DW Simpson
08-03-2008, 11:23 AM
http://www.tribune.ie/article/2008/aug/03/insurers-in-actuary-exam-fiasco/
Insurers in actuary exam fiasco
Neil Callanan
Several Irish insurance companies may seek compensation from DCU after 100 people studying to become qualified actuaries in the university were left reeling after the Actuarial Profession in Britain refused to give them an exemption from core exams. Some students thought they were just one or two exams away from becoming qualified actuaries which would have led to significant increases in income.
The refusal impacts on students taking the university's Graduate Certificate in Actuarial Science course an exemption from core actuarial exams. "DCU was surprised to learn of the news last week and are currently investigating the implications of that decision," a spokeswoman for the university said.
DCU could not say how many students would be affected and whether they will be compensated the course fee of more than €5,000 (or more than €8,700 if from outside the EU) or for loss of future earnings. It also could not say if companies that paid for their employees to attend the course would be compensated.
Some of the courses had required several hundred hours of independent study time, a source said.
The Society of Actuaries circulated a letter to student members last week stating that the Actuarial Profession (which is made up of the Institute of Actuaries in England and Wales and the Faculty of Actuaries in Scotland) had "discussed at length the possibility of granting DCU an exemption recognition agreement on a retrospective basis" in respect of the course.
"However, they decided that this could not be done, and that all students from the course (since its inception, and including the current year's students) would be required to take the Profession's Core Applications exams. They recognised that this outcome would be unwelcome, and they had considerable sympathy for the students involved, but they could see no viable alternative."
The Society added that the decision is believed to be final.
The Society of Actuaries referred queries to DCU. The Actuarial Profession in the UK did not return a call seeking comment.
Last week, DCU's website was still stating that the Graduate Certificate in Actuarial Science "is a further step towards becoming a qualified actuary". It was also described as the "only one of its kind in Ireland".
Insurers in actuary exam fiasco
Neil Callanan
Several Irish insurance companies may seek compensation from DCU after 100 people studying to become qualified actuaries in the university were left reeling after the Actuarial Profession in Britain refused to give them an exemption from core exams. Some students thought they were just one or two exams away from becoming qualified actuaries which would have led to significant increases in income.
The refusal impacts on students taking the university's Graduate Certificate in Actuarial Science course an exemption from core actuarial exams. "DCU was surprised to learn of the news last week and are currently investigating the implications of that decision," a spokeswoman for the university said.
DCU could not say how many students would be affected and whether they will be compensated the course fee of more than €5,000 (or more than €8,700 if from outside the EU) or for loss of future earnings. It also could not say if companies that paid for their employees to attend the course would be compensated.
Some of the courses had required several hundred hours of independent study time, a source said.
The Society of Actuaries circulated a letter to student members last week stating that the Actuarial Profession (which is made up of the Institute of Actuaries in England and Wales and the Faculty of Actuaries in Scotland) had "discussed at length the possibility of granting DCU an exemption recognition agreement on a retrospective basis" in respect of the course.
"However, they decided that this could not be done, and that all students from the course (since its inception, and including the current year's students) would be required to take the Profession's Core Applications exams. They recognised that this outcome would be unwelcome, and they had considerable sympathy for the students involved, but they could see no viable alternative."
The Society added that the decision is believed to be final.
The Society of Actuaries referred queries to DCU. The Actuarial Profession in the UK did not return a call seeking comment.
Last week, DCU's website was still stating that the Graduate Certificate in Actuarial Science "is a further step towards becoming a qualified actuary". It was also described as the "only one of its kind in Ireland".