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Thread: How long does it take to become an actuary?

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    How long does it take to become an actuary?

    I was just wondering how long it takes to become an actuary?
    I know at UNSW there are Part I and II exemptions, so given that I get exempted all of my PArt 1 and 2 exams...
    How long does it take approx on average to pass the Part III exams? (i.e to become a fellow after graduation from my actuarial degree). What is the fastest time it would take?

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    Re: How long does it take to become an actuary?

    Quote Originally Posted by kwonjiyong View Post
    I was just wondering how long it takes to become an actuary?
    I know at UNSW there are Part I and II exemptions, so given that I get exempted all of my PArt 1 and 2 exams...
    How long does it take approx on average to pass the Part III exams? (i.e to become a fellow after graduation from my actuarial degree). What is the fastest time it would take?
    Hi, to become an actuary you need to "pass" examination from part 1,2,3 and a professionalism course. If you were able to "pass" everything first go it would take you about 7 years. However due to the education changes, you are now able to study the part 1 and 2 exams through the institute. So now you could take on as many units as you like and theoretically pass in a much shorter time period. I think someone in the US passed everything in 1.5 years, but you would be unable to do that in Australia because of the work requirements. Also the because of the changes, the part 2 exams now have a component done through university and the institute, increasing the duration of time to qualify. The time to pass the part 3 exams is about 2 years because you have a module 1,2,3,4 - commercial actuarial practice, which culminates in an 8 hour computer based assesment.
    Last edited by BenHowe; 3 Jan 2019 at 9:05 AM.
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    Re: How long does it take to become an actuary?

    Another thing to note when you meet the academic requirements in an exemption unit, you are not "exempt". You are eligible to apply to the Institute for an exemption but will be required to pay a fee for each subject you are applying for an exemption.
    3rd Year Applied Finance/Actuarial Studies @ MQ
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    "What's the key to success? The key is, there is no key. Be humble, hungry, and the hardest worker in any room" Dwayne 'The Rock' Johnson

    "It comes down to one simple thing. How bad do you want it?" Ant Middleton

    "If you can take it, you can make it" Louis and Pete Zamperini

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    Re: How long does it take to become an actuary?

    Quote Originally Posted by neverknow View Post
    https://www.youtube.com/watch?v=sOxAbK0ZxcI

    This video may give you some indication on actuarial studies. Your attitude towards this seems rather focused towards the money-making aspect, thats just my intital assumption from your post. If that is your attitude, there is many ways to make money, except they all require a lot of hard work.

    Actuary exemptions within UNSW are merit-based. I am not too knowledgeable towards Actuary and its characteristics, but I personally know of someone who did an Actuary degree at UNSW. That person is very quick with Maths and seems to enjoy it, hence why he chose the degree.
    You legit didn't answer his question at all lol
    3rd Year Applied Finance/Actuarial Studies @ MQ
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    Part 1's: CT1,CT2, CT3,1/2 CT5,CT7

    "What's the key to success? The key is, there is no key. Be humble, hungry, and the hardest worker in any room" Dwayne 'The Rock' Johnson

    "It comes down to one simple thing. How bad do you want it?" Ant Middleton

    "If you can take it, you can make it" Louis and Pete Zamperini

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    Re: How long does it take to become an actuary?

    Quote Originally Posted by BenHowe View Post
    Hi, to become an actuary you need to "pass" examination from part 1,2,3 and a professionalism course. If you were able to "pass" everything first go it would take you about 7 years. However due to the education changes, you are now able to study the part 1 and 2 exams through the institute. So now you could take on as many units as you like and theoretically pass in a much shorter time period. I think someone in the US passed everything in 1.5 years, but you would be unable to do that in Australia because of the work requirements. Also the because of the changes, the part 2 exams now have a component done through university and the institute, increasing the duration of time to qualify. The time to pass the part 3 exams is about 2 years because you have a module 1,2,3,4 - commercial actuarial practice, which culminates in an 8 hour computer based assesment.
    wow! Thank you for the response!!
    I heard that the associate ship+ fellowship process had changed for people studying 2019 onwards. So instead of core technical subjects they were core principal? Subjects. - at least for part 1.
    Do unis offer exemption for all of part2? I know they offer exemptions for pretty much all of part 1 (at Unsw anyway)
    But like, how long in total would take to become a fellow in total if you had passed everything in one go? Do a lot of people pass in one go? Why are they so notoriously known for being hard and having a 10% success rate? 😔

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    Re: How long does it take to become an actuary?

    Quote Originally Posted by kwonjiyong View Post
    wow! Thank you for the response!!
    I heard that the associate ship+ fellowship process had changed for people studying 2019 onwards. So instead of core technical subjects they were core principal? Subjects. - at least for part 1.
    Do unis offer exemption for all of part2? I know they offer exemptions for pretty much all of part 1 (at Unsw anyway)
    But like, how long in total would take to become a fellow in total if you had passed everything in one go? Do a lot of people pass in one go? Why are they so notoriously known for being hard and having a 10% success rate?
    Some uni's offer part 2's. I know the procedure for mq but not for unsw. To become a fellow now prolly 8 years from start to finish. Depends on the cohort. A lot of it is extremely challening and it takes a certain kind of person who is intelligent enough to learn/understand the material, willing to put in the hundreds of hours of work and able to embrace and learn from failure.
    3rd Year Applied Finance/Actuarial Studies @ MQ
    GPA 6.77 WAM 87%
    Part 1's: CT1,CT2, CT3,1/2 CT5,CT7

    "What's the key to success? The key is, there is no key. Be humble, hungry, and the hardest worker in any room" Dwayne 'The Rock' Johnson

    "It comes down to one simple thing. How bad do you want it?" Ant Middleton

    "If you can take it, you can make it" Louis and Pete Zamperini

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    Re: How long does it take to become an actuary?

    Quote Originally Posted by BenHowe View Post
    Some uni's offer part 2's. I know the procedure for mq but not for unsw. To become a fellow now prolly 8 years from start to finish. Depends on the cohort. A lot of it is extremely challening and it takes a certain kind of person who is intelligent enough to learn/understand the material, willing to put in the hundreds of hours of work and able to embrace and learn from failure.
    How you find the general of the actuarial course at uni?

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