Advice needed for career and exams

Discussion in 'Careers' started by Schuey, Jul 15, 2017.

  1. Schuey

    Schuey Member

    Hi I am writing this because I would like some advise.

    I am currently working as a Senior Actuarial Analyst.
    I have passed CT1-9 in 2 years, CA1 first time over winter, ST2 I passed second time. I got FA first time. I did my first exam in April 2006 which feels like a long time ago. I got through the CTs quite quickly. In summer 2008 I was having thoughts that I didn't think the actuarial career was for me and was having serious thoughts of leaving. I didn't do an exam that summer. As I didn't think any of the actuarial work I was doing in financial reporting was particularly interesting and the qualified actuaries in financial reporting their jobs didn't really appeal to me although their pay cheques do. I've never working in pricing and I'm sure the work is abit more interesting but not sure it would really make me get out of bed.

    The current work I do at my employer is a mixed bag and varies month to month which isn't too bad. The only actuarial work that appeals to me is winning clients / sales in a consultancy which maybe you don't even need the exams for.

    Anyway back to the story I passed CA1 first time in April 2009 and worked extremely hard and very consistently. Since then I had struggled a bit with finding the motivation to study because deep down I don't want to be an actuary and I think if I did it till I was 60 I would have felt like I have wasted my life.

    Having pass CA1 first time I expected to find the STs easy and a walk in the park. For some reason I struggled. Mainly getting through the course in time, sometimes motivation. Managed to pass ST2 so I can't be that stupid. ST1 I got FB in Oct 2015. I have only sat it again recently in April 2017 and got the equivalent of FC. I failed because I didn't cover all the course in time and I was going through a very difficult time with life then.

    If I deep down wanted to spend the rest of my life being an actuary I think I would have passed sooner or be willing to carry on as I'm not that far away. I have ST1, SA2, CA2, CA3 left.

    I find it a bit frustrating when I see people I was ahead of who maybe struggled with the CTs or didn't get CA1 first time and they have now passed STs, SA2. I admire their persistence. However, I think I find it frustrating because I got through CT1-9, CA1 first time quickly from 2006 -2009.

    I want to retrain to become a engineer working in motorsport and am saving money towards this. Obviously an engineering degree is no walk in the park. I will hopefully be starting next year in September / October 2018. I have to refresh my A Level Mathematics, A Level Physics for this and prepare my application. I just wanted some advise on what to do with the actuary exams. Considering I will at most be in The Actuarial Profession for another 12 months and I don't want to get burnt out before retraining for an engineer with the actuary exams and refreshing myself with my old A Level Maths and A Level Physics. I was maybe planning to do ST1 again but really not sure is worth my time, effort and sacrifice. The ST and SA subjects are only useful as long as they are in the industry you work in imo.

    I'm feeling abit lost now and would appreciate some advise. I knew I didn't pass ST1 in April 2017 and had Avery outside chance. Best I got 2 years ago was FB which was when I sat it last. I think I failed because of my revision technique in 2015.

    I feel like abit of a failure leaving the exams now. I don't know what to do. Given I don't want to spend the rest of my life being an actuary and I couldn't think of anything worse.

    Thank you for advice.
     
  2. bystander

    bystander Member

    Firstly you are far from a failure and even if you did feel being an actuary is for you, it's not a race so no one should ever get disheartened if others overtake you. You never know when anyone will stumble!
    If you are self funding the actuarial exams I can't see any real advantage in going forward with another go next setting. You say yourself you are saving fto train in another field and the exam fee can go towards that. You are perhaps under more pressure to sit if your employer is paying.
    You can stay as a student on the membership list as long as you like but again why would you incur unnecessary subscriptions? You could maybe keep the status just for a couple of years to make sure you settle and are happy on your new career path.
    Remember the exams are changing so factor that in your decision making.
    If you do want to do another exam, what about ca2 rather than st1? Modelling skills may be more transferable?
    Only you can choose and it has to be right for you. Remember the passes were t wasted because it carried you forward and presumably got you pay rises and maybe promotion.
    Good luck making your decision and once you have it, commit and don't look back.
     
  3. learner

    learner Member

    Have you considered doing an engineering degree part time? The main disadvantage of a part time degree, apart from it taking longer to graduate, is that you might have less practical experience and you could find it more difficult to get academic references. However if you did this you could continue to work and you could even move closer to qualifying as an actuary.
     
  4. Schuey

    Schuey Member

    Hi I have considered this however, I want to go to Imperial and they just do full time degrees.

    Thanks for everyone replies so far.
    Anyone else with any helpful advice ?

    I am not sure whether to take ST1 and give it one more go as would be nice to get it or given I have a lot on my plate having to do my application and refresh A Level Maths and A Level Physics and just to concentrate on that. Would like to pass ST1 but obviously would take a lot of time when I could be using that to get up to speed on maths / physics given ST1 has no real benefit apart from if u work in life insurance or health insurance ?

    Thanks very much
     
  5. almost_there

    almost_there Member

    Don't let them make you think you're a failure.

    You can only pass or fail something in reference to a standard. For some reason we are not disclosed the competence standard by which people are passed or failed. A quota system is denied but the alternative would be an objective standard, unaffected by cohort performance in a particular sitting.
     

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