Subject combination for a professional with banking risk management experience

Discussion in 'General study / exams' started by Manoj Malhotra, May 5, 2016.

  1. Hi,

    I recently joined this forum. I have approx. 6 years of work experience in banking risk management. After my MBA(Finance), I did CFA(ICFAI) and FRM(GARP). I am a person who is always fascinated by the numbers. Hence, I chose to pursue actuarial science. Till date, I have cleared 5 actuarial papers (CT1, CT2, CT3, CT8 and CT9) from Indian Institute of Actuaries (IAI). I sat for the CT4, CT5, CT6 (from IFoA) and CT7 exams (IAI). I need advice on the following:
    • Whether pursuing actuarial course is relevant for a person like me with experience in banking risk management. I am enjoying studying the study material of actuarial science. I feel that actuarial science study material and banking risk management are broadly in sync. For example, operational risk modeling in banks is nothing but application of concepts studied in CT3. A lot of models used in risk management (GLM, Markov Chain,) are detailed in CT4. So, I feel that there could be integration of two fields in time ahead. This is how I keep myself motivated. However, I want to know the true side of it on a larger forum such as this. Specifically, I want to have an opinion whether my experience will be discounted if I move to ERM field.
    • I am unable to figure out the relevant combination for me. I do not want to go into life, non life or pension. So the options left for me are ST5, ST6, ST9, SA5 and SA6. Further, given my background, I am more inclined towards choosing ST9. But then which of ST5/ST6 and SA5/SA6 should be chosen.
    • What are the job prospects with given profile in actuarial ERM field, both in India and outside India.
    • Should I focus on clearing all the 15 exams first and then switch over to actuarial ERM field or I finish say CT series and then start looking for ERM roles?
    It will be really helpful if someone can spare some time on this post and revert.

    Thanks
    MM
     
  2. John Lee

    John Lee ActEd Tutor Staff Member

    ST5 and SA5 have banking and business elements to them.
    ST6 and SA6 are more investment based.
     
  3. Thanks John for your reply.
     
  4. thekang

    thekang Member

  5. Simon James

    Simon James ActEd Tutor Staff Member

    Don't bank on ST10 happening soon (excuse the pun). ST9 would seem to be a natural choice - banking risk management is very relevant. Passing ST9 (along with other pre-requisites) may entitle you to CERA status which should certainly aid your global career prospects.
     
  6. Thanks a lot for the insight. It is really helpful.
     

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