Possible to sit SA7 after SP6 (i.e. without SP5)?

Discussion in 'SA7' started by Donn, Jan 6, 2019.

  1. Donn

    Donn Made first post

    Happy New Year Everybody,

    I have a query which I hope you might be able to help me with.

    I plan to sit SP6 this year having already completed SP9 (ST9) last year. However, I'm concerned that this combination of SP6 and SP9 will effectively leave me without an SA subject to finish with.

    I could consider sitting SA7 after SP6 however I'm concerned that the IFOA webpage on the Curriculum 2019 changes seems to suggest that SA7 cannot be taken without first completing SP5...

    "SA7 builds on the Specialist Principles subject SP5 (formerly ST5), and earlier subjects, combining the practical application of investment and finance to allow critical analysis across all major areas of investment practice. Investment and Finance Principles (SP5) is required for Investment and Finance Applications (SA7)."

    Could someone please help me clarify this situation?

    Many Thanks,
    Calm likes this.
  2. Calm

    Calm Ton up Member

    For that matter, can you sit for more than one SA or two SP/ST papers if you wanted to, even though the qualification only requires that many? Say you got SP0 and SP9, what would be the best move to clear an SA paper since all the SA papers are built upon other SP papers.
  3. mavvj

    mavvj Keen member

    You could just get the notes of the relevant SP rather than sit the paper which would have no benefit at all.
  4. Donn

    Donn Made first post

    I know actuaries that have sat more than two SP (ST) papers - they are people that completed their Fellowship and then went back to do SP9 (ST9) so as to qualify for the CERA qualification.
  5. Colin McKee

    Colin McKee ActEd Tutor Staff Member

    Hi, Yes I believe you can do extra SP subjects for CPD purposes if you want to. That one would need to be cleared up with the profession. I would imagine that an additional SA paper could also be passed if you wanted to, again for CPD purposes, but I dont know of anyone who has done that.
    In terms of taking SA7 without ST5 (SP5), my opinion is that this would be tricky. Almost all of SP5 is examinable in SA7 these days, including the knowledge on certain key topics (infrastructure, hedge funds, swaps / swaptions, currency trading, private equity, regulation, fundamental analysis, credit rating, ........................ ) and the numerical techniques (profit attribution, index creation, risk-adjusted performance, VaR calcs and option pricing (this one is also covered in SP6) ). The list is long. This material is not RE-covered in the SA7 notes so you would need to get a hold of the SP5 notes and spend a good long time learning and practising these techniques using SP5 past papers.
    That said, you could be lucky and get a sitting where there were three questions on "hot topics" that don't touch these ideas, and you would be in the same boat as everyone else. At the end of the day the decision would be yours, but it would certainly make SA7 harder.

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