CFA vs Actuary
What disparity is there in the knowledge scope and skill set in a CFA and an Actuary when it comes to the field of finance and investment? Does an FSA or FIA who has majored in Finance and investment have sufficient knowledge and skills to compete with a CFA or an MBA or an Msc in Financial math in the financial market place? What route would you advice a student with a love for math and who ius interested in finance and investment to take?
Most of the investment actuaries have both their FSA and CFA designations. It is pretty popular to earn CFA after becoming an FSA.
finance industry is currently in the dumps right now, and it would be very difficult to find a job in that arena
At least in the US, there are many professionals in the finance industry that have been laid off, and are now currently looking for work. I was working at a major investment bank prior to my current job and many of my former co-workers are unemployed and finding it difficult to find work. I myself had job-searched from Aug 08 to Mar 09 until I landed my current position.
doing CFA after becoming an actuary is quite easy but goin vice versa is quite hard.
What disparity is there in the knowledge scope and skill set in a CFA and an Actuary when it comes to the field of finance and investment? Does an FSA or FIA who has majored in Finance and investment have sufficient knowledge and skills to compete with a CFA or an MBA or an Msc in Financial math in the financial market place? What route would you advice a student with a love for math and who ius interested in finance and investment to take?
Most of the investment actuaries have both their FSA and CFA designations. It is pretty popular to earn CFA after becoming an FSA.
finance industry is currently in the dumps right now, and it would be very difficult to find a job in that arena
At least in the US, there are many professionals in the finance industry that have been laid off, and are now currently looking for work. I was working at a major investment bank prior to my current job and many of my former co-workers are unemployed and finding it difficult to find work. I myself had job-searched from Aug 08 to Mar 09 until I landed my current position.
Actuaries and chartered financial analysts (CFA) both have extensive training in business, finance and statistics. Both fields require a strong background in mathematics and analytical skills. The minimum education requirement for actuaries and CFAs is a bachelor's degree. Along with the similarities of actuaries and CFAs, there are some differences between the two professions
Actuary
- Actuaries are employed in the insurance and financial industries. They are trained to analyze risks and forecast the potential financial losses of an organization. In the insurance industry, actuaries specialize in property, casualty or life and health insurance. In the financial services industry, they manage credit and set prices for corporate securities or develop new investment tools. Approximately 55 percent of actuaries are employed in the insurance sector, according to the U.S. Bureau of Labor Statistics (BLS), and in 2009 the median salary for actuaries was $87,000. BLS data show the employment opportunity for actuaries is expected to grow by 21 percent between 2008 and 2018.
Chartered Financial Analyst (CFA)
- CFA designations are sponsored by the CFA Institute. Financial analysts advise businesses and individuals on sound investment practices. Banks, insurance companies, securities firms and the business media employ financial analysts. Financial analysts are categorized into two areas: buy side and sell side investments. Buy side analysts help companies invest their money. Sell side analysts assist securities dealers like banks and investment firms with selling stocks, bonds and other financial instruments. The average salary for CFAs was $73,000 in 2009, according to BLS.
Actuary Training and Qualifications
- Students with an undergraduate degree in mathematics, statistics or actuarial science can become actuaries. More than 100 colleges and universities in the United States offer degrees in actuarial science, according to the BLS. Actuaries are licensed by two professional associations: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Although licensing is not a requirement, employers typically prefer to hire candidates who hold a credential in specialized fields such as casualty, medical malpractice, homeowners and worker's compensation.
CFA Training and Qualifications
- CFAs hold a bachelor's or master's degree in fields like finance, business, accounting and economics. While certification is not a requirement, financial analysts with CFA designations can enhance their employment opportunities and professional standing. In addition to having a bachelor's degree, CFA candidates must also have a minimum of four years of related work experience. The CFA Institute offers preparatory courses and training for qualified individuals. CFA examinees must have a solid knowledge of topics like accounting, economics, securities analysis and corporate finance.
doing CFA after becoming an actuary is quite easy but goin vice versa is quite hard.
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