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  #21  
Old 12-27-2018, 12:43 PM
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Originally Posted by almost_there View Post
It's totally unfair. IFoA CEO promised no one would be disadvantaged.
Define "disadvantaged."

Maybe this doesn't happen in the UK, but in the US we're used to hearing puffery from, and having smoke blown up our behinds by, our politicians.

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  #22  
Old 12-27-2018, 12:45 PM
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Couldn't they have taken the ones that aren't merging, since they would (should) already know about the transition rules?

Also, how many people actually take the exams versus get university exemptions?
They could. But many took the risk because taking less exams per sitting would increase their qualification travel times. Also, it is easier to sit for an exam with many past papers, than a new one with only specimen papers available. The R component of the exams is also deeply worrying for a lot of students, as many are not well trained in these kinds of computer packages.

Good question. Tbh, I have never seen any data on that. I would assume based on my own experiences that the number is in the single digits given cost & availability of courses.
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  #23  
Old 12-27-2018, 04:08 PM
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What has also annoyed people is that the IFoA previously published an exam timetable up to 2020, for the old exams, so that people could plan ahead their journeys. This curriculum change is happening in 2019.
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  #24  
Old 12-28-2018, 08:31 AM
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The IFoA gave at least 3 sittings notice right? Thatís 3 attempts at an exam with a 6 month gap between each sitting. Thatís plenty of chances for somebody who has passed half of one of the new exams to pass the other half before the deadline. How much notice do you think is fair? Even if you have as Ct1 and 4, and have to pass both 5 and 6 before the deadline, thatís 3 attempts at each exam to meet the deadline. How many chances do you want? 5? 7? 10?
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  #25  
Old 12-28-2018, 08:34 AM
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Yeah, the societies need to be able to change the exams on some timetable, otherwise they can never improve them or change them to keep up with the times. While transitions are always unpleasant, this one sounds reasonable to me.
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  #26  
Old 12-28-2018, 11:51 AM
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How many chances do you want? 5? 7? 10?
They had a timetable written until 2020. This was not honoured. There's all kinds of reasons why 3 sittings is not enough for some people to have a fair crack at these exams. Plus those who are also members of IAI could sit CT exams with them as well as IFoA, so had double the opportunity to clear them.
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  #27  
Old 12-28-2018, 12:03 PM
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The IFoA gave at least 3 sittings notice right? Thatís 3 attempts at an exam with a 6 month gap between each sitting. Thatís plenty of chances for somebody who has passed half of one of the new exams to pass the other half before the deadline. How much notice do you think is fair? Even if you have as Ct1 and 4, and have to pass both 5 and 6 before the deadline, thatís 3 attempts at each exam to meet the deadline. How many chances do you want? 5? 7? 10?
It was a lot of changes all at once. Ideally, they should have given at least 5 sittings notice. I don't think 3 was enough.
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  #28  
Old 12-28-2018, 01:38 PM
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Originally Posted by almost_there View Post
They had a timetable written until 2020. This was not honoured. There's all kinds of reasons why 3 sittings is not enough for some people to have a fair crack at these exams. Plus those who are also members of IAI could sit CT exams with them as well as IFoA, so had double the opportunity to clear them.
I will preface this by saying that I have been adversely impacted by CAS exam transitions in the past. I'm a career ACAS. One of the stumbling blocks I have encountered when considering whether to start writing exams again is that I would have to retest on some material if I wanted to go for FCAS...and that annoys me.

I mention that just to make it clear that I empathize with those (hopefully few) candidates adversely impacted by exam transitions.

That being said...as others have observed, sponsoring organizations need to have the ability to periodically update their material, and while transition rules can be created to facilitate those transitions, there will almost certainly be some who will lose out.

Depending on how many potential people were in the "could lose out" cohort, three sittings' notice may not be unreasonable

However, it if was previously communicated that sittings during the year 2020 would be available for transition, in addition to the three in 2018/2019...I think it's not unreasonable to complain about the change, or to request an explanation. Perhaps there is a simple one (e.g. a projection that almost no one is expected to need the additional year, or some resource constraint necessitating an earlier-than-intended change).

Of course, it is a fact that sometimes life isn't fair. If the IFoA has made up it's mind, there might not be much that can be done, leaving you to make a decision -- quit complaining and study, or disassociate yourself from the organization. I understand the SOA is looking to expand its international footprint, although I don't know how marketable their credentials are for someone in an IFoA-dominated labor market.
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  #29  
Old 12-28-2018, 02:13 PM
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Originally Posted by Maphisto's Sidekick View Post
If the IFoA has made up it's mind, there might not be much that can be done, leaving you to make a decision -- quit complaining and study, or disassociate yourself from the organization. I understand the SOA is looking to expand its international footprint, although I don't know how marketable their credentials are for someone in an IFoA-dominated labor market.
People are victims of IFoA's special monopoly status and virtually zero oversight. It's not practical for those who've studied IFoA exams for years to suddenly join someone else. Besides, why should they? IFoA like to say how global they are, well that's phoney until the day they relinquish their special status in the UK and allow global competition for actuarial qualifications here.
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  #30  
Old 12-28-2018, 02:46 PM
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It was a lot of changes all at once. Ideally, they should have given at least 5 sittings notice. I don't think 3 was enough.
They had four sittings (if they knew when it was first announced). I suspect some of those most impacted weren't that active and so didn't see/read some of the initial corre.

Two of the new computer-based exams (CM1&2) use Excel rather than R.

It's possible that someone who failed one of the old CT exams a few times might find the new exam easier (no-one knows until they are sat though). A pain having to go back over stuff you've seen before but if it's easier material then it might help.
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