Finally! Someone explained it in a way it made sense! Thank you, there is so much ambiguity around these changes, it is amking me loose intrests in Actuarial path.
Personally speaking I find it strange that employers prefer analytical skills over Financial. Think about all the financial concepts needed to understand Solvency II, such as: Cost of capital, Hedging, Asset liability management, risk margin, market-consistent valuation, portfolio management, etc. Also, the IFRS framework has very Interesting financial applications, such as: Risk Adjustment, contractual service margin, risk securitization, etc. The decision to remove the IFM could leave the students of the SoA in serious disadvantage against the students of the IFoA in terms of financial acumen. This might not be noticeable in actuarial analysts but it's definitely going to be noticeable in the risk managers and senior actuaries of the future.
The date you post this video is when I took my first try of P, but I accidently failed it. I was upset for whole day after that. The good news is that I find your channel when I recovery from the failure.
Sorry to hear that Nerua. Hopefully you've gained some insight that will help you prepare for your next attempt. Here are some other videos that may help! th-cam.com/video/qeiRjIn72wg/w-d-xo.html th-cam.com/video/qiKfI8uvgjo/w-d-xo.html th-cam.com/video/YGHWk9vkUKU/w-d-xo.html
Thanks Brea! I was trying to figure out how SOA is going to change the exams when my friend mention about this two days ago, and I just saw your video. Luckily I’m in CAS track🤣🤣🤣
Thanks for the informations! It's really helpful. But I'm wondering if I can still go through the STAM and LTAM materials to pass the FAM and ALTAM exams. I have got these old materials but I'm worrying that it is actually not enough for the exams nowadays.
Do you think you could please keep us updated about what happens to the CAS track as a result of the SOA’s changes ? 😅😂 Or if you can make a video about it if you find out anything ? It would be a great help if you could!!
I do have a question. If we study for LTAM, how much of that learning will be lost if we are not prepared to take the exam before the changes to the new exams? What actual differences in content will there be in the new exam?
Hi Brea, I had passed STAM and going to study LTAM for this Fall 2021. I really consider the option to skip LTAM and wait for FAM-L. Given the situation of covid in my country this time, I dont think that I can sit for LTAM this fall 2021. Do you think that FAML is easier than LTAM and all the syllabus of FAM-L could be within LTAM ?
I think that FAML will probably have less material that LTAM, so in that sense it might be considered easier. However, FAML isn't going to be available until Oct 2022 so it's quite a wait. Perhaps you could work on another exam between now and Oct 2022. (Congrats on all your exam success so far!)
Thank you so much for sharing this! What if I have already passed all EXCEPT LTAM and FAP? Which one do you think I should study next considering this Big Change?
Hey! As mentioned in the video, if you've already started studying for LTAM then I recommend continuing with it since there are still 2 more sittings and also more resources available. Learn more about the FAP modules in this video th-cam.com/video/g7A_sENXYmg/w-d-xo.html
For a module-based course, you can complete it gradually on your own time. Whereas for Exam IFM you have to learn and practice all the material before exam day, and take the 3 hour exam at an exam centre. It's generally more stressful, and you will have to remember more material.
@@etchedactuarialinc4929 thank you for your reply😁 but would there be an invigilator watching us completing the module? Just wondering how would the module be like when it is a module and meanwhile it is also an exam. If it is to be completed on our own pace, isnt that the students can cheat easily?
Nope, they aren't all multiple choice! Some exams have written answer questions. I think this article will help: etchedactuarial.com/how-actuarial-exams-work/
Thank you so much for the info dump. I got an email about it a day before I was taking exam p and I didn’t understand it at all and thought that I just passed p for nothing.
Hi Brea! I just passed P and now am studying for FM, so the change doesn't affect me that much right? Also do you think whether or not passing all the exams required for an ASA will be harder than it is after the change?
Congrats on passing P! If you can get FM passed before the syllabus gets updated them it shouldn't impact you much at all :) (aside from you'll take different exams in the future than with the current system)
Will the FAM exam be administered as a two-part exam? For example, if someone has no credit towards it, will they be writing it in two sittings or just one exam sitting?
Hi Brea, Thanks for the update. I have credits for P and MLC, stopped writing exams longtime and wanted to get my ASA now. Any advice on what exams to take.
