actuary

mls85

Hi just wondering if anyone has completed the CT1 exam. Im coming from an accountant background and was looking at a change and thought it might be a good way to test the water and see what the exams are like. Just wondering if anyone else has started the exams from the start

Pythia

Hey,

I am just finishing the actuary exams. I basically started from the start, I had two exemptions. You would likely get some exemptions from being an accountant, probably CT2 for a start.

I took CT1 three years ago and sat my final one a month ago. CT1 is a very good introduction to the actuarial exams. It is very passable, even if you haven't looked at maths in a while.

I would recommend buying notes from Acted (acted.co.uk). Series X marking can be useful to get feedback along the way. I always find ASET, which is past exam papers, really useful too.

If you do plan to take the exam, you will need to register for CT1 as a non member. I would encourage you to get doing that early.

Also, I would recommend you start your study soon, especially seeing as you will not be on a formal study package. Most companies would give their students 10ish days off for one CT subject and they would supplement that with their own study at weekends so you need to get all that work covered too.

Don't let that put you off, it's all achievable and personally I find my actuarial career very rewarding.

If you have any more questions, just ask. I am a rep for student actuaries here in Ireland so am used to answering questions!

mls85

Thanks for the reply, I was starting to feel like I was the only one mad enough to start these exams from the start.

I have a few more questions you might be able to help me with.

1. How much study would be required to sit CT1.
2. What are the opportunities like for someone in my situation looking for a job, compared to others with exemptions from all CT exam.
3. How many exams would I need to have to start applying for jobs

Thanks

Pythia

mls85 wrote: »

Thanks for the reply, I was starting to feel like I was the only one mad enough to start these exams from the start.

I have a few more questions you might be able to help me with.

1. How much study would be required to sit CT1.
2. What are the opportunities like for someone in my situation looking for a job, compared to others with exemptions from all CT exam.
3. How many exams would I need to have to start applying for jobs

Thanks

125 - 150 hours is recommended. I would say a couple of hours every weekend from now to September plus a good few week days over the course of the 3 months. Maybe some evenings after work in the run up to the exams. I would take a block off before the exam too, maybe 3 full days before it. This website has a lot of great info: http://www.actuaries.org.uk/students/pages/our-exams-explained
look at the links to the right, they are all worth a read.

I would say you are a niche candidate. In my opinion, you could look for jobs once you have passed CT1. I would strongly recommend using a recruiter as they might be able to fit you with something that suits your background and be able to explain to employers why they should go for you.

Many employers prefer candidates with experience and very few exams as to be honest, you are more useful. The exams really bear little resemblance to the day to day work so real experience can be a real advantage I think.

I got jobs with Honor from Air (http://www.airrecruitment.ie/) and Patrick from Oliver James (http://www.ojassociates.com/) but the main recruiter is Acumen (http://www.acumen-resources.com/).

Skills to improve on for interviews would be Excel, and any programming such as VBA or SQL. I would also show you know exactly what you are getting yourself into, the time commitment, the number of years it could take etc. Someone well researched will come across well.

Your background and general interests might lean you towards a certain practise area. They are pensions, life or general. You should try to work out what might suit you best but avoid pensions if possible as there will be no work for you in 20 years as all the db schemes are winding down.

You may find CT1 hard. Don't think that your fellow students are finding it any easier than you. But just keep at it and it will get clearer. I felt at one point that I would never get it learned but it does click eventually. I actually worked in a different area for a few years before so I know what it is like to 'go back' to exams.

What is your motivation to do this now? You will certainly be asked this at an interview so make sure you have a clear reason, not just 'it looked interesting' or whatever!

Hope this helps, let me know if anything further and also do remember some of this is just my opinion/advice.

mls85

Hey thanks for that. Just wondering how many exams you had under your belt before you got a start. And how would someone get experience/ the first foot on the ladder. Also were you working and doing exams at the same time and how you found it.

Pythia

mls85 wrote: »

Hey thanks for that. Just wondering how many exams you had under your belt before you got a start. And how would someone get experience/ the first foot on the ladder. Also were you working and doing exams at the same time and how you found it.

I had 0 when I got my first job. I was applying not having started on the road at all. I was 25 at the time and had done a few years in banking.

I would recommend talking to recruiters like I mentioned above and see what they say about getting on the ladder. You might find it hard to get your first job but after that, it will be relatively easy to move as there appears to be a shortage of actuaries.

Yes, almost all actuaries will work and study and I have done that for every exam. So as stated, work will give you paid time off and pay for materials. But you need to put in a lot of your own time. Personally I find it fine but I don't really drink at all and don't have a lot of hobbies. You need to be studying probably 40 weeks in a year. If you plan well it's fine but you really do need to be studying early and every weekend if you are going to pass.

There is no one strategy that works for everyone but I have sat my final exam 3 years after my first so this is what works for me!

Fudge You

Pythia wrote: »

I would recommend buying notes from Acted (acted.co.uk). Series X marking can be useful to get feedback along the way. I always find ASET, which is past exam papers, really useful too.

If you do plan to take the exam, you will need to register for CT1 as a non member. I would encourage you to get doing that early.

I am interested in doing CT1. It says you cant apply for the september exam until mid July.

What exactly are these notes like? Would you recommend the Combined Materials Pack?

Would you recommend books?
The CT1 suggested reading has 6 books. Would a book like Actuarial Mathematics by Bowers, Gerber and Hickman be worth buying in your opinion?

Pythia

Fudge You wrote: »

I am interested in doing CT1. It says you cant apply for the september exam until mid July.

What exactly are these notes like? Would you recommend the Combined Materials Pack?

Would you recommend books?
The CT1 suggested reading has 6 books. Would a book like Actuarial Mathematics by Bowers, Gerber and Hickman be worth buying in your opinion?

You could definitely buy the combined materials pack (CMP). I would not buy any books, they are not necessary at all. The CMP will be more than enough to get you through. I have never heard of anyone buying a book for CT1.

The CMP is good as it has the technical stuff plus explanations, as well as questions to try, assignments etc. It is a must to do the exam.

You can get past exam papers from the actuaries.org.uk website but I personally prefer the 'ASET' product which is past exam papers with solutions and commentary by tutors.

I would highly recommend a tutorial with Acted if possible but these things do start to get pricey very quickly when you add everything up...