Hey people, I'm new here and only just starting actuarial study. Just wondering, do you think it would look bad on my part from an employer's perspective if I just do one paper at a time? I've got the course material for CT3 and have pretty much figured that I can't afford to do 2 papers at a time due to the phenomenally high costs for course material (plus the revision-type stuff available), exams, society membership fees, etc. Any thoughts? Thanks!
If you have no study support then I think your idea is a sensible one. Are there other non-sponsored individuals where you work and how do they cope? Also maybe you can get guidance from any objectives you have been set. Does that give any targets on study performance? The danger is sit one fail one doesn't look good particularly if it is a repeat pattern
Thanks for answering. I'm not working in an actuarial role right now, I'm doing something completely unrelated in a position I've had since the beginning of the year. I've only just finished my degree in stats (last month in fact) and only recently before that decided to pursue actuarial studies. So right now I'm on the lookout for a graduate actuarial position or any position in an insurance company (if I can't get an actuarial position), just to get my foot in the door. But in the meantime I really want to get started on the exams. I just hope that when it comes time to apply for actuarial positions, potential employers won't think I have been lazy for doing just one paper. The sad fact is, I can't afford more even though I'm working. Well I could, but it would mean mountains of credit card debt (which I am prepared to do if it will really make a difference whether I do one or two papers)...
Every pass makes the next one easier as you gain experience, while a fail sets you back. Passing an easy subject is still a pass. One person may find a subject easy while another finds it difficult, but perhaps the easiest subjects are CT1, CT2, CT3, CT6 and CT7. I would suggest taking one exam at a time, and only entering if you are almost certain of a pass. This reduces the cost of exam fees. Marking is not an essential expense, or you can have one or two mock exams marked. Tutorials can be useful but are also expensive. Exam passes, however many, are not enough to get a relevant job. You also need to show motivation and as much experience as possible.
I'm in a similar position, I'm mid-career in a different field so a career switch would be a big step for me. I did CT1/certificate in financial maths back in April, which I passed. I then decided sign up as a student and do the next 2 in Oct (will know next week how that went!). My logic was that doing one at a time, it would just take too long to get through them (ok to do one for the first one). I think alot of students attempt 3 of the CTs at a go (?), but for someone with no support & other work pressures, 3 might be too much.
I've heard that it's common overseas (particularly in the US) for people to sit exams before getting a job, but it's pretty unusual here in New Zealand. Of the 6 students at the company I work for, none of us had done any actuarial study before starting work. You'll really stand out to employers here by having passed one exam, but there's probably not much to gain by going for a second, and without study support you run the risk of ending up with two close fails instead of one pass.
Cheapest option would be to start with CT1/certificate in financial maths like tiger did. You don't have to join the institute/faculty for this one as it's available to non-members. There's a chance they will extend this to other exams "such as Finance and Financial Reporting and Probability and Mathematical Statistics" in future. http://www.actuaries.org.uk/students/exam_subjects/certificate_financial_mathematics If you do decide to put yourself through the exams one at a time then this should be looked on favourably. I did just that, sitting and passing one per session until my employer allowed me to join their study scheme after a couple of years. It paid off... I'm qualified now. Good luck.
Thanks to everyone for all the info and advice. A few things have happened since my last post. I've added to my debt and bought the course material for CT1 and CT3 and have started studying for both. One of the papers I did at the end of my uni degree was Statistical Theory, which has a lot in common with CT3 so that should be pretty easy for me. I currently work only 10-20 hours a week in an unrelated field. I'm looking for either a supplementary part-time position in insurance or a full-time position (in which case I'd quit my current job). I figure that if I don't have a job in the insurance industry by the end of January I'll leave CT1 for the September exams and continue doing CT3 for April (as I probably won't be able to afford the fees). If I do get a job by then, well then I'll hopefully be able to afford the exam fees for both CT1 and 3, so then I'll sit them both in April. I hope this is a good plan. It feels right for me at the moment. Michael - I've seen just one graduate actuarial role advertised here in NZ since September, which is why I feel I'll probably need to get some insurance experience another way (ie not through actuarial work) before I can be considered for a graduate role which will no doubt be really competitive. How did you get your first actuarial role? Did you respond to a job advert or did you send out your info to insurance firms of your own accord? I've got a job interview tomorrow for a claims processing role, which sounds good for me as it doesn't require any experience in the insurance field. And although its not actuarial work, it'll get my foot in the door. Thanks again everyone. Really appreciate the feedback!
I'd been working in a different field for a couple of years and had been toying with the idea of actuarial work for a while. A friend saw this job advertised and pointed it out to me. I don't think any of us at my work had had any insurance background before getting into actuarial work, but it can't hurt. Any jobs coming up are usually emailed out by the New Zealand Society of Actuaries to all their members, I'm sure if you asked them they would add you to the distribution list so you'd be sure to see them. Jobs have definitely been few and far between recently, but they do pop up from time to time. The Society's website is www.actuaries.org.nz This advice is a bit late since you've already got the CT3 notes, but since you have a degree in stats you might be able to get an exemption from sitting the CT3 exam. Btw feel free to PM me if you've got questions about the local market.
how do you guys plan your study if you want to take 2 exams? do you study both subjects each week or somehow divide them into e.g. 1 month of one and another another month etc.?
If you do more than one exam, work them side by side. Dedicate one study session to each - too confusing to mix them. If you get behind, consider which is going better and commit entirely to that. Don't look back. What you have started won't be lost but make sure you pick it up again next session. If you have marking though and its not vouchers it can work out expensive to stop as then you need to pay again.
I've sat 2 exams at the last few sessions, my approach (timings are approx): 1 month, read all of Subject A 1 month, read all of Subject B 1 month, re-read Subject A. Do all/as much of Q&A bank & X series questions as possible. 1 month, re-read Subject B. Do all/as much of Q&A bank & X series questions as possible. 1-2 weeks, do some Subject B past exam papers. 2 weeks, review Subject A, do as many past exam papers as possible. Sit Subject A 3-4 days, Revise Subject B Sit Subject B Note that: I only use combined materials pack & past papers with reports. Other resources are available. No tutorials (so not reflected in my schedule) No marking of sample papers/X series (so not in my schedule) I've been fortunate enough to have 4-5 days between each exam. I would proably have to tweek things if exams were on sucessive days. Hope this helps.
tiger - sounds very much like what I do, except I go on tutorials also. I find it refreshing to swap subjects in that way. I couldn't possibly rotate subjects each day or couple of days. Need to really get into the subject until I get bored which is usually up to 10 days.
Hey Guys, Currently I have attemped CT1 exam and waiting for result. I feel tempted to ask the questions that 1. passing which all subjects in CT series will make me eligible for starting in the actuarial job? 2. also how to search for a job? 3. how will be the interview and do they ask tough questions in the interview? Thanks in advance, Warrior
Hello, In answer: To get a trainee job, you must meet minimum entry requirements to the profession, so you can get in without having passed anything. But if you pass CT1 it will act in your favour. Some employers ask for strong academic progress so at least a 2:1 degree and strong A-levels including maths A level or equivalent. As for interviews, what is tough is subjective. Typical qns are: why do you want to be an actuary? Why choose to apply to us? Why have you chosen this industry sector -- eg consulting versus life office, or GI business versus pensions etc. They also look at personality... pschometric questionairres are often used to test this, but they also like to ask qns around it like how do you like to work? What are your strengths / weaknesses. Technical qns are few, but things like what challenges are facing the industry are common. Get in touch with some recruitmant agencies and they have loads of tips. Sometimes its better to apply for specific jobs you see advertised direct with companies. They immediately then see you have interest in them. Happy hunting
