The Fundamentals of Actuarial Practice (FAP) e-course is set in the context of a control cycle. You'll use real-world examples that demonstrate actuarial principles and practices in traditional and nontraditional areas.
Module 1: Introduction/Role of the Professional Actuary
Module 2: Core External Forces
Module 3: Risk in Actuarial Problems
Module 4: Actuarial Solutions
Module 5: Design and Pricing of an Actuarial Solution
Module 6: Model Selection and Solution Design
Module 7: Selection of Initial Assumptions
Module 8: Monitoring Results
After you complete this e-course, you should be able to:
- Describe financial security systems and their operation.
- Identify issues that actuaries need to address.
- Understand how a business environment affects how actuaries work.
- Discuss how the actuarial practice is expanding to fill new roles.
- Explain how actuaries can bring professionalism to their work.
- Distinguish the types of problems that actuaries typically solve.
- Characterize risk in an actuarial context.
- Define how actuaries identify, assess and manage risk.
- Describe how actuaries apply the fundamentals in their work.
- Illustrate the types of solutions that actuaries can bring to their bosses, management, boards of directors or clients.
- Individuals engaged in the actuarial profession at any level looking to fulfill their CPD requirement.
- Other professionals interested in learning more about enterprise risk management.
The following books are referenced in the e-course. While these materials are not required, they're recommended to enhance the e-course learning experience:
- Bellis, C., Klugman, S., Shepherd, J., and Lyon, R., 2010 (Second Edition). Understanding Actuarial Management: The Actuarial Control Cycle. Institute of Actuaries of Australia.
- Brown, R. L. and Gottlieb, L. R., 2007. Introduction to Ratemaking and Loss Reserving for Property and Casualty Insurance (Third Edition), ACTEX Publications, Inc.
- Klugman, S., 2012. Understanding Actuarial Practice . Society of Actuaries.
- Segal, S., 2011. Corporate Value of Enterprise Risk Management: The Next Step in Business Management , Wiley.
- This e-course may be suitable to meet the Basic Requirement provisions of Section B of the SOA CPD requirement.
- This e-course may also be suitable to meet the provisions of an Alternative Compliance standard (please consult the appropriate standard).
- This e-course is for professional development. It's not intended to substitute for any professionalism requirements for the ASA, CERA or FSA credentials. If you wish to register for an e-learning module to attain a designation, please visit the e-learning module Web page .
- Ultimately, it's an actuary's responsibility to make a reasonable, good-faith determination of what continuing education opportunities will enhance his or her ability to practice in a desired field. For more information on continuing education requirements, visit soa.org/CE .