e-Learning Modules–Requirement for Fellowship

(Effective July 1, 2010)

Beginning July 1, 2010, all candidates pursuing Fellowship with the Society of Actuaries (SOA) will be required to complete one additional e–Learning module–i.e., a total of three modules plus the Decision Making and Communication (DMAC) module in addition to all other requirements including the two track–specific examinations and the Fellowship Admissions Course (FAC).

Background

The e–Learning module requirement originally proposed as part of the 2005 Education and Qualification Redesign included four track–specific modules plus the DMAC module for each FSA track. In 2006, the Board of Directors approved a change in requirements from four modules plus DMAC module per track to two modules plus DMAC per track. The change was in response to resource issues and with the expectation that content originally intended for the modules would be incorporated into the exams. After several exam administrations it was determined that adding further topics to the already rigorous exams was not a feasible solution.

The new three–module (plus DMAC) requirement approved by the Board of Directors in June of 2009, will include a new advanced financial economics module resulting in a more complete educational experience for candidates in the Finance/ERM and Investment tracks. It will also allow the SOA to provide track–specific versions of the financial economics module for candidates in the Group & Health, Retirement Benefits and Individual Life and Annuities tracks.

Increasing the number of modules to three per track plus DMAC allows for inclusion of an expanded operational risk module in the Finance/ERM track and a financial and health economics module in the Group & Health track without the need to eliminate topics currently included in those tracks. The additional module for the other tracks provides candidates with increased education tailored to their specific career choices by allowing a choice between two modules.

Conversion Rules

A candidate who has completed all fellowship requirements prior to July 1, 2010 (with the exception of DMAC and FAC) will be held to the current two–module plus DMAC requirement. Exams passed prior to July 1, 2010 but with results released on or after July 1, 2010 will meet the conditions for a two–module requirement. The two modules must be completed (and have met minimum requirements) before July 1, 2010 and not be in progress at that time. All other FSA candidates must complete the new three–module plus DMAC requirement.

Candidates who are held to a three–module requirement and have completed the current version of the Financial Economics Module will receive credit for the revised module for their track.

Three-module requirement FAQs  –updated 09.14.09

Questions regarding the 3–module requirement for Fellowship should be directed to education@soa.org.

Candidates seeking information on prior conversions and/or specific transcript issues may contact Brett Rogers, SOA Registrar & Director of Exam Analysis at brogers@soa.org.