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-   -   People have been getting their FSA in 2~3 years exploiting a loophole (http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=334159)

Pension.Mathematics 07-30-2018 01:24 PM

People have been getting their FSA in 2~3 years exploiting a loophole
 
I cannot mention actual names (and please don't mention any actual names) but here is the situation:

Quote:

Originally Posted by waado (Post 9394404)
This person did a masters program. The way it works (or at lest the way it worked 4-5 years ago) is that if you get good enough marks in all necessary classes you can get exemptions for all prelims. Then you do FAP and get your ACIA (this person went to school in Canada); then you, through mutual recognition, you get your IFoA, which in turn gives you your ASA. From then on you get your FSA the normal way.

Basically they completely skip the preliminaries by exploiting a loophole in the ASA qualification requirements.

Apparently this loophole has been closed now but those who got their ASA/CERA/FSA exploiting this loophole get to keep their ASA/CERA/FSA.

What do you think?

edit: this has nothing directly to do with Canada's UAP. this is about abusing Canada's UAP to get UK recognition and then transfer that UK recognition over to SOA to get ASA, this is clearly a loop hole that people were taking advantage of.

edit: here is a good explanation about this loophole:

Quote:

Originally Posted by Adapt and Chill (Post 9398585)
This wasn't the loophole though. The loophole was specifically:
  1. Get IFA Exam Exemptions through grad school (still possible)
  2. Attain IFA Associate membership (still possible)
  3. Attain SOA Associate membership through mutual recognition (no longer possible)

Mutual recognition appears to be restricted to the fellowship level now.
https://www.soa.org/education/genera...admission.aspx

edit: official response:

To put a "closure" on this issue I guess, official response from SOA:

Quote:

Thank you for submitting an infraction report outlining your concerns. The situation you described as a potential loop-hole toward attaining an ASA is within our rules for exam waivers based on IFoA credit. That waiver process was approved by the SOA Board of Directors and the SOA’s Education Executive Committee monitors exam waiver agreements.
The response also contains more information / follow-up about the incident I described earlier (quoted below), however, I will not post that here due to privacy concerns.

Quote:

Originally Posted by Pension.Mathematics (Post 9404589)
wow, i cannot believe this.

i received a PM request (not on AO) from a stranger for the official solution of a fellowship module "for references".

and this person was dumb enough to use his/her email address associated with his/her real name, i looked up the name on actuarial-lookup, no prelims, yet ASA!

/facepalm

but thanks to twig93 for encouraging me to report the above incident, which helped us get an official response.

Tunedef 07-30-2018 01:39 PM

I think: "good for them". They took advantage of an opportunity that was available to them at the time and (maybe) got ahead because of it. No point in being salty about it unless you're looking for things to be upset about.

Pension.Mathematics 07-30-2018 01:53 PM

Quote:

Originally Posted by Tunedef (Post 9394494)
I think: "good for them". They took advantage of an opportunity that was available to them at the time and (maybe) got ahead because of it. No point in being salty about it unless you're looking for things to be upset about.

I know a person who attempted C (or MLC, i don't remember) for 3 years straight.

he went on to one shot all the fellowship exams.

I am not looking for things to be upset about, I just don't think it's fair.

ao fan 07-30-2018 01:59 PM

Quote:

Originally Posted by Pension.Mathematics (Post 9394522)
I know a person who attempted C (or MLC, i don't remember) for 3 years straight.

he went on to one shot all the fellowship exams.

I am not looking for things to be upset about, I just don't think it's fair.

i'm not entirely following. did this specific person use the loophole you're referring to in order to get credit for C or MLC or did they take it for 3 years straight, finally pass it and then go on to pass the FSA exams?

Pension.Mathematics 07-30-2018 02:01 PM

Quote:

Originally Posted by ao fan (Post 9394534)
i'm not entirely following. did this specific person use the loophole you're referring to in order to get credit for C or MLC or did they take it for 3 years straight, finally pass it and then go on to pass the FSA exams?

yup, he passed it after many tries, then went on to become a fellow.

i am just a little upset that he COULD have used this loophole to not waste three (actually likely five if we count all prelims) years of his life.

ao fan 07-30-2018 02:03 PM

Quote:

Originally Posted by Pension.Mathematics (Post 9394539)
yup, he passed it after many tries, then went on to become a fellow.

i am just a little upset that he COULD have used this loophole to not waste three (actually likely five if we count all prelims) years of his life.

are there high standards to get good grades in this masters program or is it an easy college class? i'm not sure if i'm against this or not.

Pension.Mathematics 07-30-2018 02:12 PM

Quote:

Originally Posted by ao fan (Post 9394543)
are there high standards to get good grades in this masters program or is it an easy college class? i'm not sure if i'm against this or not.

i have no idea.

can @waado please provde some insights?

although only 3 Canadian universities are in the top 50

https://www.topuniversities.com/univ...-rankings/2019

Toronto (28)
Mcgill (33)
British Columbia (47)

ao fan 07-30-2018 02:27 PM

i'd have more of an opinion if this was an American school like Penn State or a masters in Actuarial Science from Columbia where I know someone who got a masters there and could not pass actuarial exams. He got credit for EA-1 through that, but not the prelims.

BruteForce 07-30-2018 02:35 PM

Thread title would be better if phrased like "Check out this one trick that the SOA DOESN'T want you to know!" or "Using this one little trick, you can get your FSA Fast!!"

fdsafdsa 07-30-2018 05:11 PM

Quote:

Originally Posted by Pension.Mathematics (Post 9394522)
I know a person who attempted C (or MLC, i don't remember) for 3 years straight.

he went on to one shot all the fellowship exams.

I am not looking for things to be upset about, I just don't think it's fair.

The fair comes to town once a year.


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