I went to law school (briefly) and am working towards my MBA. I have been in the insurance industry for about 6 years.
I've been in the class for about a month and a half and am scheduled to take the exam in about three weeks.

ARM 54 is like a single undergraduate college course (although they seem to think it is graduate level). They spoon-feed you the material with the Course Guide, giving you an outline, objectives, and sample questions. The exam is extremely similar to the sample questions. They really want you to pass.

I like the ARM series because it gives you the perspective of the insurance buyer, whose wisest use of funds is not necessarily to buy insurance. As an insurance company employee, you don't normally get that perspective from the job.

If you are taking MBA level classes, you will find ARM to be reasonably easy.