Fassa

Hi guys...

Who lives in SA and is being affected by the switch to a South African qualification, rather than staying with the Institute/Faculty?

Is everyone happy about it? Let me have your views!

or

 

I am in SA as well.

I must confess I have a wait and see approach.

I can see the benefits of lower costs, and more appropriate times etc,

But having said that I do fear lack of recognition.

Also in order to ensure recognition - very high standards will be maintained - also a big fear of me.

In the long term I believe it will be a positive - but I do think there will be teething problems.

Also IoA/FoA are expanding subjects and specialities - and have the critical mass to do so (e.g. ST9)

ASSA is reducing the choices, with no clear indication of what lies ahead.

 

Mr Gladwin (Chairman of the examination/education board) is coming to Zimbabwe next week (26 August 2009) to do a presentation on the possible benefits for us Zimbabwean students doing the SA exams as an alternative. Will post after the meeting.

I wonder in SA do you really have a choice? Seemed to me like you just have to write those ST/SA subjects with ASSA if you are working in SA. Had been considering a move to SA but this kinda put paid to that idea till I see what exactly is happening.

 

As far as I understand there will not be choice between Fassa and IoA/FoA, for us living in SA.

 

We apparently can still write the Institute exams, however it is unlikely that companies will support us doing this.

They are also changing the exam times since they will be writing the exams after courses which are now going to be offered. You will not have to attend the course to write the exam, but I think they are trying to propote more interactive learning rather than self-study.

It is subject by subject recognition for the CT's and CA's but NOT for ST's and SA's. So if you start doing those with FASSA and then want to move abroad, you will encounter problems.

Also as mentioned above, the subject choice is more limited, and this session, the SA exams were MORE EXPENSIVE than the UK ones!!!

 

ASSA Meeting in Zimbabwe

We met with Mr Gladwin yesterday and the key issues raised where as follows:


Exams

The FASSA qualification combines the CT and CA (they have already been providing CT9 and CA2 locally) from the IoA/FoA with its own F100s(ST) exams provided through local universities and F200(SA) provided by the society through a course leader system.


Transferability Of ST/SAs

There is no transferability of these subjects after 2010 if you don't benefit from the transition arrangements. Their argument is that a person at such a level should be decided where they will be in the near future. Do the FASSA if you are going to be in SA(and South and Eastern African region) for the next few years.


Mutual Recognition

The ASSA is a member of IAA. The society signed a mutual recognition agreement with IoA/FoA in Estonia this year. There is no need to be worried about being disadvantaged by FASSA qualification.


Work Requirements In South Africa

To work in SA one now needs to have done the SA practice modules from 2010.


Personal Opinion

The problems faced in the SA actuarial community (Aids or national pension body) are to a large extent close to the problems in Zimbabwe. This makes it easier to get the support for our small actuarial community. There are only 5 actuaries in Zimbabwe now therefore being aligned to a large group next door is attractive.

The ASSA have tried to make the education system as interactive as possible. They are very accessible for a person here in Zimbabwe. Given the inability to get tutorials from Acted for the UK exams and the praise they get in the forums I feel that being here in Zimbabwe has disadvantages when trying to get over the higher subjects. So to qualify quickly I feel the ASSA offers an attractive alternative.

The biggest drawback with the FASSA qualification is that it's new. Here in Zimbabwe the regulator doesn't recognise it yet. There is also not enough information to get an accurate picture of whether they will be able to deliver what they intend.


Conclusion

I will renew my subscriptions with the Institute this October. I will use the year to watch. Till October 2010 I'm an Institute student.