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Society of Actuaries Education UpdateSociety of Actuaries Education UpdateMarch 12, 2013
Spring 2013 Actuarial Education Event
Drake University
March 12, 2013
Spring 2013 Actuarial Education Event
Drake University
Stuart Klugman, FSA, CERA SOA Staff Fellow, Education
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AGENDA
FSA Requirements – Effective July 1, 2013
• Restructuring of all tracks
Preliminary Exams
General Insurance Track
• Curriculum
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Fellowship Requirements (2013)
Exams• Two five-hour exams• One two-hour exam
Modules• Three modules that are track-specific (though
some modules are shared)• Decision Making and Communication module
Fellowship Admissions Course
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Fellowship Requirements
The following tracks have separate Canada and U.S. versions. Amount of difference depends on track.• Individual Life and Annuities• Retirement Benefits• Group and Health (new in 2013)• General Insurance
Other tracks are• Corporate Finance and ERM• Quantitative Finance and Investments
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Two Exceptions
U.S. Retirement Benefits• The two Enrolled Actuaries Exams are
required. • Total of four, rather than three, exams
General Insurance• Additional exam on policy coverages and
business environment• Need background that goes beyond
introduction in FAP• May be a pilot for other tracks
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CERA option for all tracks
On all tracks other than Corporate Finance and ERM candidates may replace the two-hour track-specific exam with the four-hour ERM exam
Candidates who do so and also complete the ERM module will receive a CERA in addition to their FSA
This is not a change in CERA requirements
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Joint Arrangement with CAS Ending
Effective December 31, 2013 Business as usual for SOA exams• Same curriculum• Same exam schedule• Same CBT availability
Candidates should proceed normally CAS will recognize the SOA exams
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Written-Answer Questions on MLC
Third time a charm? Can ask questions more in line with
desired learning outcomes. Effective Spring 2014:• 40% multiple choice; 60% written answer• 4 hours (was 3 hours)• Twice per year• No change in source material• Written answers not graded for all
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Motivation
The SOA is currently the only major international organization that covers many, but not all, practice areas
SOA candidates benefit by being able to explore all areas of actuarial practice before selecting a specialty track.
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Objectives of GI Track
Be consistent with the other five SOA tracks• Track consistency is already an SOA objective
Be attractive to candidates regardless of location• Ensure that actuarial methodologies are represented
in the syllabus on a broad international basis• Nation specific material included for financial and
regulatory environment topics
Be recognized as qualified to practice, including the signing of statutory reports, in the U.S. and Canada.
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General Insurance Track
Financial and Regulatory Environment Exam(5 hours)
Financial Economics Module
Applications of Statistical Techniques Module
Enterprise Risk Management Module(may be taken at any time)
Advanced Topics in General Insurance Exam (2 hours) orEnterprise Risk Management Exam (4 hours)
Introduction to Ratemaking and Reserving Exam(5 hours)
Introduction to General Insurance Exam (2 hours)
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Introduction to General Insurance Exam
Coverages and business environment Multiple-choice exam with expected higher
pass rate Supplements material in FAP
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Introduction to Ratemaking and Reserving Exam
Unified view of ratemaking and reserving Global focus SOA has commissioned a textbook First offering in Fall 2013
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Financial and Regulatory Environment Exam
Will offer separate U.S. and Canadian versions
First offering in Spring 2014
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Financial Economics Module
Currently offered without General Insurance
Will add topics such as• Valuing the equity of a firm• Managing interest rate, cash flow, credit and
investment risks
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Advanced Topics in General Insurance Exam
A two-hour exam Topics being considered include• Premium rates for excess, deductible and
individual risk rating• Reinsurance premium rates and reserves• Strategies for achieving a portfolio rate of
return• Estimating risk transfer
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Advanced Module - Applications of Statistical Techniques
A new module to be introduced in 2013 An opportunity to provide a hands-on experience
with case studies Topics being considered include
• Generalized linear models with emphasis on classification ratemaking – including mixed models for adding credibility
• Cluster analysis• Stochastic and Bayesian reserving methods• Measuring reserve variability
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ERM Module
Same module used for other tracks Requirement for CERA Generic corporate risk management
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ERM Exam
May take instead of the two-hour Advanced Topics Exam
Includes a choice of reading extension with track-specific readings
General Insurance already one of the extensions