Masters in Actuarial Abroad!? This is all you need to know
There are many universities which provide post-graduation or masters in actuarial science, and it can be really tough to decide which to choose which not. One need to decide on so many factors before finalizing. One such factor is exemption for papers, many universities are affiliated with IFOA and IAI to provide exemptions to the papers.
Here is the list of all the universities that provide masters in Actuarial and exemption from IFOA and which papers they provide:
It is important to note that the papers mentioned above are the maximum number of exemptions that the program can offer. This means that one might not get an exemption from all the papers, since sometimes he/she needs to choose between different subjects. Kindly refer to respective program’s course structure for more info.
Also, if you have cleared any paper, it is possible that you won’t be eligible in some programs. So, it is best to mail them regarding your eligibility before applying. If your eligible in that program, then you will be exempted to take that module (means you don’t have to study it again).
Some more important points –
1. Duration: Most of the programs start in September and are of one year, admissions usually start at around September- December and ends usually in May of next year.
2. Exemptions: In order to be applicable for exemption from IFOA, one needs to get minimum marks in a subject.
3. Placements: None of the universities provides placement opportunity. Yes! I can assure you on that. Even, if they provide it is only for the residents. They only provide placement assistance. A few might provide internship or industrial training opportunity.
4. Scholarships: All these universities have several scholarships and financial aid programs, they are easily available on their website. There are also many private scholarships available. To avail the benefit, it’s better to plan as early as possible (at least 6 months before commencement), as applying and getting approval takes time.
5. Eligibility: Each university requires to clear certain exams with some minimum scores (like getting 7.0 score in IELTS), along with other many other basic requirements. So, hence it is recommended to plan at least one year before the program starts. Since clearing those exams require extra efforts.
7. Salary: It is myth that student who has exempted papers have less value than cleared ones. It all depends on your knowledge and skills. You won’t be considered any less or any more compared to person who has cleared exams.
8. Other Exemptions: IFOA also gives exemption to other universities courses, for this you need to demonstrate that your degree covers IFOA subjects that you wish to exempt. For more details visit- IFOA Exemption
IAI University Exemptions-
1. IAI also provides the exemption to 24 universities in total for masters in Actuarial (12 out of above 16), compared to IFOA which provides exemptions to 42 universities in total (bachelors and masters combined).
2. IAI also provides an exemption to Indian Statistical Institute, Kolkata for CT3-CT8 depending on the course and the recommendations received from ISI and external examiner. This exemption is not provided by IFOA. For more details, visit IAI Exemption
3. To get an exemption from IAI, you must be enrolled in the mentioned universities, you can’t get an exemption if the university is not mentioned, even if you got an exemption from IFOA.
Pursuing masters from exempted university is a great way to clearing bunch of papers in a very short span of time and the exposure that you get can truly make you stand out. The biggest problem for Indian Students is fees, which can be around 30Lakhs (including accommodation) and seeing if its worth or not, is a matter of personal opinion.
One common question asked quite frequently is “What to do if I have cleared some papers. Should I pursue masters or go for a job”.
The answer will vary from person to person, from expert to expert but as a general advice (received from to some professionals) is to do a job rather than studying. This is because the experience is considered to be more important than clearing 1-2 more papers. But, it depends on person to person and see what’s best for you, and plan accordingly for your masters in Actuarial Science
It is best to plan and research thoroughly before taking any decision as any decision can change your destiny.