You made an interesting point here so I decided to look into this further. I discovered one way to become an FIA that does not involve playing the IFoA exam paper lottery and I am going to consider doing this myself. If anything I have stated in the following steps is incorrect, please do let me know:
STEP 1 - Enrol on a Masters Degree in Actuarial Science at the University of Lausanne, Switzerland
https://www.unil.ch/hec/en/home/menuinst/etudes/masters/sciences-actuarielles.html
- The fees are a mere £440 (580CHF) per semester
- It is taught in English
- It is made up of 14 months of taught courses plus exams (Oct 2018 – Dec 2019) followed by a thesis in 2020
- It meets the educational requirements of the Swiss Association of Actuaries (SAA)
https://www.unil.ch/hec/en/home/menuinst/etudes/masters/sciences-actuarielles/perspectives.html
Once completed, you have no more exams to do!
STEP 2 - Get 3 years work experience, then you can apply for the title “Actuary SAV”
You have already met the education requirements in Step 1 so now you can progress with the first 3 years of your career without being weighed down by exams. Once you have three years’ experience, you can apply for the title “Actuary SAV” with the
Swiss Association of Actuaries
https://www.actuaries.ch/de/aus-weiterbildung/ausbildung-sav-pve-cera/aktuar-sav/studium-aktuar-sav
STEP 3 – undertake a 1-year supervised ‘adaptation period’ and become a Fellow of the IFoA
https://www.actuaries.org.uk/membership/mutual-recognition/actuarial-association-europe
The IFoA has a mutual recognition agreement with the Actuarial Association of Europe which in turn has a recognition agreement with the Swiss Association of Actuaries.
So all you need to do is 1-year of work experience in the UK that is signed off by a supervisor and you’ve completed your training.
AND FINALLY
Congratulations, you have become an FIA after 14 months of studying & exams, 4 years work experience and 1 thesis.
Click to expand...