Just a thought

[mnemonic]

Do you think the longer it takes to qualify and the older you get, that you can ask for extra time in exams due to slowing down of the brain from old age......I'm 29 by the way and wonder if anyone has taken longer than me to qualify??? Feel like I am the only one (8 years with a couple of sittings missed out)!

 

[examstudent]

i dont think thats a valid argument
brain function and numerical age may have little correlation
e.g I know someone a lot older who aces these exams, ive also heard of people in USA qualifying at age 69 etc.

 

[mnemonic]

i was only joking about it, as i'm so fed up of the exams after 8 long years!

 

[Goku]

Our previous General Manager where I work, who's an actuary, once said that the human brain reaches it's optimum intellectual ability at around the age of 29 and 30 (this was from what he read of course). In other words, your brain age is at it's maximum when you are 29-30 years old...

So take heart my friend, your time of passing and thereafter qualifying couldn't be better!

 

[mnemonic]

Well that's definitely good to know...perhaps I will qualify after all!!!

 

[mattt78]

time to qualify

Its often quoted that the average qualifying time is 5 years, but i'm not sure how accurate that is. And remember, lots of people get exemptions from several CTs, so are already a year or so ahead on someone who doesn't have any. And lots of people must drop out along the way, so if you set their qualifying time to infinity, that would push up the average a bit.

Hopefully you're not still on the CTs though!

 

[capitalH]

And lots of people must drop out along the way, so if you set their qualifying time to infinity, that would push up the average a bit.

Think they are probably excluded - otherwise the average would be infinite as well!

It would be interesting to do an analysis of how long it takes to qualify, what the drop out rate is, how many exemptions the average candidate start with etc. Wonder if the pass lists contain enough information on this.

 

[mnemonic]

That would be interesting to know, although I guess you can only get the pass rates for each subject from the pass lists and no further information.

Perhaps the Institute should be more transparent about it? Would be good to find out.

mattt78 - nope, finished the CTs a long time ago...have just done my final exam (unless it becomes a resit...)

 

[bystander]

Don't panic...some people are less quick simply because they aren't as good as others at the 'exam game' be that through nerves or other things conspiring against them.

The victory of FIA will be all the more sweet and in the interim you are gaining valuable experience in the office and are less likely to feel swamped when you make the jump into having the title actuary.

Longer term, no one gives a jot how long it took. Its the title that interests.

 

[capitalH]

That would be interesting to know, although I guess you can only get the pass rates for each subject from the pass lists and no further information.

It is possible I think.

Log onto private section of actuaries.org

Get info of students in directory


Wait, a year of two.

Now, out of the qualifiers, find the join dates from the directory (that you saved two years ago) - calculate average (this will exclude time spent at university)

You can even look at the pass lists, and calculate number of exams passed, and then see the "missing" exams as exemptions - to get an idea of exemptions.

mattt78 - nope, finished the CTs a long time ago...have just done my final exam (unless it becomes a resit...)

Good luck!


On another note, I am also about the same age as you - though I took quite a break from actuarial exams/qualification for a few years. Only got back in the game during Sep08 sitting.

 

[capitalH]

There are several registered students that are student members for 3 decades or so - though we cannot know whether they have been actively trying for the exams for the 30 odd years or so (doubt it -especially since they would have been stopped by the old four attempts rule).

So you are definitely not the student with the longest study time.

 

[mnemonic]

Yes, I think that's true. I know I'm probably not the student studying the longest but it's got to a stage where I'm so fed up. But the comment earlier re experience is very true, that was why I stopped for a couple of sessions so I could gain some new experience at work (and one for getting married!).

I do feel a lot better everyone so thanks! There's nothing I can do till the results are out just before Christmas...so I'm going to enjoy drinking and going out till then!

 

[Goku]

At what stage did you take your break Capital? How many CT's/CA's/ST's did you have? I'd imagine that if you're still in the CT stage, then taking a break would make it much harder to pass those subjects when you return due to the technical nature of those exams, and especially because you have to remember a lot of 2nd/3rd year stats to pass them.

