Updated February 16, 2012As part of the SOA's Education
Redesign, more than 150 volunteers participated in the development
of the web-based Fundamentals of Actuarial Practice (FAP) course.
Since 2006 over 15,000 candidates have registered for the FAP and
FSA modules. What is FAP?The FAP course is a self-paced, e-Learning
course where candidates acquire and apply knowledge that is
distributed and facilitated by electronic means. This course
teaches candidates about the business environment and exposes them
to real-world situations before reaching the ASA level by using the
Control Cycle as a framework. Simply stated, the Control Cycle is a
practical problem-solving framework that an actuary uses to perform
work.FAP is a body of knowledge (concepts and problems) in an
actuarial contextblending actuarial areas of practice and
functional areas. FAP includes online and offline readings and
activities, practical examples, case studies, embedded activities,
search functions, a glossary, resource library, a discussion forum,
end-of-module tests, and end-of-module exercises. The online
environment presents the FAP material in an engaging and
interactive manner for candidates.FAP also includes a
computer-based Interim Assessment at the end of Module 5 covering
Modules 1-5, and a computer-based Final Assessment at the end of
Module 8 covering Modules 6-8.Who is FAP for?Individuals who desire
to be admitted as Associates of the Society of Actuaries represent
the primary FAP target audience. However, the FAP course is
appropriate for any individual engaged in the actuarial profession
at some level. Individuals seeking Continuing Professional
Development (CPD) credit can register for the FAP modules by
visiting the Professional Development eCourses page of the SOA
Website.What are the prerequisites?Candidates enrolling in the FAP
course may have passed one or more of the Preliminary Education
examinations (P, FM, MLC, MFE, C), but this is not a requirement.
Many candidates will have passed the four Preliminary Education
exams prior to beginning FAP Module 5.What are the eight FAP
modules?FAP is comprised of eight modules completed in sequence as
content in later modules builds upon the content of earlier
modules. Module 1: Introduction/Role of the Professional Actuary
Module 2: Core External Forces Module 3: Risk in Actuarial Problems
Module 4: Actuarial Solutions Module 5: Design and Pricing of an
Actuarial Solution Module 6: Model Selection and Solution Design
Module 7: Selection of Initial Assumptions Module 8: Monitoring
Results Module 1: Introduction/The Role of the Professional
ActuaryThe focus of this module is to provide an overview of the
basic framework for actuarial work and functions using the Control
Cycle as the model. Additionally, the module provides candidates
with an overview of the actuarial profession, the major areas of
practice and the skills required of actuaries.Module 2: Core
External ForcesThe focus of this module is to describe and
demonstrate how external forces (outside of the actuarial sphere)
effect and integrate into actuarial work; how they interrelate and
change.Module 3: Risk in Actuarial ProblemsThe focus of this module
is to enable candidates to learn how to identify and define
problems in various practice areas. This module creates the
foundation for understanding and managing risk in actuarial
problems and the commonalities that exist among problems so that
they can be effectively addressed regardless of area of actuarial
practice. Module 4: Actuarial SolutionsThis module builds upon
Module 3. The primary goal of the module is to create a foundation
for candidates to understand actuarial problems across practice
areas and demonstrate how the entire Control Cycle is applied.
Candidates will gain practical experience with key concepts related
to traditional actuarial solutions and understand how actuaries
provide value to their employers and/or clients.Module 5: Design
and Pricing of an Actuarial SolutionThe focus of this module is to
introduce fundamental concepts behind the tools used to solve
common actuarial problems. Using various models, the module
introduces candidates to coverages and benefit/policy design
components of several actuarial solutions.Module 6: Model Selection
and Solution DesignThe focus of Module 6 is to provide candidates
with an overview of model selection and model building and how
these processes fit within the context of the Control Cycle. The
module creates the foundation for candidates to understand how to
select an appropriate model for a given problem and design a
solution.Module 7: Selection of Initial AssumptionsThis module
builds upon previous modules focused on helping candidates identify
and define problems and design solutions. The goal of this module
is to introduce the methods and tools actuaries use to identify,
select and quantify assumptions. Candidates will understand how the
identification, selection and quantification of assumptions
finalizes the "design solution" element of the Control Cycle and
transitions actuarial work to that of monitoring results.Module 8:
Monitoring Results The final module of the FAP course focuses on
the purposes of monitoring experience and the techniques used by
actuaries. The "monitor experience" element of the Control Cycle is
dependent upon the objectives and definition of the problem
addressed and the solution designed by the actuary. Candidates
learn how monitoring results provides feedback to the other Control
Cycle elements and how the feedback loop, in context with the work
of the actuary, completes the Control Cycle. How long will it take
to complete a module?The estimate is that each module will require
approximately 30-50 hours to complete. Many candidates will
maintain a pace to complete approximately one module per month.
Candidates are encouraged to progress through the modules and
complete the course within a timely basis, as the FAP course must
be completed in 24 months. A one-time extension is available to
eligible candidates unable to complete the course in the stated
timeframe.How much does the FAP course cost?FAP includes Modules
18, the Interim Assessment and the Final Assessment. FAP course
fees are as follows:Modules 18 $300 9000
Interim Assessment $ 60018000
Final Assessment$ 120036000
Retake of the Interim Assessment$ 50015000
or the Final Assessment
FAP Extension$ 1003000
*(One extension allowed per candidate for one year)Note to
candidates with credit for previous Course 5 or Course 7:
Candidates with credit for Course 5 will receive credit for Modules
1 through 5 and the Interim Assessment. Candidates with credit for
Course 7 will receive credit for Modules 6 through 8, the FAP Final
Assessment and the FSA capstone module (DMAC). Conversion
candidates pay $300 for Modules 1-5 or 6-8, but will receive access
to all 8 modules. FAP Registration Process1. Read the SOA eLearning
Terms and Conditions Agreement for eLearning Candidates.2. Register
online or complete the FAP modules application formand fax or mail
it to the SOA with payment.3. Login information will be sent to the
email address indicated during registration. Contact [email protected]
if registration information is not received.
