FSA exams and timing

[acs]

Hello,

I am close to complete my ASA (awaiting results for May 09 MLC ... I kinda feel good about it) and I would like to start thinking of the next step.

I am interested in the Finance/ERM track and I like the idea of getting it done by end of 2010:

1) is it realistic given that I have a great deal of responsability at work (acting as chief reserving actuary ... hopefully appointed actuary soon after my ASA and MAAA)

2) what exam to start FET or Advanced Finance/ERM (I am looking to start with the easiest in order to get some momentum)

3) my ultimate goal is to get the CERA designation as well ... as ASA is only Advanced Finance/ERM exam required or the complete FSA?

Thanks in advance for your input ...

ACS

[wat?]

Originally Posted by acs

Hello,

I am close to complete my ASA (awaiting results for May 09 MLC ... I kinda feel good about it) and I would like to start thinking of the next step.

I am interested in the Finance/ERM track and I like the idea of getting it done by end of 2010:

1) is it realistic given that I have a great deal of responsability at work (acting as chief reserving actuary ... hopefully appointed actuary soon after my ASA and MAAA)

2) what exam to start FET or Advanced Finance/ERM (I am looking to start with the easiest in order to get some momentum)

3) my ultimate goal is to get the CERA designation as well ... as ASA is only Advanced Finance/ERM exam required or the complete FSA?

Thanks in advance for your input ...

ACS

1) Interesting - you're in charge of reserving and you're on preliminary exams? I imagine that you're forging your own road in the company (good job on that!), so good luck wiht that. The FSA exams are challenging, and while it will take a bit of effort to get through both AFE & FET, the only way to know if it's possible is to just try it.

2) I haven't yet taken both, but if it helps, AFE is currently being offered twice a year, which no other FSA exam is currently doing. You could begin studying for AFE, and if you happen to run out of time for the Fall 2009 AFE, you can always defer it to Spring 2010. However, if you're planning on finishing everything up by 2010, you'll need to take (and successfully pass) FET in Fall 2009 and AFE in Spring 2010. If you have to take either exam in Fall 2010, your results will not get to you until 2011.

3) If you will be getting the ASA under the new system exclusively, then you will have finished most of the CERA designation. I am assuming you have credit for all 4 (5) preliminary exams: P, FM, MFE, MLC & C, as well as credit for FAP, your VEE's and the APC. Aside from that, you will need one of the FSA modules in the ERM track and the AFE exam. Then, beyond that, to get your FSA, you'll need the other FSA module in the ERM track, Exam FET, the DMAC module and the FAC.

[campbell]

I'll answer 3. right now:

If you've got ASA, to get CERA, you need AFE and the Operational Risk module. Check out the information here:
http://soa.org/education/exam-req/edu-cera-req.aspx

It will not require the full FSA requirements.



As for timing the exams, the "normal" time for AFE is the spring, but they've managed to give the exam both in spring and fall for the past couple years. FETE has been given only in the fall so far. The SOA is trying to get to all FSA exams being given twice a year, but it's happened only for AFE so far.

ETA: Ninja'd!

[acs]

That's a great start ...

I understand I could get my FSA by end or 2010 if I start with FETE for Fall 2009 (hopefully succeed) followed by AFE in Spring 2010.

1) What about the difficulty of the exams?
2) Particularly can I start in mid-July for FETE Fall 2009 (following MLC results) and be ready coming November? ... if not better prepare myself for AFE Spring 2010 (and Operational Risk Module) and get my CERA

Awaiting additional advices ...

PS: Yes I am in prelims in the US but FIA from France

[PAK]

Originally Posted by acs

That's a great start ...

I understand I could get my FSA by end or 2010 if I start with FETE for Fall 2009 (hopefully succeed) followed by AFE in Spring 2010.

1) What about the difficulty of the exams?
2) Particularly can I start in mid-July for FETE Fall 2009 (following MLC results) and be ready coming November? ... if not better prepare myself for AFE Spring 2010 (and Operational Risk Module) and get my CERA

Awaiting additional advices ...

PS: Yes I am in prelims in the US but FIA from France

1. The answer is "It depends". If you are good at calculation questions (e.g. the preliminary ones), you will find the FETE is easier because there are more calculation questions in FETE. On the other hand, if you are good at memorization, you will find the AFE is easier because there are more memorization/application questions in AFE.

2. Yes, it is possible to finish the readings even if one starts from August and reads 30 pages per day (It is more conservative to start in July).

[campbell]

Originally Posted by PAK

1. The answer is "It depends". If you are good at calculation questions (e.g. the preliminary ones), you will find the FETE is easier because there are more calculation questions in FETE. On the other hand, if you are good at memorization, you will find the AFE is easier because there are more memorization/application questions in AFE.

2. Yes, you still can finish the readings even if you start from August and read 30 pages per day (It is more conservative to start in July).

The reading volume for the FSA exams is much greater than the preliminary exams - whether FETE or AFE, they require a lot more study time just to get through the official syllabus.

There are some calculation problems on AFE, but the math tends to be simpler than for FETE, and there definitely is a lot more material that you pretty much have to memorize.

[PAK]

Also, the AFE materials are relatively more practical than those in FETE. If you work in the actuarial field for a certain period, you will find the AFE materials much more interesting than the FETE ones.

[acs]

Thank you very much.

To summarize:

1) FETE more theorical less memorization only once a year (fall ... thus far)
2) AFE more practical with more material and memorization ... twice a year (and bonus of CERA credential)

It seems like I am more of a FETE guy even though in this case the AFE would have a greater short term impact on my career ... particularly if I start this summer for AFE + Operational Risk Module for 6 months ... how long could it take for this module?

What about study material ... I feel a bit confuse particularly there is study note order form on SOA web site ... is this a requirement or like preliminary exams you do whatever you want?

Again thanks a lot!

[campbell]

Originally Posted by acs

What about study material ... I feel a bit confuse particularly there is study note order form on SOA web site ... is this a requirement or like preliminary exams you do whatever you want?

Again thanks a lot!

The study notes for the FSA exams are part of the official syllabus. The main distinction is that they're not articles available online [for free] or in a textbook that's part of the syllabus.

Yes, you should get the SOA study notes for any FSA exam you're taking.

Check out the official course of reading in the syllabus --
for AFE: http://soa.org/files/pdf/edu-2009-fall-exam-afe.pdf

for FETE: http://soa.org/files/pdf/edu-2009-fall-exam-fete.pdf

You will see the study notes labeled with "FE-C###-##" or "FET-###-##" - these are just as important as the online articles and textbook readings.

[PAK]

Originally Posted by acs

Thank you very much.

To summarize:

1) FETE more theorical less memorization only once a year (fall ... thus far)
2) AFE more practical with more material and memorization ... twice a year (and bonus of CERA credential)

It seems like I am more of a FETE guy even though in this case the AFE would have a greater short term impact on my career ... particularly if I start this summer for AFE + Operational Risk Module for 6 months ... how long could it take for this module?

What about study material ... I feel a bit confuse particularly there is study note order form on SOA web site ... is this a requirement or like preliminary exams you do whatever you want?

Again thanks a lot!

The Official Study Materials = The SOA Study Notes + The Textbook Readings + The Online Readings

The exam questions are based on those official study materials. It is highly suggested to read those very carefully to prepare for the FSA exams.

Please note that the Operational Risk Module is for CERA. If you want to get the FSA also, you will need to take the Financial Reporting/Operational Risk Module that includes the OR Module for CERA.