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  #61  
Old 05-03-2018, 05:01 PM
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Originally Posted by twig93 View Post
Ah, so basically the same thing as requiring EA credential, since they give you credit for the first EA exam if you have some combination of prelims (that I'm sure has changed since the last time I remotely considered going down the EA path, which was a while ago).

Maybe minus a background check or something.
The difference is that the EA credential requires at least three years of applicable experience, including references of all supervisors during the time period, and the FSA has no experience or reference requirement (IIRC).

And yes, there are technically 3 EA exams, but EA-1 is rarely taken, since a combination of other exams (FM and MLC, I believe) will earn you credit for that one either way.
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  #62  
Old 05-03-2018, 05:02 PM
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The difference is that the EA credential requires at least three years of applicable experience, including references of all supervisors during the time period, and the FSA has no experience or reference requirement (IIRC).
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  #63  
Old 06-28-2018, 02:20 AM
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I'm gonna ask a really stupid question. The average travel time of 8.2 years seem low because I know many people who're still taking exams after 10 years. I know my sample size is small and won't count in the bigger picture, but I'm pretty sure there are a lot of such people.

Some get married, or have kids and lose the motivation to put in the study hours. Some get occupied in their work life and are not getting the time that is expected to be put in to pass the exams. Some just don't take it that seriously and aren't willing to give up their social life and parties.

Maybe since SOA considers time from the first exam to the last exam, these people aren't accounted for since they haven't passed their last exam yet?

Additionally, the average is brought down because of people who qualify really fast, like in 5 or 6 years?

I believe career ASA won't count in the study since they haven't passed their last exam yet, right?

I passed all my exams really fast, like all but one or two exams on my first attempts and I didn't even take any long breaks (maybe a 6 month break due to job change) and it took me a good 6.5 years to qualify.
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  #64  
Old 06-28-2018, 09:04 AM
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I think a lot of people are finishing in the 5-6 year timeframe and are bringing the average down. If you pass everything on your first try you can finish faster than that. But lots of reasons why people take longer.
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  #65  
Old 06-28-2018, 01:22 PM
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Originally Posted by CowboyGuy View Post
I'm gonna ask a really stupid question. The average travel time of 8.2 years seem low because I know many people who're still taking exams after 10 years. I know my sample size is small and won't count in the bigger picture, but I'm pretty sure there are a lot of such people.

Some get married, or have kids and lose the motivation to put in the study hours. Some get occupied in their work life and are not getting the time that is expected to be put in to pass the exams. Some just don't take it that seriously and aren't willing to give up their social life and parties.

Maybe since SOA considers time from the first exam to the last exam, these people aren't accounted for since they haven't passed their last exam yet?

Additionally, the average is brought down because of people who qualify really fast, like in 5 or 6 years?

I believe career ASA won't count in the study since they haven't passed their last exam yet, right?

I passed all my exams really fast, like all but one or two exams on my first attempts and I didn't even take any long breaks (maybe a 6 month break due to job change) and it took me a good 6.5 years to qualify.
Not stupid at all.
Average is truncated to the left, since it does not include quitters (like me). Includes only the smart-enough people who can pass all the exams (not like me).
Would need another stat that considers the amount of time people waste taking exams and passing/failing them, only to stop taking them.

Say:
"Candidates who do not reach FSA will have wasted approximately 5.6 years of their lives. The distribution is in the shape of a barbell."
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  #66  
Old 06-28-2018, 01:46 PM
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Yes you can see stats like this in action on actuarial-lookup. If you passed your first exam in September 2012 the average ACAS travel time is 4.8 years, but your average FCAS travel time is 4.4.

I know people who have tried fellowship exams for 7+ years. Not all of them finish. The ones who don't finish don't contribute to "average travel time". There are certainly stats the societies could track to quantify this, but they're probably not that inclined.
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  #67  
Old 06-28-2018, 05:34 PM
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Yes you can see stats like this in action on actuarial-lookup. If you passed your first exam in September 2012 the average ACAS travel time is 4.8 years, but your average FCAS travel time is 4.4.
Wait, you meant on avg people spent 4.4 years to pass exam 7,8,9? sounds about right...
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  #68  
Old 06-28-2018, 06:53 PM
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Interestingly, the IFoA (UK Society) posted on Facebook today that it “normally takes 6.5 years to qualify”. There is no clarification on what this means, does it mean Associateship or Fellowship? Is that a mean/median/mode? Is that result censored (ie does it ignore those who haven’t yet qualified)?

I imagine the average is brought down slightly by those who have a load of exemptions.

https://www.facebook.com/78259466480...5409897641481/

Last edited by IroningBoard; 06-28-2018 at 06:57 PM..
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  #69  
Old 06-29-2018, 11:53 AM
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Interestingly, the IFoA (UK Society) posted on Facebook today that it “normally takes 6.5 years to qualify”. There is no clarification on what this means, does it mean Associateship or Fellowship? Is that a mean/median/mode? Is that result censored (ie does it ignore those who haven’t yet qualified)?

I imagine the average is brought down slightly by those who have a load of exemptions.

https://www.facebook.com/78259466480...5409897641481/
I would assume they mean fellowship. I know a lot of UK actuaries and none of them bothered with associateship and they don't really think about the US associates as being "qualified."
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  #70  
Old 06-29-2018, 04:07 PM
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I would assume they mean fellowship. I know a lot of UK actuaries and none of them bothered with associateship and they don't really think about the US associates as being "qualified."
I would have thought the same. I’m in the UK and I’ve never heard somebody who isn’t a fellow refer to themselves as “qualified”.

However, the IFoA have been trying to make a point recently that you don’t need to be a fellow to call yourself an actuary, you can officially do it from associate level onwards. You’re right though, I don’t think many people actually bother to officially become an associate.
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