Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > General Actuarial
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


General Actuarial Non-Specific Actuarial Topics - Before posting a thread, please browse over our other sections to see if there is a better fit, such as Careers - Employment, Actuarial Science Universities Forum or any of our other 100+ forums.

Reply
 
Thread Tools Search this Thread Display Modes
  #11  
Old 10-02-2018, 09:56 AM
HC1994 HC1994 is offline
Member
SOA
 
Join Date: Apr 2013
Studying for FAP
College: University of Waterloo and Wilfrid laurier University
Posts: 49
Default

Quote:
Originally Posted by PeppermintPatty View Post
These. The difference of a year will not matter 4 years from now, but the credential might. You can practice in either jurisdiction with either credential, but

1) I'd do whichever my current employer preferred
2) If they didn't care, I would go SoA if I planned to end up in the US, and IFoA if I planned to end up in the UK.

If you don't know where you will end up, and if the UK doesn't require predictive analytics, I'd recommend the SoA route. Not because it's faster or easier, but because I think it will serve you well to study predictive analytics, and it will likely be easier to make time in your life (and get time from your employer) to do so if it's a credentialing requirement.
Thank you. That make sense. And I am using R fairly regularly at work so I might lean towards that as well!



Quote:
Originally Posted by Marcie View Post
Food for thought: SOA might not exist in two years.
Why? :O
Reply With Quote
  #12  
Old 10-02-2018, 10:35 AM
GargoyleWaiting's Avatar
GargoyleWaiting GargoyleWaiting is offline
Member
 
Join Date: Sep 2009
Favorite beer: the closest one
Posts: 7,177
Default

Oh, and looking at the mutual recognition of fellows: https://www.actuaries.org.uk/members...iety-actuaries

If you qualify with SOA, you need at least one year’s post-qualification practical work-based experience of UK actuarial practice to get your UK fellowship.
__________________
Quote:
Originally Posted by UFActuary View Post
But the mosquitoes in New Brunswick Bay of Fundy did mess with my understanding of some limited loss functions
Quote:
Originally Posted by King of the North View Post
Excel gave me #VALUE.

Edit: Nevermind, I was linking a sumif and didn't open the linked spreadsheet. It is now giving me #N/A.
Reply With Quote
  #13  
Old 10-02-2018, 11:14 AM
PeppermintPatty's Avatar
PeppermintPatty PeppermintPatty is offline
Member
CAS
 
Join Date: Sep 2001
Posts: 42,118
Default

Quote:
Originally Posted by Marcie View Post
Food for thought: SOA might not exist in two years.
Quote:
Originally Posted by HC1994 View Post
...
Why? :O
There is renewed talk of the SoA and the CAS merging, into a new society with a new name. But I don't expect that to affect you. There will be some society with much the same professional value to you as the current SoA, and I don't expect any transition rules for someone as far along with exams as you are to be especially awkward or onerous.
Reply With Quote
  #14  
Old 10-04-2018, 06:37 PM
IroningBoard IroningBoard is offline
 
Join Date: Nov 2015
Posts: 28
Default

Having worked with people who’ve had exposure to both systems, the consensus seems to be that there is no significant difference in difficulty between the two sets of exams. I do know somebody who couldn’t pass CA1 (now CP1) so did the FAP modules instead then applied for an exemption. If I remember correctly he had to pay a lot to do it. No idea where he got with that because he eventually moved out of actuarial. Also know of somebody who passed MFE because he failed CT8 a few times. Don’t know any others who have personally sat exams under both systems though.

I’d choose the path based on your long term goals. If you want to stay in the UK long term, go for IFoA. If you want to move back to America/Canada then go for SOA. If you will be in the UK for at least a few more years before moving, IFoA could work too. Fellowship exams are country specific too. If you sit the IFoA exams there’s going to be a lot of material on the UK regulatory environment and UK products and markets. I assume the same goes for SOA. If you don’t think you can handle the 6 hour exam or whatever it is, IFoA might suit you more, but know that shorter exam doesn’t always mean easier to pass. It just means the exam itself may only test a small part of the syllabus, but if you don’t want to take a big risk then you’re still going to have to learn the full syllabus to prepare.

Bear in mind you could end up paying two sets of membership fees if you want to mix and match.

Last edited by IroningBoard; 10-04-2018 at 06:41 PM..
Reply With Quote
  #15  
Old 10-09-2018, 09:02 AM
HC1994 HC1994 is offline
Member
SOA
 
Join Date: Apr 2013
Studying for FAP
College: University of Waterloo and Wilfrid laurier University
Posts: 49
Default

Quote:
Originally Posted by IroningBoard View Post
Having worked with people whoíve had exposure to both systems, the consensus seems to be that there is no significant difference in difficulty between the two sets of exams. I do know somebody who couldnít pass CA1 (now CP1) so did the FAP modules instead then applied for an exemption. If I remember correctly he had to pay a lot to do it. No idea where he got with that because he eventually moved out of actuarial. Also know of somebody who passed MFE because he failed CT8 a few times. Donít know any others who have personally sat exams under both systems though.

