Final Post

So this over a month overdue, but I am officially a Fellow of both the Society of Actuaries and the Canadian Institute of Actuaries!

It's over. Can't believe it. It has been nearly seven years since writing the very first exam.

Friends of mine are actually having a tough time believing that I'm actually finished. After I passed my last SOA exam, my message to everyone was that, "I'm done exams!!", which was a true statement, but I was still over a year away from being designated because of all the modules and the Fellowship Courses (both US and Canada). So when I had let people know that I was about to become a Fellow, most of my friends were confused because they thought I was already done! Hahaha. I guess I cried wolf.

Anyway, I finished up my FSA modules in late 2011. A month or so later, I received an invitation to the Fellowship Admissions Course in Atlanta, Georgia for March 19-21. Out of all the FAC's, I heard Atlanta was the worst, but the hotel changed this year to the Four Seasons. How bad can the Four Seasons be? Not that it really mattered - I was going to go no matter what the venue!

My wife and I then booked our flights. My wife, being a teacher, could not come down for the entire week (she would be on her own anyway, since the days at the FAC are completely course-filled), but did come down on the second day so she could be with me for the final ceremony. I'm glad it was her and only her. While there were obviously many people responsible for me getting my designation, no one has sacrificed more than my wife (especially in the year that I passed my FSA exams....it was night upon night and weekend upon weekend of studying, and she kept encouraging me all the way through) who has been there with me since I started writing. My wife booked her flight out of Buffalo instead of Toronto, which saved her nearly $500. Insane. It was a no-brainer for her to drive the extra 1.5 hours to the Buffalo airport and fly out of there.

I had pretty high expectations of the course. I had heard that the food is amazing, the booze flows freely, and it is simply a great time in general. Sometimes when I build up those expectations in my head, it ends up disappointing. Not this time. In fact, my expectations were exceeded. First of all, the hotel was AMAZING. It was a first-class treatment, which I guess makes sense since it was the Four Seasons. But honestly, for the level of service it was, you'd expect a place like that to be upwards of $300-$400/night, but the price paid was only $209. Yes, that's generally on the high end for hotel prices, especially hotels in a place like Atlanta, but $209 is not crazy. When I stayed in Manhattan a few years back, the price was close to $300 and the quality wasn't NEARLY as great. But wow. Every meal was amazing. The booze served was top-of-the-line (especially on the final night - the bar served the Macallan for their scotch, for example). There were tables of food inbetween sessions during the day with candy bars, popcorn, soda pop, Krispy Kremes, smoothies, cookies, ice cream bars.....it was insane. I no doubt gained some weight that week!

The course itself was fine. You basically spend three days in ethics/professionalism classes. The only requirement, aside from showing up on time, is a 8-12 minute presentation on your DMAC (the final module) subject. This presentation was not the best I have ever delivered, but I made it to the 8 minute mark, so was happy!

Oh - another note on the hotel. On our first day, one of our ethics cases had to be moved because the Boston Celtics - who were playing the Hawks that night - were having a film session in that room. Apparently some people could hear Doc Rivers yelling at his guys. Hahaha. I actually walked by Doc Rivers at one point, but no sightings of any Celtics. Some of my colleagues said they saw Paul Pierce, Rajon Rondo, and Ray Allen though! After the Celtics checked out, the Cavaliers checked in. This time, I did run into a few players.....all bench guys though. I didn't recognize them right away. And as if THAT wasn't enough, when my wife and I were checking out of the hotel, there was a gentleman checking in that I recognized RIGHT AWAY as Stephen King! I was just watching the Shawshank Redemption on AMC the night before! Hahaha. He actually looked MY way and said, "Oh my you look like my son!". I shook his hand, had a quick 15 second conversation just basically to tell him I was a big fan, and then he left. Awesome!! If the hotel is good enough for two NBA franchises, and Stephen King....in the span of a couple of days.....I guess it's good enough for me too! Haha!

