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  #11  
Old 08-29-2019, 09:29 AM
gen7 gen7 is offline
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Quote:
Originally Posted by Josh Peck View Post
May be the CAS exams are different, but the SOA seems to be wildly incompetent, and the exams have just been hoops to jump through
Please go into CAS.

Thanks.
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  #12  
Old 08-29-2019, 09:54 AM
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This thread is a good reminder that SOA is trying to ruin the P&C industry. Lucky for the CAS we're here to save it.
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  #13  
Old 08-29-2019, 10:14 AM
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Quote:
Originally Posted by Josh Peck View Post
May be the CAS exams are different, but the SOA seems to be wildly incompetent, and the exams have just been hoops to jump through
If your signature's up to date, then it looks like you've only taken prelims. Yes, a lot of the information on those exams won't be directly used, but almost all of it is a good foundation for things you will need to know how to do on the job. YMMV
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  #14  
Old 08-29-2019, 10:45 AM
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Originally Posted by #Hawaii2019 View Post
If your signature's up to date, then it looks like you've only taken prelims. Yes, a lot of the information on those exams won't be directly used, but almost all of it is a good foundation for things you will need to know how to do on the job. YMMV
eh, I got through ASA and can honestly say i'd be able to do the job just as well without it.

for pensions at least, the EA exams are useful. the SOA exams, not so much. The small amount of information that would be considered semi-useful in the SOA exams is likely better learned through EA exams.

I mostly got ASA as a pride thing and signaling mechanism, but it doesn't really help me to do my job.
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  #15  
Old 08-29-2019, 11:16 AM
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Please go into CAS.

Thanks.
This is some asymmetrical warfare right here
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  #16  
Old 08-29-2019, 11:49 AM
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I feel like there should be a sub that discusses the value of FSA vs FCAS...
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  #17  
Old 08-29-2019, 01:50 PM
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back to the original question, credentials give you the authority to "sign stuff" - if you're qualified to sign.

ACAS+7 generally qualifies you to sign Statements of Actuarial Opinion for the NAIC. And, it's a good idea to have experience reserving for the lines of business the company writes.
ASA gives you no ability to sign.
FSA-GI will give you the ability to sign, according to the NAIC's recent decision. Again, experience in appropriate lines will be helpful.
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  #18  
Old 08-29-2019, 02:28 PM
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Originally Posted by 3.14 View Post
Both of these statements are incorrect, at least with respect to CAS exams. I canít help you with the profound ignorance of the first one, but I can recommend you investigate both the NAIC's websites as well as the online regulations of any state where you might be working.
They are incorrect with respect to all of the exams. IMO, the inability to see a connection means the person likely doesn't understand what they are doing beyond how to follow some rules/procedures written by someone else.
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  #19  
Old 08-29-2019, 02:31 PM
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Hi,

I just had an interview with a startup P&C insurance company and they were interested in hiring me for one of their first actuarial roles.

I currently work in life and was wondering if there would be any issue with me attaining my ASA rather than my ACAS from a legal standpoint. I ask this because I am close to attaining my ASA.
Furthermore, legally, does an ASA or ACAS actually mean anything.
I've heard it means you can sign off on people's work, but is this legally required? And if so, what types of things does a company require having an actuarial designation to do?

Thanks
The legal difference between an ASA and an ACAS is that if you earn an ASA you are legally allowed to refer to yourself as an associate of the society of actuaries and if you earn an ACAS you are legally allowed to refer to yourself as an associate of the casualty actuarial society. That's pretty much it.

Neither is linked to any practice rights. For that matter, even the credentials that ARE linked to practice rights are neither necessary nor sufficient to practice in the U. You also need to have relevant experience and actually BE qualified in terms of knowing enough. I have the letters to sign an annual statement, but I am not fresh enough on the actual details, and would need to do a fair amount of work to consider myself qualified to sign.

If you are in the US, I don't believe you don't NEED any specific credential to sign NAIC statements of opinion, although if you don't have the credentials I believe you need the state in which you are signing to approve you as qualified. That's probably not actually relevant to you, though, as I suppose that was really a way to grandfather people who were deemed qualified back when credentials were less important to society as a whole. My guess is it would be hard to get a state to approve a new person without the credentials these days.

More important, a very small fraction of employed actuaries actually signed NAIC statements of opinion. So most of us just need whatever credentials our employer thinks we need.

Like others, I have found the material on the exams useful, and have used a fairly large fraction of it at one time or another in my career.
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  #20  
Old 08-29-2019, 03:15 PM
Josh Peck Josh Peck is offline
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Quote:
Originally Posted by L. Mo View Post
back to the original question, credentials give you the authority to "sign stuff" - if you're qualified to sign.

ACAS+7 generally qualifies you to sign Statements of Actuarial Opinion for the NAIC. And, it's a good idea to have experience reserving for the lines of business the company writes.
ASA gives you no ability to sign.
FSA-GI will give you the ability to sign, according to the NAIC's recent decision. Again, experience in appropriate lines will be helpful.
Thank you
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