FM would be my next choice. I'll admit I'm not sure how your MLC credit transfers to the current system. You'll have to search the SOA website for that information. Hopefully it'll still get you credit for something!
personally, I am planning to take stam in October and ltam next year spring, but knowing that I only have one shot at passing them, I do not know whether I should risk it and take it or just study for the new exams.
Tough decision. Like I said in the video, I'd recommend against starting to study for one of those exams if you haven't already, but maybe the added pressure will force you to take studying even more seriously! Good luck either way you choose. :)
Hi Brea, if you decided to choose either ALTAM/ASTAM, are you cornered to a job that requires either of those, for example if you choose ASTAM route, can you work in an actuarial role with long term expectations without doing ALTAM? Looking forward to your response
You can, the employer would probably just prefer that you had the ALTAM exam if it was a long-term insurance role, and ASTAM if it was a short term insurance role. If possible, I'd recommend making that decision after you're hired, so that you don't have to worry about it. Instead, focus on other exams where you don't have to choose. :D
Hi! May i know the differences between SOA and IFOA in terms of examination and exemption? Im currently doing ACCA (Accounting) and may pursue in actuary
Hi Nazran! My expertise is with SOA and CAS, not IFoA, so I'd recommend reaching out to your local actuarial society to check what the differences might be! Sorry, I wish I could help more!
Hi, I study in Australia, and would like to transfer some passed exams to SoA track, but I do not know which SoA exam matches with "data analytics principle" in Institute of Actuaries Australia. Could you advise please. Thanks
I currently finish my STPM exam and now waiting to study my degree in Actuarial Science, do you have any recommendation or suggestion to me?? Isit still good in future??
Hello thanks for friutful information. I need to clarify 1 question: I have passed MFE before transition in 2018 and it is said to give me credit for IFM. Does it means I don't have to give IFM and even ATPA after transition in Jul 2022? Thank you
OK! As a word of caution, it's hard to decide SOA/CAS early on in your career. Most aspiring actuaries tend to choose that after they get a job. So make sure you're keeping your options open for now!
Thank you, Brea! Very helpful. I’m a member of AAC and glad that I found you.
Yay! So glad to hear that. 😍
I doubt there has been a person who started and ended the SoA track without witnessing a change of curriculum
Finally! Someone explained it in a way it made sense! Thank you, there is so much ambiguity around these changes, it is amking me loose intrests in Actuarial path.
You're welcome Rutu! Hope this helped clear things up!
I passed IFM and I still need to take FM... looks like that was a terrible idea
Personally speaking I find it strange that employers prefer analytical skills over Financial. Think about all the financial concepts needed to understand Solvency II, such as: Cost of capital, Hedging, Asset liability management, risk margin, market-consistent valuation, portfolio management, etc. Also, the IFRS framework has very Interesting financial applications, such as: Risk Adjustment, contractual service margin, risk securitization, etc. The decision to remove the IFM could leave the students of the SoA in serious disadvantage against the students of the IFoA in terms of financial acumen. This might not be noticeable in actuarial analysts but it's definitely going to be noticeable in the risk managers and senior actuaries of the future.
I don't think it's odd in the slightest - if you have the analytical chops, learning the financial concepts shouldn't be too challenging.
The date you post this video is when I took my first try of P, but I accidently failed it. I was upset for whole day after that. The good news is that I find your channel when I recovery from the failure.
Sorry to hear that Nerua. Hopefully you've gained some insight that will help you prepare for your next attempt. Here are some other videos that may help!
th-cam.com/video/qeiRjIn72wg/w-d-xo.html
th-cam.com/video/qiKfI8uvgjo/w-d-xo.html
th-cam.com/video/YGHWk9vkUKU/w-d-xo.html
Great summary of the changes, Brea. Sounds like the SOA is making it easier to achieve designation
Glad it helped! I'd say you're right.. it's definitely not getting any harder that's for sure!
Thanks Brea!
I was trying to figure out how SOA is going to change the exams when my friend mention about this two days ago, and I just saw your video.
Luckily I’m in CAS track🤣🤣🤣
You're welcome! Hope this cleared up some of the confusion!
Thank you for the information.
I’m studying Actuary and I hope to be a good professional :)
You're welcome Diana! Hope this gave you more clarity!
