Hi, I heard today that the institute is considering a new education strategy of turning the CTs to multiple choices questions(assessed on line). I can't see anything on the web confirming this. Is it true? Has anyone heard the same?
There's been talk about this for years - but nothing formal has been agreed as far as I'm aware. I think the Profession has enough sense to realise that doing so would remove the ability of students to think through longer problems - which is an essential skill for our jobs.
I think they do this in the US for some of the very early exams. http://www.beanactuary.org/exams/preliminary/?fa=preliminary-exams&parentID=161 It's probably a cost effective way of examining a large no. of candidates. For the student, there's no longer a 2 mth wait for results, and more options for sitting than twice a year.
Hi I think what you might have heard relates to new qualification category that is currently being planned by IFA. Check this link. This has 6 modules: 0 to 5. Module 0 is a entry qualification exam. Modules 1-4 would cover: Finance and Financial Mathematics, Statistics and Models, Long Term Insurance Mathematics, and Short Term Insurance Mathematics. Modules 0-4 would be assessed by Computer Based Testing Module 5 (Models and Audit Trails) would be a practical exam, delivered online I have heard there is significant overlap with some of the CT level syllabus. Module 5 is a version of CA2. I have not heard any plans for changing the pattern for the existing actuarial qualification.
