Hi all, I ve just passed my 6th CT paper and I know there is still a long way to go...... But I started considering what's ahead of me and how far I should go. One thing that puzzles me is to do with Associate Actuary and Fellow Actuary. Once completing all the CA s we can call ourselves an associate, and ST s a fellow. My question is, what is the real difference in responsibilities (legal and others) when it comes to career development with the two different levels of qualification? Also in the job ads when the recruiters talk about 'part qualified', is it referring to a student completed all their CTs? Or someone closer to completing all their CTs? Any thoughts? Thanks!
I would say that you are already part-qualified. Nearly qualified, I would say is having 1 or 2 exams to go. Associate qualification does not seem like anything..... Either you are qualified or not.
Thanks viki. Does that mean the Associate title (AFA) is just to make things sound good? When someone is 'qualified' does that refer to fellowship (FIA/FFA) only? Any idea on differences in terms of salary?
It seems to me that in the UK, when someone is looking for a qualified actuary - they are looking for an FIA/FFA. In the US, it seems they are more open into dividing into class of associate or fellow. Anyhow, the salary depends also on your experience and not only exams. For the UK, the national average for an FIA/FFA was quoted somewhere at 55K, but I'm seeing adverts quoting anyting from 55K-200K for FIA/FFA with ofcourse some good experience and some post qualification experience.
Its not so simple as just calling yourself an Associate Actuary. Remember to use the title you come under CPD rules, and must attend a 1 day professionalism course.
By transferring to Associate from Student you have to do 15 hours CPD instead of 2 and have to pay £485 subscription fee instead of £241. I agree with Vicki qualified means Fellow in the UK market. For these reasons the relaunch of Associateship from 2005 was a flop. Also if you read the article below from 2005 they said associateship makes you a recognised actuary in other countries but the MRA agreements signed by IFoA trade Fellow for Fellow and only for some Associate to Associate: http://www.theactuary.com/archive/old-articles/part-2/associate-or-fellow-3F/ I see that IFoA are now looking to rebrand Associate as Chartered Actuary and force everyone to become this first before moving on to Fellowship. I think in practice this will mean many people will be stuck on CP3 before being able to sit ST or SA.
... another u-turn if you read page 32 of the latest actuary magazine as they will now let people sit ST/SA before becoming chartered actuaries...
not a bad turn though, and it was only a proposal for consultation initially. they still imply you have to be an Associate first though. For how long? We seem to be missing some detail
You can't be an Associate first if any of the CT or CA exams end up being your final exam. As it stands if CT or CA is your last exam you never become an Associate you go straight from student to Fellow.