Wow, very helpful. I only briefly heard about these changes, but atleast I know how to handle it now. Thanks.
You're very welcome! Glad it helped you understand them :)
thank you so muchh! Your explaination on the changes to SOA exams are so fruitful!
You're so welcome Zi Xuan!
Thanks for the informations! It's really helpful. But I'm wondering if I can still go through the STAM and LTAM materials to pass the FAM and ALTAM exams. I have got these old materials but I'm worrying that it is actually not enough for the exams nowadays.
I wonder that how about the CERA? If IFM will no longer be offered?
I'd keep an eye on the SOA website for the official details, but since ATPA will be equivalent to IFM, you'll likely just take ATPA instead.
Do you think you could please keep us updated about what happens to the CAS track as a result of the SOA’s changes ? 😅😂 Or if you can make a video about it if you find out anything ? It would be a great help if you could!!
Of course! You can also find a link to their latest update in the description of the video.
I do have a question. If we study for LTAM, how much of that learning will be lost if we are not prepared to take the exam before the changes to the new exams? What actual differences in content will there be in the new exam?
Hey Mark! The concepts you learn will likely still be relevant and help you with ALTAM and/or FAM, but we don't know the exact differences yet.
So glad I don't have to navigate these changes. Sorry to anyone who does. Just keep moving forward and one day you'll be looking back on all of this.
13:12 No, it’s super clear.
Thank you!
Thanks for the update!
You're welcome PM!
Very informative video. Big thumps up!
Thanks Arpit!
Hi Brea, I had passed STAM and going to study LTAM for this Fall 2021. I really consider the option to skip LTAM and wait for FAM-L. Given the situation of covid in my country this time, I dont think that I can sit for LTAM this fall 2021. Do you think that FAML is easier than LTAM and all the syllabus of FAM-L could be within LTAM ?
I think that FAML will probably have less material that LTAM, so in that sense it might be considered easier. However, FAML isn't going to be available until Oct 2022 so it's quite a wait. Perhaps you could work on another exam between now and Oct 2022. (Congrats on all your exam success so far!)
Ofc.. think about it… there is only multiple choices….smk…
@@MrSheeperr right. I refer only MC and less exam time and also less material. But waiting time is quite long
@@janviertt I’m in the same boat:)
Thank you so much for sharing this! What if I have already passed all EXCEPT LTAM and FAP? Which one do you think I should study next considering this Big Change?
Hey! As mentioned in the video, if you've already started studying for LTAM then I recommend continuing with it since there are still 2 more sittings and also more resources available. Learn more about the FAP modules in this video th-cam.com/video/g7A_sENXYmg/w-d-xo.html
May I know why take home assessment may be generally easier than usual exam? Not sure if I have to take ATPA :(
For a module-based course, you can complete it gradually on your own time. Whereas for Exam IFM you have to learn and practice all the material before exam day, and take the 3 hour exam at an exam centre. It's generally more stressful, and you will have to remember more material.
@@etchedactuarialinc4929 thank you for your reply😁 but would there be an invigilator watching us completing the module? Just wondering how would the module be like when it is a module and meanwhile it is also an exam. If it is to be completed on our own pace, isnt that the students can cheat easily?
Thank you for informing us.
You're welcome!
And may I know all the exams in SOA are multiple choice question including the fellow course?
Nope, they aren't all multiple choice! Some exams have written answer questions. I think this article will help: etchedactuarial.com/how-actuarial-exams-work/
if ATPA stands for advanced topics in predictive analytics, shouldn't the PA exam be taken before ATPA?
Thanks for this!!!
Thank you.
Thank you so much for the info dump. I got an email about it a day before I was taking exam p and I didn’t understand it at all and thought that I just passed p for nothing.
Ugh that would be so frustrating!! Glad it wasn't the case though. Congrats on the pass!
I want to know the Analystsprep exam material. They provide Fm, P, IFM materials for $299. Should I take it?
Hi Brea! I just passed P and now am studying for FM, so the change doesn't affect me that much right? Also do you think whether or not passing all the exams required for an ASA will be harder than it is after the change?
Congrats on passing P! If you can get FM passed before the syllabus gets updated them it shouldn't impact you much at all :) (aside from you'll take different exams in the future than with the current system)
the best choice for the 3rd exam is IFM?
