Why pass exams when a one-year course can get exemptions

[Talha Malik]

The University of Waterloo offers a 3 semester Masters Program in Actuarial Science that gives exemptions from CT1-CT8 and then some

If you follow the link given below and look at the footnotes...you will realize that these exemptions can be used to get Waivers for Exam P FM C MFE and MLC.

http://www.soa.org/education/general-info/credit-exams-passed/edu-waiver-rules-for-faculty.aspx

I am struggling through the exam system right now...each exam is a battle--I find it very discouraging that just 1 year of education can get me through almost all ASA exams

Any comments anyone?

[NoMoreExams]

The University of Waterloo offers a 3 semester Masters Program in Actuarial Science that gives exemptions from CT1-CT8 and then some

If you follow the link given below and look at the footnotes...you will realize that these exemptions can be used to get Waivers for Exam P FM C MFE and MLC.

http://www.soa.org/education/general-info/credit-exams-passed/edu-waiver-rules-for-faculty.aspx

I am struggling through the exam system right now...each exam is a battle--I find it very discouraging that just 1 year of education can get me through almost all ASA exams

Any comments anyone?

FEM is BS. Good luck getting that to count in U.S.

[victoriaviolette]

me too

I'm totally struggling for FM. I can't believe they are actually doing that. hopefully it's going to be as qualified.
I know they want to encourage people but hopefully they won't open the door too wide. this way there will be no high salary for this profession!

[cipherap15]

not an easier route.

getting the exemptions is no easier. Waterloo is the top school in north america and to get into the masters is no joke. if you have a really high GPA you can get in.....above 3.6....

and if you goto the top actuarial schools in england.....the dropout rate is 50% as well for the masters programs....

if you can get into any of those programs and complete the courses you`re a smart guy already and can pass the exams anyways....

stay focused and disciplined with the exams....

[victoriaviolette]

that seems more fair

getting the exemptions is no easier. Waterloo is the top school in north america and to get into the masters is no joke. if you have a really high GPA you can get in.....above 3.6....

and if you goto the top actuarial schools in england.....the dropout rate is 50% as well for the masters programs....

if you can get into any of those programs and complete the courses you`re a smart guy already and can pass the exams anyways....

stay focused and disciplined with the exams....

i thought this is just going to '''' but if they truly know everything about what we do i'd feel better that they are doing this.

[Talha Malik]

Ok first of all the undergraduate program at Waterloo is enough to get you all the exemptions—and it is not very hard to get into. In fact, undergraduate programs at a whole score of UK universities can get you exemptions from CT1 to CT8—getting in is very easy indeed.

Yet still, I think we are missing the point here. Professions are worth what they are because of barriers to entry. Lawyers and doctors in the US have to go through 7 and 8 years of schooling before becoming credentialed—and this is definitely one of the reasons that they make so much money. Their undergraduate degrees often have very little to do with their professions.

Going through college and THEN passing so many exams is (and has been) the barrier to entry into the actuarial profession. Sure, a huge number of math majors and other students across the world are smart enough to master the material—but not all of them have the patience and the perseverance to continue studying while working in order to become fully credentialed. Remove that barrier to entry, and the actuarial profession is worth much much less.

I agree that in a perfect world such things should not matter—if someone has the knowledge or relevant skill set then that should be the end of it. But we don’t live in a perfect world and we must therefore play according to the rules of the game. The first one being (if you haven’t already figured it out): BARRIER TO ENTRY = VALUE IN LABOR MARKET.

[NoMoreExams]

I'm reminded of a quote from the South Park movie

[victoriaviolette]

thanks for ONE real explaination!

everyone, enjoy years of hard work and getting 30K salary! because that's what the important people decides that it is.
I made lots of effort on this path, now I'm wondering because of the authority, it is still worth it at all. even though exams are hard, everyone are still passing it all the time, it's NOT impossible, is it? Why do you open the door that wide?
next time, the law school would be 2 years and medical school should be 3 years because it's HARD to get in!

[gmalivuk]

If you follow the link given below and look at the footnotes...you will realize that these exemptions can be used to get Waivers for Exam P FM C MFE and MLC.

The SOA page you linked to says

Faculty/Institute exemptions for Subjects CT1–CT8 are acceptable provided that the exemptions were acquired through an accredited Faculty/Institute university program. Exemption waiver credit from another system of actuarial education to Faculty/Institute credit will not be accepted by the SOA for waiver/exemption of its courses.

Does this Waterloo program count as "an accredited Faculty/Institute university program"? Because otherwise it the second sentence would apply, and this masters degree wouldn't count for the SOA.

And in any case, even if this one-year course does exempt you from a bunch of SOA exams, I don't think the situation is nearly as dire as you fear. Sure, good doctors and lawyers make boatloads of money, because they've proven themselves to be really good at what they do. The main impact I could see this horrible travesty having on the actuarial profession is that entry level jobs would have lower salaries. An actuary with ten years' experience and terrific recommendations from prestigious prior employers is still going to make good money, just like a lawyer who actually wins cases.

[victoriaviolette]

OK, let me ask you guys. how many of you have 10 years experience? how many of you already work your way up?
if the classes are good enough, GO AHEAD and take the exams, you are going to pass anyway, aren't you?
starting salary is low is not nothing, is it? it's a doubt that if we should get the salary that we use to get.
jobs are already hard to get, there are already people can't get it because there isn't enough available.
why don't the lawyers prove their individuality like we have to now? it's not our fault to choose this path and thinking we deserve the hard work and thinking the profession is as high as any others.