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The CAS Education Process

The CAS Education Process. CAS Spring Meeting Miami, Florida May 7, 2001. Discussion Facilitators Bob Conger Steve D’Arcy Mary Frances Miller. Agenda. Introductions The CAS basic education process How do other countries/organizations educate actuaries? Continuing education

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The CAS Education Process

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  1. The CAS Education Process CAS Spring MeetingMiami, Florida May 7, 2001 Discussion Facilitators Bob Conger Steve D’Arcy Mary Frances Miller

  2. Agenda • Introductions • The CAS basic education process • How do other countries/organizations educate actuaries? • Continuing education • We have some questions for you • Open microphone

  3. Perspectives on the CAS Basic Education Process

  4. Strengths of our education process • Draw from a large range of schools and majors • Provide opportunity for self study of material relevant for career • Provide rewards commensurate with success in mastering material • Exams developed, written and graded by practitioners

  5. Current concerns • Increase in travel time • Addition of material not basic for field • Too specialized • Overly theoretical types of questions • Loss of advantages of old Part 1

  6. Travel time to designation

  7. Addition of material not basic to field Among the topics that some have questioned are: • Advanced modeling topics • Stochastic processes • Life contingencies • Benefit reserves • Multiple decrement models • Dynamic Financial Analysis

  8. Types of Questions Course 3 - November 2000 25. Given Superscripts M and N identify two forces of mortality and the curtate expectations of life calculated from them. (i) (ii) (iii) Calculate (A) 9.2 (B) 9.3 (C) 9.4 (D) 9.5 (E) 9.6

  9. Types of Questions Course 3 - November 2000 36. Given (i) (ii) Calculate F. (A) -0.20 (B) -0.09 (C) 0.00 (D) 0.09 (E) 0.20

  10. Types of Questions Course 4 - November 2000 10. You are given (i) Sample size = 100 The negative loglikelihoods associated with five models are: (ii) Model Generalized ParetoBurrParetoLognormalInverse Exponential Number of Parameters 33221 Negative Loglikelihood 219.1219.2221.2221.4224.2 The form of the penalty function is (iii) Which of the following is the best model, using the Schwartz Bayesian Criterion? (A) Generalized Pareto (B) Burr (C) Pareto (D) Lognormal (E) Inverse Exponential

  11. Loss of advantages of old Part 1 • Benefits as attractor exam • Often recommended by math advisors • Gave students confidence they could succeed in field • Benefits as screening exam • Companies could require this exam of applicants • Failure to pass this exam indicates likely problems with future exams

  12. Course corrections • Exams 3 (Actuarial Models) and 4 (Actuarial Modeling) • Eliminating some readings • Commissioning new study material • Studying other potential revisions • Educational Consultant • Additional training for exam committees • Source of expertise on professional testing

  13. View from a university • Actuarial profession is still attractive to students with strong math skills • Early exams are much more of a challenge than previously • Connection between actuarial science and business programs is very important

  14. How do other countries/organizations educate actuaries?

  15. Other ways to do it • Credit for traditional university courses • On-site seminars • Individualized development programs • Distance learning • Big picture followed by details

  16. University courses • Institute and Faculty of Actuaries (UK) • Limited number of schools • Pre-approved syllabus • Currently at level of Exams 1-4 • Intend to add courses at Exams 5-6 level • Grade based on final exam • Pass mark for IA/FA credit set by outside examiner above course pass mark (65%)

  17. On-site seminars • SoA Modeling Seminar in place of Exam 7 • Pre-exam required for enrollment (70%-85%) • Week-long, hands-on course • Allows for more complicated problems than in an exam setting • Group work • Nightly assignments • Major individual project required to pass (90%-100%)

  18. On-site seminars • American Academy Seminar on Life/Health Regulation • Major pre-reading syllabus (500+ pages) • Three days followed by ½ day exam • Lecture/discussion format • Exam is open book (100% of 18 who sat)

