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  #1  
Old 12-05-2017, 03:15 PM
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Default Too many actuarial exams exist.

The first exam should incorporate probability, applied stats, corporate finance, interest theory, and economics. The second exam should have actuarial mathematics. A modelling and documentation should be one more. And you complete one special exam for each FSA track.

I think people would prefer four exams.
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Old 12-05-2017, 03:22 PM
CuriousGeorge CuriousGeorge is online now
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So, are these 12 hour exams, then? I'm not sure how you validate adequate mastery of the various topics otherwise.
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Old 12-05-2017, 03:38 PM
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So, are these 12 hour exams, then? I'm not sure how you validate adequate mastery of the various topics otherwise.
Exams should last for at least six hours each on weekends.
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Old 12-05-2017, 03:41 PM
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Exams should last for at least six hours each on weekends.
Then you have people failing just due to mental exhaustion.

You'd also have to give a meal break in the middle, which opens up all kinds of opportunity for cheating.
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Old 12-05-2017, 04:19 PM
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I don't know if I agree with your specific proposal, but without a doubt the number of requirements could be reduced while also producing more meaningful credentials.

With a stronger focus on problem solving and abstraction instead of swift algorithm execution (numeric calculations) for a set of common toy problems, the exams would be harder to pass and more relevant to actual actuarial work.

EDIT: The FAP course also needs to be replaced without a doubt.

Last edited by Z3ta; 12-05-2017 at 04:23 PM..
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Old 12-05-2017, 04:22 PM
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I don't know if I agree with your specific proposal, but without a doubt the number of requirements could be reduced while also producing more meaningful credentials.

With a stronger focus on problem solving and abstraction instead of swift algorithm execution (numeric calculations) for a set of common toy problems, the exams would be harder to pass and more relevant to actual actuarial work.
Your salary would then also be reduced as more people entered the profession, and subsequently qualified.
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Old 12-05-2017, 04:24 PM
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Your salary would then also be reduced as more people entered the profession, and subsequently qualified.
I don't agree. Exams that require a deeper understanding of the underlying concepts would be much harder to pass. You wouldn't simply need discipline and work ethic.

Currently the process selects a lot of talent out and replaces that talent with people willing to put the tremendous time in. Many talented individuals that we would be lucky to have with us in the profession have decided not to participate because the opportunity cost is too great. That's a shame.
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Old 12-05-2017, 05:19 PM
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Quote:
Originally Posted by 764dak View Post
The first exam should incorporate probability, applied stats, corporate finance, interest theory, and economics. The second exam should have actuarial mathematics. A modelling and documentation should be one more. And you complete one special exam for each FSA track.

I think people would prefer four exams.
And YOU got your FSA when??
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Old 12-05-2017, 05:23 PM
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Currently the process selects a lot of talent out and replaces that talent with people willing to put the tremendous time in. Many talented individuals that we would be lucky to have with us in the profession have decided not to participate because the opportunity cost is too great. That's a shame.
Such as?

More people are taking exams than ever before.
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Old 12-05-2017, 05:26 PM
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Originally Posted by Z3ta View Post
Currently the process selects a lot of talent out and replaces that talent with people willing to put the tremendous time in. Many talented individuals that we would be lucky to have with us in the profession have decided not to participate because the opportunity cost is too great. That's a shame.
This is pretty much how I feel. The exams are so disheartening from a learning stance. Do I want to spend 300 hours learning things I likely won't use on the job? Or spend 300 hours learning things that I believe will help me elsewhere that I can specifically choose? For most actuarial jobs, the exams are just barriers.

Unfortunately, a lot of people focus on the grades they got in college or the exams they've passed. Little do they think about the knowledge that they gained during that process. What matters most to these individuals is quite myopic; checking off their "success boxes".

If one wants their salary to be defined by these boxes rather then persistent knowledge, then don't remove them. That barrier keeps salaries higher.

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