What does having a growth mindset mean to me? Let me share an experience from my younger days that shaped my understanding of resilience and personal growth.

The Challenge: Society of Actuaries Exam

I was preparing for my Society of Actuaries P1 exam. The preparation materials were expensive - these books cost north of a hundred dollars at that time. I had gone through the book thoroughly and felt I had a solid conceptual understanding.

With confidence, I sat for my first paper. To my shock, I failed. I couldn’t understand how that happened.

The Second Attempt

Undeterred, I went through the concepts again. This time, I made sure I could explain everything that needed to be done very clearly. I went for my second paper, much more confident. And then again, I failed.

At this point, I was ready to give up. I thought to myself, “This is the end of this particular effort.” However, I found the courage to continue. I thought about what perseverance might mean for my future.

The Turning Point

For my third attempt, I approached preparation differently. While understanding the concepts was central, I realized that speed was crucial. The pass mark was very high - you needed to get 25 out of 30 questions correct, and the time limit was quite short.

In my third round of preparation, I focused on increasing the speed at which I could answer questions. I practiced with past papers and quizzes, even before revisiting the concepts. I realized that knowledge by itself is useless if you don’t know how to apply it under pressure.

The Success and The Lessons

This time, I was successful. Through this experience, certain things became clear in my mind when it comes to learning:

  1. Practice is key: It’s important to take questions, run through quizzes, and attempt past papers even before you think you’ve mastered the concepts. This helps you understand how to apply your knowledge.

  2. Explain to understand: The value of being able to explain what you know clearly and concisely cannot be overstated. If you can’t explain it, you probably don’t know it as well as you think.

  3. Progress, not perfection: Yes, there are people who passed on their first attempt. But years later, it doesn’t matter whether you passed the first, second, or fifth time. What matters is that you passed, and the knowledge you gained stays with you.

The Long-Term Impact

Interestingly, I no longer actively pursue my actuarial science career. I’m now deeply into technology. But many of the concepts I learned back then still stick with me. More importantly, the lessons about resilience and growth have been invaluable throughout my career.

Maintaining Motivation Through Failure

How did I maintain motivation and persevere through multiple failures? It boils down to resilience. Negative thoughts will always bubble up, but I found three critical ways of dealing with them:

  1. Physical well-being: Your mind and brain are parts of your body. They all benefit from an active lifestyle. Even if it means taking time off from your preparation, focus on your physical health.

  2. Build habits: Don’t rely solely on motivation. Build habits that keep you going even when motivation is low.

  3. Visualize success: Keep a clear vision of what success looks like for you and what it means. Don’t just think about it - feel it. Assume you’ve already achieved it and live in that emotional state. This opens up your mind to new possibilities.

The Takeaway

In the end, this journey taught me that growth isn’t about avoiding failure - it’s about learning from it. It’s about focusing on what you can control, building resilience, and keeping your eyes on the long-term goal. Whether in actuarial exams or in life, these lessons continue to serve me well.