  19. Individualized development programs • Society of Actuaries CPD replaces 9th exam • Minimum of 50 hours of continuing education tailored to the actuary’s specialty • Overseen by “mentor” qualified actuary and approved by SoA • Minimum of 25 hours must be in face-to-face, organized activities • Substantial written project required (may be a project completed for the actuary’s job)

  20. Distance Learning • UK equivalent of ACTEX offers optional correspondence course with assignments • Australia requires enrollment in course and completion of assignments before sitting for fellowship exams • Australian “Actuarial Control Cycle” course now offered in an internet-based version

  21. The Actuarial Control Cycle profit risk assessment contract design experience analysis CAPITAL pricing solvency A/L mgmt valuing liabilities asset review

  22. The big picture • IAAust Actuarial Control Cycle course • Case study approach • Some case studies continue through time as various topics are addressed • Lecture/discussion • Group projects • Final examination (65%, but 85% for new internet course)

  23. The Actuarial Control Cycle profit risk assessment 5, 9 7 contract design experience analysis CAPITAL pricing solvency A/L mgmt valuing liabilities 6 asset review 8

  24. Continuing Education

  25. Purposes and objectives of CAScontinuing education - “audience” perspective • General ongoing learning and intellectual exercise • Post-Fellowship specialization • Access emerging fields and technologies, and new ideas • Fulfill practice requirements • Networking • Fun

  26. Purposes and objectives of CAScontinuing education - presenter perspective • Venue for research and publication • Give something back to the profession by sharing your expertise • Personal and corporate marketing • Networking • Fun

  27. Purposes and objectives of CAScontinuing education - CAS perspective • Maintain CAS organizational viability and visibility • Our stature as a profession requires that we take continuing education seriously

  28. The CAS and its affiliates use various media to deliver continuing education • Meetings and seminars • Large / small / limited attendance • Multi-topic / single topic • Publications • Refereed, or not • Electronic media • Website

  29. “Open” Meetings and Seminars Spring and Fall meetings CLRS and Ratemaking seminars Reinsurance Valuation of insurance operations Funding of catastrophe risk Understanding the ERM process DFA UK meetings CIA appointed actuary ASTIN colloquium Limited Attendance Seminars Loss distribution Convergence of insurance and financial market Reinsurance; reinsurance lunches Principals of finance DFA, advanced DFA Business skills sessions at CAS meetings more . . . The CAS and its affiliates have sponsoreda wide array of continuing education offerings Co-sponsor

  30. The CAS and its affiliates have sponsoreda wide array of continuing education offerings Publications • Proceedings • Forum • Discussion paper programs • Website • Meeting materials • Publications • Distance learning courses in financial risk management Regional Affiliate/Special Interest Section Meetings

  31. Let’s hear from you

  32. We have some questions for you • How many years should it take to achieve Fellowship? • Average? Minimum? Maximum? • What is the basis for your answer?

  33. We have some questions for you • How should the CAS address ongoing increases in the number of areas important to casualty actuaries? • Add more to the Syllabus? • Drop general introductory material (calculus, statistics)? • Give exam credit for college courses? • Specialization tracks along the path to Fellowship? • Specialization certificates after Fellowship? • Continuing education? • Other?

  34. We have some questions for you • Would an “attractor” exam be good? • Have you changed your hiring criteria for entry level actuaries in light of changes in structure of early exams? (e.g., Part 1 used to be a requirement) • What changes have you made? • What do you use as a substitute?

  35. We have some questions for you • What format and media would you like to see used more extensively in CAS Continuing Education? • e.g., limited attendance workshops, internet-based programs

  36. Do you have someviews to share?

  37. Call us if you have more ideas, suggestionsor want to volunteer for a committee or task force Bob Conger Steve D’Arcy Mary Frances Miller Tom Downey(CAS Office) 404-365-1634 217-333-0772 615-269-4469 703-276-3100 congerb@towers.com s-darcy@uiuc.edu maryfrances.miller@selectactuarial.com tdowney@casact.org

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