CFA+PRM vs. CFA+ASA/CERA?
im considering hte PRM right after the CFA…it’s only another 2 exams, 1 of which is easy. It shouldn’t be too hard considering the pain i’ve put myself through…and I think i’d prefer to move into a more risk management based role.
The CERA and ASA looks fairly intense…are their expemptions for CFA charterholders?
Yes, but only for the VEE’s, which are the easiest of the requirements. I think that passing all 3 or maybe even just 2 levels of the CFA program get you credit for all 3 VEE’s (statistics, econ, and corp. fin.) The preliminary exams, P, FM, MLC, MFE and C are quite demanding and difficult. Although P and FM are like the Level 1 of the CFA program in a sense that their difficulty is a joke compared to the next few exams. You don’t have to take them in order but it would help to get P and FM finished first as they are the easiest and will familiarize you with the basics of probability and financial mathematics. In order of difficulty, CFA L1, FM, P, CFA L3, CFA L2, MLC, MFE, C. After you’re done with the prelims and VEE’s you have to do the FAP (Fundamentals of Actuarial Practice). It’s an 8 module program wherein you learn about the industry and how to apply what you’ve learnt from the preliminary exams. There are End of Module Exercises which you have to pass but they say are easy and 2 major assessments, the interim assessment, which comes after module 5 and then the final assessment, both of which are like projects that would take a couple of days to finish.
Try downloading some sample questions from the SOA website, if you like what you see then give it a shot. It’s gonna be an intense 2-3 years of continuous studying so find out first if that’s what you really want / need.
Thanks for your reply palisoc. I currently work in am investment risk management role in a db pension plan. I am an ex auditor so I have a strong accounting background and I left auditing to work in the newly established risk department in our db pension plan. I have a cpa and I just passed cfa level 3. So I’ve spent about 6 years completing these 2 certificates. My question is what technical skills would I lack if I chose to pursue a well known certificate like the prm compared to the more intense cera or asa? I work in thr asset side of the our db pension plan and we have an actuary on the liability side who claims that actuaries are the ones who make the best risk professionals so it got me thinking would it be worth it to subject myself to 4 or 5 more years of study to obtain the cera or asa? I’m trying to guage it from a cost benefit perspective and to see how beneficial it would be for a an investment risk career as compared to doing a prm. Thanks for your reply.