• We are pleased to announce that the winner of our Feedback Prize Draw for the Winter 2024-25 session and winning £150 of gift vouchers is Zhao Liang Tay. Congratulations to Zhao Liang. If you fancy winning £150 worth of gift vouchers (from a major UK store) for the Summer 2025 exam sitting for just a few minutes of your time throughout the session, please see our website at https://www.acted.co.uk/further-info.html?pat=feedback#feedback-prize for more information on how you can make sure your name is included in the draw at the end of the session.
  • Please be advised that the SP1, SP5 and SP7 X1 deadline is the 14th July and not the 17th June as first stated. Please accept out apologies for any confusion caused.

Anybody there???

E

El Gringo

Member
Just wandering how are people studying for SA5 finding it? Havent started yet...but planning to do so very soon.

Also, some advice from those who passed and/or failed it would be very welcomed...

Thanks in advance

El
 
An interesting course, more so than ST2 (which I sat) or ST1 and ST3 (which I considered) in my opinion. I sat it last September and it was particularly interesting to be studying Mortgage Backed Securities, Credit Default Swaps, etc while they were all over the news. You'll find knowledge you have picked up from the news and financial press regarding the credit crunch helpful in your studies of this course (and should probably anticipate at least one exam question about this).
 
Agree with Zebedee - a very interesting course. It has some non-traditional actuarial bits relating to disaster planning, investment in public/private partnership etc in it which at first glance appears to be completely out of whack with what you would expect from an actuarial exam (until you sit the exam...!). Make sure you are up to scratch on ST5 as well - it helps make sense of at least part of the SA5 stuff. The six parts of the course tends to stand completely separate from each other, which can make memorising the core reading harder at times. Lastly, Good Luck with the exam!
 
Update

seems that there aren't many of us doing this one...

just wondering how other people are finding the course so far???

I'm up to chapter 14 (but havent done any questions though)...and had to supplement my notes with extra reading. They do not seem to go in enough depth to give someone a "decent" knowledge of the subject. For example, ABS/MSB are treated in bullet points (!)...same applied to options...i personally found the hedging chapter very frustrating as it seemed to be only a collection of bits and pieces put together INCOHERENTLY. But that's only my view.

My previous experience of actuarial exams have taught me that learning the core reading will be enough to pass, but I have doubts this time round. Any advice from the tutor, or poeple who've done it before?

On a different not, this is my first attempt at an SA Paper. How is it different in terms of answering questions? How much details do I need to go into? I will practise past exams and mocks, but just want to learn about other;s experiences.

thanks
 
Core reading

Hi
One of the nice things (as a tutor) I have found about this course is that you DO get marks from application of the core reading. Sometimes most of the marks relate to application of the SA5 core reading to a specific scenario. There have even been some 20 or 30 mark questions that could be classed as "regurgitation" which is very unusual for an SA subject.

Generally, a good understanding of the material combined with some financial common sense (picked up from reading press) is what you need to get through.
:)
 
Sa5

Can i ask how people find this exam in general?

I'm in the position of choosing a fellowship exam and am trying to decide between 2 and 5.
5 is where my interests lie but i've heard (possibly mis-guided) rumours that it's quite difficult to pass if you're not working in the field? is there any truth to this?
I'm sick of studying so am thinking of scrapping interest for a pass!!!
 
I don't think you need to work in the field to pass it - everything you need to learn outside of the CMP is available in the press and on the internet (suggest you start reading the FT if you go for SA5). Incidently, I had 6-7 years Pensions experience when I passed it, have since switched to Life, and the concepts are relevant to both. I also think "the field" is difficult to specify for SA5 - for example life companies need actuaries with knowledge of complex investment products to deal with investment & hedging decisions.

I recall from the tutorial I attended that most of the people taking SA5 were from life or pensions backgrounds, with only one investment guy in the room. The course spends quite some time on risk management which is another broad topic - so much so that Enterprise Risk Management will be the topic of a new ST subject.

I picked it because of interest and my pensions experience being mainly non-UK so very difficult to pass SA4. It also has no Guidance Notes included in the course material (compared to SA2 where you have to learn about 10).
 
Last edited by a moderator:
...and here we go again!!!

Hi everybody

Anybody doing this again or for the first time? How's the prep going on?

Colin, any tips for us about topics that we should be on the look out for?

Also, I FA'ed it last time...any advice for someone retaking this paper?

Many thanks

el
 
Hey

I am doing this for the first time. Finding it a bit difficult atm as no flash cards :( Those cards have been the major part of my strategy so far.

I was please to find that the core reading is more relervant here then in SA6. However I am having trouble put the topics together. There is still a sizable gap between where I am and where I need to be. :confused:
 
topical subjects

there are anumber of subjects that may be described as topical, particularly around the December 2008 period. A rough list might include:
Monetary policy management of economy
Fiscal management (or mismanagement) of the economy
Securitisation of toxic assets from bank balance sheet
Liquidity risk, and borrowing short/lending long (Northern Rock)
credit ratings
central bank powers and interaction with regulators
government debt and downgradings
swaps market and the spread between LIBOR and T bills.

Usually you can pass SA5 with a good knowledge of the core reading even if you dont second guess the topical issues that may come up. :)

advice for retaking: this is a tough one - do better than last time? You need to have the bookwork lists in your head (easy to stumble if they throw in a 20 mark bookwork question on derivative exchanges for example), and to be prepared for the sorts of topical issues that may pop up. Sometimes going through the examiners reports and grouping the points that have been made into:
key ideas
examples
pros and cons
implications of any actions
description of how, when and why something would be done
etc

Usually for a 10 mark question there may be 5 or 6 key ideas and then a stock of other examples, etc. This helps to get your head round the solution and remember the big issues.

rgrds
 
Last edited:
Back to SA5

Hi Colin

I'm back on the SA5 horse! Took a break since the Sept 09 fiasco, and managed to qualify for another qualification meanwhile! SA5 is really my nemesis!

But I'm not giving up. Sitting for it again in April.

Any advice as to what areas students should pay particular attention to, given how different the global economy is from Sept 09.

Many thanks in advance.

El Gringo
 
Sa5

Hi, You may find it a bit better. SA5 went through a difficult stage around 2009, but the more recent exams have been a bit more passable. Topical areas: Monetary policy and central banks is clearly up there, with quantitative easing a key strategy. Government policy and fiscal deficits is an important one. Securitisation is always important, and is linked to the broad important area of debt finance, which covers mezzanine debt, private debt, short term bank debt etc. PFI is relatively topical - dont know if it will come up but many governments are looking to PFI as a way to finance things that they cant afford to finance directly. Finally I suppose regulation never goes away. We have solvency 2, Basel 2, banking regulation, the FSA and the Bank of England. As usual there are many other areas that could come up but these sound topical to me at the moment.
 
El Gringo said:
Just wandering how are people studying for SA5 finding it? Havent started yet...but planning to do so very soon.

Also, some advice from those who passed and/or failed it would be very welcomed...

Thanks in advance

El
Click to expand...

would reading the notes be enough?
 
Reading the core reading, attempting a good few past papers, and keeping up to date with financial affairs (FT long view, an economist from time to time and an eye on the actuary magazine) will probably do it.
 
You must log in or register to reply here.
Back
Top