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Travel Time An Introduction to the Cost of Becoming a Casualty Actuary

Travel Time An Introduction to the Cost of Becoming a Casualty Actuary. Arlie Proctor, FCAS, MAAA Vice President, Munich Re America Chair, CAS Examination Committee. Agenda. How does the CAS define “travel time?” Recent study results http://www.casact.org/admissions/reports/travel2005.pdf

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Travel Time An Introduction to the Cost of Becoming a Casualty Actuary

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  1. Travel TimeAn Introduction to the Cost of Becoming a Casualty Actuary Arlie Proctor, FCAS, MAAAVice President, Munich Re AmericaChair, CAS Examination Committee

  2. Agenda • How does the CAS define “travel time?” • Recent study results http://www.casact.org/admissions/reports/travel2005.pdf • What those results mean to candidates and employers • What the CAS is doing to affect travel time CANE 26 September 2006

  3. How does the CAS define travel time? • Prior to 2001, the CAS defined travel time to be the average elapsed time from first exam to ACAS/FCAS for each new graduating class or the average number of exam sittings. • In November, 2001, the CAS Board of Directors redefined travel time to be the median time from employment date to ACAS/FCAS by year of first actuarial employment. Furthermore, the Board of Directors defined 5-7 years as the target. CANE 26 September 2006

  4. Recent Study Results • The following are from the 2005 report on travel time and are based on Exam/VEE results through May 2005 • Distribution of travel times for the population of all ACAS/FCAS • Median travel times for starting cohorts • “Fisher” statistics • New entrant statistics CANE 26 September 2006

  5. Travel Times for Associates CANE 26 September 2006

  6. Travel Times for Fellows CANE 26 September 2006

  7. Median Travel Time: FCAS CANE 26 September 2006

  8. Fisher Statistics for FCAS CANE 26 September 2006

  9. Fisher Statistics for FCAS CANE 26 September 2006

  10. Demographics – Who is Sitting? CANE 26 September 2006

  11. How are they Doing? CANE 26 September 2006

  12. Sitting Statistics CANE 26 September 2006

  13. What does it all mean? • Travel time appears to be improving. • We have never come close to achieving the current board goal of 5-7 years median travel time. Is that bar too high? • Enrollment is up sharply and the supply of future Fellows is increasing, even if there is something of a supply crunch at the moment. • Our demographics are changing, and we need to keep a careful eye on them. CANE 26 September 2006

  14. What is the CAS doing to affect Travel Time? • Looking for syllabus materials with better pedagogical approach. • Administering higher quality, shorter examinations with more emphasis on core knowledge and less on exam taking skills. • Redefining what every actuary needs to know (White Paper presented at September 2006 Board meeting). CANE 26 September 2006

  15. Questions and/or Comments? CANE 26 September 2006

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