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  #1  
Old 01-04-2013, 10:01 AM
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Vorian Atreides Vorian Atreides is offline
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Default Exam Support for Career Changers

The Actuarial Foundation is sponsoring a reimbursement scholarship program to help "career changers" (eligibility requirements are listed below) manage the costs of Exams.




Eligibility requirements:
  • Must be 25 years or older by application deadline dated
  • Must not be currently participating in an employee educational reimbursement program
  • Must be a U.S. citizen
  • Must have passed at least one actuarial exam within the twenty-four months prior to the application due date
Additional details can be found at the following website:

http://www.actuarialfoundation.org/programs/actuarial/ElizabethM.Mauro.shtml



On a side note:

I knew Liz Mauro (the individual for whom this scholarship was named), and fully understand the struggle this group of individuals faced. I was lucky in landing a job with only one Exam passed (I had some really good contacts to the hiring managers).

For those interested in supporting this cause, donations are accepted (link to donation page).

There is a fund raising event in Chicago next Friday evening which includes a silent auction. (Registration can be done here and details about the items for the silent auction can be found on this Facebook page .) My apologies for this late notice, I just found out about this event today.
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  #2  
Old 01-04-2013, 12:14 PM
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Wow, this is a really awesome resource for us career-changers, but due to the program's technicalities I don't know how much it would actually benefit me. The reimbursement support doesn't apply to exams taken in 2013, and I would have to pass at least one more exam in 2013 in order to maintain eligibility since my most recent passed exam was in June 2011. After that I wouldn't have very many exams left that I could do before getting a job anyway, and the program only provides assistance for exam fees and study materials; no tuition assistance for people who need to take VEE classes. What I really need help with is coming up with the exam fee to retake MFE this year and money for study materials (I only used free study materials on my first attempt, and they clearly weren't enough), and this program isn't going to help me with that.
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Old 01-04-2013, 09:42 PM
Harbinger Harbinger is offline
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Quote:
Originally Posted by Vorian Atreides View Post
The Actuarial Foundation is sponsoring a reimbursement scholarship program to help "career changers" (eligibility requirements are listed below) manage the costs of Exams.




Eligibility requirements:
  • Must be 25 years or older by application deadline dated
  • Must not be currently participating in an employee educational reimbursement program
  • Must be a U.S. citizen
  • Must have passed at least one actuarial exam within the twenty-four months prior to the application due date
Additional details can be found at the following website:

http://www.actuarialfoundation.org/programs/actuarial/ElizabethM.Mauro.shtml



On a side note:

I knew Liz Mauro (the individual for whom this scholarship was named), and fully understand the struggle this group of individuals faced. I was lucky in landing a job with only one Exam passed (I had some really good contacts to the hiring managers).

For those interested in supporting this cause, donations are accepted (link to donation page).

There is a fund raising event in Chicago next Friday evening which includes a silent auction. (Registration can be done here and details about the items for the silent auction can be found on this Facebook page .) My apologies for this late notice, I just found out about this event today.
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Old 01-05-2013, 02:53 AM
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Quote:
Originally Posted by manaknight14 View Post
What I really need help with is coming up with the exam fee to retake MFE this year and money for study materials
Not too be rude but sometimes I'm confused at how people think. An exam is supposed to take about 300 hours? Minimum wage is what $7.25. So the cost in time of an exam is approximately $2,175 if the best job you can get is at minimum wage. Yet the exam fee and study material < $500 is stopping people from taking exams?
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Old 01-05-2013, 09:44 AM
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Vorian Atreides Vorian Atreides is offline
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Quote:
Originally Posted by Climbing Bum View Post
Not too be rude but sometimes I'm confused at how people think. An exam is supposed to take about 300 hours? Minimum wage is what $7.25. So the cost in time of an exam is approximately $2,175 if the best job you can get is at minimum wage. Yet the exam fee and study material < $500 is stopping people from taking exams?
Career changers often have additional financial obligations than just paying rent, buying some ramen noodles, and studying for Exams.

When I was looking to make the change, I had two kids and student loans in repayment. I would've been hard pressed to pay for study guides in addition to Exam fees if I had to do FM (I had no background in finances), let alone LC.
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  #6  
Old 01-05-2013, 09:47 AM
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Vorian Atreides Vorian Atreides is offline
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Quote:
Originally Posted by manaknight14 View Post
Wow, this is a really awesome resource for us career-changers, but due to the program's technicalities I don't know how much it would actually benefit me. The reimbursement support doesn't apply to exams taken in 2013, and I would have to pass at least one more exam in 2013 in order to maintain eligibility since my most recent passed exam was in June 2011. After that I wouldn't have very many exams left that I could do before getting a job anyway, and the program only provides assistance for exam fees and study materials; no tuition assistance for people who need to take VEE classes. What I really need help with is coming up with the exam fee to retake MFE this year and money for study materials (I only used free study materials on my first attempt, and they clearly weren't enough), and this program isn't going to help me with that.
I agree that the program in its current form won't benefit everybody.

However, I wouldn't worry about VEE since most employers don't even look at those for consideration in hiring (if it is, it's likely to be the last item in the list of "tie breakers"). Many companies (most?) offer some form of support for VEE with their student programs; so from the perspective of the program, I can see why the focus is on Exam support directly.
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Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

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  #7  
Old 01-05-2013, 07:11 PM
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Annie Howe Annie Howe is offline
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This sounds really great. Too bad I am Canadian... On the other hand Canada has great programs too.
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  #8  
Old 01-07-2013, 07:31 PM
Wolf Follower Wolf Follower is offline
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As a former career-changer, I'm glad to see a program like this out there. I was broke and unemployed (with a new baby to boot) when I started studying for exams and just paying for a study manual and exam fees was a big deal. I do think the program's restrictiveness (particularly with regards to the timeframe) does limit its usefulness though. Most people in this sort of situation need to make haste!

WF
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  #9  
Old 01-07-2013, 08:47 PM
PJA PJA is offline
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Quote:
Originally Posted by Climbing Bum View Post
Not too be rude but sometimes I'm confused at how people think. An exam is supposed to take about 300 hours? Minimum wage is what $7.25. So the cost in time of an exam is approximately $2,175 if the best job you can get is at minimum wage. Yet the exam fee and study material < $500 is stopping people from taking exams?
a) exams don't take 300 hours for most people
b) time spent studying for exams is infinitely more stimulating than working a minimum wage job

Aside from that, someone who has a salaried job who makes, say, 30-35k a year could easily be financially burdened by exams, but would be more time burdened trying to pick up a part-time job on top of studying.
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