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salaam all,
well, i m in a bit confusion, i will b thankful to sumaaan n derivativetrader if they could hlp me. it is abt the comparison of actuarial scientists, CFAs, n ACIIs on the areas of working tht r similar to all of these three.
as far as my limitted knowledge tells me, the main n foremost areas of concern for an actuary are pension funds n insurance. they might b doing other things definetly, but their main area of concern r these two.
if this really is the case thn dont u think tht CFA n ACII get an upper hand over actuary (even CFA over both of these two)??? let me explain why i think so. plz do correct me wherever i m wrong.
as far as insurance is concerned, i think ACII is far more competant thn ne other qualification in the field of insurance. i think tht ACII will b prefered for the jobs of insurance bcoz they know all the stuff abt it. let me admit tht i really dont know much abt ACIIs.
secondly, as far as CFAs r concerned (i read it from the website of
www.aimr.org), tht they have a very broad domain to work in. let me quote the percentages of opportunities tht CFAs get. i m copy-pasting it from their website
investment companies/mutual funds 25%
broker dealer/invest banks 19%
investment management councelling firms 14%
banks 13%
consulting firms 06%
insurance companies 05%
others 18%
n according to the website, CFAs can operate at folowing positions, i m copy-pasting it again
Accountant, Actuary, Auditor, Bank Examiner, Bank Lending (corporate),
Business Appraiser, Client Services Manager, Compliance Examiner,
Consultant on Investment Manager, Selection/Investment Policy, Corporate Chief Financial Officer, Corporate Controller(not finance / not investment), Derivatives Analyst, Director of Finance, Director of Mutual Funds, Economist (involved in investment decision-making process), Financial Journalist(Editor/Reporter/Publisher), Financial Planner, Internal Corporate Planning Analyst, Internal Management of Investment Firm, Investment Banking/Corporate, Finance Consultant,
Investment Sales(consultative), Investment Strategy Formulation,
Investor Relations, Management Consultant(excluding personnel),
Marketer(of investment management services, funds,securities,etc.),
Mutual Fund Sales/Trainer, Options/Futures/Commodities Analyst,
Portfolio Administrator, Portfolio Manager, Portfolio Performance Evaluator, Portfolio Strategist, Product/Software Developer (of investment-related products/services), Professor/Instruct(investment, finance, and economics, or non-financial business administration),
Quantitative Investment Analyst, Real Estate Investment Manager,
Risk Analyst(securities related), Securities and Investment Analyst,
Securities Regulation, Securities Trader, Securities Underwriter,
Stockbroker/Registered Representative, Valuator of Closely Held Business, Valuator of Mergers/Acquisitions, Venture Capital Investment(not securities)
so i personally feel tht CFAs can do almost all the things tht actuaries n ACIIs r doing. n tht CFAs r not confined to just pension funds (like actuaries) or insurance sector (like actuaries n ACIIs). they can take on numerous other options as well. i personally respect the professions of Actuaria scientists n ACIIs a lot, n i dont mean to undervalue either of these, bt dont u think tht CFAs encompass the domains of both these two???plus, they have other opportunities as well??? so dont u think tht CFA is a better thing???
plz do comment abt my views. i m sure i can (n will) b wrong on many things. plz do clear me abt it.
FARHAN
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The difference between Actuaries, CFAs and ACIIs is quite minor but not negligible... Actuaries basically specialise in Insurance and Pension funds... ACII is a study almost fully directed towards Insurance... However, a person who has attained BSc in Actuarial Sciences is subject to exemptions from all exams of ACII except the last one...
CFAs specialise more in the Investment Sector but with a relatively broader scope than Actuaries... So as I've mentioned it earlier, CFAs therefore have an upper hand here... However, Actuaries and ACII dominate the Insurance arena...
And never underestimate the course of CFA, it is not AT ALL easy... Others might say no professional qualification is easy to attain, but believe me, once you see its course outline, you'd wish you had never thought of doing it.