How to keep going

After failing so many times in SA3 (I lost count), with stress level piling up, you would wonder what the point in all of this.

The promise of the great cake at the end of the tunnel may not be as good as you would have thought.
At least not seen in the market for the last 5 years where average pay in actuarial are pretty much stagnant.
Future prospects are getting dimmer as we all know it doing simple multiplications with some simple VBA don't land you to the category of being a true technical expertise.

Many of my friends now considering switching their careers, many stuck on either this or CA3 for over 2 years, with so many I considered as true talents comparing to so many so called senior "qualified" actuaries who would fail miserably if they take just a simple statistical exam.

Trying to measure your progress in this exam is purely based on a pass mark SOME HOW calculated which is not available to members NOR could you look at your answers even paying for exam counselling NOR could you make a grade appeal now even the mark is so borderline to the pass mark. You just somehow need to trust the profession, and obviously with great confidence.

Could I also somehow find a way to keep moving forward? Maybe keep paying for ActEd tutorials or revision sessions? Keep revising the SA3 materials covering GI broadly like reading the same wikipedia page again and again and try to practice answering techniques with broad thinking HOWEVER with specific details BUT NOT to be too specific? Or Maybe just forget about SA3 and try some other SAs for the sake of just learning something new?

Share here with your thoughts and Merry Christmas to everyone!

 

In my view mock paper marking was the best investment to get this passed. Tutorials are fine but for retakers I'd say focus less on them and things like flashcards and bookwork as you probably know all that good enough. I totally agree with you and your friends' disillusionment since I also have exactly the same thoughts. The IFoA's CEO hasn't had any such stagnant remuneration - maybe their pay should be restricted to the pay increase rates of their members? There's a thought.

 

I can relate with you KoLDB, I have SA2 and CA3 left to qualify and I have been doing, failing and redoing these exams since 2013. I have done mock exams and had them marked, I've done exam counselling, I've used flashcards, ASET, you name it, I've done past papers from here till the beginning of time. I have run out of strategies.

 

I passed SA2 on second attempt after a FA first time. What did I do different ? Read the suggested reading papers & relevant articles in The Actuary magazine for the last 2 years. Why? Just to familiarise yourself with any new products or issues in the industry: familiarise yourself with their risks and how they're mitigated. Focus less on past paper questions alone as the question is unlikely to be repeated - think more what hasn't come up but could? Although I would attempt past paper questions particularly the numerical ones so you're ready as they have been a bit tricky. Again get a mock paper marked but the important thing to learn here is your exam technique style. For me, I was writing a lot of good stuff but not scoring enough, so make more points than 1 per mark assume half a mark per point. Flashcards etc. I would treat as an afterthought or something to play with on the train and not your main studying. Even after all that there's luck involved and you have to do better than the competition.

 

I agree with almost_there, a lot of wider reading is needed for the fellowship subjects. What also worked for me was scheduling discussions with an experienced actuary at work to discuss principles in the notes. I would ask about how they have come across some of the principles and how they applied them practically at work. This helped me have a better appreciation of the principles and how to apply them.

 

Stay active with your studying. Wide reading can help trigger ideas if facing an unusual scenario in the exam. Keep notes from articles especially how they relate to core reading so you build up practical application -the point bids a makes. Remember the exam was set around 15-18 months ago so the timeframe almost-there refers to is a good one. I realise you are outside of the U.K. And eu, but if there are any talks given these might help or webinars and recordings can be an extra source of learning. Afterwards capture key points as listening/watching can be quite passive, or look for more on the topics you cover in these media. If you do another mock do it now, completely unaided and time bound, so you discover your latest weaknesses. Whilst I agree exam topics are unlikely to be repeated, there may be points raised in solutions that can be relevant in different questions so make sure you are aware of ones you often forget. And on the day, don't go on thinking 'here we go again'. It's a fresh paper; a fresh challenge. Be bold and positive.

 

I agree with bystander - keep reading. Find new things to read. Take on board the risks or difficulties with the issues you read about and how they can be mitigated. Also if you're not 100% on something in the SA notes then get a copy of ST notes and solidify your understanding from the ground up.

 

I'm just about to start preparing for April - Here we go again! 3 months of pain ahead

I'm doubling up this time because I failed ST8 with a mark of 63%

My goal this time is to study over a longer period so that I don't cram everything in at the end and have absolutely no life for a month (like last time). I hope I pass at least one of the subjects this time, but two would be great - maybe doing ST7 and ST8 together will give me a more rounded, professional view on things

One thing I'm going to practice this time is BREVITY! I'm waiting for my ST8 SAR but I reckon that I could work on getting the point across more succinctly and writing more points (and also referencing the question where possible to show tailoring )

 

Geraldine did you do any University dissertation in something remotely actuarial, finance etc? If so you could try getting a ST0?

 

If you are doubling up get the balance between subjects right. You were close with st8 but that doesn't mean you can go into it as a 'flier' without solid revision of it.

You mentioned revisiting exam technique and that is positive. Yes get your points down succinctly. Make them distinct. Only give depth where required in the question rather than show off your knowledge when marks available don't warrant it.

I was once told to be a points Hoover!suck up the points quickly and efficiently, and push forward to near areas to clean up on.

STAY POSITIVE. Don't get wound up by things that may appear in the SAR. It's the past and you can't change that. Use it to see your slips last time and learn.

 

I think failing is part of one's personal development. I can spoke for many of us as I been repeating SA3 and CA3 for the last 2-3 years (always missed by 2-3 marks from the pass mark or got FA). I am used to telling myself to qualify soon and being persistent.

However, I believe that there are many ways to excel in the industry, and I don't really think that the study materials teach the student actuary the relevant aspects of today's industry. The last GIRO was all talk about the emergence of data science and analytics and you can feel that the financial industry is changing. With the introduction of the CAA and the pension/life industry disappearing you sometimes wonder whether the Institute is constantly fighting for survival.

Instead of trying to optimise the exam technique I would focus on other ways to advance your career. Try completing an MSc or PhD, get involved in start-ups, invest more time with family and friends, invest more time in staying healthy ... etc. There is no point in dwelling on one qualification for too long that loses its meaning in this day and age.

Sorry for being so grim here. But I do appreciate the fact that we shouldn't lose the broader picture here. Trying to get the best writing technique or presenting myself in front of a webcam isn't helping me advance in my career

 

Hi Geraldine

I know we've discussed on a previous thread, but it sounds like your SAR will provide some extra information that you might not have seen before on your paper, so hope you get it back soon.

And of course, if your papers weren't marked in accordance with the published exam marking policy (e.g. no third set of marks from a third marker even though you were borderline / the two markers disagreed), then I hope the IFoA correct this error quickly and hopefully you have already passed!

Good luck.