SOA Education - University of Iowa · 2013-09-25 · SOA Education University of Iowa September 11,...
Transcript of SOA Education - University of Iowa · 2013-09-25 · SOA Education University of Iowa September 11,...
SOA Education
University of IowaSeptember 11, 2008
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Presenters• Stuart Klugman, FSA, PhD, Principal Financial
Group Professor of Actuarial Science at Drake University
• Ken Guthrie, SOA Managing Director–Education
• Martha Sikaras, SOA Director of International Activities
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Goal of Basic EducationEnsure 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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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
APC –Associateship Professionalism CourseASA
FAC – Fellowship Admission CourseFSA
P – ProbabilityFM – Financial Mathematics
MFE – Models for Financial Economics
FAP – Fundamentals of Actuarial PracticeCourse – 8 modules
EXAMMODULECOURSEValidation by Educational Experience
MLC – Models for Life Contingencies
C – Construction of Actuarial Models
Track choices – Individual Life and Annuity, Group and Health, Retirement Benefits, Investments, Finance/ERM
Track Exam 1Track Exam 2Track Module 1Track Module 2Decision Making and Communication Module
Economics, Corporate Finance, Applied Statistics
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Pathway to CERA
APC –Associateship Professionalism Course*CERA
P – ProbabilityFM – Financial Mathematics
MFE – Models for Financial Economics
EXAMMODULECOURSEValidation by Educational Experience*APC can be taken with one FSA component left
C – Construction of Actuarial Models
Advanced Finance/ERM ExamFinancial Reporting and Operational Risk Module
Economics
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CERA Notes
CERAs can become FSAs by completing the remaining elementsASAs and CERAs have the same membership rights, privileges and obligations.
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Professionalism CoursesAPC – Associateship Professionalism Course• required for ASA and CERA• one-day seminar
FAC – Fellowship Admissions Course• required final component for FSA• Oral presentation• Graduation festivities
Both provide an opportunity for positive face-to-face interaction with candidates.
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Operations andCandidate Interaction
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The Education StructureVolunteers are the backbone of complex system.Over 600 volunteers contribute & partner with staff.Executive Group oversees Education system
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The Education StructureThree components
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Exam Staff ActivitiesExam Preparation• Type exams• Review exam copy for printed exams
Exam Centers• Set up centers worldwide• Arrange for Supervisors
Exam Shipping• Pack and ship materials• Over 350 exam centers
Approx. 500 packages – 6 days
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United States Canada other countries
Exams Administration60% United States17% Canada23% other countries
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GradingMultiple-Choice (ACT)Written Answer and e-Learning Assessments (SOA Volunteers)• Essay Sort - Staff
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Education – The RulesRules/regulations for examsTerms/conditions for e-LearningPenalties imposed for violations
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Candidate Interactions300 e-mail & 150 calls on an average dayHigher numbers during grade releaseWide variety of inquiries
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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 may thinkWe grade on the curveOur objective is to restrict membership in the professionWe are unforgiving stodgy bureaucratsIn other words …
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We are the evil enemy
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What we really arePeople who take our role in determining who has met our standards seriouslyPeople who listen and adapt.In short, we are …
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Heroes!
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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 beyondE-learning modules• Wider access for SOA
candidates and others• Continuous improvement• Strategic planning for
leveraging assets
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E&E in 2008 and beyondComputer-Based Testing• Two exams offered via CBT
Exam PExam FM
• More frequent offerings• Converting other exams to
CBT
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E&E in 2008 and beyondCommunication skills training now emphasized at FACCERA Experienced Practitioners seminars for members experienced in ERMParticipating 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 beyondImproving education• Focus on better
materials• Maintain consistency in
the exam system structure
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E&E in 2008 and beyondImproved academic relations by exploring• Accreditation of
programs• Improving connections
to the business community
Questions?