Course 8 after MFE/FM/VEE-Corporate Finance?

[BondGirl]

Since all of these are financially oriented, wouldn't it be a good idea to do them all together? Or, do you need to know a lot about P&C actuarial functions / P&C insurance to take Course 8, so it would be better to take 5-7 before 8? Thanks for your advice!

[triplea]

I would say, get the ACAS designation first. So yes take 5-7 before 8. (Although from what I hear, 8 is relatively easier than exams 5-7).

[BondGirl]

Would it be easier if I had all of that finance knowledge fresh in my head? I'm studying for FM and MFE right now, and I was thinking maybe I should do 8 after that because I will know some of the finance stuff already, instead of taking a few year break from finance and have to review it all once I get to Course 8?

http://www.casact.org/admissions/syl...x.cfm?fa=exam8

I've looked at the syllabus, seems like it might be a good idea to pass 8 after taking FM and MFE and VEE-Corporate Finance, a lot of the material looks like it builds off of the topics on those exams.

The only thing I'm worried about is that if I miss out on 4-7 first then I'd be delaying learning things that would be important to my career, especially courses 5 & 6.

Also I guess I'd also be delaying getting my ACAS, but I saw the study program for the company I interned at, and they had really big raises for the fellowship exams, so I don't think that's too big a deal either way.

[triplea]

If that's the case, then I think you should take 8 first. What is your exam status?

I just passed all my VEE's, and I am now taking exam 6, just because for me I want to get an ACAS before the CAS (may) decide to get rid of that designation or something But I do understand your point.

[BondGirl]

I've only passed P so far, but I like to plan ahead. Ahh...right, the CAS does change up the exams. A great reason for me to take them in order. I hope they don't get rid of the associate designation, I think maybe they should move it to 6 exams instead of 7 to be more in-line w/SOA's ASA designation, and 7 exams is a lot more than "halfway there" ~ either way, better to just study hard and take them then worry to much about the structure. Hmmmm....I'll postpone my decision to after I pass FM and MFE

[triplea]

You are looking to go the CAS route? I wish I would have taken the SOA version of exam 3 so that I get credit for all prelim exams in both societies.

Good luck on FM and MFE.

[Cracktuary]

Originally Posted by BondGirlJAS

Since all of these are financially oriented, wouldn't it be a good idea to do them all together? Or, do you need to know a lot about P&C actuarial functions / P&C insurance to take Course 8, so it would be better to take 5-7 before 8? Thanks for your advice!

There is overlap between the two for sure (and probably even more overlap than when I took Exam 2). However, I almost always advocate taking the exams in as close to a numerical order as possible. If 8 is still around in it's current form when you get there, at least you'll have some background to build upon.

Originally Posted by BondGirlJAS

I've only passed P so far, but I like to plan ahead. Ahh...right, the CAS does change up the exams. A great reason for me to take them in order. I hope they don't get rid of the associate designation, I think maybe they should move it to 6 exams instead of 7 to be more in-line w/SOA's ASA designation, and 7 exams is a lot more than "halfway there" ~ either way, better to just study hard and take them then worry to much about the structure. Hmmmm....I'll postpone my decision to after I pass FM and MFE

CAS wouldn't ever award ACAS without a candidate passing what is the current Exam 7, since it has the most material related to signing a Statement of Actuarial Opinion.....it has nothing to do with being halfway there.

[BondGirl]

Hey, thanks. I interned at a P&C insurance company over the summer and I've never heard anyone talk about Actuarial Statements of Opinion.

Thanks for your advice, obviously the CAS has important reasons for doing what they do.

[Cracktuary]

Originally Posted by BondGirlJAS

Hey, thanks. I interned at a P&C insurance company over the summer and I've never heard anyone talk about Actuarial Statements of Opinion.

Thanks for your advice, obviously the CAS has important reasons for doing what they do.

No prob!

Insurers need to file 2 sets of accounting statements each year. One is GAAP (like everybody else), and one is STAT. In the STAT documents, there is a Statement of Actuarial Opinion where the chief actuary details whether he believes that the reserves the company is carrying are adequate, redundent, deficient, etc. You need to be an ACAS/FCAS to qualify to write a statement of opinion....OR if your company doesn't have any accredited actuaries, I think you need to have the CEO or CFO jump through some hoops with the NAIC.

(P.S. Annual Statements are filed before April, so it probably doesn't come up much during the summer internship)

[Estrella]

Originally Posted by BondGirlJAS

Would it be easier if I had all of that finance knowledge fresh in my head? I'm studying for FM and MFE right now, and I was thinking maybe I should do 8 after that because I will know some of the finance stuff already, instead of taking a few year break from finance and have to review it all once I get to Course 8?

One possible drawback of taking exam 8 is that they might restructure the upper exams in the next couple of years. So you may end up losing credit for exam 8 in the worst case.

I think you should wait. The committee is aware of the overlap of material between new exams 2-4 and 8, and they're going to do something about that. They're not doing anything this year (and maybe next year or two) because they think it few people will be taking 2-4 and 8 so close together. By the time you get to 8 after 5-7, exam 8 may be completely different. Look at the "notice" section in the 2007 syllabus website.