“Change brings opportunity.” ~ (Nido Qubein)
Nido Qubein has rightly said, “Change brings opportunity.” Change can be difficult but it definitely brings new opportunities for growth and development and it can help us only if we are ready to face the challenges and grab those opportunities. As you know that Actuarial Science Curriculum 2019 is getting updated, we should be aware of the major transformations it is bringing and how it will help us to stay updated in the changing global business environment. In this article, we look at the various aspects covered in curriculum 2019.
Fly to your destination faster
As some papers are merging, now you will have to clear less number of papers in order to qualify as an Actuary. Instead of 15 papers, you can qualify after clearing 13 papers.
Introduction of practical aspects
Curriculum 2019 brings with it practical exams which make use of MS Excel and/or R Programming along with the written examinations in the four core principles exams. These will be online problem-based assessment and will be weighted at 30% while the written exam will comprise of the other 70%.
This will help you in preparing for the software skills along with the papers at a very initial stage (R in CS1 & CS2 and Excel in CM1 & CM2). Companies are looking for the candidates with strong IT skills these days, and Excel and R are the most in-demand tools of the actuarial field. So, you will be applying your theoretical knowledge practically as well.
Combination of relative subjects
(CT1 & CT5 –> CM1)
(CT4 & CT6 –> CS2)
Subjects having similar concepts are being clubbed together, so it will become easier to understand the application of the concepts in the same sitting rather than waiting for further exam sittings. For example – CT5 can be seen as an extension of CT1 and now both these are combined together resulted in CM1. So, you will understand how the equation of value (introduced in CT1) can help in calculating premiums and reserves in CT5. It will be quite interesting to do both subjects side by side.
The materials have been updated in order to include the most recent examples and ideas which are needed by an actuary. This will help you in getting up-to-date with the concepts and their applications in the real world.
The study materials have been enhanced in such a way that they allow for deeper learning along with covering a wide range of related knowledge. There is a shift from focus in theoretical learning to more application based learning.
Are you ready for the upcoming challenges?
As an actuarial student, you should be prepared well for these changes in order to have an easy ride through the curriculum.
- Start learning Advanced Excel and R from now instead of waiting for the diet you will sit in. There are lots of free resources available online.
- To ensure that you have a good amount of time for the revision (at least 5-6 weeks), start the preparation at your earliest convenience.
- Those who have already cleared the CT Series papers under the old curriculum go through the new subjects as well in order to stay updated.
- Practice a lot of questions for both written and computer-based exam.
- Practice modules are available on the IFoA website. They will give you a basic picture of what to expect from the exams.
Along with all the changes, the institute has tried to uphold its values of continuous professional development and learning for all actuarial professionals by providing opportunities for doing so.
We all can look at this change as a better learning and advancement opportunity for us, and we can wholeheartedly embrace this new opportunity hoping that it will take us to newer heights with its lessons for us.
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I wish you the very best for your future!