It helps to organize a good and practical schedule, to quickly review and understand all the possible key learning points, to clarify any confused concepts through well maintained forum, to recall and rethink every key points through on-line video, to memorize and practice major concepts systematically, to keep you company through the weekly emails, and etc. I feel really happy that I can pass the ERM exam in my very first time when I take FSA exam. I will definitely choose PAK for the remaining two exams. Thank Paul and Eddy for every efforts and great jobs.”
Garret X – ERM Student

“The PAK Study Manual summarized the readings in a well organized format and the condensed manual broke things down to the must knows for exam day. I read this 3 times the sitting I passed alone. I highly recommend reading through all the PAK mock questions in the Exam & Test Aid while doing a read through of the condensed manual. It helped nail the concepts down in an applicable manner. PAKs formula sheet posted to the forums was also detrimental to me passing the exam and I hope they add it to their regular material and continue to keep it updated across exams.

Paul and Eddy you’ve been incredibly responsive on the emails and it’s evident you care about those you’re helping. Just wanted to say thanks again. ”
Joe H – ERM Student

““Given the enormous amount of content that’s on the exam syllabus, the summary materials provide an excellent condensed version that’s very readable, user-friendly and much easier to understand than the raw exam readings. This is supplemented with a variety of practice questions, sample example problems coupled with detailed solutions, and a user-forum that allows other exam takers to share their thoughts and provide their own personal insights on potential exam questions and alternative solutions to sample problems. I scored an 8 on my first attempt at the ERM-Retirement extension and I can honestly say that the toughest part of the exam was finishing the problems in the required time frame, NOT the difficulty of the exam questions. With the ERM exam being such a difficult exam, the various materials provided in the PAK manual equip candidates with more than sufficient information required to develop a thorough understanding of the material, and not just regurgitating information that only results in memorizing the materials (which does NOT work for this exam!). Unlike before I wrote this exam, rather than being scared when I hear the acronym ‘ERM,’ I feel confident in having a knowledgeable conversation with the senior level folks at my consulting firm and I no longer shy away from discussions about Enterprise Risk Management.”
Chris R – ERM Student

ERM Fall 2024 (PAK Product Sample and PAK Suggested Study Schedule)
PAK ERM Sample
PAK ERM Suggested Study Schedule

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I want to introduce myself as well! I’m Paul, I do the Online Seminars for the Finance Track, and have worked with Eddy for…yikes, Eddy, almost 10 years now?

I’d love to answer any questions that you have!

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

After the 3-month intensive study, I finally passed the ERM exam! Thanks Eddy and Paul! You guys rock!

The ERM exam is not an easy exam because it features a lot of questions and asks students to apply their knowledge in a limited amount of time. I spent at least a third of the exam reading the questions and formulating my answers. It is crucial to understand the materials and know how to apply them. The same goes for preparing for the exam. PAK is an expert in this field! I highly recommend their manual package. Here are some key highlights :

Manual: PAK manual is a well-organized, and time-effective method of understanding the content. I read it together with the textbook chapters and the readings. I easily understood the principles. The explanations of calculations were my favorites because I was not very good at them. I practiced all of the given calculation questions.

Practice and Mock Questions: PAK has far more practice and mock questions than I require. After finishing each reading, I practice them, apply them to the case study, and understand what I missed during my study, so I went back to review the materials again.

Flashcards: PAK has lots of flashcards in various formats. The flashcards summarized the most important topics that students should know. I liked their audio flashcards and Anki flashcards. I could review the key topics during my commute.

Videos: Paul’s videos explained each reading in detail. I found Paul’s videos on calculations particularly useful. It was hard to understand the confusing calculations in the readings. Paul’s videos clarified the calculations and lessened my burdens. He also gave me many useful ideas on how the topics could be tested.

Feedback on my writing (typing): I liked how Eddy gave me useful feedback on how I could improve in the exam. For instance, in an “Explain” type question, I incorrectly listed only the key points without further explanations. Eddy caught it and told me how to “explain” the case in detail in that question.

Email Support: Eddy and Paul are both attentive and meticulous. I discussed my study plan with them at the very beginning, asked them about the questions on the content, and reviewed my writing at the end.

All in all, all exam takers get my highest recommendation!

I second that. I used PAK. I can’t believe my eyes and I did pass the ERM exam in my first attempt!

