Society of Actuaries IRFRC-APRIA 2018 Joint Conference
31 July 2018
Background of SOA
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Three-fold commitment:Education, Research and the Profession
Over 31,800 Members in More than 80 Countries
44,200+ Candidates4,300+ Volunteers
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With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more nearly 32,000 actuaries as members. There are over 44,000 candidates currently taking exams in our Education system. The Education system and other activities of the SOA are largely managed by an extensive volunteer structure of over 4,300 member actuaries. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. www.SOA.org
Member Distribution
USA 66%Canada 17%China 4%Hong Kong 5%Others 8%
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Where Exams are AdministeredTop 15 Exam
Centers in 2017Hong Kong
New York, NYToronto
Chicago, ILSeoul
BeijingShanghaiMontreal
Minneapolis, MNKuala Lumpur
Newark, NJPhiladelphia, PA
Hartford, CTSingapore
West Chester, PA
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This slides shows the far reach of the exams as well as the 15 top exam centers in 2017 with the highest number of candidates.
University Programs
University Outreach Program
• Student presentation• Faculty meeting• Panel of featured actuaries• SOA staff• 159 universities visited
to date
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The SOA’s university outreach program brings two SOA staff members and three featured actuaries to campus to speak with actuarial students and meet with faculty. We have now visited 159 schools since 2007.
Centers of Actuarial Excellence (CAE)
• Highest level of SOA recognition for universities • Must maintain eight specific criteria • Currently CAE 32 schools
• U.S.• Canada• Hong Kong• China• Australia• Scotland
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The SOA’s Center’s of Actuarial Excellence (CAE) program is the highest level of university recognition given by the SOA. Applicant universities must meet eight rigorous criteria related to degree, curriculum, graduate count, faculty composition, graduate quality, appropriate academic integration, connection to industry, and research/scholarship. There are currently 31 schools located in the countries displayed here.
CAE Benefits - Faculty Conference
• Held every other year in the U.S.• SOA sponsors one faculty member from each
CAE to attend• Networking, learning and SOA connection
event
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One of the benefits of being a CAE university is the ability to send a faculty member to the CAE Faculty Conference held every other year in the U.S. with expenses paid by the SOA.
CAE Benefits – CAE Grants
• Only CAE universities may apply• Awarded for research or education projects• Multi-year grants for larger dollar amounts• Operated by SOA Research Dept
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CAE universities are also eligible to compete for CAE only grants in Education or Research awarded annually. These are frequently multi-year grants for considerable dollar amounts.
Universities and Colleges with Actuarial Programs (UCAP) List
• University Profile on SOA.org
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In addition to the CAE program, the SOA maintains a list of Universities and Colleges with Actuarial Programs (UCAP) who have certain required actuarial coursework, but may not meet the CAE criteria. UCAP universities are also awarded benefits. All CAE and UCAP universities are provided with a profile page on the SOA website.
SOA Explorer Map
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CAE and UCAP universities are also highlighted on our SOA Explorer Map.
University Recognition Tiers
UCAP-AC
UCAP-IC
UCAP-Advanced Curriculum
UCAP-Introductory Curriculum
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Within the UCAP list there are two tiers of recognition: UCAP–Introductory Curriculum (UCAP-IC): Must have coverage for at least 2 SOA preliminary exams Must have approved courses for at least one VEE topic area UCAP–Advanced Curriculum (UCAP-AC): Must have coverage for 4 SOA exams Must have approved courses for all 3 VEE topic areas 1Effective 7/1/2018 exams covered must include the Long-Term Actuarial Mathematics Exam or the Short-Term Actuarial Mathematics Exam.
Benefits for all CAE and UCAP-AC per Academic Year
Reimbursement of fees for 3 individual student preliminary exam registrations
and
Participation in one of the following programs up to $500 USD
Reimbursement for the purchase of study materials
Sponsorship for an approved on-campus
event
Reimbursement of student travel costs/registration fees
to actuarial conferences
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Some additional benefits for CAE and UCAP-AC students include (see slide).
