Validation by Educational Experience

1
Validation by Educational Experience

• Presentation to University Liaisons
• Tom Myers, CAS VP-Admissions
• January 20, 2005

2
What is VEE?

• Validation by Educational Experience (VEE) is a
  process that allows candidates to demonstrate
  verified educational accomplishments through
  means other than mandatory exams administered by
  the CAS/SOA/CIA

3
Why use VEE?

• Some subjects are important enough to require
  verification but not necessarily at the level of
  an actuarial exam
• Some subjects are not amenable to standardized
  testing
• Opportunity to increase cooperation between the
  actuarial profession and academia

4
What topics are included in VEE?

• Economics (micro and macro)
• Corporate Finance
• Applied Statistics

5
How can candidates obtain VEE credits?

• B- grade or better on approved university
  course(s)
• Sufficient grade on approved standardized test(s)
• Pass an exam administered by the CAS, SOA or CIA
• Sufficient grade from some other form of approved
  educational experience

6
VEE Course Approval Process

• Candidates or course/test sponsors may submit
  applications to have a course or other
  educational experience approved
• Application form is available under VEE
  Information in the Admissions section of the
  CAS Web Site (www.casact.org)
• Courses and educational experiences must
  substantially meet published guidelines on course
  content

7
VEE Course Approval Process Contd.

• Joint VEE Administration Committee reviews
  applications vs. guidelines and determines
  acceptability
• List of approved courses/tests/experiences
  published on CAS/SOA/CIA websites and updated
  regularly
• Reasons/suggestions provided on disapproved
  courses

8
VEE Credit Approval Process

• Candidates who have passed at least two actuarial
  exams may submit applications for individual VEE
  credit(s)
• Applications must be based on completion of
  approved courses/tests/experiences
• Application form is available under VEE
  Information in the Admissions section of the
  CAS Web Site (www.casact.org)

9
VEE Credit Approval Process Contd.

• Approval is generally routine if the required
  grade is achieved and documented
• Credit is automatic (no application required) for
  CAS/SOA/CIA-administered exams
• If multiple tests/courses required, must achieve
  required standard on each piece

10
CAS-Administered VEE Exams

• CAS will administer separate exams for all three
  VEE subjects
• 20-25 multiple-choice questions in 1 ½ hours
• Available in August 2005, February 2006, and
  August 2006
• Continuation beyond 2006 dependent on need/demand

11
New Preliminary Exams

• Exam 1- Probability
• Exam 2- Financial Mathematics (Interest Theory)
• Exam 3- Statistics and Actuarial Models
• Exam 4- Construction and Evaluation of Actuarial
  Models
• Offered beginning Spring 2005

12
Computer Based Testing

• Candidates take exam at a standardized testing
  center
• Can schedule exam any time during a specified
  period (e.g. one week)
• Software tutorial provided on-line and before
  exam begins (e.g. 3 ½ hour exam appointment
  includes ½ hour for setup and tutorial)
• User friendly software with easy navigation
• Potential for immediate grading

13
CBT Implementation for Exam 1

• May 2005- standard paper and pencil exam
• September 2005- CBT (possible paper and pencil
  backup without access to CBT centers)
• November 2005- no exam
• 2006- 4 to 6 CBT administrations
• Immediate release of grades beginning some time
  in 2006
• Rollout to other exams in future years

14
FCAS Education

• Task force established in late 2004 to review
  Exams 5-9
• Goal is to reduce total number of exams by one
  (i.e., 8 exams plus VEE)
• May include a mandatory workshop (e.g., case
  studies on risk integration modeling)
• Recommendations due to CAS Board in September 2005

15

• Questions and Answers
• To ask a question, press 1
• on your telephone keypad
• Casualty Actuarial Society
• 1100 North Glebe Road, Suite 600
• Arlington, Virginia 22201
• www.casact.org