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
I understand the IFOA is planning to introduce 'ST10 Banking'. No idea when they will introduce this though. Found a mention at this link: https://web.actuaries.ie/sites/default/files/event/2016/01/Proposed Education changes.pdf
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.