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.
- 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 Interim Assessment 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 Interim Assessment (IA) splits the current longer assessment, delivered after Module 5, into manageable pieces. Questions will be at the end of Modules 1-7, replacing the current End-of-Module (EOM) exercises. Questions will be in the style of the current IA. Fewer questions to complete at one time means less time to submit each piece; the timing provided will be enough for a candidate to comfortably prepare each response. Grades will be released module by module. This way, candidates will receive more targeted feedback on their areas of strength and where they need improvement.
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.