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    SOA Recent Curriculum Changes

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    The document summarizes upcoming changes to the Actuarial Standards of America (ASA) credential requirements. Key points: - The changes aim to introduce candidates to predictive analytics and provide equal treatment of short-term and long-term coverages. - The new ASA pathway will have 12 requirements including 2 new ones - predictive analytics and accounting/finance. Exams will assess new topics like generalized linear models and dealing with big data. - The changes take effect after July 1, 2018. Candidates must complete the new requirements, though those earning the ASA by June 2018 can follow the old requirements if attaining fellowship by July 1, 2022.

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    SOA Recent Curriculum Changes

    Uploaded by

    kid
    128 views25 pages
    The document summarizes upcoming changes to the Actuarial Standards of America (ASA) credential requirements. Key points: - The changes aim to introduce candidates to predictive analytics and provide equal treatment of short-term and long-term coverages. - The new ASA pathway will have 12 requirements including 2 new ones - predictive analytics and accounting/finance. Exams will assess new topics like generalized linear models and dealing with big data. - The changes take effect after July 1, 2018. Candidates must complete the new requirements, though those earning the ASA by June 2018 can follow the old requirements if attaining fellowship by July 1, 2022.

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    The document summarizes upcoming changes to the Actuarial Standards of America (ASA) credential requirements. Key points: - The changes aim to introduce candidates to predictive analytics and provide equal treatment of short-term and long-term coverages. - The new ASA pathway will have 12 requirements including 2 new ones - predictive analytics and accounting/finance. Exams will assess new topics like generalized linear models and dealing with big data. - The changes take effect after July 1, 2018. Candidates must complete the new requirements, though those earning the ASA by June 2018 can follow the old requirements if attaining fellowship by July 1, 2022.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    128 views25 pages

    SOA Recent Curriculum Changes

    Uploaded by

    kid
    The document summarizes upcoming changes to the Actuarial Standards of America (ASA) credential requirements. Key points: - The changes aim to introduce candidates to predictive analytics and provide equal treatment of short-term and long-term coverages. - The new ASA pathway will have 12 requirements including 2 new ones - predictive analytics and accounting/finance. Exams will assess new topics like generalized linear models and dealing with big data. - The changes take effect after July 1, 2018. Candidates must complete the new requirements, though those earning the ASA by June 2018 can follow the old requirements if attaining fellowship by July 1, 2022.

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    At a glance
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    Some of the key takeaways from the presentation are that the ASA requirements are being updated to introduce students to predictive analytics and provide equal treatment of short and long-term coverages. The changes will also increase the number of requirements from 10 to 12.

    The main changes being made are the addition of two new requirements - predictive analytics and statistics for risk modeling. The number of requirements is increasing from 10 to 12. One new form of assessment, a proctored project, is also being introduced to assess predictive analytics.

    The new topics being formally assessed are statistics for risk modeling, assessed via a computer-based exam, and predictive analytics, assessed via a proctored project. Existing topics like probability, financial mathematics, and long-term actuarial mathematics are also being updated and re-assessed.

    Candidate Connect Webcast:

    ASA Changes Update

    STUART KLUGMAN, FSA, CERA, PhD


    Senior Staff Fellow, Education
    SOCIETY OF ACTUARIES

    September 13, 2017


    Today’s Topics
    • ASA Changes – Why
    • ASA Changes – What
    • ASA Changes – When
    • A few other items of interest

    2
    ASA Changes - Why
    Predictive Analytics
    • Currently, only requiring linear regression and time
    series
    • Some advanced topics on FSA tracks
    • Changes will introduce all actuaries to:
    • New methods (generalized linear models, decision trees,
    clustering, machine learning, …)
    • Dealing with big data (avoiding overfitting, dimension
    reduction, communicating model value, …)

    4
    Short-term/long-term balance
    • Long-term coverages (life, annuities, pensions) a
    staple of actuarial education
    • Short-term coverages (health, property, liability) are
    relative newcomers
    • SOA required curriculum will provide equal
    treatment

    5
    IAA Minimum Syllabus
    • Required of all member associations
    • Revisions under consideration
    • Has guided development, but draft revised IAA
    syllabus is not yet a requirement

    6
    ASA Changes - What
    ASA Pathway

    8
    ASA Pathway

    9
    KEY
    VEE

    Exam

    TBD

    E-Learning Module

    Seminar

    10
    Key Observations
    • Was 10 requirements, is now 12
    • Added predictive analytics
    • Will increase travel time
    • One new form of assessment
    • Predictive Analytics by “proctored project”

