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Here is the summary of the pathway to be an actuary of Society of Actuary (SOA)
The path to becoming an actuary involves going through a well-structured education plan. This involves university-level education and post-university examinations, as well as other requirements. Typical questions always raised by school leavers interested in actuarial science are what is the next step, and what’s up with the different societies/institutes? Currently, there are many actuarial graduates in the midst of examinations from the Society ofActuary. Apart from passing the examinations, there are also practical experience requirements and residential courses to be attended. These ensure that actuaries are not only technically capable, but are also aware of other professional requirement such as Code of Conduct and ethical workplace behavior. We hope the short description here would help school leaver to understand more of the different options they have. The road to being a qualified actuary is long, but incredibly rewarding!
1. Preliminary Education Component – Consists of five papers:
5 Preliminary Exams
P/1 Probability
FM/2 Financial Mathematics
MFE/3F Actuarial Models – Financial Economics Segment
MLC/3L Actuarial Models – Life Contingencies Segment
C/4 Construction and Evaluation of Actuarial Models
2. Validation by Educational Experience (VEE)- Validation of these topics is required in addition to the four Preliminary Education examinations (P/1, FM/2, MCL, MFE and C/4). The SOA, CIA, and CAS have implemented VEE requirements for the following topics:
Validation by Educational Experience (VEE)
Economics
Applied Statistical Methods
Corporate Finance
3. Fundamentals of Actuarial Practice (FAP) – Web-based course comprising eight modules and two assessments:
8 Modules & 2 Assessments
Module 1 – Introduction/The Role of the Professional Actuary
Module 2 – Core External Forces
Module 3 – Risk in Actuarial Problems
Module 4 – Actuarial Solutions
Module 5 – Actuarial Models
First (Interim) Assessment upon completion of Modules 1 to 5
Module 6 – Model Selection and Solution Design
Module 7 – Selection of Initial Assumptions
Module 8 – Monitoring Results and Completing the Control Cycle
Second (Final) Assessment upon completion of Modules 6 to 8
4. Associate Professionalism Course (ACP) – Half day course covering professionalism, ethics and legal liabilities. Upon completion of the Preliminary Education Component, VEE, FAP and ACP, the candidate will obtain the title of Associate of the SOA (ASA).
5. CERA *****Not necessary*****
* ·FSA–level Finance/ERM Exam (Advanced Finance/Enterprise Risk Management) (AFE)
* ·FSA–level Finance/ERM Module (Financial Reporting and Operational Risk–FSA Module Introduction, Operational Risk Section (Section 11) and End–of–Module Exercise only)*
6. To proceed from Associate to Fellow in the SOA, additional courses have to be completed:
* ·Two FSA Modules in one specialty track
* ·One Company/Sponsor Perspective (CSP) paper and one Design and Pricing (DP) paper from one of the following areas: (FSA Exams – 2 Exams)
a) Finance: Advanced Finance and ERM(CSP)/Financial Economic Theory (DP)
b) Enterprise Risk Management (ERM): Advanced Finance and ERM (CSP)/Financial Economic Theory (DP)
c) Investments: Advanced Portfolio Management (CSP)/Financial Economic Theory (DP)
d) Group and Health: Group and Health CSP Exam / Group and Health DP Exam
e) Individual Life and Annuities: Individual Life and Annuities CSP Exam / Individual Life and Annuities DP Exam
f) Retirement Benefits: Retiremenet Benefits CSP Exam / Retirement Benefits DP Exam
7. Strategic Business Management (SBM) Module
8. Fellowship Admissions Course (FAC)
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(1>>2>>5>>4>>CERA>>3>>ASA>>6>>7>>8>>FSA)
(1>>2>>3>>4>>ASA>>5>>CERA>>6>>7>>8>>FSA)
(1>>2>>3>>4>>ASA>>6>>7>>8>>FSA)
For Flash Version, please go to: Pathway to Be an Actuary, Society of Actuary (SOA)
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