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STUDENTS' CORNER

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FAP … APC … AND FAC … STUDENTS' DILEMMA OR WHAT?

Hussain attempts to reveal the mysteries and myths surrounding the new examination system of SoA.

FUNDAMENTALS OF ACTUARIAL PRACTICE (FAP)

FAP is a web-based, e-Learning course – a course where candidates acquire and use knowledge that is distributed and facilitated by electronic means. The e-learning facility serves as the overarching framework from which candidates will obtain information on other resources and activities required to complete the course. FAP is set in the context of a problem-solving framework called the control cycle. This framework will help candidates understand the business environment and will expose candidates to situations and tools that are common and useful, regardless of area of actuarial practice. Simply stated, the control cycle is a general and practical problem-solving framework that an actuary uses to perform work.

FAP is comprised of eight modules housed in an e-learning facility. Candidates will complete the modules in sequence because the content in later modules builds upon the content of earlier modules. Each module is intended to reinforce certain aspects of the control cycle.

Module 1, Role of the Professional Actuary: Provide the basic framework for actuarial work and functions using a control cycle as a framework.

Module 2, Core External Forces: Provide an understanding of how core external forces, outside of the actuary’s sphere, integrate into actuarial work.

Module 3, Typical Actuarial Problems: Provide an introduction to concepts within the context of common actuarial problems and assignments.

Module 4, Solutions to Selected Actuarial Problems: Demonstrate how a complete control cycle is applied, through selected examples and sample solutions.

Module 5, Design and Pricing of an Actuarial Solution: Introduce and define common models for each area of practice.

Module 6, Selection of an Actuarial Design and Model: Given a problem, find a solution by going through the entire process to select a model.

Module 7, Selection of Initial Assumptions: Introduce the process and considerations in selecting assumptions as a component of finalizing the design solution and moving toward monitoring results.

Module 8, Monitoring Experience – Model and Assumptions: Establish the link between designing the solution and monitoring the results via techniques for monitoring experience.

Validation Plan for Fundamentals of Actuarial Practice

ASSOCIATESHIP PROFESSIONALISM COURSE (APC)

The Associateship Professionalism Course (APC) is part of the requirements for the Associate (ASA) designation. The Associateship Professionalism Course is one-half day in length. The course covers professionalism, ethics and legal liability and makes extensive use of the case study method. Candidates are eligible to register for the APC upon completing the preliminary education requirements and passing one additional component from among Courses 5-8 or upon completing the preliminary education requirements and the first 5 modules of the Fundamentals of Actuarial Practice (FAP) course.

The SOA Board of Governors has approved the Canadian Institute of Actuaries' (CIA) Professionalism Course as a substitute for the APC. Therefore, Canadian candidates who attend the CIA course are not required to take the SOA course. The CIA provides our Registrar with passing candidate data.

Associateship

Effective January 1, 2006, candidates may also earn the Associateship designation by completing the following requirements:

Fellowship Exams

For the FSA designation, the candidate would be required to complete all of the ASA requirements plus the following additional educational elements:

1. Two practice-specific examinations

2. Two FSA modules that will use the same Internet-based systems as the FAP course
3. A capstone module or seminar
4. The Fellowship Admissions Course (FAC)

FELLOWSHIP ADMISSION COURSE (FAC)

The final requirement to attain the FSA designation, after all other educational requirements have been completed, is the Fellowship Admission Course (FAC). The FAC can be taken any time after all other requirements have been completed.

As actuaries assume responsible positions within organizations, they need special skills and knowledge to carry out their new roles effectively.

The FAC is designed to help actuaries deal effectively with the issues and situations they may confront as they progress in their organizations. It has two purposes:

1. to increase awareness of professional ethical issues and identify strategies to address them, and
2. to encourage actuaries to approach problem solving from varied directions/perspectives.

In order to accomplish these objectives, the FAC has been designed to provide the actuary with opportunities to explore these issues over a 2-day period primarily through the case study method and to enhance the skills needed to be effective in these situations.

Fellowship

An Associate will be admitted as a Fellow of the Society of Actuaries (FSA) after completing the Fellowship educational requirements, including the Professional Development (PD) requirement, the Fellowship Admissions Course (FAC), and any additional requirements prescribed by the BOG. No application is required for an Associate to be admitted as a Fellow.

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