For those who are doing both actuarial and CFA exams together. Once you have completed CFA exams, but did not complete actuarial, would you still consider to complete actuarial exams just for the designation?
Why on earth do actuarial exams? They are made for people who wanted to be accountants but never had the personality for it!
Yes, I suppose you might, in case you’re aiming to become the CEO of a large pension fund - why not?
JOE2010 Wrote: ------------------------------------------------------- > Why on earth do actuarial exams? > > They are made for people who wanted to be > accountants but never had the personality for it! Very old joke and normally it is the other way around. Bean Counters wish they had the brains to pass actuarial exams! No offense to all you other accountants. Given this economy, finishing the actuarial exams may give you an edge but it depends on what you want to do. The actuarial designation is highly respected and I recommend finishing them.
Must people finish the actuarial exames first then take the CFA. Some people just do the CFA if they can’t handle the actuarial exames. I guess it all depends on what you want to do.
JOE2010 Wrote: ------------------------------------------------------- > Why on earth do actuarial exams? > > They are made for people who wanted to be > accountants but never had the personality for it! Every time you say the word actuary, JOE2010 here is going to pop out with this. Please retire this JOE, this is the 3rd time i am seeing this coming out of you. Actuarial is a highly respectable position and unbelievable levels of exams. It takes people around 10 years to get this. And as BiPolar suggested, people who can’t handle those come do the CFA is true. I don’t think passing a couple of CFA exams gives you an edge but passing a couple of Actuarial exams definitely gets you a job! Actuarial is scarce right now, if you a little background in actuarial sciences, you can do 'em!
I would say no, unless you will continue working in an insurance or pension role where you really need to understand the liabilities. The exams are much tougher than CFA and I’m assuming (perhaps incorrectly) that you would want some kind of life outside of work once you get the CFA exams out of the way. If you want the actuarial designations for some prestige factor, definitely don’t do it because no one outside of the tiny actuarial sphere knows what the hell an ASA or FSA is. I have a lot of respect for FSAs but most people don’t have a clue.
Pox Americana Wrote: ------------------------------------------------------- > I would say no, unless you will continue working > in an insurance or pension role where you really > need to understand the liabilities. The exams are > much tougher than CFA and I’m assuming (perhaps > incorrectly) that you would want some kind of life > outside of work once you get the CFA exams out of > the way. > > If you want the actuarial designations for some > prestige factor, definitely don’t do it because no > one outside of the tiny actuarial sphere knows > what the hell an ASA or FSA is. I have a lot of > respect for FSAs but most people don’t have a > clue. It is true that most actuaries are in either the insurance or pension field but there are also many being used in finance. The FSA has an investment track and many are being hired for their quant skills. Risk Management is a prime area for actuaries right now.
cfa_actuary Wrote: ------------------------------------------------------- > Pox Americana Wrote: > -------------------------------------------------- > ----- > > I would say no, unless you will continue > working > > in an insurance or pension role where you > really > > need to understand the liabilities. The exams > are > > much tougher than CFA and I’m assuming (perhaps > > incorrectly) that you would want some kind of > life > > outside of work once you get the CFA exams out > of > > the way. > > > > If you want the actuarial designations for some > > prestige factor, definitely don’t do it because > no > > one outside of the tiny actuarial sphere knows > > what the hell an ASA or FSA is. I have a lot of > > respect for FSAs but most people don’t have a > > clue. > > > It is true that most actuaries are in either the > insurance or pension field but there are also many > being used in finance. The FSA has an investment > track and many are being hired for their quant > skills. Risk Management is a prime area for > actuaries right now. I know that’s what the SOA’s marketing material says, but thoughts from other members of this board would suggest otherwise (JDV, et al.) Again, I have a high level of respect for actuaries but a PhD is going to beat out an FSA in quantitative risk management in many cases.
I’m currently doing both at the same time. And after I complete the CFA exams, I will still of course continue through the actuarial exams. For me, getting the CFA designation and the material covered on these exams is more of a complement to the material on the actuarial exams and becoming an actuary.
Pox Americana Wrote: ------------------------------------------------------- > cfa_actuary Wrote: > -------------------------------------------------- > ----- > > Pox Americana Wrote: > > > -------------------------------------------------- > > > ----- > > > I would say no, unless you will continue > > working > > > in an insurance or pension role where you > > really > > > need to understand the liabilities. The exams > > are > > > much tougher than CFA and I’m assuming > (perhaps > > > incorrectly) that you would want some kind of > > life > > > outside of work once you get the CFA exams > out > > of > > > the way. > > > > > > If you want the actuarial designations for > some > > > prestige factor, definitely don’t do it > because > > no > > > one outside of the tiny actuarial sphere > knows > > > what the hell an ASA or FSA is. I have a lot > of > > > respect for FSAs but most people don’t have a > > > clue. > > > > > > It is true that most actuaries are in either > the > > insurance or pension field but there are also > many > > being used in finance. The FSA has an > investment > > track and many are being hired for their quant > > skills. Risk Management is a prime area for > > actuaries right now. > > I know that’s what the SOA’s marketing material > says, but thoughts from other members of this > board would suggest otherwise (JDV, et al.) Again, > I have a high level of respect for actuaries but a > PhD is going to beat out an FSA in quantitative > risk management in many cases. True but getting a PHD means leaving the workforce where you can take the actuarial exams while working.
Actuarial science is a make work project instituted by the FDR administration during the throes of the Great Depression. He realized mathematicians could never find meaningful employment, so he forced insurance companies to hire them out of universities. The large insurers quickly became frustrated with having lazy, poorly dressed employees lacking social skills, so they assigned them to do trivial tasks such as determining proper loss reserves and ratemaking.
sounds like ASA/FSA was just one of the many “letters” you already have after your name that you couldn’t get. =(
maybe
Actuarial science is a make work project instituted by the FDR administration during the throes of the Great Depression. He realized mathematicians could never find meaningful employment, so he forced insurance companies to hire them out of universities. The large insurers quickly became frustrated with having lazy, poorly dressed employees lacking social skills, so they assigned them to do trivial tasks such as determining proper loss reserves and ratemaking. This is droll. There were actuaries at major insurers in Europe and the US for at least a hundred years before the era you mention.
Anyone getting these FSA, CFA, just for fun or to learn more about the subject? I’m on course to write L2 CFA in June… just for fun. Back to the books!
I’m going for CERA (instead of FSA) – it’s the risk enterprise equivalent of the ASA degree (more for risk management/investments) and I believe it’s there to compete against FRM and PRM. Anybody also doing this?
I’m going for my ASA and eventually FSA in Finance/ERM so when alls said and done I will have taken all the exams for the CERA too… what exam are you up to adalfu?
I’m done with the first 3, I need C and ERM for CERA; so two more. I’ll probably continue my actuarial exams after my CFA and CAIA since I left the actuarial (pension side) business for investment consulting. And yourself? Which ones are you doing now?
i have the first 3 as well. I’m taking MLC (which is for the ASA not CERA, as you know) this sitting and then C after that… and then onto the FSA exams (ERM and FETE)… I’m doing the actuarial exams and CFA exams simulataneously, but skipped level 2 this June so that I could hopefully pass MLC and C this year and then level 2 next spring so I wont have to double up on exams in one sitting… it was way too stressful this past fall and I’d like to have a life… What CFA exam are you up to? Perhaps we will be sitting for C or ERM the same sitting in the future? I don’t really know anyone else taking the CFA and actuarial exams at the same time, so it’s nice to know there are other people out there!