1 / 32

Recent Changes in SOA Exams & New Trend in ASRM

Recent Changes in SOA Exams & New Trend in ASRM. Ohoe Kim Director Actuarial Science & Risk Management Program. CAE site visit: Nov. 3 and Nov. 4. CAE: Center of Actuarial Excellence Designation. Actuarial Foundation Scholarships. 2 recipients: Cosme Loic Fonkoua and Victoria Seppi.

chung
Download Presentation

Recent Changes in SOA Exams & New Trend in ASRM

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Recent Changes in SOA Exams& New Trend in ASRM Ohoe Kim Director Actuarial Science & Risk Management Program

  2. CAE site visit: Nov. 3 and Nov. 4 • CAE: Center of Actuarial Excellence Designation

  3. Actuarial Foundation Scholarships • 2 recipients: Cosme Loic Fonkoua and Victoria Seppi.

  4. ASRM Executive Committee: Seth Thomas , President Bryan Kershner, Vice President Tom Slemp, SecretarySarah Arvey, TreasurerAshley Schech, Advertising and Public RelationsCosme Loic Fonkoua , Special EventsPengqian Zhang , Recruitment

  5. Committee Members & Responsibilities Seth and Bryan: • Responsible of the overall organization of the club. • Community Service Sarah: • Budget • SGA Tom: • Students Database • Facebook

  6. Committee Members & Responsibilities Loic and Sarah: • Website Management • NY Trip Loic ,Bryan, Ashley and Penqian: • Exam Workshop (Tutoring, Registration, study guides and Advising).

  7. Committee Members & Responsibilities Ashley and Tom: • Advertising and Marketing • Fliers and Posters • Towerlight and Daily Digest Pengqian: • Recruitment • Campus Involvement

  8. Action Plans • ASNY Trip: January 8, 2012 • Recruitment: Destination Towson in the spring, Open houses coming up • Possibly advertise/schedule an event in Stephens (for finance and econ majors) • Exam workshop: tutoring for Math 331 and 312 (exams 1/P and 2/FM) • Provide study materials for first few exams • Continue to raise money with bake sales and submit budgets to SGA • Promote website and facebook page • Continue to advertise in towerlight/flyers • Community Service?

  9. New ASRM Website! http://towsonasrmclub.webs.com/ Created and managed by Loic and Sarah.

  10. Job Fair mid February 2012

  11. What can you do with this Mathematics Degree? • Go to http://www.towson.edu/careercenter/cd/majors/default.html • Look for internships or jobs? Get a Hire@TUaccount at the TU career center.(http://www.towson.edu/careercenter/student/internship.asp) Log in at https://www.myinterfase.com/towson/student/ • Go to graduate school? Grad School 101November 16, 4-8pm, Stevenson University. • Kaplan GRE prep testsession: online, Saturday, October 29; register at http://www.formstack.com/forms/?1105267-BgdQRnNZN3

  12. SOA Exam Changes & A New Trend in CERA Pathway • Preliminary examinations • CERA changes • FSA changes • 2012 Schedule & Math 442(Exam C) • Other items/Questions

  13. What is CERA? Chartered Enterprise Risk Analyst (CERA) It’s a new breed of professional. This expanding breadth of risk----and the spectrum of its enterprise-wide potential----calls for a new breed of professional who can identify, measure and manage complex risks.

  14. What is CERA? • Convert risk into opportunity • CERA opens doors to new opportunities in insurance, broader financial services, manufacturing, transportation, health care and energy that rely on qualitative and quantitative approaches to risk management. • CERA has a 360-degree look at an organization’s risk profiles and model future events. More info can be found at www.CERAnalyst.org

  15. CERA • Probability----Math331 • Financial Mathematics----Math485&486 • Micro/macro economics----ECON201&202 • Construction of Actuarial Models----Math442 • Advanced Finance----Fin331&333 • Enterprise Risk Management • Financial Reporting • Operational Risk

  16. Preliminary Exams • P – no changes, CBT, 6 per year • FM – no changes, CBT, 6 per year (2012) • MFE – In process of converting to full CBT, 3 per year (2012) • C – Full CBT, 3 per year (2012)

  17. Preliminary Exams • MLC • New syllabus in effect Spring 2012 • Later this month: • Notation and terminology note • Slight revisions to LOs/readings • Updated sample questions (but new questions will come later)

  18. CERA pathway – July 1, 2012 • NEW Strengthens ERM content • NEW Important to ERM • NEW ERM Exam replaces AFE (4hr ERM-focused) 46th ARC, August 12, 2011 Stuart Klugman, FSA, CERA Staff Fellow, Education

  19. Motivation for change • Remove material not required for Global CERA • Ensure full coverage of Global CERA syllabus • Make CERA more accessible for other tracks/practice areas and FSAs

  20. FSA pathway – July 1, 2013

  21. FSA changes • Non-CERA Path to FSA • Two five-hour exams + one two-hour exam (differs for retirement benefits) • CERA Path to FSA • Two five-hour exams + four-hour ERM exam

  22. Success in SOA Exams • Job placement data • Traditional actuarial job/broad financial services: 75% • Graduate school enrollment: 13% • Success in SOA examination • Pass at least one exam: 79% • Pass at least two exams: 31% • Pass at least three exams: 3%

  23. Goal of Success Rate in Passing Exams Increase the percentage of two-exam passage to 70% by 2013.

  24. Exam Reporting System • Upon passing an exam, every student should inform the program director.

  25. 2012 Schedule & Math 442

  26. Other Items • FSA written-answer advice • Courseware for ERM exam • New FAP text (replaces four books with one)

  27. Actuarial Science & Risk Management Education and Practice • Definition of actuary and risk manager • Capabilities of actuaries and risk managers Adam Butt co-authors Brian Chu (UNSW) & John Shepherd (Curtin) Presented to the 46th Actuarial Research Conference, University of Connecticut, 11-13 August 2011

  28. Definition of actuary and risk manager • From the Actuarial Society of South Africa: An actuary is “a primary source of authoritative advice and thought leadership in the understanding, modelling and management of financial and other measurable risk”

  29. Capabilities required by an actuary • Students need to develop capabilities that will in future allow them to deliver a service of quality. • Of the professional bodies investigated, only the Society of Actuaries (SOA) has defined this (in its “Competency Framework”). These are:

  30. Capabilities required by an actuary (continued) • The SOA lists “incorporate the elements of the SOA Competency Framework as appropriate” as one if its principles for education. • Bringing this together we argue that education frameworks should develop capabilities that prepare students to understand, model and manage risks.

  31. Important Websites • www.soa.org • www.beanactuary.com • http://instruction.bus.wisc.edu/jfrees/UWCAE Learn/default.aspx • www.coachingactuaries.com

  32. QUESTIONS?CONCERNS?

More Related