Iíd choose the path based on your long term goals. If you want to stay in the UK long term, go for IFoA. If you want to move back to America/Canada then go for SOA. If you will be in the UK for at least a few more years before moving, IFoA could work too. Fellowship exams are country specific too. If you sit the IFoA exams thereís going to be a lot of material on the UK regulatory environment and UK products and markets. I assume the same goes for SOA. If you donít think you can handle the 6 hour exam or whatever it is, IFoA might suit you more, but know that shorter exam doesnít always mean easier to pass. It just means the exam itself may only test a small part of the syllabus, but if you donít want to take a big risk then youíre still going to have to learn the full syllabus to prepare.

Bear in mind you could end up paying two sets of membership fees if you want to mix and match.
Thanks very much for the reply! I had a quick read at both syllabus of the Life Pricing exams, and my feeling is that the UK one is shorter. I can't 100% be certain without looking through the source materials, but that's just my initial impression?
Reply With Quote
  #16  
Old 10-10-2018, 05:54 PM
diputz42 diputz42 is offline
Member
 
Join Date: Mar 2009
Studying for ever
Posts: 311
Default

I can't comment on FSA vs FIA/FCA. I work with both people with FCAS and FIA. FCAS folks tends to quote a 7 year travel time for their credential, whereas my FIA colleagues typically quote 5 years for theirs. This is roughly confirmed by the Actuarial Lookup.

http://www.actuarial-lookup.com/travel-times
http://www.actuarial-lookup.co.uk/travel-times

Besides that, I'd echo what others have said here. Travel time shouldn't be the main criteria for deciding which credential to pursue. No one takes a fellow with less than 3 years experience seriously anyway. To me, that's more a potential red flag that maybe this person is superb technically, but may not be as well rounded in order aspects.
Reply With Quote
  #17  
Old 10-11-2018, 04:06 PM
IroningBoard IroningBoard is offline
 
Join Date: Nov 2015
Posts: 28
Default

Quote:
Originally Posted by diputz42 View Post
I can't comment on FSA vs FIA/FCA. I work with both people with FCAS and FIA. FCAS folks tends to quote a 7 year travel time for their credential, whereas my FIA colleagues typically quote 5 years for theirs. This is roughly confirmed by the Actuarial Lookup.

http://www.actuarial-lookup.com/travel-times
http://www.actuarial-lookup.co.uk/travel-times

Besides that, I'd echo what others have said here. Travel time shouldn't be the main criteria for deciding which credential to pursue. No one takes a fellow with less than 3 years experience seriously anyway. To me, that's more a potential red flag that maybe this person is superb technically, but may not be as well rounded in order aspects.
Something to bear in mind when comparing travel times:

CAS members will usually start exams during university, and only sit one at a time. IFoA members won’t sit exams until about 6 months into their first jobs, but will then usually sit 2 or 3 “prelims” in one sitting. If you look at time between graduation and fellowship I bet they will be very similar.

For example, take a CAS member who sits the equivalent of P and FM in years 2 and 3 of university and then MLC and MFE equivalents in the first year of their job. The equivalent IfoA member will not have sat any exams until they start their job, but they’ll probably sit both P and FM together 6 months in, and then the MLC and MFE equivalents in their second six months. Because the CAS member started in their second year of university, they increase the travel time. If they wait to graduate then sit the exams together, the travel time will likely be more in line with IFoA qualification.

The IFoA average is also being brought down by people who have exemptions. If somebody is exempt from multiple exams then their travel time on actuarial lookup could be 2 or 3 years lower than somebody with no exemptions.

Last edited by IroningBoard; 10-11-2018 at 04:11 PM..
Reply With Quote
  #18  
Old 10-23-2018, 05:47 AM
764dak's Avatar
764dak 764dak is offline
Member
 
Join Date: Jun 2011
Posts: 995
Default

Quote:
Originally Posted by IroningBoard View Post
Having worked with people whoíve had exposure to both systems, the consensus seems to be that there is no significant difference in difficulty between the two sets of exams. I do know somebody who couldnít pass CA1 (now CP1) so did the FAP modules instead then applied for an exemption. If I remember correctly he had to pay a lot to do it. No idea where he got with that because he eventually moved out of actuarial. Also know of somebody who passed MFE because he failed CT8 a few times. Donít know any others who have personally sat exams under both systems though.
Would you tell anyone to do CA1 and CA2 (now CP1 and CP2) instead of FAP since they cost less?
Reply With Quote
  #19  
Old 10-24-2018, 03:48 PM
IroningBoard IroningBoard is offline
 
Join Date: Nov 2015
Posts: 28
Default

Quote:
Originally Posted by 764dak View Post
Would you tell anyone to do CA1 and CA2 (now CP1 and CP2) instead of FAP since they cost less?


Well for most people the cost is irrelevant because employers will be paying for everything. This person in particular failed CA1 about 4 times and got fed up of studying for it so was willing to pay out of his own pocket so he could progress towards qualification.
Reply With Quote
Reply

Tags
ifoa, soa

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 03:40 PM.


Powered by vBulletin®
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.23848 seconds with 11 queries