Curriculum 2019

Have you noticed that Indian Actuaries will now also be following the UK Curriculum 2019?

From the Name (Curriculum 2019) it would suggest that in 2019, you will have to take the new exams. That doesn't give you much notice to taken exams in the existing System does it? UK actuaries supposedly had 4 sittings notice before implementation, will the Indian actuaries get less time?

This means that exams you have already taken will be rendered worthless and you will have to take them all over again. For example CT4 and CT6 are now suddenly combined and have to be both passed otherwise you will have to repeat what you have learned and take the 2 exams in CS2.

It is also the case that some of the CT exams turn from one into 2 exams. There are now 11 CT exams rather than 9, so they are just increasing the education requirements and if you end up losing some of the exams, you may end up taking 16 CT exams. This seems like quite a nice side earner for the IAI.

Also, I was wondering, why are there only 344 qualified fellows and 10,000 students. Why have Student numbers also fallen by 1,000 students since last year?

I'm a bit worried, where do all These students disappear to?

 

Does anyone know the exact relationship between IFoA and IAI? It seems, from looking at the IAI website, they have the same exams but make their own exam papers. They use Acted preparation materials, hence same core reading - I thought IFoA owned core reading? It doesn't seem very independent from the IFoA, almost like a satellite profession of IFoA. Just an observation. How does IFoA benefit from this? I doubt they'd help IAI so much for free. With IAI now following the Curriculum 2019 then this really does seem a 'special' relationship. I also note that prices for materials and exam fees etc. are cheaper in IAI than IFoA.

 

The drop includes some students who attempted the papers, but dropped out of the course as they found it too challenging for them. It also has students who had the membership of both the institutes, but preferred UK institute over the indian counterpart, and so they stopped paying the membership fees of IAI.

The exact relationship between IFoA and IAI does not really exist. IAI is an independent institute, which pays a certain amount of royalty to IFoA for using their study material. IAI does no have the necessary funds to conduct their own research and publish their own material. So they use the material of IFoA.

Yes, IAI makes their own papers as they are independent of IFoA.

The special relationship that you are speaking of, is nothing but the plight of IAI to follow in IFoA's steps as they do not have the funds, nor the manual resources to carry on the old syllabus, with updated materials every year.

The IAI fees is lower than IFoA due to the fact that they have based their fees as per the indian crowd and not global crowd. IFoA has the reduced rate scheme only for non-UK and non-Ireland locations where the people are very high earners.

Disclaimer: I am not a spokesperson of any of th institutes. I am a student with some information.

Regards,
Shyam