ASA and CERA Curriculum Changes Transition Rules
Posted June 28, 2016
Transition Rules for ASA Candidates
This table provides the transition credit candidates will receive if they have completed a current requirement by July 1, 2018. Candidates who have completed requirements under previous systems have them first moved to the current system using previous transition rules and then moved to the new system.
|VEE Economics||VEE Economics|
|VEE Corporate Finance*||VEE Accounting and Finance|
|VEE Applied Statistics||Statistics for Risk Modeling (SRM) Exam and VEE Mathematical Statistics|
|P (Probability)||Probability Exam|
|FM (Financial Mathematics)||Financial Mathematics Exam|
|MFE (Models for Financial Economics)||Investment and Financial Markets Exam|
|MLC (Models for Life Contingencies)||Long-Term Actuarial Mathematics Exam|
|C (Construction of Actuarial Models)||Short-Term Actuarial Mathematics and VEE Mathematical Statistics|
|FAP (Fundamentals of Actuarial Practice)||FAP|
|APC (Associateship Professionalism Course)||APC|
*VEE Corporate Finance credits earned prior to July 1, 2019 will earn transition credit.
The following addresses several issues that arise from these transitions.
When discussing VEE there are two important dates. One is when the course is completed. This is referred to as the “earned” date. The second is when the candidate applies for and receives the credit. This is referred to as the “claimed” date. There is currently no time limit between when the credit is earned and when it is claimed.
- Economics – All currently approved courses will continue to be approved. New courses and those being renewed will be held against the slightly revised learning objectives.
- Accounting and Finance – With the addition of accounting, this will be a two-part approval. Candidates may earn the accounting and finance credits through separate courses, but may only claim the credit once both are earned. Candidates who have earned corporate finance credit prior to July 1, 2019 may claim this credit at any time and convert it to accounting and finance credit. All other candidates must earn both components. Schools with corporate finance courses may use them until the approval period expires. As with economics, all new applications will be held to the new learning objectives.
- Applied Statistics – Credits earned prior to July 1, 2018 may be claimed at any time and converted to VEE Mathematical Statistics and SRM Exam credit.
- Mathematical Statistics – The process for schools to submit courses will begin soon. Because this is a fairly stable subject, many applications will include retroactive approval (courses taken in prior years can be claimed). Further information on which candidates will need to complete this requirement is in a later section.
Additional detail on the VEE changes.
Associateship Professionalism Course (APC) Eligibility
Currently, candidates can take the APC if they have either passed (1) all five preliminary exams (P, FM, MFE, MLC, and C) and the FAP Modules 1-5 including the FAP Interim Assessment or (2) four of the five preliminary exams and FAP Modules 1 through 8 including the FAP Interim Assessment. It is possible that a person could complete the APC under current rules but then not be eligible to have taken the APC if they later become held to additional requirements. APC credit earned will not be lost. For candidates to be eligible to register for the APC courses held after July 1, 2018 they will need to have either passed (1) all seven preliminary exams (P, FM, IFM, STAM, LTAM, SRM, and PA) and the FAP Interim Assessment or (2) six of the seven preliminary exams, the FAP Modules 1-8 and the FAP Interim Assessment.
New Exam Components
Predictive Analytics Exam – There are no exam transitions to this component. Candidates who are not an ASA by July 1, 2018 must complete this requirement. Fellowship candidates who are an ASA by July 1, 2018 are exempt from this requirement, provided they also earn fellowship by January 1, 2023 (The SOA Board of Directors extended this deadline from the original July 1, 2022 date at their December 2020 meeting). Note that historically, holding an ASA earned in the past does not mean FSA can be earned by completing only the current post-ASA requirements. Thus, this approach is generous in that some candidates will be exempted from a current requirement. No member will lose an ASA due to this transition.
VEE Mathematical Statistics – While this is a new component without a direct counterpart in the current system, there are two opportunities to gain transition credit. Candidates who have not earned transition credit (which may be claimed later in the case of using VEE Applied Statistics credit) by July 1, 2018 must earn the credit through an approved VEE course.
Statistics for Risk Modeling – This has overlap with the VEE Applied Statistics requirement and transition credit is available. As noted above, while the VEE credit can be claimed after July 1, 2018, the course must have been completed prior to this date.
The new exams will be offered for the first time in the second half of 2018. The changeover date to the new system is thus July 1, 2018.
Transition Rules and Requirements for CERA Candidates
The requirements for CERA are a subset of ASA and FSA requirements. The current requirements are:
- VEE – Economics and Corporate Finance
- Exams – P, FM, MFE, C, and ERM
- Modules – FAP and ERM
- Seminar – APC
The SOA Board has approved the following revised CERA requirements:
- VEE – Economics, Accounting and Corporate Finance, and Mathematical Statistics
- Exams – Probability, Financial Mathematics, Investment and Financial Markets, Short-Term Actuarial Mathematics, Statistics for Risk Modeling, and ERM
- Modules – FAP and ERM
- Seminar – APC
At the current time, candidates fulfilling the CERA requirements are entitled (but not required) to apply for SOA membership and the ASA designation. Effective July 1, 2018, candidates who earn a CERA must also pass the Predictive Analytics exam before application for ASA may be made.
For transition rules on this plan, the same rules as for ASA to FSA apply. Those who meet the current CERA requirements except for the ERM exam and module and APC by July 1, 2018 can earn the CERA provided those three components are completed by July 1, 2022.
Candidates who earn an ASA on the current CERA pathway by July 1, 2018 may earn an FSA provided all remaining FSA-level components are passed along with having passed or received transition credit for the Statistics for Risk Modeling and Long-Term Actuarial Mathematics Exams by January 1, 2023 (The SOA Board of Directors extended this deadline from the original July 1, 2022 date at their December 2020 meeting).