Nearly Qualified vs Associate/Fellow

Hi

I want to discuss the practicalities of being a Nearly Qualified vs Associate/Fellow.

Nearly qualified pays student subs of £282. Fellowship subs are £690, or Associate fees of £456.

Is it true that a Nearly Qualified actuary does not have to do any CPD? But Fellows and Associates would. It seems CPD involves attending events like conferences or sit more exams which would be very expensive unless your company pays for it.

Also is there any point in a nearly qualified who gives up the exams to stay a members of the profession? Do they remove/cancel your exam passes - I once heard a rumour they did. Although I doubt this is the case nowadays when they hand out certificates for passing CT series and the CFI.

 

isn;t the point of being qualified being so you can work as an actuary...at which point your company will pay for CPD events anyway....

what is the point of doing all the exams and worrying about whether or not you are a member of the profession if you aren't working/dont plan to work in the profession.....

or are you talking about a career break?

 

Yes both associate status and fellowship brings with it CPD requirements. You can do free CPD eg attend regional society events or SIAS (OK theer is a low annual sub to pay but nothing compared to conferences) and private study counts. Sometimes companies have in external speakers eg investment companies and even this you can count as CPD.

But after all the exams you've done, why stop short?

Contractors will always pay their own subs course fees etc but the rates of pay are good enough to cover this outlay.

On giving up the exams, don't lapse your membership because on re-entry there is a fee and I think they can ask for back subs!

 

Ask people who've been around for a while. They'll tell you there used to be only 10 exams to qualify. Today it's 12 + 3 pracs + essays. Then once you're qualified CPD courses each year or you're 'disciplined' (I'd love to know how). There just seem to be more requirements and it doesn't stop. And if you lapse as a fellow it seems you have really sinned and will have to really justify being let back in... things have changed folks.

 

It's a myth that contractors are on loads these days- whatever you see advertised by recruiters take 25-50% off.

Anyone who's study support has stopped or job come to and end will face the situation I pose.

It's way cheaper to lapse student member and rejoin if u need to than become a fellow.

 

Even students can find themselves in front of the disciplinary board and have been -- for cheating in exams. They would be kicked out of the profession at least temporarily though with such cases to date they already had left.

Discipline is always a reprimand as a minimum which means for two years anyone can tell by looking on the website. Then there are fines too and it is possible to have to be mentored.

But anyway my advice is unless you are certain don't stop.

 

I think being disciplined for cheating in exams and not meeting CPD are two very different things. The former is fair enough, the latter is debatable.

Seems now being qualified is conditional whereas previously it was yours for life.