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Finance Research Projects

Background

The Society of Actuaries' Committee on Finance Research (CFR) is seeking proposals for research projects that will produce information, data, theoretical models and/or empirical tools useful to actuaries practicing in investment and other finance-related areas.

The CFR will convene a project oversight group for each project that is selected for sponsorship. The project oversight group will oversee the progress of the project. This oversight group may include members of the CFR, Society of Actuaries' staff, and/or others who are knowledgeable and interested in the subject matter of the proposal.

Projects will be funded or partially funded by the CFR. The CFR will budget funds on a project-by-project basis, depending on the perceived value of a project as determined during the selection process (described below). Larger budget projects may require joint funding with other groups within the SOA and/or other organizations. This may lengthen the decision time for awarding of such projects.

Proposals are welcome any time and will be reviewed for funding consideration by the CFR at its next meeting after receipt of the proposal. It is not uncommon for the CFR to request additional details on a proposal for subsequent discussion and evaluation.

Research Objective

The specific subject matter, methods, and presentation of results are intentionally undefined in this RFP, with the hope that many unique and valuable projects will be proposed. Examples of finance research projects supported by the Society of Actuaries in the past can be found here. In addition, researchers will find other research projects of interest to the CFR under Risk Management, Pension, etc. here. The guiding principle above, of being (immediately) useful to practicing actuaries, should be borne in mind.

Proposal

To facilitate the evaluation of proposals, the following information should be submitted:

  1. Resumes of the researcher(s), including any graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
  5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submissions. The CFR is interested in completing projects in a timely manner. Suggestions in the proposal for ensuring timely deliver, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The CFR will appoint a Project Oversight Group (POG) to oversee the project.  The CFR is responsible for the selection of the proposal to be funded.  Input from other knowledgeable individuals also may be sought, but the CFR will make the final decision. The SOA's Research Actuary will provide staff actuarial support. 

Questions

Any questions regarding this RFP should be directed to Steven Siegel, SOA Research Actuary phone: +1-847-706-3578; email:  Research-AR@soa.org.    

Notification of Intent to Submit Proposal

If you intend to submit a proposal, please e-mail written notification to Steve Siegel at Research-AR@soa.org. 

Submission of Proposal

Please e-mail a copy of the proposal to Barbara Scott at Research-AR@soa.org.

Conditions

The CFR reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The CFR also reserves the right to redirect the project as is deemed advisable.

The CFR plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The CFR may choose to seek public exposure or media attention for the research.  By submitting a proposal, you agree to cooperate with the CFR in publicizing or promoting the research and responding to media requests.

The CFR may also choose to market and promote the research to members, candidates and other interested parties.  You agree to perform promotional communication requested by the CFR, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.