Hello, I am currently living in Australia. I was doing a Bachelor's degree in Actuarial Science, then due to personal circumstances, I had to drop out of the degree and I had to move back with my family. I am currently doing accounting, and I'm not that interested in it. I wanted to ask if I should drop the Accounting degree and focus on studying for my Actuarial CT exams I want to do next year along with work? or should I continue my Accounting degree? Also please let me know the job prospects of being fully qualified through Part I and Part II without a degree.
In the Uk there has been a drive for apprentices actuarial roles for people who want to start the actuarial career without going to university. Can you explore that option in Australia ?
Hey, thanks for the reply. I used to live in the UK when I was younger, hence, through my friends I got the same advice. When I looked in to it, unfortunately, there were no apprenticeship or traineeship programs for actuaries provided in Australia.
due to to the upcoming change in the Curriculum and if you are taking the IFoA exams, it is unlikely you will complete the CT exams in the next 2 sittings (assuming you're not sitting one in a few weeks, but the same applies even if you have 3 sittings) and you will end up having to repeat material which you have learned already in the new structure. You will have to take 11 exams in the CT equivalent of the new structure compared to the 8 plus CT9 in the old system. There doesn't seem to be any reason for this. It is perhaps because in the Morris review, one of the main recommendations was to reduce the time to qualify and the IFoA must have misinterpreted this to we should increase the exams and time to qualify for all student actuaries. You can play exam arbitrage and join the Indian institute which doesn't seem to have any time limit on the exams, although I am not allowed as I am British. Perhaps being Australian is an acceptable criteria for the Indian Institute and you might be able to join them although they might also just change their exam system at the drop of the hat. For the record, the have confirmed to me today, that they have no plans to change their system.
Hi, why not try American exams? Having a BS degree in any subject plus actuarial qualification is a good situation to be in. I know some qualified actuaries with non-actuarial BS degrees.
I am almost certain that you being British does not disqualify you from joining the Institute of Actuaries of India. What gave you that impression anyway ?
You would think so wouldn’t you? What gave me that impression? Here is a direct cut and paste of their email. The only thing which I have removed the name: Dear Regret to inform you that we will not be able to give you admission in IAI since you are UK citizen. Regards If that isn’t discrimination I don’t know what is. From my research, I am not the only student that this has happened to It also seems to be the case that it is acted or the IFoA who has instructed the IAI not to allow uk citizens to join
Thats ******** .. that is !! To think almost 90% of Indian students are registered with IFoA and then you have something of this sort ! I really expected better from the Indian professional body.
