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Actuarial Science Program

ACTUARIAL LEARNING JOURNEY

Developing Future Actuaries

THE ACTUARIAL SCIENCE PROGRAM 2023

Society Of Actuaries (SOA)

The Society of Actuaries (SOA), founded in 1949, is a professional organization dedicated to serving actuaries and advancing the actuarial profession globally based in USA.

The SOA offers a wide range of educational resources and professional development opportunities to its members. It provides a comprehensive curriculum and rigorous exams that actuaries must pass to attain certification. These exams cover various areas of actuarial science, such as probability, financial mathematics, life contingencies, and risk management.

In summary, the Society of Actuaries is committed to supporting actuaries throughout their careers, promoting the actuarial profession, and contributing to the advancement of the industry as a whole.

LEVELS OF SOA QUALTIFICATIONS

  • To obtain a qualification from the Society of Actuaries (SOA), aspiring actuaries must pass a series of rigorous exams
  • The number of exams required depends on the specific track or specialty the individual is pursuing within the actuarial profession
  • The SOA offers different tracks, including:
    – The Associate of the Society of Actuaries (ASA)
    – The Fellow of the Society of Actuaries (FSA)

ASA DESIGNATION BENEFITS

CONTINUING EDUCATION

As an ASA, actuaries are expected to maintain their professional development through ongoing education and participation in the actuarial community. The SOA offers various continuing education programs, conferences, and events that enable ASA holders to stay updated with the latest industry advancements.

PATHWAY TO FELLOWSHIP

The ASA designation is a significant milestone on the path towards attaining the higher level Fellow of the Society of Actuaries (FSA) designation. By completing the ASA requirements, actuaries can progress further in their careers and gain deeper specialization within specific actuarial tracks.

It is important to note that the benefits may vary based on individual circumstances and career goals.

FREQUENTLY ASKED QUESTIONS

How to acquire the ASA designation from the Society of Actuaries (SOA)?

To obtain the Associate of the Society of Actuaries (ASA) designation from the Society of Actuaries (SOA), candidates need to pass a series of exams along with completing other requirements.

What is the current exam structure for the Associate of the Society of Actuaries (ASA)?

The current exam structure for ASA consists of the following components:

Preliminary Exams (Varying number of exams depending on the candidate’s background):

    • Exam P: Probability
    • Exam FM: Financial Mathematics
    • Exam IFM: Investment and Financial Markets
    • Exam LTAM: Long-Term Actuarial Mathematics
    • Exam STAM: Short-Term Actuarial Mathematics

Note: ASA is more realistic as fellowship is much more tougher to achieve, so fellowship details are not described in this report

What are the Associate of the Society of Actuaries (ASA) requirements?

VEE (Validation by Educational Experience) Requirements:

  • Economics: This requirement can be fulfilled by taking a specific course or through other approved educational experiences.
  • Corporate Finance: This requirement can be fulfilled by taking a specific course or through other approved educational experiences.
  • Mathematical Statistics: This requirement can be fulfilled by taking a specific course or through other approved educational experiences.

Fundamentals of Actuarial Practice (FAP)
This is a comprehensive online course that covers various actuarial topics and requires completion of several modules, assignments, and assessments.

Associateship Professionalism Course (APC):
This is a professionalism course that focuses on the ethical and professional responsibilities of an actuary.

Note: The exam requirements and curriculum are subject to change, and it’s advisable to refer to the SOA’s official website or contact the organization directly for the most up-to-date information on the ASA qualification process.

Is there any exemption given for ASA qualification if provided with evidence of prior learning?

Yes, the Society of Actuaries (SOA) does offer the possibility of exemptions for certain exams based on prior learning and qualifications. These exemptions are referred to as “credit for prior learning” or “exemptions by academic qualifications.”

If you have completed relevant coursework or hold certain academic qualifications, you may be eligible to receive exemptions for specific exams. The specific requirements and criteria for exemptions can vary, and it›s important to review the SOA›s policies and guidelines for the most accurate and up-to-date information.

