Unemployed student exam progression

I was wondering if I should continue with exams. I have already completed all the written CTs and would like to get advice if it is wise to write the CP2 while unemployed.

PS

I reside in Zimbabwe the country with arguably the highest unemployment rate in the world of around 90%
I have a BSc in maths and economics, an Msc in Maths and wrote all the CTs from scratch with the IFOA

 

No you shouldn’t waste your time. I appreciate I have a job but I wish I had done something else. It pains me to come to the office every morning to deal with “actuarial” issues which no one even cares about. The IFoA is repositioning the associate level so there is absolutely no point to get the fellowship and for those that have got fellowship, they’ve wasted their time. You could complete the CPs to try to get the associateship but who knows what will change in the next coming days with the exam system... there is no point studying if you don’t have support from your employer. If you have done the CTs and don’t have a job, you’re still going to struggle once you’ve got the rest of the exams. Recruiting a fellow with no experience defeats the point of a professional qualification. Cut your losses before it is too late. Judgment day is coming...

 

Might as well quit. All that time wasted on a career that isn't lucrative as what the IFOA suggested. Judgment day?

 

Sorry for mocking you. But this is the advice I’ve been given by the IFoA trolls on here. I’m in the same situation. Studying for 15 years and having to stop exams due to the new curriculum requirements meaning I have 6 exams instead of 3. Give up they tell me. Can’t say more about judgment day except that it is fast approaching.

 

I would say it depends what you want to do with your life and what job you want to do in the future. I'd say that having only CT exams limits your options. Employers are very demanding. The more you have in your CV in terms of qualifications, the better. I would suggest to get yourself to the AIA level so that in the future (in the new system) you would be considered as a qualified actuary and actually get a job in another country.

 

Who said the new system (chartered actuary) would even get approved? Write with your objections to the Privy Council to make sure it doesn’t. There is already a significant delay for some unknown reason...

 

so I should continue with exams despite never being employed?

 

I sure hope it doesn't get approved

 

I wouldn't say "never" as you would need to consider timeline until reaching an age of 65. If you have free time now, its best to invest it and capitalise on your investment later. I've seen the people who persisted with looking for an actuarial job finally got there. Many grads fail to get into the job market right away. The more exams you have, the higher your value on the job market. Wouldn't you agree?

 

Whatever happens with the chartered actuary....being an AIA is better than having only CTs - the diploma in actuarial techniques has not value - not a recognised actuarial qualification of any sort. However, the Associate of IFOA is a qualified actuary and you can call yourself an actuary from that point on. It is just a perception of what "qualified actuary" means in the UK - must be FIA.

 

Are firms keen on hiring someone with 12 exams and no work experience? Might as well continue and stop at 12

 

Its a question of options available. I think the problem is that there are too many actuarial students flying around. The choice then comes down to salary expectations, which uni they went to, achievements, exams etc. etc. personal preferences.....

 

I would advise to learn practical skills: VBA, SQL, Python, R etc etc - you'd definitely get a job at an insurance company....

 

And CP2 is a good exam to prove that you have excellent modelling, analysis and documentation skills

 

I did VBA for a bit, python in 2017 and R last year. Will look into SQL

 

CP2 it is then

 

another useful skill is C++

 

Why not learn these useful skills rather than the rubbish taught by Acted in the exams? Since harashima has all these exams and can’t even get a job, doesn’t that say something about the value of the qualification?

 

The reason why he cannot get a job is most likely his location in Zimbabwe, where the unemployment is very high. If he was in the UK, he most likely would get a job if he had the exams and the useful skills mentioned. The skills without exams are not as valuable in my opinion. Typically, the company would expect a candidate to understand the insurance business (learnt from the exams) plus be able to have hands on skills. The problem is oversupply of actuarial students. I feel quite sorry for students located outside of the UK, because:
- they don't get study support for UK exams
- they don't get ActEd tutorials
- employers do not support UK exam system by financing their very high cost
- no study days
- no local recognition as much as any local standard may be more suitable
- exams won't give you a visa/ work permit but may help in obtaining a job offer/ visa sponsorship (if no other local candidates can be found)

The UK exams can be more easily translated into any "worth" in the UK.
Personally, I've seen people coming to the UK with no UK specific experience or very little insurance experience. However, the market might have been more busy then rather than now.

Isn't brexit environment making it a bit more difficult to immigrate and land a job in the UK?

 

If you're targeting AIA then you still need at least a year's work experience with PPD. So you'll need a relevant job to actually get the qualification. So personally I'm in two minds.
When you come to applying for jobs, as long as you don't expect a higher salary because of your exam passes then I think you can sell your worth. Argue that you'll need fewer study days, can be in the office more than someone starting without the exams you've got. Of course students starting work in South African, which I assume is one option for you, often start with a lot of exemptions and so you're in a similar position to them anyway.

 

So if we strip it down to the bare basics, what do you need to get a job and what is required for you to perform or carry out that job, it’s certainly not the professional qualification. I think this demonstrates how much the qualification is worth - nothing.