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 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.
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)....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.