To explore the possibility of exemptions, you would typically need to submit an application to the SOA and provide evidence of your prior learning, such as transcripts, course syllabi, or other documentation. The SOA will review your application and determine whether any exemptions can be granted based on the information provided.

It’s worth noting that exemptions are typically granted on a case-by-case basis, and the final decision rests with the SOA. It’s advisable to consult the official SOA website or directly contact the organization for detailed information on the exemption process, requirements, and any associated fees or documentation needed.

What is typical timeline to complete the ASA Designation?

The timeline to complete the Associate of the Society of Actuaries (ASA) designation can vary depending on factors such as the individuals study pace, prior education, and work commitments. However, a typical timeline for completing the ASA designation can range from 2 to 7 years.

Here is a general breakdown of the steps involved and their estimated durations:

Preliminary Exams: Candidates usually start by preparing for and passing the preliminary exams, which typically take around 3-1 years to complete. This timeline can vary based on the number of exams required and the candidate›s study schedule.

VEE Requirements: Validating the educational experience typically involves completing specific courses or obtaining approved educational experiences. This requirement can be fulfilled concurrently with the preliminary exams or completed before or after them.

Fundamentals of Actuarial Practice (FAP): The online course, FAP, takes approximately 3-1 years to complete. It consists of multiple modules, assignments, and assessments that need to be finished within the given timeframe.

Associateship Professionalism Course (APC): The APC is a professionalism course that is often taken concurrently with or after completing the preliminary exams and FAP. It usually takes a few months to complete.

Note: Keep in mind that the timeline mentioned above is a general estimate, and individual circumstances may vary. Some candidates may choose to complete the requirements at an accelerated pace, while others may take longer due to work commitments or other personal factors.

Any restrictions on the number of attempts?

The Society of Actuaries (SOA) does not impose any specific restrictions on the number of attempts for completing the Associate of the Society of Actuaries (ASA) designation. Candidates are allowed to retake exams if they do not pass on their first attempt.

However, it’s important to note that there may be limitations on the frequency of exam retakes. The SOA has rules and waiting periods in place to ensure that candidates have ample time to adequately prepare for each exam attempt.

These rules vary depending on the specific exam and are outlined in the SOA’s exam regulations.

What is the estimated cost involved?

Here are some typical cost components to consider:

  • Exam Fees: The Society of Actuaries (SOA) charges fees for each exam attempt. The exact fees vary based on the specific exam and the candidate›s membership status with the SOA. These fees typically range from a few hundred to several hundred dollars per exam.
  • Study Materials: Actuarial study materials, such as textbooks, study guides, and online courses, are often needed to prepare for the exams. The cost of study materials can vary depending on the provider and the level of comprehensiveness desired. It is common for candidates to invest several hundred dollars or more in study materials.
  • Membership Fees: The SOA requires candidates to become members in order to access certain resources and benefits. Membership fees are typically paid annually and can range from a few hundred to several hundred dollars, depending on the membership type and the country of residence.
  • Professional Development: As an ASA, actuaries are expected to engage in ongoing professional development, which may include attending conferences, workshops, and seminars. These events often involve registration fees, travel expenses, and accommodation costs.

It is difficult to provide an exact cost estimate as it can vary significantly based on individual choices and circumstances. However, a rough estimate of the total cost to attain the ASA designation, including exam fees, study materials, membership fees, and professional development expenses, could range from several thousand to tens of thousands of dollars.

OUR RECOMMENDATIONS

While the ASA qualification is a widely recognized and esteemed credential for actuaries, there are alternative paths for developing future actuaries that offer flexibility and opportunities for skill development. Here are a few alternatives to consider:

EIF Delivering the ASA qualification while the candidate works with an Insurance company in Actuarial domain:

  • EIF can collaborate with insurance companies to offer actuarial development programs designed to train and develop aspiring actuaries.
  • The candidates join the ASA learning journey with EIF while working at the Insurance company.
  • This will help to provide on-the-job training, mentorship, and support for candidates to gain practical experience while pursuing actuarial exams.

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