Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Careers - Employment
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Display Modes
  #21  
Old 01-24-2017, 03:25 PM
JMO's Avatar
JMO JMO is offline
Carol Marler
Non-Actuary
 
Join Date: Sep 2001
Location: Back home again in Indiana
Studying for Nothing actuarial.
Posts: 36,392
Default

Quote:
Originally Posted by almost_there View Post
Is that considered fully qualified? I'm seeking information on what would be considered equivalent to Fellow of the Institute of Actuaries.
Please define fully qualified.

And/or

Search the AO for the term Career Associate.

PS - you need to read the rest of the info at the SOA site - requirements for Fellowship.

PPS - although SOA serves both US and Canada, qualification requirements for providing actuarial statements differ significantly between the two countries.
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Oct 13, 2017.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
Quote:
Originally Posted by Bro View Post
I recommend you get perspective.
Quote:
Originally Posted by Enough Exams Already View Post
Dude, you can't fail a personality test. It just isn't that kind of test.
Quote:
Originally Posted by Locrian View Post
I'm disappointed I don't get to do both.
Reply With Quote
  #22  
Old 01-24-2017, 03:29 PM
almost_there almost_there is offline
Member
 
Join Date: Jan 2017
Posts: 38
Default

I need the information for Fellow of the Society of Actuaries, the FSA. This equivalent to our FIA:
https://www.actuaries.org.uk/members...iety-actuaries
Reply With Quote
  #23  
Old 01-24-2017, 03:42 PM
JMO's Avatar
JMO JMO is offline
Carol Marler
Non-Actuary
 
Join Date: Sep 2001
Location: Back home again in Indiana
Studying for Nothing actuarial.
Posts: 36,392
Default

Quote:
Originally Posted by almost_there View Post
I need the information for Fellow of the Society of Actuaries, the FSA. This equivalent to our FIA:
Um, my post mentions that. It is all on the SOA website.

The requirements are not set in stone, though. Since I got my FSA in the 1980's, the requirements have changed about every 5 years on average.
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Oct 13, 2017.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
Quote:
Originally Posted by Bro View Post
I recommend you get perspective.
Quote:
Originally Posted by Enough Exams Already View Post
Dude, you can't fail a personality test. It just isn't that kind of test.
Quote:
Originally Posted by Locrian View Post
I'm disappointed I don't get to do both.
Reply With Quote
  #24  
Old 01-24-2017, 04:20 PM
Enough Exams Already Enough Exams Already is offline
Member
SOA AAA
 
Join Date: Sep 2001
Posts: 3,356
Default

Quote:
Originally Posted by almost_there View Post
You sound great to work with, you got that 'actuarial' personality
And you sound like someone who tries to get others to do their work for them.

JMO gave you the information you needed. Try reading it.
__________________
"Allow me to introduce you to the American public.
You'll want to wash your hands afterward."
--Samantha

"I guess I just have a lower prior-expectation of humanity than you folks. You win for optimism, but I win for accuracy."
--Pseudolus

"I wonder if there's a lower bound on how dumb the internet can get. We gotta be getting close, right?"
--Mother of DragQueens
Reply With Quote
  #25  
Old 01-25-2017, 02:01 AM
almost_there almost_there is offline
Member
 
Join Date: Jan 2017
Posts: 38
Default

So for the FSA what are the requirements, costs and timescale?
Reply With Quote
  #26  
Old 01-25-2017, 08:04 AM
lllj's Avatar
lllj lllj is offline
Member
CAS
 
Join Date: May 2011
Studying for Exam 8
Posts: 4,966
Default

I'll bite, for FCAS (fellowship in the Casualty Actuarial Society, the society for property and casualty/non-life actuaries in the US and Canada).


10 exams, 2 additional mini/easy exams (called "online courses"), potentially 2 additional easy exams or online courses if you don't have specific college coursework (called "VEEs"). These requirements have changed many times in the past, at times with more or less exams that were shorter or longer. The bulk of the exams are 3-4 hours now. In the US, there are only university exemptions for the VEEs, in Canada there are sometimes additional exemptions for early exams.

