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Exemptions from CFA exams

J

JeanOlivier

Member
Hi,

I have read that students who have passed CFA level 1 and level 2 are exempted from CT1 to CT8 or part of the CT series. I wanted to know whether conversely, someone who has passed the corresponding CT series will be exempted from CFA level 1 and CFA level2. Does anyone know about this?
 
capitalH said:
Well, not CT 1-8, but as outlined here

http://www.actuaries.org.uk/__data/assets/pdf_file/0015/150216/cfa_exemptions.pdf

Essentially you can get, CT1-3, CT7-8 and ST0, in total if you have the CFA designation (less if you only completed level I+II)

As far as I know, CFA is not very keen to give exemptions, probably due to them only having 1 exam per level, it would be very difficult to cover their whole syllabus.
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I dont see why those exemptions should be offered, even CT1 and 3 are well above the level of depth and difficulty of CFA level 2
 
I had the same thoughts...

CFA is a lot of work, but...

It skims the surface on all the topics. They only teach the basic stuff.

Also, since everything is bundled together, most people rely on the other portions to get them a pass, as they tend to struggle with the math stuff.

It is very conceivable that a person has little proficiency in these areas, certainly not to the standard required by the Actuarial Profession.
 
capitalH said:
I had the same thoughts...

CFA is a lot of work, but...

It skims the surface on all the topics. They only teach the basic stuff.

Also, since everything is bundled together, most people rely on the other portions to get them a pass, as they tend to struggle with the math stuff.

It is very conceivable that a person has little proficiency in these areas, certainly not to the standard required by the Actuarial Profession.
Click to expand...

I think it’s more of a courtesy thing to be honest. It’s kind of encouraging people who have the CFA designation (or want a career change) to go into actuarial, by giving them credit for their CFA exams. Although i don’t think the average passing CFA candidate (level 1+2) would be able to pass CT1,2,3,7, the point is that those subjects alone don’t get you anywhere anyway, because you still need to pass CT4,5 and 6 which are far more difficult, so if one can do that than one would assume they already have the basic “machinery” of actuarial studies (CT1 and 3) down already.
 
I think you're right.

But good luck to any candidate that does not have a solid grounding in CT1&3. to attempt the rest. As you say, it is the basic machinery, and is assumed knowledge for many of the other subjects.
 
capitalH said:
I think you're right.

But good luck to any candidate that does not have a solid grounding in CT1&3. to attempt the rest. As you say, it is the basic machinery, and is assumed knowledge for many of the other subjects.
Click to expand...

How can they give CT8 to CFAs! CT8 is one of the most technical and mathematical. CT8 is one of the advantages actuaries have over other business disciplines.

I am studying for level III and I have passed CT8. CFA material doesn't include a of things that are there in CT8. There is just one minor mention of the black scholes closed form solution let alone its derivation, the pde's, interest rate models, and greeks' derivations.
 
Hi, a quick question. Does anyone know if it works the other way round i.e if you are a fellow from IFOA UK do you get any exemptions when you do your CFA?
 
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