Yes. Well kind of. I sat failed CT4 and CT6 once each, but I hadn't studied for them at all - got FCs. Also missed CA3, but I just walked in one day and 'had a go', no study involved. But I've never failed an exam I worked for and tried to pass. I sat ST2 today, ST5 to come on Wednesday, here's hoping neither of those spoil my record!
Very impressive very impressive on passing all exams Benny, but one small question, did you get study leave in respect of the subjects that you sat when sitting the other subjects that you got 100%??
I'm wondering if Benny passed any that he just "had a go" at. Actuaryre, I would presume that having some sort of plan to exams would be prefered by employers since they are investing in your study (and want to get return on it). However, it needs to be flexible enough to allow any failures or changes to the exams (eg no longer have CA3 in regular period) Employers wouldn't only want good results in exams. They'll want development in your office work as well - no benefit to paying a qualified actuary who doesnt produce work as good as expected of a qualified actuary.
I've just qualified having passed every exam first time, although some of them were, I suspect, very much by the skin of my teeth, (for example, CT8, CA1 and SA2). I didn't have a 'strategy' for sittings more than a sitting ahead, because I was never convinced that I was going to pass all the exams, but as a general rule I would start one of the exams I thought I was going to take in the next sitting whilst waiting for results. Personal preferences, (I know these don't work for everyone): -Try to do a bit throughout an exam period - I strongly believe that ten hours a week over the six months, (with a slightly more intense period in the last couple of weeks, naturally), is better than working flat out for the last two or three weeks, particularly in the later exams. -Earlier exams need lots of question practice: later exams, the differentiator is often detailed course knowledge, so reading and rereading course notes can be as helpful as past papers. -Treat CT9, CA2 and CA3 seriously: they are very easy to fail with inadequate preparation, but some of the easiest exams if well-prepared. -Don't panic in the exam just because the questions you wanted didn't come up. For example, securitisation, ICA and equity release in the SA2 exam I did in April is pretty much a nightmare exam for me, coming from a with-profits and product pricing background in a conservative insurer, but thinking round the subjects I managed to scrape together enough marks. Good luck everyone!
Plans are good, but I'd stick with a rolling twelve month one. Remember to plot the courses in - CA2, CA3 (if after Apr 10), CT9 because there are limited number of places and people are applying up to 12 months ahead. With the Sep exams, don't wait for results. Start at least one other subject beforehand. Any work you do on it isn't lost and you can decide to carry on with it, double up, or just do a resit. It can be very difficult to do nothing pre results then find you pass but really have to cram the next one. Having a plan is a general reqt most employers look for, but it is right you need to balance it with good office performance too, particularly if you want a promotion.
Congratulations Pilate!! Wow! that is the stuff of actuarial legends . Two questions. 1. Did you have any exemptions when u started writing? 2. How many years did you take to write the exams? Please may you give the order in which u wrote them and at which sitting. Congratulations! I'm intrigued.
Hehe Thanks Zivanik. No, I didn't have any exemptions. I considered getting one for CT3 but thought I'd probably benefit from sitting it in the actuarial version, and also because it was a relatively gentle introduction. It took me seven sittings: (I remain convinced it could be done in six, since I had a quiet sitting in the middle, but doing this would require you to assume you were going to pass everything and would perhaps be a bit exhausting, assuming you're working hard in the office too!) Order, starting in April 06 and ending in April 09 1: CT1, CT2, CT3 2: CT4, CT7 3: CT5, CT6, CT8 (possibly the hardest sitting) I then did CT9 4: CA3 I then did CA2 5: CA1 6: ST2 7: ST1, SA2
I think it's misleading how the profession's website say: http://www.actuaries.org.uk/students/help_support/student_handbook/study_hours I know a few people who have passed them all first time, but those without exemption have taken 7 to 9 sittings i.e. four to five years. I'd be interested to see the profession's stats on how many students who have no failures, and no exemptions, actually qualify within three years. I think there might be a mis-selling scandal here To qualify "within three years" you would need to do it in 5 sittings! I don't think that is something that it is reasonable to say "could be expected".
Pilate, that is indeed very impressive of you.. I have two questions: 1. did u not feel the pinch of the change in paper style as u finished the CTs and went onto CA/ST/SA? 2. do u consider yourself to have written very much that was in the examiners report for the CA/ST/SA papers? i think they give little credit for points not in the examiners report, despite them saying "alternative interpretations were awarded marks". thats because i find myself to have written what i think are genuine points, but those which do not completely reconcile with the examiners report. thanks very much.. i envy you.. and good luck to u..
