overqualified?

So today i just heard from someone that if i clear more than 6-7 papers before graduation i wont get a good job.. as in someone who has cleared 3-4 papers and some one with 6-7 and both with zero work experience will start of on the same level with the same salary and the one with 3-4 papers cleared will get an increment for every paper he clears.. so basically he will end up having a benefit over the one with 6-7 papers... There is not much opportunity to work before graduation. So will i be considered over qualified at the entry level? Also how many papers should one clear before graduation to have a good job prospect?

 

I studied in the UK and got several exemptions. I still got lots of interviews and a good job. The starting salary was the same as for a student with no exemptions, but once I had applied with the Institution for the exemptions I did get a substantial pay rise. However, I didn't get the full pay rise that I would have got had I passed the exams directly with the Institute - apparently I will get the full benefit of this when I qualify. The reason is, I believe, that employers value experience much more than they do the exams. It isn't fair that a student with only 3 months experience and 6 exemptions is paid the same as someone with 2 years experience who has passed 6 exams.

Generally, there seems to be a belief among actuaries that getting exemptions from university is the easy route. I think this view is undermining of the hard work that students put into their degree courses to obtain the exemptions. It isn't an easy route - just a different route that wasn't available to the elder generations of actuaries. The standard that is needed to get exemptions is the same as that needed to pass an actuarial exam directly. Also, you have chosen to obtain exam exemptions, which shows that you are dedicated to a career as an actuary - which is important to employers. Word of warning - do not underestimate how difficult the later exams are, especially without having any work experience.

A good employer will be looking for a student who has the skills and capabilities to quickly learn on the job, complete the work required by the business and has the potential to qualify as an actuary. Having exemptions shows that you have the capability to study and pass exams but do not demonstrate that you can actually do the job. Your job prospects will depend much more on your skills (communication, teamwork etc) and personality. So study hard, get as many exemptions as you can and focus on building the skills that employers are looking for.

 

It varies a lot company to company. Some prefer fewer exemptions so there isn't the knowledge v experience gap, and more opportunity to mould the individual. Others like exemptions. I think it's fair to say most won't immediately increase salary for exemptions. They need to see you can work and study together. So it may be pass one get two increments. One for an exemption, one for the profession pass.
All employers look at wider skills. As well as academics how rounded are you? You may not have relevant experience but have you demonstrated ability to work with others, communicate across boundaries etc etc. There is no black and white answer. But definitely giving the impression you want more because of exemptions won't go down well. Theoretical knowledge isn't enough in the business world and you still have to start learning the ropes from ground up.
Concentrate on getting into a company. If you can't get an internship to work say in vacation, even getting say 2 weeks free work experience shadowing in a department and doing more admin tasks can set you apart.
So either way, it's not a barrier.

 

Have any of you worked as an intern before graduation?

 

Salj67 - do you have the chance of an internship? I'd say grab it with both hands. That will help show you have some practical business knowledge and skills no matter where you end up. Yes it delays graduating but with loads of benefits going into the post graduation market.

 

I had a summer job working with an actuarial firm. I also had a part time admin job whilst studying for my degree, which showed I had office experience. Any work experience (paid or voluntary) you can get is good - it doesn't have to be actuarial as it will still give you the skills employers are looking for.

 

Hi Malik, In your opinion, what will be the worst case if someone pass ST/SA before graduation?

 

I have also heard a lot of talk going on in the Indian society that passing a lot of papers before obtaining a job would diminish your job prospects or that employers would be hesitant to hire you. But according to me this argument is fallacious.
It would be in the best interest for a student to aim for completing maximum number of papers possible before graduation.
It would show to prospective employers that you as a student are dedicated and committed to complete the course.
Because often it happens that after completing 3-4 papers students take a job and even after 2 years in the job they have managed to complete just another 3-4 papers. The reasons for this are varied and also subjective; but yes it happens (especially in India).
And studying for actuarial exams along with completing your graduation would be the optimal usage of time.
So don't go on these hearsay and aim for completing maximum number of papers.

P.S. - I am also a student and would be completing my graduation soon.

 

Hi Malik, I have 3 years work experience in a bank how it would help me to land in actuarial department if I clear 4-5 papers...

 

A bank is good because it is financial services so there are similarities. Just make sure you can show transferable skills and perhaps talk about difference between actuarial work and a banking environment. With your background, I don't think you will find it hard to get an interview. It's winning the job.

 

Kudos

 

Hi Pawan you may have good contacts within bank with seniors and also outside the bank. Which may help to get references.
I think and believe that apart from passing the papers it is also important that whome do you know?

 

Thank you Deepak, I knew some of seniors I don't know how they can help me out..