Education and Examination at the SOA
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Education and Examination at the SOA Purdue University March 3, 2008
Transcript of Education and Examination at the SOA
Education and Examination at the SOA
Purdue UniversityMarch 3, 2008
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Education and Examination Goal
Ensure that all who receive our designations (FSA, ASA, CERA):
• have the education they need to succeed and
• demonstrate mastery of that education.
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We achieve that goal by…•Providing relevant educational materials
•Developing valid and reliable examinations and assessments
•Ensuring fairness to candidates
•Conducting all processes in a professional, courteous, and efficient manner
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The Pathway to our Designations
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Three designations
Fellow (FSA)• Fully qualified with one specialty
(individual life and annuities, group and health, retirement benefits, investments, finance/ERM)
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Three designations
Associate (ASA)• Mastered fundamental concepts• Is a member of the SOA, but not with full
privileges
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Three designations
Chartered Enterprise Risk Analyst (CERA)• Equivalent to ASA in effort• CERAs are also ASAs• A special combination of exams and
modules with an ERM focus.
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Pathway to FSA
APC – Associateship Professionalism Course
ASA
FAC – Fellowship Admission Course
FSA
P – ProbabilityFM – Financial Mathematics
MFE – Models for Financial Economics
FAP – Fundamentals of Actuarial Practice Course – 8 modules
EXAMMODULECOURSEValidation by Educational Experience
MLC – Models for Life Contingencies
C – Construction of Actuarial Models
Track choices – Individual Life and Annuity, Group and Health, Retirement Benefits, Investments, Finance/ERM
Track Exam 1Track Exam 2Track Module 1Track Module 2Decision Making and Communication Module
Economics, Corporate Finance, Applied Statistics
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Pathway to CERA
APC – Associateship Professionalism Course*
CERA
P – ProbabilityFM – Financial Mathematics
MFE – Models for Financial Economics
EXAMMODULECOURSEValidation by Educational Experience*APC can be taken with one FSA component left
C – Construction of Actuarial Models
Advanced Finance/ERM ExamFinancial Reporting and Operational Risk Module
Economics
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CERA Notes
CERAs can become FSAs by filling in the missing pieces.
As ASAs, CERAs have the same membership rights, privileges, and obligations.
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The E&E Structure
Volunteers are the backbone of this complex system.
Over 600 volunteers contribute and partner with staff.
Executive Group, Education, Examination and e-Learning Committees.
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Operations and Candidate Interaction
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Exam Development, Administration, and Grading
Central Review – Exams Finalized Printing Process: Volunteers, Staff,
and Printer Exams Shipping
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Exam Development, Administration, and Grading
Exams Administered Grading: Multiple-Choice (ACT) Grading: Written Answer (SOA
Volunteers) Grades Released
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Candidate Interactions
We receive 300 e-mails and 150 phone calls on average in a typical day
The number of e-mails and phone calls is much higher during grade release
Inquiries run the gamut of issues: Basic administrative questions, credit/conversion questions, exam irregularity correspondence, complaints from those who fail, etc.
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Myths and Legends•What candidates think about us
•What we are
•Stories from the front lines
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What candidates think
We grade on the curve Our objective is to restrict
membership in the profession We are unforgiving stodgy
bureaucrats In other words …
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We are the evil enemy
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What we really are
People who take our role in determining who has met our standards seriously
People who listen and adapt. In short, we are …
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Wizards!
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Activity – this will be graded
True (or should be true) stories from the E&E vaults.
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New and Future Developments
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E&E in 2008 and beyond
E-learning modules• Wider access for SOA candidates and others• Continuous improvement• Strategic planning for leveraging assets
CBT• More frequent offerings and converting other
paper and pencil exams to CBT format
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E&E in 2008 and beyond
Communication skills training to be emphasized at Fellowship Admissions Course
CERA seminars for current SOA members who are experienced in ERM
Participating in discussions for a global ERM credential
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E&E in 2008 and beyond
Transparency• Inform candidates how the system works
and their exams are created and graded.• Help candidates understand their exam
results.
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E&E in 2008 and beyond
Improving education• Focus on better materials• Maintain consistency in the exam
system structure
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E&E in 2008 and beyond
Improved academic relations by exploring• Accreditation of programs leading to• Granting exam credit for college work
