Becoming an actuary with the IFoA And actuarial career

25 Pages·2016·0.94 MB·English

Becoming an actuary with the IFoA
And actuarial career

Wen Li FIA
Lead representative in Asia
Institute and Faculty of Actuaries
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Agenda
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• Additional Information
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Dark blue About the Institute and Faculty of Actuaries
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• The Institute of Actuaries was formed in 1848 in
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1856 in Scotland, both under Royal Charter
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• The Institute and Faculty of Actuaries merged to
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become one on 1 August 2010
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Bottle green • The Institute and Faculty of Actuaries (IFoA) is the
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UK's only chartered professional body dedicated to
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educating, developing and regulating actuaries based
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both in the UK and internationally
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Primary colour palette Our logo explained
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• The armorial bearings are based on a shield bearing a wavy line to
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reflect on the mathematical curves used by actuaries in their analysis
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and understanding of future financial outturns
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Secondary colour palette • The hour glasses depict the sands of time and are an allusion to the
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• The shield is supported by two owls which represent wisdom
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• The ground is strewn with English roses and Scottish thistles in
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reference to the former London and Edinburgh-based professional
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bodies
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• The armorial bearings are topped with a woolsack (again with the
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Inn, where the profession has its headquarters.
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• Over 26,000 members
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• Around 12,000 are fully qualified actuaries
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• Around 58% of student members are based outside the UK
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student
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• Reduced annual subscription of £70 if income is no more
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IFoA Exams
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We offer varied routes to fellowship: enterprise risk
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management, finance, general insurance, health and care,
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• Core technical - nine subjects, CT1 – CT9 which CT9 is the
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Business Awareness exam
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Bottle green is the Modelling exam and CA3 is the Communication exam
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from two of the nine ST subjects available
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• Specialist applications - you need to pass one of the seven
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Written Exams – Specialist Topics
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Subject Specialist Specialist Practice
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Technical Applications Module
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TWO of: ONE of: ONE of:
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Health & Care ST1 SA1 P1
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Bottle green General Insurance ST7, ST8 SA3 P3
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Pensions ST4 SA4 P4
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Finance n/a SA5 P5
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Investment ST5 SA6 P6
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Derivatives ST6 n/a n/a
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Risk Management ST9 n/a n/a
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Exemptions offered
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• University Courses: There are universities in Asia currently
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obtained IFoA CT subjects exemptions, apart from CT9
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• CT9, CA2, ST9 and SA subjects cannot be exempted
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Qualifying time different for different people, but on average 3-6
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bookwork less application
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questions, diversified thinking
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Dark blue Written Exams – Tips for success
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– Study course fully – in good time!
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– Know and understand the material
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– Do practice questions
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• ActEd assignments – get them marked
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• Past exam papers
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• During the exam:
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– Time management/planning
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– Use sub-headings, bullet points for ‘wordy’ questions
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– Answer the specific question asked
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– Don’t panic!
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Qualification Class
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• Associate: Pass all CT and CA1(From July next year), one
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year work-based skills, complete Professional Skills Course
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• Chartered Enterprise Risk Actuary: a global risk
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• Certified Actuarial Analyst
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