On course

 © The Herald
Originally published: 28.07.2006




GRADUATES in degrees with a high numeracy content, such as mathematics and statistics, can fast-track their climb up the earnings and promotion ladder in the actuarial profession by way of an advanced degree such as a masters in actuarial science.

However, until recently, there was still the hurdle of further studies to fully qualify as a member of the governing body which is essential to operating as a fully accredited actuary. Recognising this, Glasgow Caledonian University has now incorporated the exams criteria for professional accreditation into its masters degree course.

Jackie Riley, associate dean of the school of computing and mathematical sciences at Caledonian, said this option may considerably shorten the length of time it takes to be eligible for membership of the Faculty of Actuaries.

"Integrating the professional qualification exam studies into the masters degree course means graduates can fast-track their career in the actuarial profession, " she said. 'This is a growing trend and we intend to introduce integrated professional accreditation studies into other disciplines and professional sectors such as computing."

This has financial benefits for recent graduates entering the actuary profession, in terms of salary, and for the employer, who is spared the expense of funding the training and time off for trainees to study while they work.

Consultant Fraser Smart is a member of the council of the Faculty of Actuaries. He welcomed the move by Caledonian, adding: "This will definitely be good news for employers. Many firms will fund their trainees to some extent. They put quite a lot of investment into this and not all trainees will pass their initial exams. If they continue to fail, the faculty will not allow the student to keep attempting time after time. Statistically, only around 40-per cent of trainees pass their early exams and go on to become fully qualified actuaries. This means a lot of time and money has been wasted for the trainee."

Knowing a graduate already has the qualification means employers are likely to look favourably upon that at the interview stage.

Smart continued: "For the student, it's a big plus. As a maths graduate, I was allowed one exemption towards the actuarial qualification exams. But I still had several more exams to study for and to pass."