SOA Education

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SOA Education

• University of Iowa
• September 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 DirectorEducation
• Martha Sikaras, SOA Director of International
  Activities

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Goal of Basic Education

• Ensure 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
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Pathway to CERA
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CERA Notes

• CERAs can become FSAs by completing the remaining
  elements
• ASAs and CERAs have the same membership rights,
  privileges and obligations.

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Professionalism Courses

• APC 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 Structure

• Volunteers are the backbone of complex system.
• Over 600 volunteers contribute partner with
  staff.
• Executive Group oversees Education system

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The Education Structure

• Three components

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Exam Staff Activities

• Exam 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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Exams Administration

• 60 United States
• 17 Canada
• 23 other countries

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Grading

• Multiple-Choice (ACT)
• Written Answer and e-Learning Assessments (SOA
  Volunteers)
• Essay Sort - Staff

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Education The Rules

• Rules/regulations for exams
• Terms/conditions for e-Learning
• Penalties imposed for violations

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Candidate Interactions

• 300 e-mail 150 calls on an average day
• Higher numbers during grade release
• Wide 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 think

• We grade on the curve
• Our objective is to restrict membership in the
  profession
• We are unforgiving stodgy bureaucrats
• In other words

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We are the evil enemy
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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

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Heroes!
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Activity this will be graded

• True (or should be true) stories from the EE
  vaults.

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New and Future Developments
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EE in 2008 and beyond

• E-learning modules
• Wider access for SOA candidates and others
• Continuous improvement
• Strategic planning for leveraging assets

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EE in 2008 and beyond

• Computer-Based Testing
• Two exams offered via CBT
• Exam P
• Exam FM
• More frequent offerings
• Converting other exams to CBT

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EE in 2008 and beyond

• Communication skills training now emphasized at
  FAC
• CERA Experienced Practitioners seminars for
  members experienced in ERM
• Participating in discussions for a global ERM
  credential

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EE 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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EE in 2008 and beyond

• Improving education
• Focus on better materials
• Maintain consistency in the exam system structure

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EE in 2008 and beyond

• Improved academic relations by exploring
• Accreditation of programs
• Improving connections to the business community

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Questions?