Unemployed student exam progression

Umm, casually wondering what you are doing there in Zim with all CTs in the bag and degrees under the belt? I’m from Zim too. Made a break away a long time ago, and didn’t look back other than when I have to, to help family. If you only have the CTs, you might consider a move to Australia. You could probably get permanent residence even by applying in Zim. It took me about 4 months all in all. Once you have that, you’ll get an entry level actuarial analyst job in seconds. And you will not believe the pay compared to what you’re probably used to seeing there (though, of course, in time, you also realise what the cost of living is like)

CP2 is the new CA2, right?

Would say that if you go this route, then only commit to CP2 if you want to finish off the exams via IFOA. Otherwise, get CT exemptions here in Aus, and finish off with Aus exams (you can’t mix and match after the CTs except for using SP1 and SP9 as part III exams). And so CP2 wouldn’t gain you much recognition or be an advantage in any direct, immediate way over here. Good luck!

Edit* you could get a job fairly easily - generally and partially depending on presenting well enough in an interview and, just for example, being able to explain either how: a. Your academic experience has served as a platform - think “projects, Thesis, papers” etc. - to understand the basic mechanics of what you’ll probably be doing at work or b. Any of your actual work experience has transferability in conjunction with your obvious technical knowledge

 

I don’t think you should give up your house and home for the sake of these exams. I am sure you have family, a private life and I am also not sure how easy it is in terms of residency and visa requirements to just to give up everything and to move country just for the sake of these exams. It is worrying that you have studied these exams “full time” for 5 years and are unable to get past the CT stage. The Official guidance of the IFOA until they were recently advised by the advertising standards authority was that you could finish the exams in 3 years. As many on here have pointed out, even upon qualification, it’s not worth it.

 

For sure, that’s a big consideration to make and a personal one at that. So I would definitely take the time to weigh all of that up.

Having said that, as someone who knows what it’s like to live in a country where official unemployment is a staggering 90% by some sources and families are heavily reliant on breadwinners who live abroad, sometimes a decision is coerced in a certain direction.

But once again, we all have specific and individual journeys and a list of positive aspects to consider against the negative. And so although my decision was largely linked to my country’s utter economic collapse, I have to say that my actuarial journey post CTs has been an unexpectedly long one - such that it’s deprived me of being able to service other needs (such as being with family) over and above being abroad. All I can say is, it’s a tough, tough call in certain circumstances. But I think I understand what Harashima May be going through, and all I can do is wish you the very best.

(And as someone who also got a BSc at UCT in South Africa and only had my CTs and CA2 at the time of emigrating to Aus, I can say that the visa process wasn’t so much hard as it was an exercise in admin and patience - for me, it was really just about going online, providing the required documents and waiting for my permanent residence visa to be granted)

 

Harishma has already given up 5 years. Is it not enough just for the sake of a qualification which the IFOA is rendering useless with the chartered actuary qualification? Harishma, I’m interested to hear more of your view? Would you give up your house and home for the sake of these exams? If jobs are so scarce it is shocking to hear, I guess it is not an easy life and it is shocking to hear that you’ve put your faith in the IFOA who have obviously let you down. Mr Cribb do you not feel ashamed?

 

Students who started on the actuarial exams via IFOA in countries where the financial/insurance industry does not function well or is small, should emigrate. Also, it is extremely difficult to get through exams without any support from the employers and employers in other countries than UK do not support IFOA.

Or do not emigrate but do local qualifications.

 

What benefit did it bring to British students or students from Zimbabwe to have ifoa exams offered there if there are no jobs. At least Mr Cribb got to see the big 5 and have luxury safari at my expense while I’m studying worthless examinations.

 

I wouldn't say that the exams are completely worthless.
The idea of doing IFOA exams outside of the UK is not the best idea for most students as it takes probably twice as long without study support.....
And the problem is that there are too many students and too few vacancies...and how you compare against other candidates. You need to be very qualified and skilled to get a good role.

 

It is the IFOA’s fault that there are too many students. They are galavanting around the world (no doubt not in economy) trying to attract new students and having a nice holiday while they’re at it. This is being done on my expense and to my detriment. The exams are worthless. In Europe the qualification takes less than half the time. It’s just not required for the job.

 

It would be interesting to hear overseas students point of view on the IFOA exams.
Do you think the UK exams are more valued than the local ones in your country?
Are you better off studying for UK exams?
Do you get employer's support?
Can you attend ActEd tutorials?
Do you get full study sponsorship from your employer?
Why are you doing UK exams?
Do you want to come and work in the UK?

 

Do you think the UK exams are more valued than the local ones in your country? (There aren't local ones in Singapore)
Are you better off studying for UK exams? (It's either that, SOA, CAS or for foreigners their other home exam system)
Do you get employer's support? (Most Actuarial employers in Singapore offer the support)
Can you attend ActEd tutorials? (Haven't tried this yet, but for now NTU profs are really supportive. Hoping for the best once I pass the CT series)

 

That's great! I think if you live in Singapore it makes sense to pursue UK exams. However, for students based in a number of other countries its not such a great idea especially from the lack of employer's support, lack of tutorials, study days and lack of local jobs and recognition of value.

 

People have been misled for years by IFoA the qualification could be achieved in much shorter length of time and that it was a global passport. If you don't believe me then ask yourselves why they had to amend their website on these points to settle with the Advertising Standards Authority.

 

Why isn’t the ASA finding news in the actuary magazine?

 

What about the ASA?

 

Indeed, the price to pay is student's precious years lost just to get the UK qualification instead of another one in half the time.

 

No local actuarial exams, so have to sit the UK exams
Full employer support - local actuarial membership paid, along with IoFA,
Yes attend local tutorials, if none held locally, full support to travel to UK to attend tutorials along with hotel/flight expenses.
Full study package - 40 days per year. Will pay for me to sit an exam twice.
Yes currently doing the UK exams.
Have been offered a role previously in the UK, but financially the money is better where I am, when you take into consideration cost of living etc.

From speaking to other students in other companies locally, the study packages seem to be all very similar, slight difference in exams rewards, but overall the salaries are the same, Grads start off between €30K - €40k moving upwards depending on experience and qualifications etc.

 

That's amazing! What country are you based in?

 

Where I live the locals finish their exams in 3 years and leapfrog me as I still have to study more and more exams since the IFoA keep increasing their study requirements. I’ve never seen a local actuary suffering on the weekend in the library or office. The worst thing is that they can also get the same qualification as me after completing a year of work experience in the uk. My employer thinks I’m stupid since I can’t pass my IFoA exams. They don’t appreciate that the local exams are 15 minute vivas which require attending a few lectures and finding out from your pals what the topic of the viva is going to be beforehand. No one fails the local exams.

 

And which country would that be?

How is the study support over there?

It seems that if there are some other local exam bodies in a given country, then the UK exams are not the preferable route and there is not much study support if any....

 

Switzerland. No one in their right mind would take the ifoa exams in Switzerland since the Swiss ones are much easier and it is possible to just convert them via MRA into a Fellowship. The problem arises for people who have moved over from the uk and have to continue studying the uk exams or start over

 

Also the Associate is harder to achieve with IFoA than in other countries. In North America, you need DMAC only for Fellowship and not Associateship; IFoA have described DMAC as similar to their CA3 (although no CA3 exemption is offered for it & CA3 pass rate is way lower)... in my view IFoA should remove CA2 & CA3 from Associateship and then only offer that in a mutual recognition agreement to those qualifying in mainland Europe. This would be much fairer.