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Current CAS Issues and Directions

Current CAS Issues and Directions. Roosevelt C. Mosley, FCAS, MAAA SWAF Summer 2007 Meeting June 5, 2007, Austin, TX. Agenda. CAS Education Strategy – Update Other Education Issues CAS Centennial Goal ERM Initiatives Other News Your Input. Update on Education Strategy – Background.

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Current CAS Issues and Directions

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  1. Current CAS Issues and Directions Roosevelt C. Mosley, FCAS, MAAA SWAF Summer 2007 Meeting June 5, 2007, Austin, TX

  2. Agenda • CAS Education Strategy – Update • Other Education Issues • CAS Centennial Goal • ERM Initiatives • Other News • Your Input

  3. Update on Education Strategy – Background • Task Force on Review of Education and Examination Process and Procedures – 1998 • Chauncey Group – 2000 • Future Education Task Force – 2002 • Task Force on FCAS Education – 2004 • Board Task Force on FCAS Education - 2005 • Special Board Meeting – January, 2006 • Produced White Paper Based on Board Discussion

  4. Update on Education Strategy White Paper on CAS Education Strategy • Released in November 2006 • Feedback invited via online survey through January 2007. • Several significant proposed changed to education • Board discussed feedback in March 2007.

  5. Update on Education Strategy • Reasons for New Strategy • Expanding scope of practices • Some new areas are not conducive to traditional testing • Not all skills need same level of mastery • Balance of increasing syllabus materials and travel time

  6. Update onEducation Strategy • White Paper on Education – Proposals • Mastery vs. familiarity • Optional elective capabilities • Optional tracks for Fellowship • Enhanced continuing education program • Non-exam evaluation methods • Improved education material

  7. Update on Education Strategy Summary of Feedback: • Fellowship tracks did not garner broad support – concern with impeding career mobility. • Providing more rigorous continuing education offerings was strongly supported. • Required workshops for basic education – some support for testing knowledge and skills. • Other feedback: • Desire for improved study materials

  8. Survey of Stakeholders- Results • More than 8 in 10 agreed with Mastery of some material, familiarity with others. • Only 10% disagreed with more rigorous CPD opportunities • Certificates of Achievement in specialty areas: 45% agreed, 44% disagreed, 22% no opinion • Plus 206 written comments!

  9. Survey Comments- Themes Survey was “slanted” towards favorable answers. Specialization certificates would make it hard to move into other areas. VEE not a good idea- people will “shop” for easiest courses, career-changers don’t want to/can’t go back to college We have a lot to gain if we just improve current exams. Give upper exams twice a year. Why are we using the SOA as a role model?

  10. Comments- More Themes • Exams are a barrier to entry designed by a small group of elites who want to keep themselves expensive and don’t want to dilute the ACAS/FCAS designation. • Make sure this credential means something. • Exams cannot make people experts- only experience can. • We need other delivery methods besides closed-book exams. • CPD requirements- good or bad? • Stop jerking us around!

  11. Update on Education Strategy Next Steps: • Board held lengthy discussion during meeting in March. • Small task force of the Board formed to review the feedback to the White Paper in more detail and consider the comments of the Board. • Board will discuss issue again in June 2007.

  12. Update on Education Strategy • No implementation timeline has been contemplated at this point. • We will not have details on implementation until we first agree on the strategy that is to be implemented. • Implementation will not occur for several years. • Implementation plan will include a transition strategy designed to minimize disruption for candidates.

  13. Other Education Issues - Improved Educational Materials • Board established the Task Force on Developing Education Materials. • Task Force issued two Requests For Proposals for authors to create educational publications on (1) ratemaking and (2) reserving.  • Proposals were due March 30, 2007. • Board to decide on awarding contracts during June 2007 meeting.

  14. Other Education Issues - Candidate Code of Conduct • Board approved adoption of a Code of Professional Ethics for Candidates, and Rules of Procedure for Disciplinary Actions Involving Candidates • Purpose: to require Actuarial Candidates to adhere to the high standards of conduct, practice, and qualifications of the actuarial profession. • Effective: with registration for the 2008 Spring exam sitting.

  15. CAS Centennial Goal • March 2003 • CAS Board adopted the Centennial Goal. • November 2006 • LRPC presented its annual report to the Board; Board agreed to revisit the goal. • March 2007 • Board reaffirmed the long-term vision for CAS; approved refreshed wording for the Goal.

  16. CAS Centennial Goal The CAS will be recognized globally as a leading resource in educating casualty actuaries and conducting research in casualty actuarial science. CAS members will advance their expertise in pricing, reserving, and capital modeling; and leverage their skills in risk analysis to become recognized as experts in the evaluation of enterprise risks, particularly for the property and casualty insurance industry.

  17. ERM Initiatives • ERM Vision • 2007 ERM Symposium • Online Course: Introduction to ERM • 2007 CAS Spring Meeting – ERM track (six sessions) • CAS ERM Committee

  18. CRUSAP • Critical Review of the U.S. Actuarial Profession (CRUSAP) Task Force issued its final report (see www.crusap.net). • Board discussed report in March 2007. • Agreed that Council of US Presidents (CUSP) will focus on profession’s reaction to the report. • Board to receive and review CUSP proposed responses at future Board meetings.

  19. Board Governance • Fellows approved changes to the Constitution in 2006 to allow the CAS to appoint additional board members to the CAS Board of Directors. • Board approved the appointment of Mark Vonnahme to the Board in March, making him the first non-actuary to serve the CAS in this capacity.

  20. New CAS Journal www.VarianceJournal.org

  21. Image of the Actuary Campaign • Profession-wide campaign. • Image Advisory Group, made up of members from each of the North American actuarial organizations, oversees campaign. • www.imageoftheactuary.org/ for more information.

  22. 2007 Calendar of Events • Spring MeetingJune 17-20, 2007, Orlando • ASTIN ColloquiumJune 19-22, 2007, Orlando • Limited Attendance Reinsurance SeminarJuly 16, 2007, London • CLRSSeptember 10-11, 2007, San Diego • Annual MeetingNovember 11-14, 2007, Chicago

  23. ASTIN 2007 • CAS is host of the 2007 ASTIN Colloquium – ASTIN’s 50th Anniversary! • Immediately follows the 2007 CAS Spring Meeting, with a joint day of sessions. • http://www.actuaries.org/ASTIN2007/

  24. I welcome your input regarding . . . • CAS Education Strategy • CAS Centennial Goal / ERM Initiatives • CAS Publications and Research • Image of the Actuary Campaign • 2007 Calendar of Events • Other Topics • Questions?

  25. Thank You! Roosevelt C. Mosley, FCAS, MAAA SWAF Summer 2007 Meeting June 5, 2007, Austin, TX

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