So the main event of the week was obviously the final dinner. It was the only event that guests could attend, and wow, most people had guests. It was actually kind of refreshing to be in a room full of people in the same 'situation' as me......late 20's/early 30's, married. Some people even brought their kids along. I thought writing exams as a married person was hard enough. I can't fathom how difficult it would be with KIDS as well. I respect these passers a lot. That can't be easy.

The dinner was a four-course affair that rivaled the fanciest dinner I have ever had. My wedding reception's dinner was classy, but I think this topped it!  There was an endless supply of wine served as well (this was AFTER the cocktail hour beforehand as well). After the dinner came the designation ceremony. Everyone was called up one by one to get their Fellowships, and a picture with the President of the Society. With over 200 Fellows at the course - one of the biggest FAC's ever I think - that could get a little boring after a while, so they made a rule that when someone from your table was called up, the whole table needed to be loud. Noise was not a problem (I think all the wine helped with this!). The table adjacent to ours sat all these guys from Montreal who broke out in the "Ole" chants every time someone from their table got the call! The guy sitting beside me was from Iowa and asked me if that was how all Montrealers are. I said yes, obviously. Hahaha!

Eventually, my name was called. It was awesome. I high-fived some of the Montreal guys on my way up to getting my certificate. The crowd was even all chanting, "Paul! Paul! Paul! Paul!" on my way up. Hahaha! Because there was a professional photo taken with the President, my wife took a video of it instead. Glad she did! I'll keep that one forever! Again, I was so happy that my wife was the one there with me. She really deserved to be the one and only one there with me.

The party continued on the terrace afterwards.....back to the Macallan, and champagne from Champagnes. We didn't stay too long, maybe 11:30 or so. Took some additional photos of me with the certificate, and called it a night!

Most memorable week of my actuarial career, no doubt.

Anyway, so that's about it for this blog. I looked back at my first post, and that said that my goal was to obtain the FSA by December 31, 2010. I ended up being about 15 months off that mark, which isn't too bad actually!! At the time I wrote that first post, there were still only two FSA modules instead of three, I forgot about having to do the PEC (the Canadian Fellowship course) and I definitely underestimated how long those modules would take me to power through. I will say that when I started my actuarial exams seven years ago, I said that I wanted to be an FSA before turning 30. I reached this goal....with seven months to spare!

For anyone reading this thinking about starting the exams, all I can say is to be ready to spend time on these exams. Some people fly through them very very quickly, others take much much longer than I did. You have to be ready for any event. The exams are passable though! The amount of material on the exams is unlike any college/university exam you have ever written, but I feel all exams follow the same rule: If you put the time in, you'll pass. The key is time. These exams require a LOT of time, but if you put it in, you'll get through them.

If you are in the middle of exams (sometimes the worst spot! Too far into exams to stop, and not yet far enough to be thinking of the Fellowship!), keep at it! They will come to an end. Same rule applies....put the time in, and things will work out. One thing you also have to do for the FSA exams is figure out what kind of studying works best for you. Everyone has their own way of studying, so it's no use to ask people how they studied, because your experience is going to be different. You have to spend some of that study time figuring out how to study and getting into that groove of doing it day after day.

If you ever want to reach me for any reason, you can find me on the SOA directory. My name is Paul Kennedy.

Good luck, and take care!!


Paul Kennedy, FSA, FCIA



Here are a few photos from the FAC:

The menu from the final night's ceremony:

My wife and I after getting the Fellowship:

Seven years later, this is what I have to show for it:

And why not? Here's the video of the "big moment"!

PEC Over....

Just wanted to update the blog to say that the PEC was completed last week. I won't have results until mid-to-late July, but I'm pretty sure I demonstrated "adequate knowledge" on the exam - at least enough to pass. Unlike the SOA exams, the markers are not looking to fail people. Historically, the passing rate for the PEC has been over 80%.