LMA: I tend to agree- you might be able to do it but would have to either mortgage your entire life for the privilege or concentrate entirely on exams with a much reduced office working schedule than full time: I think the Profession mis-leads both by implying that passing wihtout failures is relatively common and more heinously by assuming an incredible exam sitting rate! I suspect it's done with the understandable intention of trying to make the exams not look imposing and scary to prospective graduates, and in doing so frightening them away, but I think your point still stands. Phantom: Thanks. 1) Short answer, yes! It's a very valid point you raise, and certainly exams like CA1 and ST2 are not very much like CT6 or CT8. I would argue that the final paper, (SA2 in my case) was almost as different again. All I can say about the transition is that I think I relied quite a bit on a good memory, (for repeating core reading chunks) and some dusty writing skills from doing an English A Level a few years ago, (the latter perhaps atypical for an average actuarial student from a science or humanities background), to get me through. I think the ideas generation and phrasing skills you pick up in a wordy subject earlier on in your studies can help, and I would, (perhaps rather unorthodoxly), recommend anyone thinking about actuarial science not to concentrate uniquely on maths, statistics, economics and business, but also to take seriously English, (or equivalent) and even performing arts subjects. 2) I take a slightly different view on this point. I have occasionally read examiner's reports after exams and generally been surprised at how many points didn't seem to have even crossed my mind. Obviously the reports aren't available until a few months later, and I haven't seen scripts, so there may have been an amnesia effect: but my suspicion is that valid points, even when slightly 'off-piste', can earn you marks. I would suggest that it's not a good idea to make a habit of going for 'eccentric' comments, but certainly that if a thought occurs to you and it seems like you'd mention it to a colleague in the situation set up in the question, even if you can't remember the comment from the course, it's well worth noting down.
I’ve been reading this thread with interest and thought I’d stick in my two cents. I also passed all the exams first time. However had a quite a different approach to you Pilate. I focused very heavily on the last few weeks before the exams I found that across all exams practicing past papers was the most important part. A couple more points IMO: For me it was all about learning lists (points quite often taken from past papers / ASET rather than course material) and doing exams under exam conditions. ASET was really useful for me – you have to accept the answers they give are not trying to reflect what you could actually write in the exam but are much clearer than the marking schedules and give you a range of ideas which you can take on board (in your lists!) Definitely agree with both of those. One point I'd add is that I often brain dumped an answer to the question and then went back to it later and (a) tried to link my more eccentric answers to the core reading and (b) tried to link any pure core points to the question (for that purpose I tried to write double spaced so I could change later) - I wonder if that is part of how to get marks counted which aren't on the schedule. My route was: Exemption: 101 First sitting: 102, 103, 104 Second sitting: 105, 107 Third sitting: 106, 108, 109 Fourth sitting: 201, 303 Fifth Sitting: CA11, ST4 Sixth Sitting: ST5 Seventh sitting: SA3 One definite similarity is that we both did a humanities A-level (history in my case). In many ways I found the later exams easier than say 104/105.
Thanks very much Pilate.. your reply makes me both a bit calm and a bit worried.. calm, because i can expect at least some marks for points not in the examiners report.. worried, because i do not have a good memory.. and learning lists is very annoying to me.. and I just noticed a paradox here, if you relied on your good memory for repeating core reading chunks, then perhaps there it is best not to rely too much on examiners giving you marks for wayward points..?? hmm? OneTwoThreeFour: I am intrigued… Wow!
I've passed everything first time up to now, just SA2 to go. My technique? Wait for the last 3 weeks and then work like a bastard. Doing past papers is the key. CT8 was the worst. I found CAs and STs pretty easy, to be honest. I'm a creative sort so coming up with ideas has never been a problem for me. Not sure what to make of SA2 just yet but I'll be putting in the work. To be honest, having not failed before just makes me work even harder at this stage lest I sully my flawless record.
So what percentage of people do we think pass them all first time? Of the (probably completely unrepresentative) people I know, it's about 10-15%.
Well done to all those who got through without failing - that is a massive achievement. I've already had a few fails but as long as I get through them one day that will do me nicely. Any way, slightly unrelated, but I have heard before (no idea if its true) that people who pass their driving test second time are statistically the best drivers. I wonder if the same is true of actuaries that have failed an exam or two along the way... Any opinions?
For the simple sake of argument, rather than anything useful... LMA: Without being too actuarial, it probably depends upon the exposed to risk ;-) Of people still working who actually qualified, I'd think maybe 5-10%, but for those ever taking an exam it would obviously be much lower, since many people don't get through to qualification. Geoff: I tend to agree, with the theory, inasmuch as I think that those who fail more along the way perhaps learn more: both in terms of having more time to accrue office experience and in going back over course material for more than one sitting. I am quite aware that there are parts of some courses that when junior colleagues mention I now have very little memory of even reading! Jim and 1234: Congratulations both! Interesting that you're both more in the focussing on the last few weeks camp. It seems like this is one thing that is entirely down to personal working styles.
Thanks Pilate. I was actually joking but with your well reasoned argument you've won me over and I'm starting to see some truth in it! You should consider a career in politics.
Congrats to these guys who have passed their actuarial exams first time. I'd say you are in the 1%-2% bracket of world geniuses. The rest however have to contend with exam failure once in a while. But me thinks you don't have that Bitter-Sweet experience of failure then success because, you see, the greater the difficulty the Sweeter the victory! Hats off to you guys, we need you to be our mentors and beat the path of success up ahead! It is said that you only fail if you refuse to stand up and try again...so guys who have not passed first time- ALUTA CONTINUA!! In the end what matter is that FFA or FIA you have always been dreaming of!! if you can imagine it (i.e FFA/FIA) you can do it...that's my motivation!!!
They don't get much more difficult after the ct's, with perhaps the sa's being the exception. There is a lot of cross over and marks to be had blagging in ca1 and the st's I did.
I know this reply is to an old post but I wanted to ask how disadvantageous is it not taking an English A-Level and only doing numerate subjects?
