What is the scope of actuarial science in UK?

237 Views | Posted 7 years ago

1 Answer

Answered by

Aarush Malhotra | Contributor-Level 10

7 years ago

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UK Actuaries is governed by Institute and Faculty of Actuaries (IFOA). Whereas Indian Actuaries is governed by Institute of Actuaries of India (IAI). Both Indian & UK actuaries are sought after courses and have their own pros and cons. One point worth pointing is the Mutual Recognition Agreement signed between both these institutes.
Any IFOA candidate can claim exemption of any of the 15 subjects from IAI if he has cleared it from IFOA on payment of an exemption fees. In retrospect, an IAI candidate can also claim exemption from IFOA for any of the 15 subjects. It simply means that a candidate needs to clear a subject from one Insitute only.
Eligibility
IAI - Any person who has passed 12th can register for an ACET. Only after passing ACET can a person be eligible to take membership of IAI. ACET (entrance exam) is an online objective paper conducted twice a year (June/Dec) based on 12th Maths & Statistics.
IFOA - There are two criteria here
Direct Membership - If the candidate has 80% in 12th Maths (or) 55% in Graduation Maths (or) 55% in MBA Finance he can directly register for membership and then appear for CT exams.
Non-Membership - If the candidate doesn't fulfil any of the above requirements he has to first sit for CT-1 ( Financial Mathematics) and can register for membership only after clearing this exam.
Fees
IAI - Fees consist of -
One-time Fees for registering into ACET - Rs. 3000
One-time Fees for Admission into the Actuarial course - Rs. 1500
Per subject, fees Varies between 2000 & 4000 (This fee excludes the cost of Study Material I.e. Rs. 2500 which is compulsory to purchase)
Annual Membership Subscription Fees - Rs. 750
IFOA You can find the fees structure of IFOA from this link. The fees are approximately 2.5 times of that of IAI.
Exams & Passing Percentage
Both IAI & IFOA has the same syllabus. In fact, IAI distributes the same study material issued by the IFOA. So anyone preparing for IAI exams can appear for IFOA and vice-a-versa. So, if you wish, you can sit for both the exams, it would simply enhance your chances of clearing it.
IAI - Syllabus
IFOA - Syllabus
Regarding Passing percentage, it's a common trend that the CT level papers of IAI are tough as compared to that of IFOA. And the CA, ST & SA level papers of IFOA are tough as compared to IAI. So, it would be wise enough to register for IFOA first then switch to IAI in the later stage.

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UK Actuaries is governed by Institute and Faculty of Actuaries (IFOA). Whereas Indian Actuaries is governed by Institute of Actuaries of India (IAI). Both Indian & UK actuaries are sought after courses and have their own pros and cons. One point worth pointing is the Mutual Recognition Agreement signed between both these institutes. Any IFOA candidate can claim exemption of any of the 15 subjects from IAI if he has cleared it from IFOA on payment of an exemption fees. In retrospect, an IAI candidate can also claim exemption from IFOA for any of the 15 subjects. It simply means that a candidate needs to clear a subject from one Insitute only. Eligibility IAI - Any person who has passed 12th can register for an ACET. Only after passing ACET can a person be eligible to take membership of IAI. ACET (entrance exam) is an online objective paper conducted twice a year (June/Dec) based on 12th Maths & Statistics. IFOA - There are two criteria here Direct Membership - If the candidate has 80% in 12th Maths (or) 55% in Graduation Maths (or) 55% in MBA Finance he can directly register for membership and then appear for CT exams. Non-Membership - If the candidate doesn't fulfil any of the above requirements he has to first sit for CT-1 ( Financial Mathematics) and can register for membership only after clearing this exam. Fees IAI - Fees consist of - One-time Fees for registering into ACET - Rs. 3000 One-time Fees for Admission into the Actuarial course - Rs. 1500 Per subject, fees Varies between 2000 & 4000 (This fee excludes the cost of Study Material I.e. Rs. 2500 which is compulsory to purchase) Annual Membership Subscription Fees - Rs. 750 IFOA You can find the fees structure of IFOA from this link. The fees are approximately 2.5 times of that of IAI. Exams & Passing Percentage Both IAI & IFOA has the same syllabus. In fact, IAI distributes the same study material issued by the IFOA. So anyone preparing for IAI exams can appear for IFOA and vice-a-versa. So, if you wish, you can sit for both the exams, it would simply enhance your chances of clearing it. IAI - Syllabus IFOA - Syllabus Regarding Passing percentage, it's a common trend that the CT level papers of IAI are tough as compared to that of IFOA. And the CA, ST & SA level papers of IFOA are tough as compared to IAI. So, it would be wise enough to register for IFOA first then switch to IAI in the later stage.