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The Actuary The magazine of the Institute & Faculty of Actuaries

Changes ahead for financial mathematics students

From April 2009, non-members of the Profession will be able to take CT1, Financial Mathematics, on a trial basis. This development has been introduced following consultation with employers, who gave strong support for the change.

The consultation identified that a number of people could benefit from being able to take CT1, including:
>> Placement students taking one or two examinations during a placement year with an actuarial employer
>> Employees with ambitions to qualify as an actuary but who are currently in nonactuarial roles, such as technical analysts, and who may or may not have the support of their employer
>> Employees who may work with actuaries and may benefit from developing their numeracy skills
>> University students who want to assess their ability to pass the Profession’s exams or enhance their employment prospects.

This development may encourage more university students to become interested in an actuarial career. It may also help broaden the base of members, in line with the development of the Associate qualification, as a means of moving into wider fields within the financial services sector.

Overall, the market response is strongly in favour of the proposal. If firms are interested in enabling employees to take up this opportunity, they will need to encourage employees to start studying the course material from September to October and enter for the April 2009 examination.

For more details, please contact Trevor Watkins, head of learning, on +44 (0)1865 268234 or trevor.watkins@actuaries.org.uk