Gratefully, IFoA has given their plans to change the schemes. IAI members are also worried about the scheme. We do know about the curriculum changes that will be happening and despite of this we are oblivious of the fact whether these changes will be implied by the IAI or not. Because of this impending suspense, we are in greater risk than those who are not giving from IAI.
As IFoA has disclosed their scheme, it has given its students time to prepare and clear the papers, or get exemptions. IAI on the other hand, not disclosing any such plans has put us in a dilemma about the papers we should go for. So if they suddenly drop the bomb upon us, we might get placed in a tough spot.
The Indian institute does not specify that it will not be following the tracks of IFoA. So even though they say that they do not have any current schemes, they will definitely come up with something in the near future.
Yes, you can join the institute. Anyone from all over the globe can join. No hard set rules, but one must give the Actuarial Common Entrance Test (ACET) to be a member of IAI, irrespective of the fact that you might be a member of any other institute. You can know more about ACET here:
Syllabus:
http://www.actuariesindia.org/subMenu.aspx?id=381&val=Syllabus
Registration:
http://www.actuariesindia.org/ACET module/acet_register_form.aspx
This is probably the discretion you are speaking of. I suppose they have not told you about this. ACET is a kind of entrance exam the the institute. Every one has to give it to be a member of IAI.
The thing about ID is not strange. On calls with the institute, we also have to give our membership ID to them.
They have made the exams double in order to introduce practical application of what we are learning in the material. Simply understanding and writing in exam is not helping the profession. Computer application will help in really knowing what we are studying. And we do not have to compulsorily give both the papers in single sitting. You can give the exams in separate sitting as well. They have allowed this. So if you are okay with using more time in separate sittings then you can do so, but the institute has not specified that you must give the exam of both exams in a single diet. People have been clearing papers in the past, and they will be clearing papers in the future as well. Separating the exams won't stop one from getting a professional degree.
CT5 is relatively a very easy paper, compared to other papers. You can clear it in one shot if the concepts are clear to you. So, assuming that you have cleared CT5 in September 2017 diet, you get 2 diets left for CT4. You can take care of it in those two diets. Even if you don't get your CT5 through in September 2017, you will still have two diets remaining. CT5 and CT4 can be done together also. CT4 has quite some theory chapters, so you can drill your brain less after the sums. It is very much possible to get both papers cleared in a single shot. Ask any tutor online, they will guarantee you that you can do both of them in a single diet itself. It will require some effort, obviously!! Which paper does not ask for that!?
Many many students will be facing the CT8 challenge. You are not alone in this. Many will have to do it, including myself. I suggest, just go with it. Revolting against it won't influence the institute into changing their decision. No matter how many emails you send, no matter how many queries you post, what they have decided will not change. They disclosed the matter last year itself. So in a way, they gave us 5 diets to get our stuff straight.
A piece of advise here from me: Clear CT9 before 2018. It will become a 3 hour paper based exam in the future. You don't wanna miss out on this. It's a piece of cake.
3 years of additional PPD can be done on job. Employers do have an idea about it. PPD is just a replacement of WBS, which was compulsory earlier as well.
CA2 and CA3 have been there for at least the past 5 years now. So until you joined in early 2000s, then don't point out that they were not there when you joined the profession. And if you joined the profession in early 2000s, then what have you been doing all along??
As for your colleagues, they must have qualification from other bodies like CFA or FRM, or a college graduation degree. If you have them, then even you can claim exemptions for the papers. CFA all 3 levels cleared gets you exemption from 5 CT papers and a ST paper. FRM gets you exemption from 2 or 3 papers (i am not sure about this number). College degree qualifications get you many many exemptions, evwn in ST & SA papers.
Now, let me tell you about my situation.
I have cleared 1, 3, 5 & 7. Due to personal reasons, i will not be able to do my CT6 this diet. I have 2 diets remaining to get my CT6 and CT4. Even I am in a tough spot. CT9 from IAI is easy, but CT9 from IFoA requires everyone to give OPAT as well. So even if I clear CT9 from IAI, I will still have to give OPAT from IFoA to get exemption in CT9 by next year, else it's a 3 hour paper!
CT8 is splitting. It's gonna get tough, but that does not scare actuaries! We love risk! It will take some more time, agreed. But that does not mean that we go around blowing horns about how unjust the system is. They did what they wanted to do. Now we will have to find a way to fit into it. We can not sit and rebel against it, as it will only be a waste of time. Better, get down to preparations!!
The practical part of the splitting papers will help when you work. Then you will not have that much difficulty in work and you can impress your boss with your skills! Almost all fields in which actuaries work, require the knowledge of R. If not R, at least some graphic software is definitely required. R is just the basic of them. It is being introduced because of its ease in use, its flexibility and because it is open source.
I hope this clears your issues!!
Regards,
Shyam
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