Can't believe I just looked this up but $4800 total for the 10 exams. Cheaper for students, and usually you take a few while in college. $1292 for the online courses. VEE prices vary as you can get that credit from different organizations or colleges, it's not through the society itself. I just checked one organization (NEAS) that offers them for between $200 and $300 each. You also have to pay for a professionalism course before becoming qualified, that is $875. If you are employed, your company pays for all this.

Exam notes and books - this can vary widely. Almost always, people get study manuals and/or online courses to help them beyond just the actual syllabus material which could be textbooks or academic papers. Much of the syllabus material is free online. Study materials could range from under $100 for a basic study manual to $1000+ for popular online seminars/material. Your employer pays typically. Companies have different limits on what they'll pay for. "The Infinite Actuary" is popular though, especially for upper level exams, and it's expensive. Other resources you can look up are Actex, ASM, Coaching Actuaries. If you spent $100 which is on the very cheap side for the early exams and got The Infinite Actuary for the upper level ones starting with exam 5, which is a relatively common approach, that'd be $6475. I think assuming $100 for the early exams is very low but may even out with the fact that not everyone does The Infinite Actuary for the later ones. Also add a few hundred dollars for the textbooks for the online courses (the two mini exams I mentioned).

Tuition- not sure what you mean. There are some study prep seminars you can go to but honestly I've never known anyone who does this. Most people get either The Infinite Actuary or a study manual.

Membership fees- you don't pay membership fees until after you are qualified. But it's $575.

Total costs- add up from above.

No work experience requirement.

Typical time from college graduation to FCAS.. I'm going to say 7-8 years but I completely made that up. It varies so widely. I've seen 5 years, and I've seen 20 years, a lot of people stop after ACAS and might restart later, or take a break after having kids or something. Also has varied when they changed the number of exams.

Found this document, I'm not too far off.
https://www.google.com/url?sa=t&sour...yAFwRjFBxEAICA
7-9 years from first full time employment.
Not everyone finishes though- common to stay in the career with just ACAS.

I should note that ACAS is considered to be a qualified actuary and is a respected credential. This is the first 7 exams, the online courses, the VEEs, and the professionalism course.

http://www.casact.org/admissions/process/

This also may be helpful as it shows how some of your exams translate to ours.
http://www.casact.org/admissions/index.cfm?fa=waiver
Although maybe will cause more confusion because there are some references to exams that don't exist anymore since we keep changing our exam system. But the idea is CT1-8 roughly give credit for our first five exams and the VEEs.

Last edited by lllj; 01-25-2017 at 09:05 AM..
Reply With Quote
  #27  
Old 01-25-2017, 10:28 AM
Porter's Avatar
Porter Porter is offline
Member
SOA
 
Join Date: Apr 2012
Posts: 368
Default

Quote:
Originally Posted by almost_there View Post
What... only 5 exams to be a qualified actuary in the US? Are you then considered qualified in the UK?
There are more than 5 exams at that link, it's just the pre-lims are named "Exam XYZ" while the upper level exams are named "Blah Blah Blah Exam".
__________________
Final requirement: Dec 2017 FAC
Reply With Quote
  #28  
Old 01-25-2017, 10:29 AM
Porter's Avatar
Porter Porter is offline
Member
SOA
 
Join Date: Apr 2012
Posts: 368
Default

Quote:
Originally Posted by lllj View Post
I'll bite, for FCAS (fellowship in the Casualty Actuarial Society, the society for property and casualty/non-life actuaries in the US and Canada).


10 exams, 2 additional mini/easy exams (called "online courses"), potentially 2 additional easy exams or online courses if you don't have specific college coursework (called "VEEs"). These requirements have changed many times in the past, at times with more or less exams that were shorter or longer. The bulk of the exams are 3-4 hours now. In the US, there are only university exemptions for the VEEs, in Canada there are sometimes additional exemptions for early exams.

