Education & Exams Updates
Updated: Dec. 22, 2020
Visit the FAQ Education Page for answers to the most frequently asked COVID-19 related questions.
- FSA Deadline Transition Extension Approved
The Society of Actuaries Board of Directors voted at their December 17, 2020 meeting to approve a transition extension for certain FSA candidates. Fellowship candidates who attained ASA by July 1, 2018 are exempt from passing the Predictive Analytics exam if they complete all requirements for FSA (including FAC) prior to January 1, 2023. This is a six-month extension to the previously communicated deadline and has been approved in response to challenges brought on by the COVID-19 pandemic. The SOA does not anticipate any further extensions to this deadline. View full set of curriculum changes from the recent ASA transition.
As announced in July, the Group and Health exam transition timeframe has also been extended by an additional exam session due to the pandemic. The Group and Health Design & Pricing and Finance & Valuation exams will be offered in segments through the Fall 2021 exam session.
Please send your questions to SOA Customer Service.
- Most All SOA Exams Moving to Computer-Based Delivery: Additional Details
The SOA has announced that it is moving to a computer-based testing (CBT) approach for all examinations except LTAM beginning with the Fall 2020 written-answer exam administration. Candidates will take their exams at a Prometric testing facility. The use of Prometric test centers – the same test center provider used for our computer-based associateship examinations – supports the SOA’s goal of the administration of reliable and valid examinations to everyone across the globe. Read Additional Details.
- What to Expect on Exam Day
Please see Prometric’s Test Center Policies
- Remote Learning Solutions for APC and FAC
The SOA will be offering the Associateship Professionalism Course (APC) and the Fellowship Admissions Course (FAC) by remote learning so that candidates may continue their progress toward their designations in the coming months. Each remote course will include two components – an online e-Learning component and a virtual meeting session component. While the APC remote solution is likely a permanent change, the virtual meeting sessions for FAC will be offered only while restrictions on travel and social distancing remain in place. See full announcement to candidates.
APC Remote Solution
- APC Component #1 – Online e-Learning module(s) that candidates complete individually (estimated 3-4 hours of focused effort).
- The module will cover the Code of Professional Conduct, Standards of Practice, ethics and legal liability.
- APC Component #2 – Virtual Case Discussions – Groups of 8-10 candidates and one facilitator meet via a designated virtual meeting platform (2-3 hours in length)
- Sessions will include discussion of the remaining ethics case studies
FAC Remote Solution
- FAC Component #1 – Online e-Learning module(s) that candidates complete individually (estimated 6-8 hours of focused effort).
- Module(s) will include content on professionalism, ethics, legal issues and communication skills.
- Two assignments will be completed in the module and graded by FAC facilitators.
- FAC Component #2 – One-day Virtual Meeting –Groups of 8-10 candidates and one facilitator meet via a designated virtual meeting platform.
- Sessions include discussion of Thought Questions from the module and ethics case studies and candidates will give their individual presentations.
Diplomas will be mailed to candidates after the completion of both components.
- Capacity at Prometric Centers
Prometric continues to reopen and/or increase capacity at test centers in keeping with locally applicable government policies. The SOA is considered an essential client which will give our candidates some priority where possible for available test center seats. It is important to bear in mind that there are other professional certification exams also offered at Prometric centers that are facing the same pressure. While Prometric is reopening centers and working to provide as many seats as possible given the constraints, it is likely that there will be shortages of available seats in some locations. Some candidates may not be able to find a seat at the Prometric test center they would prefer and may need to travel to the next closest available test center.
- Temporary Change to VEE Required Grade
Due to many universities offering or requiring a pass/fail score on spring courses, the Joint CAS/CIA/SOA VEE Administration Committee is temporarily accepting for VEE credit a pass/satisfactory mark or a grade of C or better on transcripts for the Spring and Summer 2020 semesters only. While the standard VEE policy accepts a passing score on a pass/fail course if the candidate’s professor can provide a letter that a B- or better was earned, we will not require that letter for the Spring and Summer 2020 courses.
Please direct any questions to firstname.lastname@example.org.
- Education committee meetings will be managed virtually for the immediate interim. Please see the SOA Education Volunteer Engage site for additional details or contact your committee chairperson.