Anyway, the only break I took was over one single sitting since I just started work the year after I completed my degree. Also due to the fact that I had to relocate, I figured I needed the break to settle in.

But I'm pretty much stuck in the 'game' now, and am living the struggle to educational freedom

 

[capitalH]

I took a break for just over 4 years. Had 6 CTs at the time so maybe not the best timing.

But it was straight out of Varsity and those 6 were from exemptions, so maybe not a true "break", but I did nothing in those 4 years to promote my actuarial career.

I had to do CT5 and CT8 still, but it wasn't too much of a problem returning - during those 4 years I did a Masters degree, which I guess helped keep the mind sharp a little bit.

It just saddens me when I see people who were with me (and even people who I gave class to!) qualifying, but otherwise I am ok with it.

 

[Busy_Bee4422]

I took a break for just over 4 years. Had 6 CTs at the time so maybe not the best timing.

But it was straight out of Varsity and those 6 were from exemptions, so maybe not a true "break", but I did nothing in those 4 years to promote my actuarial career.

I had to do CT5 and CT8 still, but it wasn't too much of a problem returning - during those 4 years I did a Masters degree, which I guess helped keep the mind sharp a little bit.

It just saddens me when I see people who were with me (and even people who I gave class to!) qualifying, but otherwise I am ok with it.

I took a 7 year haitus after the degree and came back last year (was 29 then). Had to do 5 cts. The hard part for me was that when I was at varsity there were 100 series exams so things changed on me. I have had to redo ct4, the syllabus has changed for ct5 (very happy they removed the exposed to risk stuff for select rates) and there is now ct9 which others my group didn't do. Ct6 was a breeze coz the syllabus now doesn't have a lot on ruin and credibility as it used to though I understand the credibility part is coming back.

Did two sittings then took a break this last sitting coz I felt I couldn't do Ca1 in the short time from april to september. Back next sitting to do CA1 and Ca3.

Incidentally last year my boss was a class mate at varsity and my current boss wasn't even yet at varsity when I finished. Kinda feel like a late bloomer. But the work is ok and the exams so far have been doable.

 

[fiend]

I know more than 5 people who qualified in there earlier 30's and I don't know a massive amount of actuaries!

I wouldn't worry about it or even think about it.

Hopefully this is your last sitting. I too just sat my last exam (hopefully) and I don't know what to do with all this free time...

 

[Amarantha]

For those of you who have taken career breaks while studying to be an actuary, how has this worked out for you? Did you stop paying subscriptions while you were on your break? If so, did you have to jump through any hoops when wanting to re-subscribe? Did you stay working for an actuarial type company or do something completely different?

Very interested in any responses! Thanks in advance

 

[SpringbokSupporter]

It's so depressing doing these exams for a long time. I've been actively writing these exams for the last 5 years and it's getting to a stage where I am starting to consider other alternatives.

It also seems that with traditional actuarial roles you only get remunerated well if you pass exams. The work that you do counts for nothing.

I've hard that banks are a different environment. Apparently your remuneration is dependant on performance at work and not on the exams that you've passed. Is this true?

 

[Zapher]

10 Years of study including time in degree and i still dont have my CTs (one short)!! Same as my boy the springbok supporter.

Its not the brain capacity its having to build yourself up every time you get our friend the FA. Its even worse when you have two exams and the first one is dismal even though you are prepared (how do you sit the second one???)

 

[Zapher]

The girl i tutored (when she was in first year and i was in honours) is now my superior!!!

 

[capitalH]

It also seems that with traditional actuarial roles you only get remunerated well if you pass exams. The work that you do counts for nothing.

I have heard this is particularly relevant to consultancies - where the rate that you can be booked out at depends on how "qualified" you are.

I've hard that banks are a different environment. Apparently your remuneration is dependant on performance at work and not on the exams that you've passed. Is this true?

There is no requirement to be an actuary in a bank. The work can be done by people with other qualifications as well, hence they do not give automatic increases with each exam you pass. It will be taken into account when you apply for higher posts etc.