Changes to the Fundamentals of Actuarial Practice (FAP) Course in 2020

The Society of Actuaries (SOA) is making changes to the Fundamentals of Actuarial Practice (FAP) e-Learning course beginning in January 2020. The new FAP course provides candidates with more interactive learning and international content.

What’s new?

FAP Module Content

We are introducing interactive scenarios to create a more engaging candidate experience. These innovative activities will reinforce key skills and help candidates prepare for the End of Module Assessments and Final Assessment. Improved quizzes and tests within the modules will allow candidates to self-assess their understanding through more frequent feedback.

The new FAP course offers a broader international scope. It will incorporate cases and examples from the countries where candidates work and study. We consulted with top actuarial employers including companies with no specific interests outside of North America. Each supported the model we proposed for international exposure.

The new course will place an emphasis on skill-building activities in real-life business scenarios. Every module will include expanded guidance on written communication skills. We have enhanced this aspect based on feedback from employers and prior candidates.

The SOA recognizes the significant amount of time candidates invest in their studies. The changing needs of the profession require new content. Based on your feedback, we know you need these changes streamlined to accommodate studying. The FAP changes reduce redundancies and clarify the purpose of required readings and case studies.

FAP Assessments

The new End of Module Assessments are designed to assess understanding and application of key concepts in each of Modules 1-7. Each End-of-Module Assessment consists of one to two questions that encourage additional practice of communication skills and application of new concepts and techniques to on-the-job activities. The EMAs help candidates prepare for the Final Assessment. Candidates will have access to each EMA after registering and then completing the required module content.

The Final Assessment (FA) will continue to follow Module 8, but we are making improvements to how it is administered and how much feedback is provided.

• Candidates may continue to submit their FA at any time, but now there will be assessment grade release dates scheduled every few months throughout the year, published in advance. Why? It establishes a predictable grading time-frame.
• Scheduled assessment grade release dates also allow for the periodic release of model solutions from the FA. Candidates have told us they need more performance feedback. With the release of the model solutions, candidates will receive feedback as part of the course process. They will no longer need to purchase feedback.

What’s Staying the Same?

Many attributes of the current FAP course will remain the same in the new course.

• There will be eight modules, same number as before.
• Candidates will still have 24 months to complete the course.
• A one-year extension will continue to be available.
• Course fees will remain the same.
• Study materials will continue to include required texts, readings and case studies, in addition to the new offerings available.

Should I Wait to Register for the New FAP?

Yes, the SOA recommends that candidates considering FAP registration in 2019 wait to register for the new course. Assess the candidate-centric changes and use the information about FAP Transition Deadlines and Credit to make an informed decision depending on your specific circumstances.

The table below lists the registration and release dates for this new FAP course.

New FAP Registration/Release	Date
Registration opens for new FAP	November 12, 2019
Release of new FAP Modules 1-5	January 6, 2020
Release of new FAP Modules 6-8	March 16, 2020
Release of new Final Assessment	June 1, 2020

For additional information about transition details, visit the FAP Transition Deadlines and Credit page.

Can I Choose to Transfer from the Current FAP to the New FAP?

Yes, the SOA recommends that candidates consider transferring to the new FAP course. The SOA will make accommodations for candidates who wish to move to the new course. Refer to the FAP Transition Deadlines and Credit page for eligibility requirements. Further information regarding transfers will be sent and posted separately.

Additional FAQs

How will the new End-of-Module Assessments be graded?

Candidates will receive credit for an End-of-Module Assessment after they separately pass each of the seven End-of-Module Assessments.

 

How do I retake an End-of-Module Assessment in the new FAP?

Candidates who do not pass every End-of-Module Assessment will only need to retake the particular assessment(s) that did not meet minimum requirements.

 

How do I retake the Final Assessment (FA) in the new FAP?

Candidates who do not pass the FA will need to re-purchase the assessment.  After repurchasing, candidates will have one year to make another attempt.

 

If I do not pass an End-of-Module Assessment in the new FAP, what type of feedback will I receive?

Each candidate will be provided with a personalized set of comments, chosen from a standardized list, that identify general areas for improving their submission.

 

What type of feedback will I receive on the FA in the new FAP?

After grades are released for a particular FA, candidates will have access to model solutions that they can use in preparation for future attempts at the FA.    

 

In the new FAP, what happens to my Module and Assessment credit if I do not complete the entire program before my final extension expires?

There is no change to the rules regarding re-registration for FAP.  If a candidate does not complete FAP in the maximum time allowed, they will be required to re-purchase the modules and will not retain any prior FAP Module and Assessment credit.

FAP inquiries may be directed to elearn@soa.org