the question to all… do you think the actuarial exams are harder or the CFA exams?
yes.
diuleelomei Wrote: ------------------------------------------------------- > 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? nice name
whystudy Wrote: ------------------------------------------------------- > the question to all… > > do you think the actuarial exams are harder or the > CFA exams? actuarial exams = more depth. i.e., vertical. cfa = more materials. i.e., horizontal. so it really depends on the person. for me, i find studying for the actuarial exams easier, but definitely the concepts are more in depth. IheartMath => I’m on level 2 for cfa and level 2 for caia (sept). I’m different from you in that I’m pausing on the actuarial exams (exam C) until next year; i want to focus on the cfa exams more.
hey IheartMath, by the way, do you work for an actuarial firm right now then? or trying to break in to one?
IheartMath Wrote: ------------------------------------------------------- > sounds like ASA/FSA was just one of the many > “letters” you already have after your name that > you couldn’t get. > > =( I would not save myself if it meant be to be an actuary. It’s all about interest. On a much more serious note, the sort of responses I am getting here simply add credence to the stereotype that the actuarial profession is boring and may be the people who do it. Personally I do not hold that view but for entertainment purposes I do have fun ridiculing the “profession”, just the same way my actuarial friends ridicule mine. It’s obvious that these exams are much harder than CFA, or any accounting exam for that matter, and if you break into the profession it is very rewarding and a nice profession. That’s the big picture. Good luck.
adalfu, i already work as an actuarial analyst … "On a much more serious note, the sort of responses I am getting here simply add credence to the stereotype that the actuarial profession is boring and may be the people who do it. " joe2010, i think you’d be shocked if you ever met me and then found out i was taking exams towards becoming an actuary… many people are in disbelief, because i absolutely do not fit the stereotype… im glad you dont share the common consensus on the matter. lol
also adalfu, good luck on the CFA and CAIA this year!
IheartMath Wrote: ------------------------------------------------------- > adalfu, i already work as an actuarial analyst … > > > "On a much more serious note, the sort of > responses I am getting here simply add credence to > the stereotype that the actuarial profession is > boring and may be the people who do it. " > joe2010, i think you’d be shocked if you ever met > me and then found out i was taking exams towards > becoming an actuary… many people are in > disbelief, because i absolutely do not fit the > stereotype… im glad you dont share the common > consensus on the matter. lol I do not believe a career defining a personality, it’s all about individuality - but that never means people should not have a sense of humor. It’s funny how some one can take personally a mild joke about their profession. Best wishes.
For those that made it to ASA (and beyond) how do you recommend attacking the ASA requirements? Is it possible to take 4 of the exams in one year? Did you follow the recommended order on the SOA website? Is there certain review material you used or did you just buy the recommended textbooks and take past exams? Appreciate the help in advance.
Acturial > CFA
Giuls - It depends on what background you’re starting with. I have never heard of anybody taking all 4 preliminary exams in one year. Most people (I think even those in actuarial programs) devote 6 months per exam. To get the full FSA designation, I think the average is something like 8-10 years, and most people I know who have the FSA have said that the program is as hard as doing a PhD in math (this was from people who actually did their PhD in math and decided to teach instead). The 4(?) at the beginning are just the prelimiinary exams and don’t even get you entered into the program. There are however shorter certifications that don’t grant you the full titile of actuary. You also have to keep in mind that at some point in your exam taking you have to decide on what actuarial stream you want to specialize in (property/casualty versus life). There are plenty of actuary forums that can answer your questions about the exams/studying, but CFA and FSA aren’t even remotely comparable.
From what I hear, each actuarial exam’s difficulty level is about the same as CFA Level 1 (but on different topics)… and you have like 8-10 of them (don’t know the exact number)… so your chances of passing each individual exam might be better than Level 2 or 3, given rigorous studying… but it’s a whole another level more difficult than passing the 3 CFA exams…
I’ve glanced at the material, imo it’s much much much more harder than CFA.
I know 2 people that wrote both the CFA and actuarial exams and they both said without hesitation that the actuarial exams were much harder…and both have backgrounds in actuarial studies. CFA is only an inch deep.
I have done both (or ‘taken’ both, as I am not an ASA). Worked as an actuarial analyst for a bit before going to the investment side.
I passed the first couple actuarial exams. I would say the first two are in between CFA Level I and Level II.
The third and beyond are closer in difficulty to CFA Level II.
The key thing is the depth. You have 3-4 hours on something like 30 questions. The material is not that broad but it is highly mathematical - i.e., you WILL be using alot of calculus. I think this intimidates most people.
To be honest, I don’t think they are harder than the CFA, it just depends how interested you are in the material. Actuarial material I studied would put me to sleep and was very obscure, while I was genuinely interested in the CFA material and it’s applications. Also, the job I was diong as an actuarial analyst was pretty mudnane. The investment work was more interesting - that made the CFA much easier for me.
I almost corrected you on your misuse of ASA, since it is for appraisers. But then I looked further.
Seems relatively easy to get “Associate of the Society of Actuaries” mixed up with the “American Society of Appraisers”.
Do you think it is a good idea to revisit old calculus textbooks prior to starting the program? I took calculus in college, but that was 10 years ago.
I have my ASA and CFA designations. I would say actuarial exams are far more difficult with the only possible caveat that I had to ‘learn’ how to write these sort of exams first. I failed in a few attempts in the prelims before finally getting it done. After getting my ASA, I did the CFA exams and went 3/3 for what it’s worth. Perhaps if I’d done them in the other order I would have been better prepared for the SOA exams, but I still they are more difficult.
As for material… do not even consider picking up a calc textbook, etc. You may learn the theory, but when it comes to crunch time on the exam you won’t have time to figure things out from basic principles. Get a study provider’s material and learn from that. Also, the notation, nomenclature, etc may be different in textbooks and you really, really, just need to know what the SOA wants and give it to them. 100% recommend study provider.
(After the prelims, and into the FAP, you’ll have to get textbooks. But for the prelims, go study provider.)
FYI, http://actuarialoutpost.com is a good actuarial community.
Awesome, thanks all.