I'm starting a graduate actuarial role in September 2019 so I will be doing the new examinations. I come from a Physics undergrad background but I am currently doing a MSc in Financial Maths (with some Actuarial based modules) which means I am eligible for an exemption from CB1 on an individual basis (this is not confirmed but I'm going to assume it is for now as I achieved 80 in the exam that follows the actuarial syllabus exactly) and possibly the specialist that one used to be ST0 depending on my dissertation but I'm not sure about that. This summer after I finish my last exam (tomorrow) I will only be working on my dissertation, not working part time or anything else besides the odd holiday so I was thinking I might try get a head start on studying for the exams. I can have access to the ActEd CMPs this summer through my university library. Also planning on learning R and getting better at Excel (both for the CM exams and for general practice as i felt on my summer internship last summer that this could be improved upon). So far I'm thinking something like this for the exam progression (I know this is probably unrealistic as it isn't factoring in resits etc into account) Apr-20 CS1 CS2 Sep-20 CB2 CB3 Apr-21 CM1 CM2 Sep-21 CP2 CP3 Apr-22 CP1 Sep-22 ST7 ST8 Apr-23 SA3 I was just wondering if these seems somewhat plausible or too overambitious under the new syllabus and the fact I will be studying over summer. This is bearing in mind during my masters I've taken some modules that focus on things like stochastic models, life contingencies, risk theory etc. Also does anyone have any examples of study plans they used whether for the old syllabus or new? Just to have an idea of how many exercises/chapters one is expected to do during a working week for example. Lastly if anyone has any idea of what the salary progression is like based on exam passes please could you let me know? Is it usually a salary increase or bonus or mixture of both? I asked my company this and they stated they're currently in progress of sorting the new policy for the new exams. Also any advice for a new grad actuary would be well appreciated too. Thanks!
CS2 is a monster I would not put it with CS1. Take it on its own or with something easy like CB3. Try CS1 and CB1 or CB2 instead.
Have a chat to your CPD or training coordinator to discuss what the study package is like. Most companies that employ trainee actuaries will have a scheme or program that is linked to salary rises-mine is linked to spine-point rises on the scales. Also worth asking if they will pay for resits and it's quite normal for people to fail at least one exam. You should also get quite a few study days, again just ask what's on offer. They might also give advice to which order you might want to fit your ST's and SA's depending on what area you are working in. My advice is maybe do April 2020 with 1 exam and see how you do. CS1 is the old CT3...which given your degree shouldn't be to difficult. CS2 is the old CT4 and CT6 and from speaking to some of our trainee's was hard. I'd also suggest not doing CP2 and CP3 in the same sitting as CP2 was a really bad exam for me! Also-when you join the company find some more experienced Actuaries who are near to qualifying or recently qualified. They'll give you the best tips. Good luck with your final exams.
Despite what is implied by IFoA in the transition, CT6 is actually split across CS1, CS2 and CM2. Also taking CS1 and CS2 together is more demanding than taking CT3+CT4+CT6 together even though the total exam hours are the same, because there is the additional component of R that is tested in the CS papers that none of the CT papers touched on. Also, the CM papers do require you to know how to use Excel fast (I found that out when doing the CM2B paper). You may wish to take that into consideration when planning your exams.
I'd recommend something like: Apr-20 CS1 CB2 Sep-20 CS2 CM1 Apr-21 CM2 CB3 Sep-21 CP2 ST7 Apr-22 CP1 Sep-22 CP3 ST8 Apr-23 SA3 CP2 and CP3 require less work than other subjects, so you can pass them in combination with more difficult subjects. Also, CB2 is traditionally an easier exam, particularly if you have some experience in economics. In terms of difficulty, that is a quick progression, but certainly not too unreasonable.
This is really helpful, can you give any advice as to how to use the CT6 past papers to prepare for CS1? Do you think it is easy enough for a new student to identify which questions they 'should' be able to answer? Thank you
I don't know if ActEd offers this service, but if you would like I can tell which questions you should practice from the past CT6 (and NTU's equivalent module) papers to work towards CS1/CS2/CM2 based on my own practice. It shouldn't be particularly difficult for the new student (given sufficient prior prep) to identify which topic(s) each question belongs to. Don't forget though that I never did CS1B; the CT6 papers won't help there.
I have them for the CM/CB/CS subjects as we literally just asked our librarian if we could get them and they agreed but they aren't allowed to be taken out of the library.
I'm from a physics background too! I started the exams last year (with no exemptions), and my current plan is (if anyone has any thoughts or comments please let me know): Apr 19 - CS1, CB1 Sep 19 - CM1, CB2 Jan 20 - CB3 Apr 20 - CS2, CP3 Sep 20 - CM2, CP2 Apr 21 - CP1 Sep 21 - ST7. ST8 Apr 22 - SA3 As John said, I think taking CS1 and CS2 may be too much for a sitting, same with CM1 and CM2. For me it was nice to mix it up a bit.
