Transcript Slide 1

Education and
Examination at the SOA
Purdue University
March 3, 2008
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
Track choices – Individual Life and Annuity, Group and
Health, Retirement Benefits, Investments, Finance/ERM
Economics,
Corporate Finance,
Applied Statistics
P – Probability
FM – Financial
Mathematics
MLC – Models
for Life
Contingencies
APC –
Associateship
Professionalism
Course
ASA
MFE – Models for
Financial Economics
Track Exam 1
Track Exam 2
Track Module 1
Track Module 2
Decision Making and
Communication
Module
C – Construction
of Actuarial
Models
FAP – Fundamentals
of Actuarial Practice
Course – 8 modules
EXAM
MODULE
COURSE
Validation by Educational
Experience
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FAC – Fellowship
Admission Course
FSA
Pathway to CERA
Economics
Advanced
Finance/ERM Exam
Financial Reporting
and Operational Risk
Module
P – Probability
FM – Financial
Mathematics
MFE – Models for
Financial Economics
C – Construction
of Actuarial
Models
EXAM
MODULE
COURSE
Validation by Educational
Experience
*APC can be taken with one FSA
component left
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APC –
Associateship
Professionalism
Course*
CERA
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
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