Recent Changes in SOA Exams & New Trend in ASRM Ohoe Kim Director Actuarial Science & Risk...
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Transcript of Recent Changes in SOA Exams & New Trend in ASRM Ohoe Kim Director Actuarial Science & Risk...
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Recent Changes in SOA Exams&
New Trend in ASRMOhoe KimDirector
Actuarial Science & Risk Management Program
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CAE site visit: Nov. 3 and Nov. 4
• CAE: Center of Actuarial Excellence Designation
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Actuarial Foundation Scholarships
• 2 recipients: Cosme Loic Fonkoua and Victoria Seppi.
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• ASRM Executive Committee:
Seth Thomas , President Bryan Kershner, Vice PresidentTom Slemp, SecretarySarah Arvey, TreasurerAshley Schech, Advertising and Public RelationsCosme Loic Fonkoua , Special EventsPengqian Zhang , Recruitment
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Committee Members & Responsibilities
Seth and Bryan: • Responsible of the overall organization of the club. • Community Service
Sarah:• Budget• SGA
Tom:• Students Database• Facebook
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Committee Members & Responsibilities
Loic and Sarah:• Website Management• NY Trip
Loic ,Bryan, Ashley and Penqian:• Exam Workshop (Tutoring, Registration, study guides and
Advising).
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Committee Members & Responsibilities
Ashley and Tom:• Advertising and Marketing• Fliers and Posters• Towerlight and Daily Digest
Pengqian:• Recruitment• Campus Involvement
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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?
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New ASRM Website!
http://towsonasrmclub.webs.com/
Created and managed by Loic and Sarah.
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Job Fair
mid February 2012
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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@TU account 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 101 November 16, 4-8pm, Stevenson University.
• Kaplan GRE prep test session: online, Saturday, October 29; register at http://www.formstack.com/forms/?1105267-BgdQRnNZN3
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SOA Exam Changes & A New Trend in CERA Pathway
• Preliminary examinations• CERA changes• FSA changes• 2012 Schedule & Math
442(Exam C)• Other items/Questions
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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.
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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
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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
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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)
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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)
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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, 2011Stuart Klugman, FSA, CERAStaff Fellow, Education
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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
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FSA pathway – July 1, 2013
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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
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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%
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Goal of Success Rate in Passing Exams
Increase the percentage of two-exam passage to 70% by 2013.
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Exam Reporting System
• Upon passing an exam, every student should inform the program director.
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2012 Schedule & Math 442Course # # of Sections Professor Time
MATH 312 1 Ji T, TR 5:30-6:45PM
MATH 331/531 2
331.001 Aminzadeh T, TR 9:30-10:45AM; W 10:00-:50AM
331.101 Staff T, TR 5-6:15 PM
MATH 332/532 1 Staff T, TR 11:00-12:15AM
MATH 337/533 1 Aminzadeh T, TR 2:00-3:40PM
MATH 390 1 Han M, W 5:00-6:15PM
MATH 442 1 Han M, W 7:00-8:40 PM
MATH 439/ 1 Pemy T, TR 6:30-7:45 PM
MATH 486/586 2
486.001 Kim M, W 11:00-12:50PM
486.002 Kim M, W 2:00-3:50PM
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Other Items
• FSA written-answer advice• Courseware for ERM exam• New FAP text (replaces four books with one)
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Actuarial Science & Risk Management Education and Practice
• Definition of actuary and risk manager
• Capabilities of actuaries and risk managers
Adam Buttco-authors Brian Chu (UNSW) & John Shepherd (Curtin)Presented to the 46th Actuarial Research Conference, University of Connecticut, 11-13 August 2011
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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”
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• 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:
Capabilities required by an actuary
• Communication • Relationship Management & Interpersonal Collaboration
• Professional Values • Technical Skills & Analytical Problem Solving
• External Forces & Industry Knowledge
• Strategic Insight & Integration
• Leadership • Results-Oriented Solutions
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• 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.
Capabilities required by an actuary (continued)
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Important Websites
• www.soa.org• www.beanactuary.com• http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx• www.coachingactuaries.com
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QUESTIONS?CONCERNS?