What I did do however was switch from the Individual Life & Annuities track into the Group Benefits track about a month before the course started. After getting through all the ILA readings, I went back to the beginning and could not recall much. Since it was not my SOA exam track, it simply proved to be too much to learn. The Group readings on the other hand were similar to the SOA readings I had already done, so I made the switch. I'm very glad I did because I heard that the ILA exam was fairly tough.....so I'm thinking I may have been in that 20% had I stayed. The important thing is passing.

Anyway, I'm still at the same spot in regards to the SOA. I have one module + DMAC left. If I can get both done by August 22nd, I will be going to the FAC in Dallas this December. Assuming that I passed the PEC last week, this means that I will obtain both FSA and FCIA designations simultaneously (you can write the PEC without having an FSA, but you cannot have an FCIA designation without the FSA). Very excited. I feel like I have passed through the tunnel with the light at the end. Everything from here until the end is pretty much a formality!

If I miss that August deadline (I really want to enjoy this summer!....but doing TOO much enjoying will cut into the studying time), it will be the March FAC in Atlanta. Either way, I get to go somewhere warm in the winter! Hahaha.

I'll keep everyone posted. Take care!

PASS!!!

I did not update the blog (who am I kidding - this is a journal!) on the Friday the results were released, but it brought HUGE news. I passed my last SOA exam!! I was at work when I found out (just after 10:00am), and the first thing I did when I saw my number was throw my glasses off and cry a little bit. Not much, but probably enough that my next-door cubicle neighbours were probably wondering what was going on!

I spent the next two hours telling everyone I could, starting with the wife of course, who was honestly probably happier about it than I was! That's an important point actually. TANGENT TIME!

Ok, so everyone is obviously happy for you when you pass, but no one, NO ONE, understands the significance of a pass unless you're going through it yourself, or you are attached to someone who is going through it. A common saying among actuarial students is that the exams cost them friendships. This is true. It is difficult to maintain a consistent social life and have success with exams. Well, some people can - and these are people who should probably be professors as opposed to actuaries - but for the most part, social life (and therefore friendships) does suffer. Working by day and studying by night certainly put a strain on the relationship with my family. I live a few hours away from them, and could really never sacrifice a full weekend to not study and see them. It's an awful feeling, but I'm hopeful things patch themselves up now that I'm done exam writing.

Anyway, the next couple of hours after I saw I passed were spent telling everyone close to me the news. It was a great morning! The only thing that makes days like that better is when the people around you pass as well. Unfortunately, that was not the case for a couple of friends of mine who wrote the same exam. I treated them to beers after work that day. I know they'll get it soon though, and I can't wait to be on the receiving end of the beer when that day happens!

So my goal coming into this job at the start of 2010 came true. I passed BOTH of my FSA exams! It's unbelievable when I think about it! People in this office were generally successful. Definitely more passes than not. Hindsight being 20/20, coming here when I did was one of the best decisions I have ever made.

So what are the next steps? I'd really like to finish off my final FSA module and the DMAC (I completed the PRF Module just before Christmas) as soon as possible, but the PEC is being offered in June. Because I'm taking the Individual Life & Annuities track at the PEC (as opposed to my SOA track which was Group), my studying has to start very soon. After the PEC is over, then I'll finish up the SOA requirements and get my FSA. If everything goes perfectly, I'll be FSA/FCIA by year's end.

What a year 2010 was! Wedding, trips, passing exams......I don't think there will be a year quite like this last one!

The Longest WEEK......

Friday is the results day, and although it feels weird saying this, thank GOD it's year-end right now, otherwise the days would be rolling by at a snail's pace as opposed to a turtle's (the days are still slow, but thanks to year-end, not CRAZY slow).

I just want to find out to get this over with. Will I have to study for this again or won't I? That's it.

Anyway, typing this brought me one minute closer to results. Only another 5,200 or so to go!