Before taking the ERM exam, I talked to my colleagues about how to prepare for it. They suggested that doing the past exam questions and the mock questions is very important. After finishing this exam, I finally understood what they meant. It is because some of the past exam questions may be repeated (or partially repeated) in the exam. This is not common in the preliminary exams. Fortunately, Eddy and Paul reminded me many times at the beginning of my study. I spent ample time on practicing the questions and asked Eddy and Paul if I did not understand the materials. BTW, they also offer excellent resources mock and practice questions. I did find some similar questions (parts) in the exam. Thank you very much Eddy and Paul! I can’t pass the ERM exam without your help!

I did not pass the ERM exam in my first attempt. I learnt it from the hard way. I studied over 300 hours in four months but failed it. I used the online seminar and manual in the other famous brand. I read the syllabus readings and the manual, watched the videos three times, and practiced the past exam questions, but it did not work.

I am thankful to meet Eddy and Paul. I talked to them many times. They patiently listened to me and shared their experience with me. I was having the “aha” moment and was surprised to see how many things I missed. For example, when they reviewed my paper and gave me the feedback, I was surprised that some of the questions were not fully credited. I thought I answered them but Eddy told me that I only outlined the keywords without referencing the case study. Then my “aha” moment kicked in and I finally understood what I missed.

I am so glad to pass the ERM exam this time because I don’t need to be worried about the FSA exam restructure. Big thanks to Eddy and Paul! I highly suggest PAK to all ERM takers!

I got a 9 in ERM. That’s unbelievable! Thank you very much for your help Paul and Eddy! Your PAK ERM Package is the best in the market!

Thanks to Eddy, I used your relevant past questions and could sort out the relevant past questions by topics with a click. This saved me a lot of time. Apart from practicing the past papers, I used your PAK package and practiced over 1000 practice questions and 100 mock questions. You mentioned to me, “Practice makes perfect!” I am so delighted to take your suggestion!

And special thanks to Paul, I loved your videos! They explained the concepts thoroughly and emphasized the areas students frequently overlook. I reviewed your videos, especially the calculation videos, several times before the exam to make sure that I did not miss anything.

Keep up the great manual and seminar! I will see you both next year!

Got a 6, the most efficient number! Thanks Eddy and Paul!

Congratulations on passing the ERM exam! You can take advantage of the FSA exam transition. 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: Highlights of "FSA Track Changes and Transition Rules for 2023"

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

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

More free ERM practice questions are available on the PAK ERM website.


I am thrilled to see my number on the list! YES, I PASSED!

Thank you very much Eddy and Paul! Your study manual, audio flashcards, mock questions, and online videos were comprehensive, well-organized, and easy to understand, making it much easier for me to grasp the concepts and topics covered in the exam. Your willingness to answer my questions and provide me with additional feedback was truly admirable. You took the time to explain the complex topics and concepts in a manner that was easy for me to grasp.

Once again, I would like to express my gratitude for your dedication to helping me pass this exam. Your study materials were key factors in my passing this exam, and I cannot thank you enough for your efforts!

Here are some of my study tips for those who prepare for this exam:

  1. Create a daily study schedule and update it if needed. (I usually study in the early morning because that’s the time I have the most energy to read the readings. I also asked both Eddy and Paul about what needed to be added or removed on my schedule.)
  2. Read the manual and the source readings carefully. Always ask yourself the 7 WHs (why, what, how, etc.).
  3. Take the past exam questions and see which topics you don’t understand. (Some of the past exam questions may no longer be in the syllabus. You can use the PAK past question list to see which questions are in/out of the syllabus.)
  4. Take the PAK practice questions and mock questions to see which topics you may miss.
  5. Review the topics again, especially in the last month.
  6. Don’t forget to read the case study a few times.
  7. Email Eddy and Paul if there are any questions.
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Congratulations on passing the ERM exam! Thank you very much for all your kind words!

The PAK Study Manual and the PAK Online Seminar for ERM are now available! Please feel free to send us an email if you have any questions. Thanks!

New Readings in ERM Fall 2024 Syllabus
• Quantitative Enterprise Risk Management Ch. 3: Risk Measures
• Quantitative Enterprise Risk Management Ch. 8: Market Risk Models (sections 8.1-8.7)
• Quantitative Enterprise Risk Management Ch. 10: Economic Scenario Generators
• Quantitative Enterprise Risk Management Ch. 12: Credit Risk
• Quantitative Enterprise Risk Management Ch. 13: Liquidity Risk
• Quantitative Enterprise Risk Management Ch. 15: Risk Mitigation Using Options and Derivatives
• Quantitative Enterprise Risk Management Ch. 16: Risk Transfer
• Quantitative Enterprise Risk Management "Ch. 18: Risk-Adjusted Measures of Profit and Capital Allocation
• Online Reading: Rating Agency Perspectives on Insurance Company Capital (excluding Appendices)