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Old 08-22-2018, 12:25 PM
mheasley mheasley is offline
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Default GI Track Haters - explain yourselves

I have read so many posts on this forum from people trolling the GI track. I can understand members of the CAS getting defensive since the SOA now offers a competing exam track. But I have yet to hear any good arguements against the GI track other than the NAIC's comment that the GI track "breadth and depth" needed for a qualified P&C actuary. Yet even the NAIC's commentary lacks specifics. Besides, the SOA, CAS and NAIC are currently working together to revise and clarify the educational standards for a qualified actuary. You can bet the SOA is going to make the changes needed to the exam track to get them in line with the NAIC's standards and soon these concerns will be a thing of the past.

Haters, here is a thread for you to explain yourselves. Please share specifics, whether it is empirical or some experience of yours. And keep your dang emotions out. I am particularly interested in hearing from poeple that have taken both CAS and SOA GI exams, if even such a person out there exists.
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Old 08-22-2018, 12:58 PM
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dey took ur jurbs
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Old 08-22-2018, 01:06 PM
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The local gas utility here tried to merge with the electric company. When that didn't happen, they started stringing up their own electric poles at great cost. They then energized them and started offering 105 volt AC power to people that already had 110 volt AC that they were happy with; they then even waived the connection fee for people that already had service from the electric company. There were very few takers.


New houses didn't sign up either. I guess the large number of appliances that run on 110 volts might have been a deciding factor.


No parallels to your question, of course. I just felt like telling that story.
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Old 08-22-2018, 01:23 PM
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Quote:
Originally Posted by mheasley View Post
I have read so many posts on this forum from people trolling the GI track. I can understand members of the CAS getting defensive since the SOA now offers a competing exam track. But I have yet to hear any good arguements against the GI track other than the NAIC's comment that the GI track "breadth and depth" needed for a qualified P&C actuary. Yet even the NAIC's commentary lacks specifics. Besides, the SOA, CAS and NAIC are currently working together to revise and clarify the educational standards for a qualified actuary. You can bet the SOA is going to make the changes needed to the exam track to get them in line with the NAIC's standards and soon these concerns will be a thing of the past.

Haters, here is a thread for you to explain yourselves. Please share specifics, whether it is empirical or some experience of yours. And keep your dang emotions out. I am particularly interested in hearing from poeple that have taken both CAS and SOA GI exams, if even such a person out there exists.
How many people have the designation and how many dollars was spent to create the designation? Seems the "market" has decided this is a product no one wants.
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Old 08-22-2018, 01:51 PM
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Quote:
Originally Posted by Colymbosathon ecplecticos View Post
The local gas utility here tried to merge with the electric company. When that didn't happen, they started stringing up their own electric poles at great cost. They then energized them and started offering 105 volt AC power to people that already had 110 volt AC that they were happy with; they then even waived the connection fee for people that already had service from the electric company. There were very few takers.


New houses didn't sign up either. I guess the large number of appliances that run on 110 volts might have been a deciding factor.


No parallels to your question, of course. I just felt like telling that story.
Point taken. Perception is key. As long as the public percieves the gas company's electric polls as being subpar to the electric company's poles then not many will sign up.

Once they get in line with the NAIC I suspect perception will change.
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Old 08-22-2018, 01:58 PM
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It's more that I find it a waste of resources on the part of the SOA, and causing enmity between actuarial organizations that didn't have to exist.

For info on that last bit:
https://www.slideshare.net/meepbobee...d-aaa-timeline

I didn't keep up the tallies of those taking the GI exams, but I guess we can see it at http://www.actuarial-lookup.com/

Here are the GI-specific ones:
http://www.actuarial-lookup.com/exams/46
http://www.actuarial-lookup.com/exams/47
http://www.actuarial-lookup.com/exams/48
http://www.actuarial-lookup.com/exams/49
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Old 08-22-2018, 01:59 PM
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The problem that I see with the CAS's offering is that it pigeonhole's you into P&C work. With the SOA, all tracks lead to the same outcome. Once you have an FSA, nobody cares how you got it. They only care about your experience. And the FSA designation is well regarded in all lines of insurance, except P&C. This is great if you expect to practice in multiple lines of insurance or change career paths into another line of insurance.
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Old 08-22-2018, 01:59 PM
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It's kind of like how Lamborghini tried to make a supercar to spite Ferrari and everyone made fun of him because he was a tractor maker, and look how that turned out.

Wait a minute, that's not a good argument at all, whoops! Just kidding!
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Old 08-22-2018, 01:59 PM
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A quick reminder of SOA-GI exam counts over the last 4 years:

Code:
YEAR	14 15 16 17
GIADV    4  5  9 11	  
GIFREU   2  2  7  8		
GIIRR    7  8 17 14		
Pass%   45 41 56 57  

GIINT   16 13 16 17
Pass%   50 65 30 43

TOTAL   29 28 49 50
To put that in context, I think the number of FCAS entries showing in the CAS database is 5,442.
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Old 08-22-2018, 02:25 PM
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Quote:
Originally Posted by mheasley View Post
Once you have an FSA, nobody cares how you got it.
Why does the SOA bother having different tracks at all?
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