Announcement: SOA congratulates the new ASAs and CERAs for May 2022.

Fellowship Admissions Course (FAC)

The final requirement to attain the FSA designation is the Fellowship Admissions Course (FAC). The FAC can only be taken after all other FSA requirements have been completed. Successful completion of the FAC course requires completion of an e-Learning module and assignments followed by participation either virtual or in-person facilitated sessions. During the facilitated sessions candidates will engage in case study discussions and give an oral presentation in a small group setting. Candidates are further reminded that they are also subject to the Code of Professional Conduct.

What is the Fellowship Admissions Course?

As actuaries assume responsible positions within organizations, they need special skills and knowledge to carry out their new roles effectively. The FAC is designed to help actuaries deal effectively with the issues and situations they may confront as they progress in their organizations. It has several goals:

  1. to increase awareness of professional ethical and malpractice issues and identify strategies to address them;   
  2. to encourage actuaries to approach problem solving from varied directions/perspectives;
  3. to provide coaching in oral communications, an enabling skill for actuaries

In order to accomplish these objectives, the FAC has been designed to provide the actuary with opportunities to explore these issues and to enhance the skills needed to be effective in these situations.

What is the Case Study Method?

The case study method is different from other types of teaching approaches in that it is based on actual business situations. After reading a case, participants are asked to interact with other participants in order to analyze the situation and make recommendations for its solution.

Course Topics

  • The professional ethics case studies included in the facilitated sessions reflect actual situations that actuaries have encountered. The cases represent problems from any specialty or type of practice, which could be encountered by actuaries.
  • A communication skill-building course is embedded withing the FAC e-Learning module and offers methods, guidelines and tips for effective presentations.
  • Professionalism, as a crucial element of successful actuarial practice, is also a focus of the FAC e-Learning module.

FAC Course Faculty

FAC faculty members are actuaries with extensive experience in the actuarial field and in the management of organizations. All faculty members have been trained in the case method.

Required Oral Presentation

All candidates are required to give an 8-12-minute presentation either on the topic from their DMAC project or on an actuarial business case that has at least one actuarial stakeholder and one non-actuarial stakeholder.  The passing requirements for the presentations include 1) appropriateness of the topic, 2) the length of the presentation and 3) effort/preparation.

Identification Requirements

REQUIRED: All candidates must present a non-expired valid government-issued identification with:

  • Name (English/Latin alphabet)
  • Photograph
  • Signature

This requirement applies to both in-person and virtual FAC sessions. For more information, please click here.

What to Expect

The SOA offers the FAC by remote learning and by hybrid remote/in-person FACs. Each FAC runs over approximately a 6-week timeframe and includes two components – an online e-Learning module and either a virtual meeting session component or a 2-day in-person component with banquet.

  • FAC Component #1 – Online e-Learning module(s) that candidates complete individually. All FAC candidates complete this component.
    • Module(s) will include topics such as professionalism, legal duty, code of conduct, ethics and communication skills.
  • FAC Component #2 – One-day Virtual Meeting OR a 2-day in-person meeting with banquet
    • Virtual Meeting: Groups of 8-10 candidates and one facilitator meet via a designated virtual meeting platform.
    • In-person Meeting: Candidates attend and participate at designated venue in large and small group settings.
    • Both the virtual meetings and in-person meetings will include discussions of ethics case studies and individual candidate oral presentations
  • Diplomas will be mailed to candidates who participate in the fully remote FAC after the successful completion of both components. Candidates who complete the course at an in-person FAC will receive their diplomas on site.

Registration

Participation in an FAC is by invitation only. The registration fee for all FACs is $2,150. Candidates must have passing scores for all requirements for Fellowship to receive an invitation to register for the FAC. Candidates will receive registration information for the next available FAC via email after they have successfully completed all requirements for Fellowship. Note that registration invitation emails will be sent on the day registration opens for an FAC.

Candidates must allow up to eight weeks for the grading of their FSA modules and/or DMAC project; more time may be required if multiple graders are necessary.  All DMAC and FSA module submissions received by the deadline will be graded in time to qualify for the FAC, should the project(s) meet minimum requirements. Submissions received after the deadline may or may not be graded in time, depending on queue size, grader availability, etc. Likewise, submissions which are received by the deadline but do not meet the minimum requirements and require revisions and resubmission, will be placed at the end of the queue and may not be graded in time.

Questions on the FSA Modules and/or DMAC project may be directed to elearn@soa.org or +1-847-706-3640.

 

2022 FAC Schedule 

Candidates may direct questions on the Fellowship Admissions Course (FAC) to fac@soa.org.