Can't believe I just looked this up but $4800 total for the 10 exams. Cheaper for students, and usually you take a few while in college. $1292 for the online courses. VEE prices vary as you can get that credit from different organizations or colleges, it's not through the society itself. I just checked one organization (NEAS) that offers them for between $200 and $300 each. You also have to pay for a professionalism course before becoming qualified, that is $875. If you are employed, your company pays for all this.

Exam notes and books - this can vary widely. Almost always, people get study manuals and/or online courses to help them beyond just the actual syllabus material which could be textbooks or academic papers. Much of the syllabus material is free online. Study materials could range from under $100 for a basic study manual to $1000+ for popular online seminars/material. Your employer pays typically. Companies have different limits on what they'll pay for. "The Infinite Actuary" is popular though, especially for upper level exams, and it's expensive. Other resources you can look up are Actex, ASM, Coaching Actuaries. If you spent $100 which is on the very cheap side for the early exams and got The Infinite Actuary for the upper level ones starting with exam 5, which is a relatively common approach, that'd be $6475. I think assuming $100 for the early exams is very low but may even out with the fact that not everyone does The Infinite Actuary for the later ones. Also add a few hundred dollars for the textbooks for the online courses (the two mini exams I mentioned).

Tuition- not sure what you mean. There are some study prep seminars you can go to but honestly I've never known anyone who does this. Most people get either The Infinite Actuary or a study manual.

Membership fees- you don't pay membership fees until after you are qualified. But it's $575.

Total costs- add up from above.

No work experience requirement.

Typical time from college graduation to FCAS.. I'm going to say 7-8 years but I completely made that up. It varies so widely. I've seen 5 years, and I've seen 20 years, a lot of people stop after ACAS and might restart later, or take a break after having kids or something. Also has varied when they changed the number of exams.

Found this document, I'm not too far off.
https://www.google.com/url?sa=t&sour...yAFwRjFBxEAICA
7-9 years from first full time employment.
Not everyone finishes though- common to stay in the career with just ACAS.

I should note that ACAS is considered to be a qualified actuary and is a respected credential. This is the first 7 exams, the online courses, the VEEs, and the professionalism course.

http://www.casact.org/admissions/process/

This also may be helpful as it shows how some of your exams translate to ours.
http://www.casact.org/admissions/index.cfm?fa=waiver
Although maybe will cause more confusion because there are some references to exams that don't exist anymore since we keep changing our exam system. But the idea is CT1-8 roughly give credit for our first five exams and the VEEs.
I'm not sure why everyone is being so hostile to OP, but the reason I haven't responded is that this looks like a lot of information to research and type up.
__________________
Final requirement: Dec 2017 FAC
Reply With Quote
  #29  
Old 01-25-2017, 10:52 AM
JMO's Avatar
JMO JMO is offline
Carol Marler
Non-Actuary
 
Join Date: Sep 2001
Location: Back home again in Indiana
Studying for Nothing actuarial.
Posts: 36,392
Default

Quote:
Originally Posted by almost_there View Post
So for the FSA what are the requirements, costs and timescale?
Please read this, qualification requirements in US, above and beyond the Fellowship designation.
http://www.actuarialstandardsboard.o...ion-standards/

And I am a bit annoyed that you still expect us to tell you about FSA requirements when you are too lazy to find them at soa.org.
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated Oct 13, 2017.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
Quote:
Originally Posted by Bro View Post
I recommend you get perspective.
Quote:
Originally Posted by Enough Exams Already View Post
Dude, you can't fail a personality test. It just isn't that kind of test.
Quote:
Originally Posted by Locrian View Post
I'm disappointed I don't get to do both.
Reply With Quote
  #30  
Old 01-25-2017, 11:20 AM
MooBeay MooBeay is offline
Member
 
Join Date: Jan 2004
Posts: 4,499
Default

Quote:
Originally Posted by Porter View Post
I'm not sure why everyone is being so hostile to OP, but the reason I haven't responded is that this looks like a lot of information to research and type up.
There is your hostility...the OP can research and type this information up. however, the OP keeps insisting someone else do it.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 11:36 AM.


Powered by vBulletin®
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.30711 seconds with 9 queries