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: Dec 12, 2008