Will the FAM exam be administered as a two-part exam? For example, if someone has no credit towards it, will they be writing it in two sittings or just one exam sitting?
FAM is a one exam. But if you haven't taken LTAM or STAM before, you'll have to take either ALTAM or ASTAM as well.
Hi Brea,
Thanks for the update.
I have credits for P and MLC, stopped writing exams longtime and wanted to get my ASA now. Any advice on what exams to take.
FM would be my next choice. I'll admit I'm not sure how your MLC credit transfers to the current system. You'll have to search the SOA website for that information. Hopefully it'll still get you credit for something!
personally, I am planning to take stam in October and ltam next year spring, but knowing that I only have one shot at passing them, I do not know whether I should risk it and take it or just study for the new exams.
Tough decision. Like I said in the video, I'd recommend against starting to study for one of those exams if you haven't already, but maybe the added pressure will force you to take studying even more seriously! Good luck either way you choose. :)
Thanks
Hi Brea, if you decided to choose either ALTAM/ASTAM, are you cornered to a job that requires either of those, for example if you choose ASTAM route, can you work in an actuarial role with long term expectations without doing ALTAM? Looking forward to your response
You can, the employer would probably just prefer that you had the ALTAM exam if it was a long-term insurance role, and ASTAM if it was a short term insurance role. If possible, I'd recommend making that decision after you're hired, so that you don't have to worry about it. Instead, focus on other exams where you don't have to choose. :D
Hi! May i know the differences between SOA and IFOA in terms of examination and exemption? Im currently doing ACCA (Accounting) and may pursue in actuary
Hi Nazran! My expertise is with SOA and CAS, not IFoA, so I'd recommend reaching out to your local actuarial society to check what the differences might be! Sorry, I wish I could help more!
Hi, I study in Australia, and would like to transfer some passed exams to SoA track, but I do not know which SoA exam matches with "data analytics principle" in Institute of Actuaries Australia. Could you advise please. Thanks
Hey Anthony! For information regarding certification, it's best to connect with the SOA directly!
will CERA pathway change?
Ifm was one of my favourite exam, So sad to see it go.
This is dope. Pretty helpful
Glad to hear that, Zhu!
I currently finish my STPM exam and now waiting to study my degree in Actuarial Science, do you have any recommendation or suggestion to me?? Isit still good in future??
Hey Wei! Take a look at this video th-cam.com/video/W9eJ7zjvg0Q/w-d-xo.html
Hello thanks for friutful information. I need to clarify 1 question:
I have passed MFE before transition in 2018 and it is said to give me credit for IFM. Does it means I don't have to give IFM and even ATPA after transition in Jul 2022?
Thank you
You're welcome! Do confirm with the SOA, but if you already have credit for IFM you don't need to take the ATPA.
I'm in same situation, what was the conclusion of this?
It's very hard to pass exam p currently i am doing it 😢😭
Wishing you best of luck!
Your intro is very funny 😂
Hello.. I'm kinda new here
Wanted to ask how many SOA exams you've written so far
She is an ASA which means she passed all 7 exams.
When I became ASA there were only 5 exams you had to take. So in total I've passed 6 (the 6th was a fellowship exam).
SOA, USA is making a big blunder to retire IFM exam. This is the second modification in 3 years.
Great
First the University-Earned Credit Program and now this.
By the way Brea, you're awesome. I always get my SOA updates from you.
So glad to hear that!! Thanks for watching :)
Me , a Doing the South Africa / British system , being confused and upset that there’s so few exams here 😂
😂
Will people who pass ifm have to pass atpa?
No, you either pass ATPA or IFM, not both.
Yup jucadimo has that right. One or the other. :)
I guess I have to pass IFM before the CAS changes their curriculum.
Good luck!
I think I'm going to be going down the CAS route. Should I be worried
edit: Just got to that point of the video. Nevermind
OK! As a word of caution, it's hard to decide SOA/CAS early on in your career. Most aspiring actuaries tend to choose that after they get a job. So make sure you're keeping your options open for now!
luckily i passed my final paper recently
Congrats!
SOA looks confused 😐
Same so annoyed
日本のア会も変わるみたい
It's very unfai that future aspiring actuaries will be able to comple the ATPA exam at home.
Hello Brea. I have sent you a question on LinkedIn. Can you please assist?