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Travel Time
An Introduction to the Cost of Becoming a Casualty Actuary
Arlie Proctor, FCAS, MAAA
Vice President, Munich Re America
Chair, CAS Examination Committee
Agenda
How does the CAS define “travel time?”
Recent study results
http://www.casact.org/admissions/reports/travel2005.pdf
What those results mean to candidates and employers
What the CAS is doing to affect travel time
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How does the CAS define travel time?
Prior to 2001, the CAS defined travel time to be the average
elapsed time from first exam to ACAS/FCAS for each new
graduating class or the average number of exam sittings.
In November, 2001, the CAS Board of Directors redefined travel
time to be the median time from employment date to
ACAS/FCAS by year of first actuarial employment.
Furthermore, the Board of Directors defined 5-7 years as the
target.
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Recent Study Results
The following are from the 2005 report on travel time and are
based on Exam/VEE results through May 2005
 Distribution of travel times for the population of all
ACAS/FCAS
 Median travel times for starting cohorts
 “Fisher” statistics
 New entrant statistics
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Travel Times for Associates
Travel Time Distribution: ACAS
500
468
444
450
423
389
400
350
307
300
250
203
200
156
153
150
99
100
66
50
44
38
41
26
23
15
9
9
12
16
17
18
6
5
5
0
1
0
1
2
0
1
0
1
19
20
21
22
23
24
25
26
27
28
29
30
0
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Number of Years
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Travel Times for Fellows
Travel Time Distribution: FCAS
350
300
290
275
252
250
241
201
200
167
167
150
128
103
100
79
60
50
39
33
30
24
13
5
2
0
1
13
11
6
6
20
21
0
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
0
22
4
2
1
3
0
0
0
0
1
23
24
25
26
27
28
29
30
31
Number of Years
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Median Travel Time: FCAS
FCAS: Median Time From First Employment to
Designation
11.00
9.00
7.00
5.00
19
60
19
64
19
66
19
68
19
70
19
72
19
74
19
76
19
78
19
80
19
82
19
84
19
86
19
88
19
90
19
92
19
94
19
96
19
98
3.00
All Fellows
Truncated @ 10 Yrs
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Truncated @ 5 Yrs
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Fisher Statistics for FCAS
Travel Time for 50th Percentile
19
94
19
92
19
90
19
88
19
86
19
84
19
82
19
80
19
78
19
76
19
74
19
72
19
70
14.00
13.00
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
Entry Year (First Job)
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Fisher Statistics for FCAS
Travel Time for 35th Percentile
19
96
19
94
19
92
19
90
19
88
19
86
19
84
19
82
19
80
19
78
19
76
19
74
19
72
19
70
14.00
13.00
12.00
11.00
10.00
9.00
8.00
7.00
6.00
5.00
4.00
Entry Year (First Job)
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Demographics – Who is Sitting?
Age At First Recorded Exam
30.000
28.000
24.000
22.000
20.000
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
18.000
1990
Age
26.000
First Exam Year
Avg Age
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Median Age
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How are they Doing?
Travel Time to Fellow by Age at First Employment Date
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Age
Mean_TT
Median_TT
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Std_Dev_TT
11
Sitting Statistics
Number of Candidates Sitting
7000
6000
5000
4000
3000
2000
1000
0
S2000 F 2000 S2001 F2001 S2002 F2002 S2003 F2003 S2004 F2004 S2005
Exam 1
Exam 2
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Exam 3
Exam 4
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What does it all mean?
Travel time appears to be improving.
We have never come close to achieving the current board goal
of 5-7 years median travel time. Is that bar too high?
Enrollment is up sharply and the supply of future Fellows is
increasing, even if there is something of a supply crunch at the
moment.
Our demographics are changing, and we need to keep a careful
eye on them.
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What is the CAS doing to affect Travel Time?
Looking for syllabus materials with better pedagogical
approach.
Administering higher quality, shorter examinations with more
emphasis on core knowledge and less on exam taking skills.
Redefining what every actuary needs to know (White Paper
presented at September 2006 Board meeting).
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Questions and/or Comments?
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