test

The GI track is not the only track that goes beyond the 5/5/2 structure.

The Retirement Benefits track (RET) for U.S. candidates has two Enrolled Actuaries multiple-choice exams, totaling 6.5 hours of exam time, in place of one of the 5-hour exams.

The Corporate Finance and ERM (CFE) track has a 4-hour ERM exam in place of a 2-hour exam. The 4-hour ERM exam consists of 3 hours on core ERM topics and 1 hour in a reading extension selected by the candidate.[ ]

Candidates in tracks other than CFE, may substitute their track’s 2-hour specialty exam with the 4-hour ERM exam. Passing the 4-hour ERM exam instead of the 2-hour specialty exam enables a candidate to obtain the Chartered Enterprise Risk Analyst (CERA) designation in addition to the FSA designation.

[ ] The ERM exam reading extensions are as follows: Retirement Benefits, Individual Life and Annuities, Group and Health, Investment, General Insurance, and General Corporate ERM.

Requirement

Changes for 2023

RR Exam

Reduce from 5 hours to 3.5 hours

Topics moved
into ADV

Estimating ultimate claims by layer, specialized ratemaking topics, some reinsurance topics, and funding allocation for self-insurers.

Topics moved
into GIA

Premium liabilities, risk classification, monitoring results and catastrophe modeling.

FREU Exam

Reduce from 5 hours to 3.5 hours

Topics moved

into ADV

Estimating the premium asset on retrospectively rated policies and risk transfer testing of reinsurance.

Topics moved

into FRL

Government provision of insurance, discrimination in insurance, usage-based insurance, use of insurance credit-scores, captives, tort law, insurance contract law, international law and some topics regarding the regulation of insurance.

Topics removed from FREU

Solvency II standard formula details, implications of Solvency II for the United States, the Canadian actuarial report and Canadian solvency regulation.

ADV Exam

Increase from 2 hours to 3 hours

Topics added from RR

Estimating ultimate claims by layer, specialized ratemaking topics, some reinsurance topics, and funding allocation for self-insurers.

Topics added from FREU

Estimating the premium asset on retrospectively rated policies and risk transfer testing of reinsurance.

Topics moved into FRL

Financial economics approach to ratemaking.

FRL Module

formerly the FE Module

Topics added from FREU

Government provision of insurance, discrimination in insurance, usage-based insurance, use of insurance credit-scores, captives, tort law, insurance contract law, international law, and some topics regarding the regulation of insurance.

Topics added from ADV

Financial economics approach to ratemaking.

Topics added

Price optimization and social inflation.

Topics removed from FE

Introduction to financial economics, utility theory, mean‑variance portfolio theory and modern corporate finance.

GIA Module

formerly the AST Module

Topics added from RR

Premium liabilities, risk classification, monitoring results and catastrophe modeling.

Topics removed from AST

Ordinary least squares, generalized linear model and credibility in the generalized linear model.