Post on 04-Jul-2015
transcript
2
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.
3
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
5
Three designations
Fellow (FSA)• Fully qualified with one specialty
(individual life and annuities, group and health, retirement benefits, investments, finance/ERM)
6
Three designations
Associate (ASA)• Mastered fundamental concepts• Is a member of the SOA, but not with full
privileges
7
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.
8
Pathway to FSA
APC – Associateship Professionalism Course
ASA
FAC – Fellowship Admission Course
FSA
P – ProbabilityFM – Financial Mathematics
MFE – Models for Financial Economics
FAP – Fundamentals of Actuarial Practice Course – 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
9
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
10
CERA Notes
CERAs can become FSAs by filling in the missing pieces.
As ASAs, CERAs have the same membership rights, privileges, and obligations.
11
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.
13
Exam Development, Administration, and Grading
Central Review – Exams Finalized Printing Process: Volunteers, Staff,
and Printer Exams Shipping
14
Exam Development, Administration, and Grading
Exams Administered Grading: Multiple-Choice (ACT) Grading: Written Answer (SOA
Volunteers) Grades Released
15
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.
17
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 …
19
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 …
23
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
24
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
25
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.
26
E&E in 2008 and beyond
Improving education• Focus on better materials• Maintain consistency in the exam
system structure