FSA Track Changes and Transition Rules for 2023 – Retirement Benefits (RB)
Transition Rules
The changes and hour reductions are provided below. Candidates will complete the track by successfully passing all six (Canada) or seven (U.S.) elements required from either the current or the new requirements columns. For example, a candidate may complete the first three rows of the current requirements and the remaining rows from the new requirements. All combinations are acceptable as long as one requirement in each row is accomplished.
There is a one-to-one transition of exam/module credits. If a candidate has credit for items in the current requirements column, that candidate has transition credit for the items in the same row of the new requirements column.
The RB track currently has 6.5 hours of examination that are provided by the Joint Board for the Enrollment of Actuaries. The SOA has no influence on these exams, which are required for signing certain statements in the U.S. Thus, for this track the changes for Canada and the U.S. will be discussed separately.
Canada
The RB Canada track will reduce from 12 hours to 10 by removing material from the Funding and Regulation exam and the Design and Accounting exam. The Investment and Risk Management exam remains at two hours. There are no changes to the modules in the RB Canada track.
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United States
The RB track will reduce from 13.5 hours to 12.5 by removing material from the Design and Accounting exam. All other components (two EA exams, the Investment and Risk Management exam, and the modules) remain the same for the RB U.S. track. Candidates will continue to earn the EA designation in addition to their FSA.
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Summary of syllabus changes:
The RB track still includes three Fellowship exams: Funding and Regulation Canada (FRC) or the U.S. Enrolled Actuary exams, Design and Accounting (DAC/DAU), and Retirement Plan Investment and Risk Management (RPIRM).
Funding and Regulation Canada (FRC) Exam - 5 hours to 4 hours
The number of topics has remained unchanged at seven. Non-core and duplicate readings were dropped. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Design and Accounting Canada/Design and Accounting U.S. (DAC/DAU) Exam - 5 hours to 4 hours
The number of topics on each variant has been reduced from nine to eight. Non-core and duplicate readings were removed. The number of pages in the readings has been reduced in proportion to the reduction in exam hours.
Retirement Plan Investment and Risk Management (RPIRM) Exam - 2 hours
This exam will have no material changes.