Academic Benefits for Faculty• Actuarial Teaching
Conferences (ATC)• SOA Faculty Community• Academic Exam Fee
Reimbursement Program• Educational Institution
Grant• Travel for Meeting
Participation• Free SOA Job Center
Postings
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The first Actuarial Teaching Conference took place in the U.S. in 2015. Sponsored by the SOA, the event promotes quality actuarial education and the sharing of ideas across universities. Earlier this month we held our first ATCs outside North American in Hong Kong and in Qingdao, China. Both were well received. The SOA Faculty Community was launched in 2017 on the SOA Engage platform. The Community is intended to be a place where faculty members can network and share ideas to help support actuarial programs. The SOA also posts links regarding news and curriculum updates. Additional benefits for faculty include: Academic Exam Fee Reimbursement Program for full-time faculty and PhD students Educational Institution Grant for universities who have a faculty member attain an Associate or Fellowship designation with the SOA Travel reimbursement for speaking at certain SOA conferences Free job center posting for actuarial positions
Exam Pathway
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Associate of the Society of Actuaries (ASA)Effective July 1, 2018
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WL Was 10 requirements, is now 12 Added: Statistics for Risk Modeling Exam Predictive Analytics Project One new form of assessment Predictive Analytics by “proctored project
New Requirements
Statistics for Risk Modeling (SRM) Exam - CBT• Covers regression and time series topics• Prerequisite for Predictive Analytics Exam
Predictive Analytics Exam – Proctored Project• Use computer packages to analyze data sets and
communicate findings• e-Learning module and proctored assessment
component
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WL Current plan for PA Project Students first complete 9 online modules to help them prepare The PA exam will be given two times per year initially Administered at a Prometric testing center (same as other SOA computer-based exams) Candidates given about 5 hours to complete Candidates will analyze a data set to solve a business problem and write a formal report Provided computers: Will have access to tools such as Word, Excel, R Will not have access to the internet or file storage functions
Chartered Enterprise Risk Analyst (CERA) Credential; Equivalent to ASA in effort A special combination of exams and modules with an ERM focus Corporate Finance/ERM track earns both CERA & FSA automatically
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WL
Fellow of the Society of Actuaries (FSA)
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An FSA is a fully qualified actuary with specialization in one practice areaAn FSA designation requires additional exams, modules and seminar
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Candidate Support Resources
• Exam Performance Feedback• Online Sample Exams• Candidate Connect • SOA Explorer Map• Online Resources• Social Media
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Exam Performance Feedback
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Computer-based exams only
Assists with future exam preparation
Indication of performance by main topic area
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Online Sample Exams (i.e. P & FM)
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Email NewsletterSOA Candidate Connect
Subscribe atSOA.org/candidateconnect
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WL
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Online Resources
SOA.org/Asia Tools & Resources for
Actuarial Practice
SOA.org/Problemsolvers
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WL
SOA Asia Facebook, LinkedIn, Twitter, Wechat
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@SOActuaries
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SOA Community
SOA Candidates, Members and Partners
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2017 Greater Asia Committee (GAC)Chairperson - Peter DuranMembers
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Members Based Location Members Based Location
Estella ChiuSimon LamTrinity PongTze Ping Chng
Hong Kong Douglas, Deok Jung KimJoseph KimSara Goldberg
South Korea
William Soetrisno Indonesia Alice ChengKitty ChingSara GoldbergWendy Liang
Taiwan
George KauIng Chian Ching
Malaysia
Navarat Kriausakul Singapore Nitipong PruchyanimitTatcha Ayana
Thailand
2017-2018 GAC activities• University outreach visits in South Korea, Malaysia,
Taiwan, Hong Kong, Singapore, Thailand• Professional development related events in
Malaysia, South Korea, Thailand, Indonesia, Hong Kong, Singapore, Taiwan
• Candidate and student marketing events in Singapore, Malaysia, South Korea
• plus many researches, stakeholder visits, education projects, networking events …
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Upcoming PD opportunities - Members
• Predictive Analytics Seminar, Kuala Lumpur, Malaysia 27 August 2018
• Predictive Analytics Seminar, Hong Kong 29 August 2018
• Predictive Analytics Seminar, Taipei, Taiwan 31 August 2018
• Risk Management Seminar, Singapore29 October 2018
• Big Data Seminar, Jakarta, Indonesia 13 November 2018
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Predictive Analytics Seminar, Kuala Lumpur, Malaysia, 27 August 2018 With the support of the Actuarial Society of Malaysia Predictive Analytics Seminar, Hong Kong, 29 August 2018 With the support of the Actuarial Society of Hong Kong and FWD Life Insurance Company (Bermuda) Limited Predictive Analytics Seminar, Taipei, Taiwan, 31 August 2018 With the support of the Actuarial Institute of Taiwan Big Data Seminar, Jakarta, 13 November 2018 With the support of the Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia (READI) Project team
Thank You
Educating Actuaries. Advancing a profession. Impacting society.
