Best Combination CT's

Hello everyone
I am a student of IAI. I had CT3 exam yesterday and it was good. Now I am planing for next diet. I will give two papers in next attempt including CT1. Can anyone suggest the best combination- CT1 & CT5 or CT1 & CT6 or any other? Or what's about attempting three papers in one diet ( I may not be able to do that, but just want to know). I know this is too early but I don't want to waste time and willing to do proper planing in advance.
Thankyou

 

Thankyou sir. But actually I have attempted for CT1 already in April diet. If CT6 is based on CT3 then I think it will good for me to go for CT1 and CT6. Since I found CT3 really interesting. So is it the best now?

 

Please rply.

 

Everything you may have planned in September 2016 should be binned and you need to plan again. This is despite a clear timetable listing CT exams being available till 2020.

Did you complete all of your outstanding CTs? Which ones do you have left?

 

I have cleared CT1,3,6(IAI) so far. Appearing for CT5 this sept diet. Sorry, I didn't get you.. can you please elaborate ?

 

Despite the IFoA publishing a document called "plan your route through the exams" detailing the names and dates of CT exams until 2020, they have decided to introduce a new exam system 2 years prior to this.

They have simply deleted the above document.

Also the guidance published in October 2016 detailing the new system was incorrect and contradictory and has been modified several times although it will be difficult for you to see the changes as they don't even put a date or version number.

So in your case if you don't pass CT5 in the next 3 sittings, you will lose all the time money and effort you will have put in for CT1 and have to sit 2 new exams.

Similarly, if you don't pass CT4 in the next 3 sittings, you will lose CT6 and have to waste you time, money and effort starting all over again and taking 2 new exams.

Also, even my Acted tutor was confused by this point, but CT8 turns into 2 exams.

You are in the same boat as me. Your 3 remaining CT exams will turn into 6 if you don't pass on the next 3 sittings. I was planning to take a break/slow down on studying for personal reasons and now the IFoA has suddenly decided to rubbish previouslybissued guidance and replace it in the full knowledge that many students will be disadvantaged.

This is despite promises that have been made that transition students will not suffer from extra exams, extra exam hours, extra study time and increased time to qualify.

I complained to the Institute but they have taken a year to clarify the matter and still can't explain what the changes in PPD mean for me despite already having introduced deadlines for me to qualify. They make me feel like I am a minority but In fact you and many other students are in the same situation.

So any planning you may make might just be turned upside down by the IFoA at the drop of a hat.

 

Thanks for your clarification.
I have gone through this new curriculum introduced by Ifoa. But I'm appearing from IAI only. And I guess IAI hasn't made any announcement yet, regarding these changes. If this will be the case, I will plan accordingly.

Thank you.

 

If it is the case that the IAI Actuaries have no such time requirement to pass their exams and no double exam requirement imposed. I find his quite ridiculous.

So just because you are taking the Indian exams means you can relax and take them one at a time whereas I have to take several exams per sitting if I want to qualify without having the burden of six exams rather than three!?

 

Seriously can someone please explain? I am doing the same exams as the Bharati of the IAI, but I have a strict deadline to pass my exams or have to suffer some of my exams becoming worthless, whereas IAI members don't have to worry about this? I don't mean you any disrespect Bharti, you didn't design the system. I just find this extremely unfair.

 

Does anyone know why they're making them into double exams? Isn't there a simple arithmetic here that if an individual sits two exams and passes one then he only needs to pay for one resit. Whereas if you fail a double exam you have to resit the entire double exam and pay the double exam fee again.

 

Apologies by the way. I didn't mean to scare you into think more exams which you obviously do not. But I didn't realise that just because you're Indian and I'm British and we do the same exams, perhaps you were even in my same online tutorial class, that I have a deadline to pass my CTs and you don't. I'm perplexed by this discriminatory behavior from a Professional designation body.

However I did phone the Indian institute today and they said while there was no current plan to change the Indian system to match the British there was no guarantee they wouldn't follow the British in the future. They couldn't comment on when or how. They seem to have less rules than the IFoA. I asked if I could join they said yes I could be a member of both systems and claim exemptions from either system. When I asked if them if there were any rules on who could join they said no they didn't even have a set of regulations on who is allowed to join the IAI but there seems to be some discretion. Maybe it's based on my picture as they wanted my ID!!?

 

Which exam(s) you have cleared among CT1,4,5 and 6?

 

I have passed CT1 and CT6. I have not passed CT4 and CT5.

If I do not pass CT4 and CT5, I will have to take two exams for CM1 and two exams for CS2 meaning that I will have had to take 6 exams to pass this particular segment of the curriculum whereas any new student who starts with the new curriculum or any older student who has passed everything already will have only taken 4 exams.

I will also have to do 2 exams in CM2 for CT8 which the IFoA has not bothered to even advise me about and my Acted tutor was also unaware of.

