Fundamentals of Actuarial Practice FAP
by Education and Research Section
The release of FAP Module 1 earlier this year marked a significant achievement for the Society of Actuaries' basic education system. To date, Modules 1–4 have been released. Approximately 2,300 candidates have registered for the e–Learning course and are engaged in an active learning environment.
FAP design and development represents a significant and ongoing volunteer effort and we would like to acknowledge the commitment and dedication of well over 100 volunteers to date.
The FAP website includes a discussion forum for candidates which, serves as a learning tool and provides an opportunity for candidates to share insights with and ask questions of other candidates taking the FAP modules and exams. The number of participating candidates (i.e. those who are posting and those who are viewing posts) is increasing every week. We are pleased to see that the forum is providing a supportive, productive, and professional learning environment for candidates.
The FAP design can certainly be characterized as a paradigm shift for the SOA education system. Given the significance of this change in the SOA's approach to education candidate, we need to maintain a stable environment for candidates during the initial rollout year. Consequently, we are limiting module edits/changes to only those that are truly material. In 2006, we are not only developing the modules, but are also gaining experience and collecting meaningful evaluation data from candidates and employers. In the spirit of continuous improvement, all input and feedback is being aggregated in preparation for a planned extensive review cycle in 2007.
The first FAP exam is planned for August 22, 2006, for candidates who have successfully completed Modules 1–5 at exam registration close (TBD).