FAP exemption to CP1

Hi,

Would the FAP exemption to CA1 continue with CP1?

 

Padasala, your friends in the IFOA cannot make up their mind. I have been waiting since last year for the exemptions agreement to be released and it is still not finalized yet. Even the SOA waivers for IFOA has been released by now. This is extremely frustrating for students who need to plan their exams.

 

I don't think they should give a CP1 exemption for FAP modules. I work in North America and had to put in considerably more work for CA1 than my colleagues did for FAP. Everyone passes the FAP if they put in a small amount of effort, in contrast CA1 is a grueling 50 chapter beast. Can't see how the exemption is fair.

 

I emailed the institute but the administrators aren't sure when they'll receive the information. But when it's available they'll post it on their website.

I agree CP1 is much more grueling but honestly you could say the same about most of the other IFOA modules vs the SOA modules. (Also the added fact that they don't have to do a CT6/CP2/CP3 equivalent). Although if there is to be cross acknowledgement there has to be exemptions. The exemption isn't fair but neither is getting exemptions through university...

 

Then IFoA should also withdraw from its mutual recognition agreement with SoA if it's no longer fair. I doubt they will since they are involved in a number of completely unfair MRAs for many years.

 

I beg to differ. The assignments are not straight forward. Additionally, the amount of time available for interim and final assessments add to the challenge. I think I learnt a lot while I was writing FAP. A lot of times I would google to enhance my understanding of some key concepts. I think FAP is designed to promote interactive learning while you work through your case studies and assignments. They have a lot of content and reading through all that upscales you as an actuary. I would think through real world challenges and build onto my concepts further. And it breaks my heart to see how FAP is being perceived. The only benefit that I see is that you don't have to wait for 6 months to submit your assignment again if you fail any.

 

I second that!! FAP was one of the hardest 'exams' I've sat amongst all! For reference, I have sat Indian exams, UK exams, SoA FAP and also have an MSc in Actuarial Science (!) and I have found UK exams the easiest tbh. 10/15 of my exams are direct passes from IFoA, although I must admit it is party down to the excellent support from the employers and additional acted support.

FAP actually made me learn a lot more than what I'd learnt in my fellowship exam from IFoA (which I passed in the first sitting with half the effort I put for FAP) or my MSc!
I think what I am trying to say is that all exams are equally difficult and it's pointless to argue why exemptions exists on this forum and we should all get on with our lives

With regards to the original question, I'd passed FAP before the 2019 change in syllabus and IFoA granted me exemption under the new system. Hope this helps!

Good luck with FAP - you need it haha!!

 

I don't find their university exemption program fair too. I wonder seeing the number of universities on IFOA's website that why I spent years writing exams from IFoA when I could do masters and get exemptions.

US's Actuarial society (SOA) does not give exemptions through any of the university programs. If IFOA will keep adding universities like this, I fear losing importance in the global market.

 

they don't? I think you need to do your research a little better - for instance I believe the Actuarial Science program offered by the University of Waterloo gives exemptions to most (if not all) of the prelim exams under the SOA. (at least after a certain year of enrollment - I cannot remember atm).. so come again? Only thing I'm not sure about is if the granting of exemptions from the specialist subject areas (like IFoA does)....

 

SOA does not recognize any university program. Canadian Institute of Actuaries gives exemptions for University of Waterloo program. IFoA gives exemptions for all prelims, CP1 and CP3 basis University of Waterloo’s master program. Under the mutual recognition agreement between SOA and IFoA, SOA recognizes If someone obtains exemptions from IFoA basis the universities accredited by IFoA. I think you need to do a little more research.

 

Getting offtopic...

Any update on CP1 being exempt via FAP? I suppose I hold off on CP1 until next year, hopefully by then it'll be resolved...

 

Just seen that they have announced that other actuarial bodies exemptions will no longer be accepted as of Dec 31st 2021. It appears that before this time a "transitional period" is in place, which to my understanding means that this exemption would still hold provided you sat the FAP modules before this date. I have emailed the institute for confirmation but is that what others understanding is?

 

I called the IFoA directly and they said that I could sit the FAP and get exemption from CP1 and based on what was written on the website that seemed to suggest the same. I sent an email just to confirm and I got some longwinded response saying that they could not confirm at this time, but I "MAY" be exempt... When I pressed and asked why I couldn't get a straight answer I was told that they just werent sure as CP1 was a new module and the past exemption was for CA1 (even though they are virtually the same)

Why even announce that you even have this transitional period in the first place? Also this seems to suggest that no other actuarial bodies examinations can act as exemption because the whole IFoA syllabus has changed, and every exemption was based on CT's/CA's etc from the old syllabus. It's truly infuriating... give a clear answer.