How's everyone feeling about not being required to do CA2 and CA3 for Associateship (necessary for Fellowship though)? Instead you'll be required to do a 3 month work based project... I'm a bit excited to hear this to be honest since CA2 and CA3 have such dismal pass rates.
I disagree, this exams are necessary. You should be able to communicate everything you do in a clear and succinct manner and with gusto and confidence.
A word of caution... This alternate route is only if you want to stop after attaining associateship. If you want to continue with exams and ultimately want to be a Fellow, you will have to appear for CA2 and CA3 and pass. There is no exemption available.
I do agree that the exams are necessary. However, this makes getting to Associate a bit more comparable to the US system. I reckon that's where they got the idea. For someone like me who works in an environment that has both US and UK actuarial students, this helps me a bit.
I am biased since I already passed CA2 and CA3. Yet there are some points that we might be missing This means that we will potentially have many people leaving university with little to no experience that can call themselves an actuary since all CTs bar CT9 and CA1 have exemptions somewhere. Not saying it is a bad thing, I obtained CT1 to 8 through exemptions myself. Having sat for the American' Fundamentals of Acturial Practice (all modules and assignments), and UK's CA2 and CA3; I tend to think there is a lot of all CAs in their route to become an associate.
It is possible to get exempted from CA1 at undergraduate level in Ireland. I left college with 8 CTs and CA1 after 4 years. Based on these new rules I'd have been an "actuary" after getting CT9 within a year of leaving college (not necessarily a very good actuary ). It depends on how much goes into the work based skills element of this. Previously an associate needed at least 1 years work based skills - is that still in place in addition to this work based project?
