Cost of qualification

[shyguy]

If I ever get my last exam, what will be the cashflows and costs of qualifying as a Fellow in say GI? These are some costs I can think of but am not sure of the cost in £:
increased membership subscription, CPD and CPE, professionalism courses,...is there anything else?

 

[OneLastTheorem]

Don't forget the positive cashflows: Increased salary!

 

[Meldemon]

If I ever get my last exam, what will be the cashflows and costs of qualifying as a Fellow in say GI? These are some costs I can think of but am not sure of the cost in £:
increased membership subscription, CPD and CPE, professionalism courses,...is there anything else?

Most actuarial employers pay for these so not sure why you're concerned (unless you don't work for an actuarial firm)?

 

[bystander]

It is true many employers pay but not all. I have had to pay my subs before and in these tight economic times, I can see more 'ers thinking that way.

I think you have the outlay. Remember you can claim tax relief on subs if you continue as an actuary - do it in a tax return.

Not sure if you have done the practise module - you don't need to to qualify but if you ever want a practising certificate you need this module hence a fee there. Also practising certificates cost.

People generally needing practising certs tend to be signing actuaries eg Actuarial Function Holders and With Profits Actuaries and pensions consultants advising schemes. Not sure of GI as never worked in that field.

Or I guess you could consider Associate status which gets letters and could be a cheaper route if money is a big issue.

 

[OneTwoThreeFour]

People generally needing practising certs tend to be signing actuaries eg Actuarial Function Holders and With Profits Actuaries and pensions consultants advising schemes. Not sure of GI as never worked in that field.

You need one if you're going to sign off Lloyds SAOs.

When you qualify you might have to spend money on a drink or two...

 

[shyguy]

as I am not in work...

you suddenly discover how much everything costs.
The implications of getting that one exam fo FIA - as I have ben exempted and obtained all the the others - implies a huge captial requirement just to stand still if you are not working.

The Associateship is also obtainable but having been a long while seeing that qualification withdrawn and then disparaged and now boriught back presumably with the mian purpose of raising funds. It is not worth paying for that qualification especially as I see a few friends with none, 1 and about 5 exams tons of dosh on project work. So it is from that angle I am asking.

 

[OneTwoThreeFour]

Obviously I don't know your personal circumstances but you might be eligible for the reduced membership sub? It's £69 rather than £690 (for a fellow). You have to earn (in the current subscription year) less than 30 times the sub you'd pay otherwise.

Link

 

[CA2 student]

Not sure if you have done the practise module - you don't need to to qualify but if you ever want a practising certificate you need this module hence a fee there. Also practising certificates cost.

People generally needing practising certs tend to be signing actuaries eg Actuarial Function Holders and With Profits Actuaries and pensions consultants advising schemes.

Hi, can you please give more info on how the practise certificates work? I've ordered the practise module core reading and questions from ActEd as I thought I way aswell take them with the SA. I appreciate I'll have to pay to take the practise module exam but are there any ongoing cost to passing this exam? Do you have to keep paying for an updated "certificate"? Is a certificate different to passing the module? I'm confused!

 

[OneTwoThreeFour]

Hi, can you please give more info on how the practise certificates work? I've ordered the practise module core reading and questions from ActEd as I thought I way aswell take them with the SA. I appreciate I'll have to pay to take the practise module exam but are there any ongoing cost to passing this exam? Do you have to keep paying for an updated "certificate"? Is a certificate different to passing the module? I'm confused!

A certificate is different from passing the module - so no there isn't an ongoing cost to passing the practice module.

You need to have passed the practice module to apply for the certificate (but you'd only need to do this if you had to do one of the jobs mentioned above).

 

[CA2 student]

A certificate is different from passing the module - so no there isn't an ongoing cost to passing the practice module.

You need to have passed the practice module to apply for the certificate (but you'd only need to do this if you had to do one of the jobs mentioned above).

Excellent, thanks. I was starting to worry what I had let myself in for then

 

[almost_there]

If I ever get my last exam, what will be the cashflows and costs of qualifying as a Fellow in say GI? These are some costs I can think of but am not sure of the cost in £:
increased membership subscription, CPD and CPE, professionalism courses,...is there anything else?

Very good question. The cost of CPD is another thing the IFoA have failed to give an estimate on.

 

[Infinity]

It is impossible to say, especially with the new exam System as if you don't pass the appropriate CT exams, the CT exams which you have taken will be rendered completely worthless and you will have to pay:

a) extra Money to Acted for new study material as you won't be a retaker
b) extra Money to Acted as you will have more exams to do (in my case, if I don't pass, I go from having 3 exams to 6)
c) extra exam fees to the Institute as it will take you longer to qualify

As the Institute keeps changing the exam System, it is impossible to estimate anything. For example, there used to be a document allowing you to plan your exams until 2020. However, this has suddenly been removed and a completely new exam Regime put in place from 2019.

To sum up and I know it is no help whatsoever, but to answer your question, it's just like writing a blank cheque.

Good luck