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Corporate Finance and ERM (CFE) Track Old Exam DP - Design and Pricing

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  #1  
Old 11-03-2016, 04:00 PM
JackLee JackLee is offline
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Default How does CFE/QFI track make you an actuary?

For people who do CFE or QFI track, how does FSA benefit you if you don't plan on doing traditional actuarial work such as signing off actuarial reports, opinions, reserves, stress tests, experience studies and all?

CFO or CRO roles? ERM and/or investment risk consulting?

Seems CFE and QFI is geared towards a person's interest... and possibly trying to compete with FRM/CFA/CQF/MFin, etc. Your thoughts?
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Old 11-01-2018, 04:26 AM
dd13 dd13 is offline
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anyone with a comment on this?
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Old 11-03-2018, 12:06 AM
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XP-SteveScoles XP-SteveScoles is offline
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OK, Here are some thoughts:
My background is I took the Investment Track for FSA, worked in ALM and Life Insurance Products/Pricing, and now instruct for XP on the CFE-SDM exam (and teach investment and risk management courses at a university). I also took the first CFA exam to sample what that was like.

1) CFE Track -> CFE track is great for the ERM world for insurance - I think a lot of students that work in an ERM or ALM role tend to find a lot of stuff on the syllabus that relates to their job (although their is still a lot of syllabus stuff that may not!!).

The final exam, SDM, gets into a lot of business strategy (particularly with updated syllabus released today), so it does give some business education (although I find most students struggle to apply these high-level strategy ideas as they don't have much, if any, experience dealing with these kinds of things). If you are interested in business strategy and find it interesting, then the SDM exam can help expand your knowledge in this area. If this is not something that interests you (and the accounting material that is also covered), it can be a bit of a slog for that part of the syllabus on the final exam. But there is lots of other interesting stuff covered on the syllabus to offset that!

2) QFI track -> it's definitely gotten more technical/mathematical in recent years. This is useful for many ALM/hedging actuarial roles and roles where you interact a lot with fixed income or derivatives traders. It is much more advanced on the Fixed Income side than CFA. CFA does much more on equity valuation which the actuarial exams do not cover much of.

I think if you want to really get into a quantitative finance job, you *may* want to supplement this with some appropriate computer coding courses.

Other thoughts:
If you are in a more traditional actuarial role / life insurance company, Individual Life & Annuities track would usually be a much better route to take.

Back when I wrote the Investment track, I found a lot of the material really helped me in my ALM job and being able to communicate with investment people on a detailed level.

When I moved to an Insurance role, there was still a requirement to write elective credits, so I took some Individual exams -- those were super helpful in my individual job.

Let me know if that helps or if you have other questions.

Steve
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Using anything less is clearly a very poor strategic decision
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Old 11-03-2018, 12:22 AM
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XP-SteveScoles XP-SteveScoles is offline
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dd13 - I just read one of your other posts - I would say that it certainly helps that you enjoy what you are studying (at least most of it ... it seems like the SOA always includes a bit of stuff that is painful). For me personally, I had some study days where it was an absolute pleasure to be able to sit and learn for many hours of the day.

At the same time, when I started CFA, I realized there was too much useless econ theory and ethics (not that I'm not ethical!, just that CFA ethics was like learning tax law -- what is too illegal and where can you push the boundaries), that it was too much painful stuff to spend time on.

Just make sure you have spent some time thinking about the exam syllabus you are thinking of choosing ... as opposed to only thinking about the one you don't want to do! (if that makes sense!)

Steve
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Using anything less is clearly a very poor strategic decision
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