Results September 2018

Agreed. The solution I proposed above is far better than the one the IFoA implemented. How on earth an organisation that has an Executive Board that are compensated to the tune of £1m and a total employment compensation of £10m came up with this disastrous curriculum structure is beyond understanding.

1,133 students failed CT5 in the latest sitting. Given the very low numbers that attempted and failed CT1 (73), it very likely that over 1,000 of those CT5 students have already passed CT1 and will now lose their exemption.

628 failed CT4 in the latest sitting. Given the low numbers that attempted and failed CT6 (170), it very likely that a majority of those CT4 candidates have already passed CT6 and will now lose their exemption.

I know that giving informed estimates can agitate certain individuals, but based on this information it is reasonable to estimate that ~ 1,400 exemptions have been lost, which was totally unnecessary.

 

I totally agree. The incompetence is off the scale. Even more worryingly is their conduct when the problems were brought to their attention. The example being set is shocking - imagine an actuary managing a with profits fund in this way promising not to disadvantage anyone then people finding out that they were, then nothing done about it to remedy the situation... it's not too late for people to email the Kingman review with concerns about what the FRC has allowed to take place here FRCReview@beis.gov.uk

 

I might be wrong but I think most of the decisions around syllabus, exams and transition are made by the relevant Board, made up of volunteers, not the Exec.

 

Thanks for the estimation. It’s along the right lines but quite a bit higher due to people who did not sit exams. Another 1,000 students also have to take CT3 and CT8 double exams and are further disadvantaged by this poorly communicated curriculum. It’s an absolute shambles and I don’t know why more people are not voicing their concerns. Perhaps because they’re all being silenced.

 

Very true. However, I can understand why people are discouraged from voicing their concerns:

a) I experimented with this when voicing a concern earlier this year about the abnormally low pass rate of the CT8 paper in April 2018. In no time at all there were a combination of students who had passed an easy sitting of CT8, together with a few humble braggers who happened to have scraped a pass on the April 2018 paper, crawling all over the discussion by highlighting their own achievements whilst simultaneously claiming that there was nothing wrong with the April 2018 paper. I have witnessed this pattern of behaviour on several other forums. Therefore, there are a small but vocal, self-centered group of actuarial students who will cease any adversity expressed by less fortunate students exclusively for self-aggrandising purposes (despite the fact that they often scraped a pass on an easy paper when the student articulating adversity only just missed a pass on a far more difficult paper). Whilst I can personally handle narcissistic individuals with relative ease, I imagine this group of people will discourage many other students from expressing their views

b) Some students may genuinely be concerned that voicing their concerns may result in 'special attention' being given to the marking of their future exams. The same reason why you don't complain about the service in a restaurant before you've received your food In addition, some of us have already seen emails from within the IFoA instructing staff members to keep a 'close watch' on one particular students exam.

My recommendation: Voice your concerns and leave the IFoA. There are far better and lower cost routes to qualification.

 

Dom B, thanks for your support.

Your suggestion is the right thing to do and the logical solution, however I have now invested too much time with the IFoA and I cannot just quit the professional qualification I have ruined my life for.

I was nearly at the end, just a couple of CTs left with 125 study hours... and now I have to study for 250 and take double the amount of exams. Having spent this long on the qualification, it is difficult to put the matter to bed

 

Misinformation about what IFoA are actually responsible for to distance themselves from complaints has gone on for years. I have a list as long as my arm of such shameful attempts to not take responsibility and blame others.

 

Have you looked into doing the SOA equivalent of CT exams? If you have already cleared, for example, CT1 or CT6, then you may be able to just clear LTAM & STAM in order to gain exemptions from CT4 & CT5 (rather than doing the large CM1 & CS2 subjects).

https://www.soa.org/education/general-info/credit-exams-passed/edu-waiver-rules-for-faculty.aspx
https://www.actuaries.org.uk/studyi...iations/exemptions-society-actuaries-students

 

yes i have indeed. I am well aware that other countries still allow you to take shortcuts to qualification... but thanks for pointing this out for the other reading the forum. It is a risk to start studying in another country, if it is even possible... the IAI (indian) exams would be a natural choice, since the material is the same and the IFoA and the IFoA did say they would honour IAI examinations until 31st December 2018, however the IFoA have suddenly and without any notice decided not to live up to that pledge. The IAI even had an extra exam sitting in December which I could have started to study for but lucky I didn't as the IFoA won't give IAI students credit for this sitting even though they've said they would allow exemptions until the end of the year. It's another example of the lies which the IFoA breaths on a daily basis. The IFoA exemption rules can change at the drop of a hat.

It's a good idea, but I also don't see why I should go to any other qualification body other than the IFoA.

https://www.actuaries.org.uk/studyi...exemptions-students-institute-actuaries-india

"It should be noted that for the IAI December 2018 examinations, the IFoA will not be recognising IAI passes achieved.

The IFoA is currently unable to confirm whether we will be recognising IAI examination passes achieved after January 2019. The changes occurring in both the IFoA and IAI curriculum and examinations from January 2019 means the IFoA has to receive and carry out an audit of the IAI 2019 materials as well as compare the two examination systems before a final decision can be made.

We will keep students informed of progress through our student newsletter and this webpage."

 

Good luck to everyone due to receive results later.