In summary, that means that whereas I have 3 exams outstanding now, I will have 6.

Plus, I will have to do 3 years of additional PPD.

CA2 and CA3 were not even in the exam syllabus when I started and none of my colleagues have to take these types of exams, even if they want to seek mutual recognition with the IFoA.

I am not going to stand for this.

 

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

 

I do not plan to simply write emails to the Institute. I am taking further action.

The fact of the matter is that I am not a sheep and I will not be following every whim and frivolous request of Institute.

The IFoA has never asked me to send them an ID document when I have phoned them. When I phoned the IAI despite they were also very rude and tried to hang up the phone on me 6 times despite the fact that I still had questions.

I am not questioning the change of the syllabus. The exams are archaic and I do not see why you bring up these points.

What I am question is that I have paid good money and spent an extortionate amount of time on passing CT1 and CT6 and I will not accept that these exams will be rendered worthless. I do not plan to waste my time and further money in repeating the material in whatever revised form it my be presented to me. I am also not going to waste my time showing my proficiency in R.

If CT9 and CT5 are so easy why are the pass rates for CT5 so low and why do they bother to have CT9 of anyone can pass it? Judging by the pass rates, you need to take CT4 and CT5 at least twice and not many pass them both first time round. I am really not sure how you've made this and other judgments in your message. In fact your system has not even changed and there is nothing definite about it changing in the future. I am not sure about your reasoning on why the IFoA have introduced double exams. In fact what is probably unknown to you is that CA1 was a double exam, 6.5 hours on one day but I think that because the IFoA didn't realise that people who would require extra time for the exam would then need to take 9 hours for the exam for example, they changed the exam to be over two days. None of this is publiscised by the IFoA.

I have struggled with the exams and while you may feel that you have time to just take a couple more exams. I explained to Dillion and I explain to you. You are not in my situation. I cannot take more than 1 exam per sitting and I am not interested to sit two exams because of what someone tells me in an online forum. The IFoA published a time table for long term exam planning and I have planned my exams according to this. The fact that they have just seltenes it from the net without notification is unprofessional and lacking Integrity.

I'm not rebelling against anything. The IFoA has made a mess of the communication of the changes. They have retrospectively amended documemtation without telling anyone which is something you would lose your own job for.

Their own staff have admitted the communication was misleading and it remains unclear with regards to PPD. They still cannot explain to me what the new PPD scheme represents. From what I have read it seems that I will have to do 3 more years of work experience and none of my previous experience counts at all. So even if I did qualify by 2019 I would still have to wait a further 2 years to qualify.

Rather than waste your intellectual ability on repeating exams don't you think it would be a good idea to try to achieve something at work which might help you in your future career. My boss is not an actuary. The people on my country do not have such rigorous exams and it is no big deal to qualify yet they get the same mutual recognition from the IFoA. In my company, they had previously not even given pay rises to exam passers and it is only thanks to people like me that have challenged the norm that others have benefited.

So thanks for your words of encouragement, but I will not be following your advice and I do not plan to waste my life repeating exams where I have already demonstrated my competence or perform any wasteful administrative tasks such as 3 further years of what is still an unspecified amount of PPD.

How can I plan to achieve something if the goalposts are constantly moving?

 

And by the way, the curriculum 2019 was published in October 2016. This means 4 sittings and not 5 as you have stated. Corrections were made and personal emails only sent in January 2017 which leaves 3 sittings. In May 2017 they announced the changes to PPD which meant that if you didn't qualify in 2 sittings you would have to suffer from 3 years of additional PPD. To add insult to injury, just a couple of weeks ago the IFOA closed the CP3 exam entry deadline prematurely. So it was in fact impossible to qualify without avoiding any extra work and they have really not given me adequate notice.

 

An IFOA member can directly become IAI's member without giving ACET, provided he has cleared 3 or more papers.

http://www.actuariesindia.org/(X(1)...))/subMenu.aspx?id=25&val=Types_of_Membership

 

Thanks, perhaps I consider it. There is obviously an arbitrage with the IFoA and IAI systems.... if I don't complete CT8 within the ridiculous and unjust timeframe now imposed on me by the IFoA, rather than review all the new material and take two exams with the IFoA system, I could just take one exam in the IAI system. How ridiculous is that?

 

PPD is not a problem the affiliate MRA members have to worry about as they don't have to do it. They could start their year's supervised work experience Dec 2017 and complete is Dec 2018 and get Fellowship with no PPD required. Whereas we wouldn't be conferred in Dec 2018 unless we had 3 years PPD. For those of us who didn't have to do WBS and therefore have no WBS credit towards PPD it means we'd have to wait until September 2020 to be conferred. This is discrimination on the basis of nationality.

 

I wish you the best for your endeavors!

Regards,
Shyam