Drop out rate for actuarial students

Does anyone know what the drop out rate is for actuarial students who

1) have an actuarial degree
2) have a non-actuarial degree (so assuming they get no exemptions)

I'm not sure if there have been any statistics published on this.

 

Never seen any official stats and I think they would be hard to get. Many people give up on the actuarial exams but keep up their member status indefinitely. Gut feel is those with actuarial science degrees and so less exams to sit should have a lower rate for giving up exams.

Mind you now that CAA has come along things may change anyhow.

 

Of the students I know in the London Market the only dropouts are those who have been so successful in their career it's not really worth them qualifying. I know four people on well north of £100k, two of whom dropped out at ST stage. Two have never bothered with their WBS.

I also know of a very senior actuary at a Lloyd's syndicate who de-registered in order not to be exposed to the risk of violating the increasing volume of TAS's/APS's/CPD and so on.

 

I believe the IFoA should be more transparent on its drop out rates and salary expectations. People starting out in this profession ought to be fully aware of what they're getting into. The "how much will I earn" page on the IFoA website is based on a survey that is weighted heavily towards London. It states recent graduates on an average £32k! Job adverts for recent grads outside London have salaries from £24k. Aviva recently advertised for an actuarial analyst with salary from £19k! Other professions, such as teaching, will publish London and non-London salaries plus drop out rates.

 

Doesn't that say it all? Between the IFoA and FRC etc. considerable time and money is spent on producing these rules and regulations, then people can just de-register in order to opt out? lol. Perhaps those resources should be allocated elsewhere.

 

I know about half dozen people who 'stopped sitting the exams' then 5 or more years later came back. They had never relinquished their student status. So 'drop out' rate needs very careful definition of what you mean. But in the intervening years they'd tell you they'd given up. It could equally be those that give up actuarial work altogether - I know one person went into farming and loads move to teaching. Are they 'drop outs'?

 

Aviva recently advertised for an actuarial manager position from £37k, seeking a newly/nearly qualified actuary. This falls well short of the average £51k in the survey quoted by the IFoA. Is it any wonder some people drop out of the exams or actuary altogether when these salaries are more easily achieved elsewhere?