Take care!

Update

It has been over a year since the last post. I kind of gave up on this blog, but then I remembered that I put some goals down on my first post and wanted to see how they have panned out.

1. I wrote CSP on April 30, 2010 and when results came on July 9, I ended up with a 6. To that point, it was probably the greatest relief and excitement of my life. It was short-lived however: I got married one week later! I was not expecting to pass after leaving the room, and after a self-grade (the SOA posted the questions online, but not the solutions, so I graded myself), I put my mark in the 50-55% range. Lucky for me, that was enough for the 6. It was my first 6. In fact, I have never got the same grade twice. I now am the proud owner of one and only one 10, 9, 8, 7, 6, 3, 1, 0. The bad thing about that is that I'm out of passing grades with one exam to go!

2. I wrote DP on November 4, 2010. Grades are to be released January 14, 2011. I prepared fairly hard for the exam. After the wedding on July 17, my wife and I took our honeymoon trip in Europe, and when we got back, I started my study routine and more-or-less stuck to it. I did what I could with the time I had to study and at the end, I feel I did just as much as I did with CSP, but unfortunately I did not feel so good coming out of the exam room. But I felt the same way with CSP (actually, I felt even WORSE about CSP), and ended up with a 6, so I'm not counting myself out yet. Like CSP, I did a self-grade, and I think I'm in the 55-60% range, which is higher than CSP, but it's all relative. The passing grade may be set higher if everyone did better on average.

3. I am currently working on the 2nd FSA module. I hope to be done by December 31 as our work is taking away raises for FSA modules on that date!

4. They added a new FSA module several months ago. So there's no way I will have ALL my requirements done by December 31, even if I passed DP and complete the 2nd module. Oh well - you can never assume the process is going to be consistent one year to the next.

So really at this point, everything is dependent on the DP results. If I passed, then I should be able to obtain designation at some point next year. If I fail, then I'll obviously be re-writing next fall and designation will have to wait until 2012.

I really hope things turn out alright. The exams have really consumed a lot of the last 5.5 years, and I could really use some "life" back in my life! I'll keep this blog updated.

Already 1 Month Behind, but....

Today I submitted the Health Systems module. It took longer than I wanted it to, but I still find it difficult to tell exactly what the SOA looks for when grading. The sample solution was very direct, straight to the point. Mine was a little more vague, but I'm confident I hit all the key areas they will look for.

Submitting this took a month longer than I wanted to, but it's done, and that's all that matters. I am now going to start studying for CSP in May! This exam is going down.

I'll keep you posted with the progress. The GRASP manual has a good study schedule. I'm going to try to keep to this as best I can.

Let the real fun begin!

Purpose of the Blog

First, I'm going to lay down a couple of facts:

1. If you're not an actuary, nor familiar with the examination process we go through, you are going to find this blog particularly useless.

2. If you are an actuary, I'm really doing this blog moreso for me than anyone else, so you too are going to find this blog particularly useless.

The purpose of this blog is to track my final SOA examination progress. As it stands today, I have 2 exams left, plus the modules. I intend on using this blog to quickly jot down what I learned from my readings on a particular day (meaning there should be LOTS of posts on here by the time I am done) to explain what I've read in terms easily understandable to myself.

Like for any good mathematician, the order of operations is important. I have two exams and two modules left. Here is my plan for passing these exams and modules:

1. FSA Module 1 - Submitted by August 19. Pass.
2. CSP-GH - Active studying for this exam beginning on August 20 until the exam in early May 2010. Pass.
3. CSP-DP - Active studying for this exam beginning in May 2010 until the exam in early November 2010. Pass.
4. FSA Module 2 - Either after DP or maybe before should time permit.

Completion Date Goal = December 31, 2010

This means I want to have all the requirements for my FSA designation by December 31 of next year.

Thank you! Although this blog is moreso for me (as mentioned before), feel free to ask me any questions.