    11
    VEE Topics
    • Economics
    • Unchanged from current syllabus
    • Accounting and Finance
    • Accounting is new
    • Lighter finance coverage than current VEE
    • Mathematical Statistics
    • New to VEE, replacing Applied Statistics

    12
    Topics to be Formally Assessed
    • By computer-based test
    • Probability (updates P)
    • Financial Mathematics (updates FM)
    • Investment and Financial Markets (updates MFE)
    • Short-Term Actuarial Mathematics (updates C)
    • Statistics for Risk Modeling (New)
    • By multiple choice plus written answer
    • Long-Term Actuarial Mathematics (updates MLC)
    • By proctored project
    • Predictive Analytics (New)

    13
    Proctored Project
    • Details yet to be determined
    • Current thinking:
    • At a test center
    • About 5 hours
    • Will analyze a data set to solve a business problem
    • Will write a formal report
    • Will use a computer that
    • Has access to tools such as Word, Excel, R
    • Is blocked from stored files, internet, …

    14
    FAP and APC
    • Fundamentals of Actuarial Practice (FAP)
    • Associateship Professionalism Course (APC)
    • For both:
    • No change in their basic structure
    • Some topics may be updated or revised

    15
    ASA Changes - When
    Timing
    • Revised components go into effect with first
    administrations after July 1, 2018
    • There are two exceptions
    • First Exam P under the revised syllabus will be September
    2018
    • First Exam FM under the revised syllabus will be October
    2018

    17
    Transition Timing
    • Candidates whose names do NOT appear on the
    June 2018 or earlier list of new ASAs must complete
    the new requirements to earn their ASA.
    • Candidates whose names appear on the June 2018
    or earlier list of new ASAs are exempt from
    completing the new requirements, provided they
    also earn fellowship by July 1, 2022.
    • Timing for attaining an ASA or CERA prior to July 1,
    2018 transition available on SOA.org.

    18
    Key Point
    • Despite the increase in components, anyone with an
    ASA will retain the designation
    • However, it is possible that some who continue to
    FSA will have to go back and pick up the missing
    components
    • This is a longstanding policy; the fact that you received an
    ASA at some point in time does not mean your current
    requirements are the current fellowship portion

    19
    Recommended Order
    • Candidates may take the ASA requirements in any
    order with two exceptions:
    • APC Eligibility rule: Candidates can be lacking either the
    FAP Final Assessment or one exam (but not both)
    • New Statistics for Risk Modeling Exam must be passed (or
    credit waived through transition) prior to the new
    Predictive Analytics requirement

    20
    Key Dates I – Publication Dates
    • The learning objectives for all the new components
    have been released.
    • The reading lists have also been released.
    • Syllabus is final only when it is published on the
    exam’s home page, typically six months in advance.

    21
    Key Dates II – ASA by July 1, 2018
    • The following exams must be taken (and passed) no
    later than:
    • Exam P: March 2018 session
    • Exam FM: April 2018 session
    • Exam MFE: March 2018 session
    • Exam MLC: Fall 2017 session
    • Exam C: February 2018 session
    • VEE submissions:
    • Course approval forms by February 16, 2018
    • Candidate credit requests by April 27, 2018

    22
    Key Dates II – ASA by July 1, 2018
    • Fundamentals of Actuarial Practice submissions:
    • All end of module exercises and assessments must be
    submitted by March 30, 2018.
    • Associateship Professionalism Course:
    • Must be completed by May 31, 2018
    • Filing of Application for ASA
    • Must be completed by June 8, 2018

    23
    Key Point About Key Dates
    • If a current exam/assessment/VEE is completed
    after these deadlines, but before July 1, 2018,
    transition credit is still earned.
    • Examples
    • Take and pass June 2018 Exam C -> Earn credit for VEE
    Math Stat and Short-Term Actuarial Mathematics Exam
    • Take and pass April/May 2018 Exam MLC -> Earn credit
    for Long-Term Actuarial Mathematics Exam
    • Complete VEE Applied Statistics requirement in spring
    semester 2018 -> Earn credit for VEE Math Stat and
    Statistics for Risk Modeling Exam

    24
    Learn more at
    www.soa.org/curriculumchanges

    25

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