Post on 23-Dec-2015
Update on CAS Activities
by Bob Congerby Bob Conger
May 29, 2002
Casualty Actuaries of Greater New York
Outline Exam IssuesExam Issues Continuing EducationContinuing Education Roles of Regional AffiliatesRoles of Regional Affiliates Expanding Practice AreasExpanding Practice Areas International IssuesInternational Issues CAS Election ProcessCAS Election Process CAS Web SiteCAS Web Site Getting involved in CASGetting involved in CAS Your inputYour input
Exams - Travel Time
Travel time (approx. # sittings)Travel time (approx. # sittings)ACASACAS FCASFCAS
1980-81 1980-81 9 9 13 13 1989-901989-90 11 11 15 15 1998-991998-99 14 14 17 17 2000-012000-01 15 15 18 18
Board guidance to Admissions Committees: Expect 5 Board guidance to Admissions Committees: Expect 5 to 7 years as median time from first actuarial to 7 years as median time from first actuarial employment to FCASemployment to FCAS
Exams - Progress per Sitting
Exam ProgressExam Progress
= Avg. # of Exams Passed per Sitting= Avg. # of Exams Passed per Sitting
= Avg. # of Exams Taken X Pass Ratio= Avg. # of Exams Taken X Pass Ratio
Exam Progress on CAS Exams (excl. 1-4)Exam Progress on CAS Exams (excl. 1-4) 1983-89: 1983-89: 1.01 x .37 = 1.01 x .37 = .37.37 1991-99: 1991-99: 0.79 x .38 = 0.79 x .38 = .30.30 2000-:2000-: 1.01 x .38 = 1.01 x .38 = .38.38
Exams 1 & 2
Pass Ratios from first sittingsPass Ratios from first sittingsMay ‘00May ‘00 Nov ‘00Nov ‘00 May ‘01May ‘01 Nov ‘01Nov ‘01
Exam 1Exam 1 23%23% 34%34% 33%33% 34%34% Exam 2Exam 2 27%27% 32%32% 32% 32% 41%41%
Some possible causesSome possible causes Insufficient advance informationInsufficient advance information Required mastery of more materialRequired mastery of more material Word problemsWord problems First time examFirst time exam
Exam 3
Pass Ratios from first sittingsPass Ratios from first sittings
May ‘00May ‘00 Nov ‘00Nov ‘00 May ‘01May ‘01 Nov ‘01Nov ‘01
OverallOverall 32% 32% 36%36% 43%43% 42%42%
CAS Workers CAS Workers 15%15% 20%20% 33% 33% 34%34%
Non-CAS Workers Non-CAS Workers 29%29% 31%31% 38%38% 36%36%
Students Students 44%44% 54%54% 60%60% 54%54%
Exam 4
Pass Ratios from first sittingsPass Ratios from first sittings
May ‘00May ‘00 Nov ‘00Nov ‘00 May ‘01May ‘01 Nov Nov ‘01‘01
OverallOverall 34%34% 37%37% 41%41% 43%43%
CAS Workers CAS Workers 23%23% 30%30% 35%35% 39%39%
Non-CAS Workers Non-CAS Workers 29%29% 34%34% 40%40% 38%38%
Students Students 69%69% 59%59% 54%54% 56%56%
more . . .
Exam 3 and 4 Key Issues
Most learning objectives okay, but some go beyond Most learning objectives okay, but some go beyond what casualty actuaries needwhat casualty actuaries need
Too much material Too much material some prunedsome pruned Need better material Need better material study notes commissionedstudy notes commissioned Students perform better than workers for various Students perform better than workers for various
reasonsreasons
Exam 3 and 4 Key Issues (cont.)
CAS Policy: Pass marks reflect sufficient grasp of CAS Policy: Pass marks reflect sufficient grasp of material. No predetermined pass mark.material. No predetermined pass mark.
CAS Policy: Achieving CAS learning objectives is CAS Policy: Achieving CAS learning objectives is more important than having joint examsmore important than having joint exams
Task Force working on development of Exams 3 and Task Force working on development of Exams 3 and 4 that meet CAS needs. Can be joint with SOA4 that meet CAS needs. Can be joint with SOA
Exams - Other Changes
Hired Education Consultant to help:Hired Education Consultant to help: Construct appropriate learning objectivesConstruct appropriate learning objectives Train to develop good thinking questionsTrain to develop good thinking questions Help with methods for setting pass scoreHelp with methods for setting pass score Provide input on evaluating exam length and difficultyProvide input on evaluating exam length and difficulty
Exams - Long Term
Discussions with SOA, FA/IA, IAAustDiscussions with SOA, FA/IA, IAAust Convergence of syllabus desirable if consistent with Convergence of syllabus desirable if consistent with
our needsour needs Learn from one anotherLearn from one another Wide interest in QRA (2005)Wide interest in QRA (2005) CAS involved in ongoing QRA discussionCAS involved in ongoing QRA discussion
Education Policy Committee - overall structureEducation Policy Committee - overall structure Syllabus & learning objectivesSyllabus & learning objectives Educating & testing method, always keeping in focus Educating & testing method, always keeping in focus
the education needed by casualty actuariesthe education needed by casualty actuaries
Continuing Education Issues
What is the “right” mix of basic education and What is the “right” mix of basic education and continuing education?continuing education?
