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Just not motivated

S

SubaruImprezaWRX

Member
Hi all,

I work in insurance and am trying to better myself by doing the exams off my own back with no study leave nor financial help.

I got an FA in CT1 last time. This time I will re-take CT1 and intend to take CT2.

The problem I have is that I am truly bored with CT2. My degree was in Physics, and I have to confess to never being *that* interested in finance. I.e. I never read The Economist nor FT.

When I sit down to study CT2, I read a section about, say, construction of a balance sheet, tax liabilities for partnerships or company subsidiary accounting etc, and I literally struggle to read a paragraph. I fail to see how I could memorise this stuff, as I only tend to memorise if I truly understand the concepts.

I have only ever glanced at a real-life balance sheet and have no desire to indulge in one.

I like applied maths (but not stats), and found CT1 seriously interesting, especially the stuff about immunisation. And I love the annuity formulae.

But studying for CT2 is like eating cardboard as far as I'm concerned. Just looking at the pension/life stuff in CT6(?) feels me with dread, yet the stuff in CT8(?) Black Scholes does look interesting.

Such is my disinterest in pensions that I can't even been bothered to look at my own pension documents!

To be honest I am only really doing these exams to try to engage my brain in some maths, gain more respect from actuarial colleagues, progress my career and maybe earn more money.

Has anyone had a similar experience please? Any advice will be much appreciated, especially with regards to a worthwhile course I might otherwise study, as I'm sensing all the wrong vibes already!!

thanks
 
There is no more maths after the CTs and so it will only get worse.

If you want to keep your brain engaged then try the Open University's MSc in Maths. In particular, the Analytic Number Theory 2 course is brilliant (there are some applied maths courses as well!). I did the MSc as a 'break' from the actuarial exams! Now that's out of the way, I'm going back to finish off my last actuarial exam, SA2, and if you think CT2 is dull, well this subject has me crawling up the walls in despair .............
 
Not necessarily disagreeing with the above - but I would say that of all the exams I've sat 108/CT2 was by far the most boring...
 
I wouldn't quite agree with 4EverStudent about no maths after the CTs. Try ST6, this requires a very strong maths background, and is the most technical subject on the syllabus (in my opinion).

I quite like the sound of that OU MSc.....
 
Ahh, I am showing my age, I did 301-304 as my later subjects and there was no ST6 equivalent then! (pity, as 304-Pensions wasn't much fun)
 
4everstudent - I've been trying to get hold of copies of those OU MSc courses. There doesn't seem to be much of a secondhand market, unlike the OU degree courses. Also OUSA do not sell exam papers. Is it examined by coursework? And have you any bright ideas where I might be able to get secondhand copies of the coursenotes
 
Each course is examined by 4 TMAs (tutor marked assignments) and a 3hr exam (open book!). The exam and the TMAs each count 50% towards the final result. I believe the past exam papers are not available because the exam doesn't change much from year to year (only a small number of students doing each course and so most probably too expensive for them to produce a new exam each year)

As for secondhand course materials; I would imagine that you are not allowed to sell them on, photocopy them etc. as per the ActEd materials and so that is why there isn't a market for them. However, each course is heavily based around a set book (course materials basically tell you which pages to read, add a little explanantion and have some additional exercises) and so if there is a particular course you are interested in, then you could just buy the set book (which is listed on the course webpage). You won't be able to pick up the set books from your local Waterstone's as they are rather esoteric, but can easily be found on the web (Amazon etc.)

Finally, although the mathematics is definitely of postgraduate level, the exams are easy compared to actuarial exams! (open book, choice of questions and only need 40% to pass)
 
Reading between the lines you don't want to be an actuary so why put yourself through the process? If you are doing it to get onto a student ladder then good for you - stick with it.

You mention money. Does your firm have other training available that they would pay/reward you for? Eg CII.

If you decide to stick with actuarial, do you really have to do CT2 now? Do something more mathematical and maybe a pass will spur you on to get the CTs and hence a stage certificate. Will you then hit barriers with work based skills? That would be awful!

On not getting recognition from actuaries I'm sure you have loads of qualities they do appreciate. Bits of paper aren't the be all and end all.

Hope you find something to fill your niche.
 
Thanks Bystander, your advice makes me feel happier!

I'd like to achieve something in life and I'm still fairly young.

The problem I have is some of the maths looks good, but I am just not passionate about the gritty finance, life, pensions stuff in the CTs.

When I first joined the company, my boss suggested CII but I thought this wouldn't be mathsy enough.

What has re-ignited my angst is people I knew years ago are now nearly qualified, so they get the respect and (apparently) £75k on qualifying! :eek:
 
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