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  #1  
Old 07-21-2008, 03:42 AM
Schnobitz Schnobitz is offline
 
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Default CFA or FSA after ASA

Hi all,

I am a recent ASA working in a bank. I have never worked for an insurance company. I am faced with a decision of whether to persue CFA now as the value to bankers may be more in this way. Actuarial qualification is not thoroughly understood in the banking community and the amount of effort that I have figured that is required for the fellowship exams may not be worth. My bank won't even let me use my titles as only CFAs are allowed to use titles.

The study support provided by insurance companies is far from the non-existent one at banks. This reduces the chances of success at fellowship exams where a few thousand pages have to be read.

Your opinions are greatly values. If I decide for FSA persuit I will opt for the investment track.

Thanks.
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  #2  
Old 07-21-2008, 05:44 AM
kmw kmw is offline
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I think CFA should be your first priority.

CFA is well recognized in the finance world, as well as the actuarial world.
FSA is well recognized in the actuarial world, but poorly recognized out of it.

Once you move into actuarial world, the priority may be different. But for now, CFA should be your best choice.
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  #3  
Old 07-21-2008, 09:13 AM
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I am moving this to the Careers section, where I expect it will generate lots of discussion.
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Old 07-21-2008, 09:18 AM
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If you want to stay in the banking industry then CFA.
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  #5  
Old 07-21-2008, 09:25 AM
DW Simpson DW Simpson is offline
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Quote:
Originally Posted by Schnobitz View Post
Hi all,

I am a recent ASA working in a bank. I have never worked for an insurance company. I am faced with a decision of whether to persue CFA now as the value to bankers may be more in this way. Actuarial qualification is not thoroughly understood in the banking community and the amount of effort that I have figured that is required for the fellowship exams may not be worth. My bank won't even let me use my titles as only CFAs are allowed to use titles.

The study support provided by insurance companies is far from the non-existent one at banks. This reduces the chances of success at fellowship exams where a few thousand pages have to be read.

Your opinions are greatly values. If I decide for FSA persuit I will opt for the investment track.

Thanks.
Do you anticipate working for such employers the rest of your life? (serious question)

Some CFA discussions that may help: http://www.actuarialoutpost.com/actu...3&postcount=30
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  #6  
Old 07-21-2008, 09:43 AM
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1st of all, you are asking the wrong question. The correct question is FSA or no FSA, as getting the CFA is such an obvious thing to do that it pains me to see you even have a doubt about it.

Now - what is your identity at the bank? Are you an actuary providing actuarial services or servicing the insurance industry? Are you a banker who just got his ASA to finish what you started some time ago? Who are you? If you are a pure actuary at the bank and that is what you are known as, then you should just get your FSA - otherwise, don't bother - your banking experience and the CFA will more than make up for the difference of not having the FSA by leaps and bounds to someone not looking for a signing actuary.
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Old 07-21-2008, 11:30 AM
Schnobitz Schnobitz is offline
 
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Thanks for the replies.
I am a quant developer.
CFA is not that quantitative. FSA investment is more but its insurance focused.
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  #8  
Old 07-21-2008, 01:55 PM
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Quote:
Originally Posted by Schnobitz View Post
Thanks for the replies.
I am a quant developer.
CFA is not that quantitative. FSA investment is more but its insurance focused.
As a quant developer, the CFA curriculum will teach you about how the financial markets work and should give you a good sense of intuition that most quants simply don't have. I'd say FSA is useless unless you have the specific ambition to be a CRO for an insurance company.
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Quote:
Originally Posted by Duffer View Post
We, the actuarial profession, did several things badly.

1. Pandering - we marketed ourselves as finding clever ways to give the public pension sponsors something for nothing
2. Ignored consequences - we found clever ways to allow politicians to ignore the true costs of benefit increases, like negative amortization of losses
3. Low standards of measurement - GASB had the most simple-minded of standards, and is now only going half-way to raise the standard.
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  #9  
Old 07-21-2008, 02:51 PM
Pokeytax Pokeytax is offline
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Quote:
Originally Posted by D.W. Simpson Webmaster View Post
Do you anticipate working for such employers the rest of your life? (serious question)
Yeah. Also, how did you get here? Did they hire you despite your exams, have you been studying on your own with no support, or what?

I am curious about how difficult people think the CFA compared to FSA/FCAS - I am considering pursuing it too and want to know whether it is a victory lap after CAS Exam 8 or more arduous. AFAIK consensus is
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the CFA is about 10x easier than actuarial exams
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  #10  
Old 07-21-2008, 02:57 PM
Will Durant
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Quote:
Originally Posted by Pokeytax View Post
I am curious about how difficult people think the CFA compared to FSA/FCAS - I am considering pursuing it too and want to know whether it is a victory lap after CAS Exam 8 or more arduous.
Can't comment on CAS8, but all three CFA exams combined are way easier than the old 8V or APMV. Just watch out for all the accounting stuff on CFA2.
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