Textbook InformationThe SOA does not provide the required
textbooks. Candidates are responsible for purchasing the books
required for FAP. Read the FAP Book Listfor complete details. The
SOA also provides a list of FAP book distributors.
System RequirementsY = SupportedN= Not Supported
Operating System/Web Browser Requirements
Microsoft Internet ExplorerMozilla FirefoxGoogle ChromeApple
Safari
9876131220191854
WindowsYYYNYYYYYN/AN/A
MacN/AN/AN/ANYYYYYYY
Mobile Devices Supported
iOS 6iOS 7
iPadYY
other mobile devices not supported
Software Requirements for Interim and Final Assessments
for Windowsfor Mac
201020072003201120082004X2001
Microsoft WordYYYYYYNN
Microsoft ExcelYYYYNYNN
Other RequirementsPC with a minimum 1GHz processorScreen
resolution of 1,024 x768 or greaterBrowser Pop-up Blocker settings
set to allow elearn.soaAdobe Reader 9 or greaterJavascript and
Cookies enabled on broswer
Required Software Microsoft Word 2003 or greater Microsoft Excel
2003 or greater Adobe Acrobat Reader 7 or greater Flash Player 8 or
greater Screen resolution of 1,024 x 768 or greater recommendedFAP
Course Completion ProcessCandidates follow the process below for
Modules 14 and Modules 67: Candidate completes a module (readings,
activities) Candidate takes an endofmodule test to determine
readiness to proceed to the endofmodule exercise Candidate
completes endofmodule exercise (or series of exercises) and submits
it to the SOA Candidate receives an illustrative solution to the
exercise Candidates should allow approximately seven weeks for
review of their exercises.What is the format of the Interim
Assessment?The FAP Interim Assessment is in the format of a
comprehensive exercise available at the end of Module 5 to
candidates who complete all required modules. The assessment covers
material in Modules 1-5. Candidates will have access to the Interim
Assessment once they complete Module 5 and download the assessment
to their computer. The Interim Assessment will assess candidates
understanding of content, achievement of learning outcomes and
ability to apply key concepts presented in Modules 1-5. The Interim
Assessment builds upon the Modules 1-4 End-of-Module exercises and
helps candidates prepare for the Final Assessment.Candidates
complete the Interim Assessment under controlled conditions with
formal grading (i.e., every Interim Assessment will be formally
graded). Candidates have one month to complete the Interim
Assessment. The assessment clock will start when candidates
download the Interim Assessment. Candidates must submit (upload)
assessment files before the clock expires. If the assessment is not
uploaded before time expires, the assessment will receive an
automatic grade of "does not meet minimum requirements" and the SOA
will be unable to reverse the decision. NO exceptions will be
made.While a supervisor is required, candidates will NOT need to
identify a supervisor for purposes of the Interim Assessment.
Grading will be completed in approximately seven weeks of
submission. Grade notifications are sent via email. If a candidate
does not meet minimum requirements on the Interim Assessment, the
candidate will receive feedback in the result email. Such
candidates will need to reregister to take the Interim
Assessment.The Interim Assessment MUST be successfully completed
(meets minimum requirements) in order to be eligible to take the
Final Assessment.What is the format of the Final Assessment?The FAP
Final Assessment is in the format of a comprehensive exercise
available at the end of Module 8 to candidates who complete all
required modules. The assessment covers material in Modules 6-8.
Candidates will have access to the Final Assessment once they
complete Module 8 and download the assessment to their computer.
The Final Assessment is available on-demand. There is no
registration deadline; candidates may take it at their own
discretion once qualifications have been met. Candidates will have
access to the assessment after completing the required modules and
exercises.Candidate registering for the Final Assessment must
secure his/her own supervisor. Preferably, the supervisor must be
an FSA (in good standing). If an FSA is not available, other
acceptable designations would be: FCAS, FCIA, FFA, FIA, FIAA, FSPA.
Submit supervisor change requests to [email protected]
separate login and password is required for the Final Assessment.
Assessment login information is generated almost immediately after
registration. Contact [email protected] if login information is not
received.Candidates have 96 hours to complete and submit their
assessment. The 96-hour timeframe will begin upon download of the
Final Assessment materials. Candidates may login to the Final
Assessment and read the instructions and FAQs without starting
their assessment clock. The assessment clock will not begin until a
candidate reaches the download page and candidates will be warned
several times in advance of this happening. The Final Assessment is
designed for a level of candidate effort of approximately 25 hours.
Each assessment is formally graded against predefined grading
criteria for "meets minimum expectations" and "does not meet
minimum expectations." If the grader determines the submission meet
minimum requirements, the candidate will pass the assessment. If
the grader determines the submission does not meet minimum
requirements, the submission will be graded independently by an
additional grader (i.e., the additional grader will be unaware that
the previous grader assigned a grade of "does not meet minimum
requirements"). If the second grader determines the submission
meets minimum requirements (i.e., different grade than the primary
grader), the submission will go to a third and final grader for
resolution. If a candidate does not meet minimum requirements on
the Final Assessment, the candidate will receive feedback in the
result email. Credit for the Interim Assessment is required prior
to accessing and taking the Final Assessment. Modules 1-8 must be
completed prior to accessing the Final Assessment. Who do I contact
if I have questions about the FAP course?Contact [email protected]