Should we increase the scope and magnitude of Should we increase the scope and magnitude of continuing education requirements?continuing education requirements?
What delivery mechanisms will work for CAS What delivery mechanisms will work for CAS continuing education in the future?continuing education in the future?
Roles of Regional Affiliates
Social and networkingSocial and networking Continuing educationContinuing education
Leverage existing resourcesLeverage existing resources Exam seminarsExam seminars University/college relationsUniversity/college relations Entre into CAS networkEntre into CAS network
Meeting attendanceMeeting attendance Involvement and leadershipInvolvement and leadership
Expanding Practice Areas
DFADFA ConceptConcept Theoretical toolTheoretical tool Practical Practical
applicationapplication Seminar expanded to “Risk and Capital Management”Seminar expanded to “Risk and Capital Management”
New Advisory CommitteesNew Advisory Committees Asset/Liability Management & Investment PolicyAsset/Liability Management & Investment Policy Enterprise Risk ManagementEnterprise Risk Management Securitization/Risk FinancingSecuritization/Risk Financing Valuation of P/C Insurance CompaniesValuation of P/C Insurance Companies
International Issues Historically, CAS predominantly North AmericanHistorically, CAS predominantly North American
95% of members live and practice in North America95% of members live and practice in North America Many papers and syllabus materials use U.S. examplesMany papers and syllabus materials use U.S. examples Major meetings and seminarsMajor meetings and seminars
Board approved international strategyBoard approved international strategy“To be pre-eminent global resource . . .”“To be pre-eminent global resource . . .” Support of CAS Members working abroadSupport of CAS Members working abroad Support basic education process in various countriesSupport basic education process in various countries Exam waivers and mutual recognitionExam waivers and mutual recognition Practice rights for CAS members (Ireland, Australia, Practice rights for CAS members (Ireland, Australia,
India)India) Increase information and involvement among NA Increase information and involvement among NA
membersmembers Participation in international actuarial communityParticipation in international actuarial community
International Issues - Mutual Recognition
1999 Board action1999 Board action Not pursue bilateral agreementNot pursue bilateral agreement Work to ensure practice rights globallyWork to ensure practice rights globally
Subsequent developmentsSubsequent developments CAS members may be excluded from certain practices CAS members may be excluded from certain practices
in Australia, Ireland, Indiain Australia, Ireland, India AAA mutual recognition not a likely solution in near AAA mutual recognition not a likely solution in near
futurefuture November 2001 - Board creates Task Force to revisitNovember 2001 - Board creates Task Force to revisit
International Issues - Next Steps
More specificsMore specifics Highly developed actuarial organizations (IA/FA)Highly developed actuarial organizations (IA/FA) Developing organizationsDeveloping organizations Emerging markets (China)Emerging markets (China)
PrioritizationPrioritization CountriesCountries ActivitiesActivities
ResourcesResources PeoplePeople CostCost
CAS Election Process
Reviewed by Task Forces – 2000 and 2002Reviewed by Task Forces – 2000 and 2002 Nomination and Petition processes continue, but . . .Nomination and Petition processes continue, but . . .
Petitioning now occurring before Nominating Petitioning now occurring before Nominating CommitteeCommittee
Nominating Committee completes the slate (Nominating Committee completes the slate ( 1 + 8) 1 + 8) Always can name 1 PE, 4 Board candidatesAlways can name 1 PE, 4 Board candidates
Change in the required number of signaturesChange in the required number of signatures Nominating Committee membershipNominating Committee membership
Will include majority of “at large” membersWill include majority of “at large” members
CAS Election Process (cont.)
Candidate information Candidate information ““Why I want to serve”Why I want to serve” Statement on issuesStatement on issues
Runoff proceduresRunoff procedures
CAS Web Site
WWW.CASACT.ORGWWW.CASACT.ORG Syllabus, study materials, past exams, study notesSyllabus, study materials, past exams, study notes
All PCAS (1914), CAS Forums (1987) and Discussion All PCAS (1914), CAS Forums (1987) and Discussion paper programs (1979)paper programs (1979)
ASOPs, Casualty Reserve Practice NoteASOPs, Casualty Reserve Practice Note Discussion forumDiscussion forum Member Services:Member Services:
Membership DirectoryMembership Directory CAS Board Q&ACAS Board Q&A Board minutesBoard minutes
Getting Involved in CAS
Why:Why: LearnLearn Make useful contactsMake useful contacts Contribute to your professionContribute to your profession
How:How: Pick committees/topic(s) that interest you mostPick committees/topic(s) that interest you most Respond to Participation Survey or contact committee chair Respond to Participation Survey or contact committee chair
directlydirectly Write papersWrite papers Give presentationsGive presentations Regional Affiliate involvementRegional Affiliate involvement
I would like your input regarding . . .
Continuing Education requirementsContinuing Education requirements Board and President-Elect nomination processBoard and President-Elect nomination process Expansion beyond ratemaking and reservingExpansion beyond ratemaking and reserving CAS role internationallyCAS role internationally Mutual recognitionMutual recognition ExamsExams What’s on your mind?What’s on your mind? Questions?Questions?