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Long-Term Actuarial Math Old Exam MLC Forum

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  #1  
Old 08-16-2012, 04:47 PM
Afiaus Afiaus is offline
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Default MFE or MLC?

I've noticed another thread like this but i have a couple of questions. Do you have to take both or can you take just one? Also what kind of material is covered in MFE and MLC. I haven't really taken a class on either one and am trying to decide which one to tackle. I definitely preferred the FM exam to P so if one is similar to the FM that one would be the one i would want to consider.
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Old 08-16-2012, 05:00 PM
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Gandalf Gandalf is offline
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You definitely don't need to take both at the same time. They are independent exams. If you want an FSA, you will have to take both eventually. If you want to go the CAS route, you have to take MFE and will need to take either MLC or the somewhat similar 3L. The CERA designation requires MFE but does not require MLC or 3L. Relatively few actuaries, IMO, will pursue CERA but not FSA or FCAS (or at least at this stage would have decided not to seek an FSA or FCAS).

Both have some similarities to FM. MFE builds on the derivatives part of FM. MLC builds on the interest theory part of FM. Both include probability components as well.
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Old 08-16-2012, 05:09 PM
Afiaus Afiaus is offline
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Sorry if i sound a bit noobish but what exactly are the differences between FCAS/FSA/Cera? Do they cover different fields in the insurance industry or have different goals?
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Old 08-16-2012, 05:19 PM
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FSA = Fellow of the Society of Actuaries. The primary designation for actuaries in the life insurance field (including health insurance and pensions) in North America. FCAS = Fellow of the Casualty Actuarial Society. The primary designation for actuaries in the property/casualty field in North America. Both societies also have associate designations for people who have passed most but not all of their exams. CERA = designation for those interested in Enterprise Risk Management; gives ASA (associate of the Society of Actuaries) status.

There may be routes to CERA which would not require MFE, but achieving CERA by passing Society of Actuaries exams would require passing MFE.
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Old 08-16-2012, 05:35 PM
Afiaus Afiaus is offline
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Alright thanks Gandalf.
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Old 08-16-2012, 09:00 PM
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Since you preferred FM over P, you would probably prefer the MFE material. Also, keep in mind that they recently changed the material for MLC and the first sitting of it was a complete dumpster fire with a 30% passing rate when all they needed to pass was 50%. That test was completely brutal/ridiculous or any other adjective that you can think of... I have a hunch that because the test was so ridiculous the first time, this next sitting will be easier, but then again, what the heck do I know since I'm not on an exam committee? I would tend to shy away from MLC until we are certain that everything has evened out with that new material. MFE, on the other hand, is computer based and they have a set pool of questions that they are going to throw out every exam sitting, so there are really no surprises on the difficulty there. I would strongly recommend taking MFE first. You have no clue what you're getting with MLC and you know exactly what you're getting from MFE.
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Old 08-17-2012, 09:57 AM
Henry Hattendorf Henry Hattendorf is offline
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Which part of FM did you prefer, the interest theory or the derivatives topics?

If you preferred the derivatives topics, I'd recommend sitting for MFE.

If you preferred the interest theory material, I'd recommend MLC (which blends P with FM's interest theory).
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Old 08-18-2012, 01:39 AM
Afiaus Afiaus is offline
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Actually i prefer everything about FM. There wasn't a single topic covered in it that i considered to be difficult. The derivative part was easy and the annuities/immunization/bonds were all pleasant challenges.

However i'm kinda worried about what itsatrap just said. I always thought that MLC was straight forward and MFE was the one that would throw curvy problems your way? Is the new syllabus really that bad? I don't plan on taking either till maybe around January or March.

Last edited by Afiaus; 08-18-2012 at 01:44 AM..
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Old 08-18-2012, 08:21 AM
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Almost everyone thinks MFE and MLC are considerably harder than FM.

They are also given less often than FM. You might want to take one in January or March, but your choices for MLC would be November 2012 and May 2013 (with only a single day in each). For MFE would be Nov 2012 or April 2013, by CBT, with a 7-day window for each.

For both of them for 2013, I'm guessing at the 2013 offerings based on the 2012 schedule. (which was May 10, 2012 for MLC; Apr 19-25, 2012 for MFE)
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