The CAS Education Process CAS Spring Meeting Miami
- Slides: 37
The CAS Education Process CAS Spring Meeting Miami, Florida May 7, 2001 Discussion Facilitators Bob Conger Steve D’Arcy Mary Frances Miller
Agenda n Introductions n The CAS basic education process n How do other countries/organizations educate actuaries? n Continuing education n We have some questions for you n Open microphone May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 2
Perspectives on the CAS Basic Education Process
Strengths of our education process n Draw from a large range of schools and majors n Provide opportunity for self study of material relevant for career n Provide rewards commensurate with success in mastering material n Exams developed, written and graded by practitioners May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 4
Current concerns n Increase in travel time n Addition of material not basic for field q Too specialized n Overly theoretical types of questions n Loss of advantages of old Part 1 May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 5
Travel time to designation May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 6
Addition of material not basic to field Among the topics that some have questioned are: n Advanced modeling topics n Stochastic processes n Life contingencies q Benefit reserves q Multiple decrement models n Dynamic Financial Analysis May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 7
Types of Questions Course 3 - November 2000 25. Given (i) Superscripts M and N identify two forces of mortality and the curtate expectations of life calculated from them. (ii) (iii) Calculate (A) 9. 2 (B) 9. 3 (C) 9. 4 (D) 9. 5 (E) 9. 6 May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 8
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 May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 9
Types of Questions Course 4 - November 2000 10. You are given (i) Sample size = 100 (ii) The negative loglikelihoods associated with five models are: Model Number of Parameters Negative Loglikelihood 3 3 2 2 1 219. 2 221. 4 224. 2 Generalized Pareto Burr Pareto Lognormal Inverse Exponential (iii) The form of the penalty function is 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 May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 10
Loss of advantages of old Part 1 n Benefits as attractor exam q Often recommended by math advisors q Gave students confidence they could succeed in field n Benefits as screening exam q Companies could require this exam of applicants q Failure to pass this exam indicates likely problems with future exams May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 11
Course corrections n Exams 3 (Actuarial Models) and 4 (Actuarial Modeling) q Eliminating some readings q Commissioning new study material q Studying other potential revisions n Educational Consultant q Additional training for exam committees q Source of expertise on professional testing May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 12
View from a university n Actuarial profession is still attractive to students with strong math skills n Early exams are much more of a challenge than previously n Connection between actuarial science and business programs is very important May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 13
How do other countries/organizations educate actuaries?
Other ways to do it n Credit for traditional university courses n On-site seminars n Individualized development programs n Distance learning n Big picture followed by details May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 15
University courses n Institute and Faculty of Actuaries (UK) n Limited number of schools n Pre-approved syllabus q Currently at level of Exams 1 -4 q Intend to add courses at Exams 5 -6 level n Grade based on final exam n Pass mark for IA/FA credit set by outside examiner above course pass mark (65%) May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 16
On-site seminars n So. A Modeling Seminar in place of Exam 7 n Pre-exam required for enrollment (70%-85%) n Week-long, hands-on course q Allows for more complicated problems than in an exam setting q Group work q Nightly assignments q Major individual project required to pass (90%-100%) May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 17
On-site seminars n American Academy Seminar on Life/Health Regulation n Major pre-reading syllabus (500+ pages) n Three days followed by ½ day exam n Lecture/discussion format n Exam is open book (100% of 18 who sat) May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 18
Individualized development programs n Society of Actuaries CPD replaces 9 th exam n Minimum of 50 hours of continuing education tailored to the actuary’s specialty n Overseen by “mentor” qualified actuary and approved by So. A n Minimum of 25 hours must be in face-to-face, organized activities n Substantial written project required (may be a project completed for the actuary’s job) May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 19
Distance Learning n UK equivalent of ACTEX offers optional correspondence course with assignments n Australia requires enrollment in course and completion of assignments before sitting for fellowship exams n Australian “Actuarial Control Cycle” course now offered in an internet-based version May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 20
The Actuarial Control Cycle profit risk assessment contract design experience analysis CAPITAL pricing solvency A/L mgmt valuing liabilities asset review May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 21
The big picture n IAAust Actuarial Control Cycle course n Case study approach q Some case studies continue through time as various topics are addressed n Lecture/discussion n Group projects n Final examination (65%, but 85% for new internet course) May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 22
The Actuarial Control Cycle profit 7 risk assessment 5, 9 contract design experience analysis CAPITAL pricing solvency A/L mgmt valuing liabilities 8 asset review 6 May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 23
Continuing Education
Purposes and objectives of CAS continuing education - “audience” perspective n General ongoing learning and intellectual exercise n Post-Fellowship specialization n Access emerging fields and technologies, and new ideas n Fulfill practice requirements n Networking n Fun May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 25
Purposes and objectives of CAS continuing education - presenter perspective n Venue for research and publication n Give something back to the profession by sharing your expertise n Personal and corporate marketing n Networking n Fun May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 26
Purposes and objectives of CAS continuing education - CAS perspective n Maintain CAS organizational viability and visibility n Our stature as a profession requires that we take continuing education seriously May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 27
The CAS and its affiliates use various media to deliver continuing education n Meetings and seminars q Large / small / limited attendance q Multi-topic / single topic n Publications q Refereed, or not n Electronic media q Website May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 28
The CAS and its affiliates have sponsored a wide array of continuing education offerings “Open” Meetings and Seminars Limited Attendance Seminars n Spring and Fall meetings n Loss distribution n CLRS and Ratemaking seminars n n Reinsurance Convergence of insurance and financial market n Valuation of insurance operations n Reinsurance; reinsurance lunches n Funding of catastrophe risk n Principals of finance n Understanding the ERM process n DFA, advanced DFA n Business skills sessions at CAS meetings n UK meetings n CIA appointed actuary n ASTIN colloquium Co-sponsor more. . . May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 29
The CAS and its affiliates have sponsored a wide array of continuing education offerings Publications n Proceedings n Forum n Discussion paper programs n Website q Meeting materials q Publications q Distance learning courses in financial risk management Regional Affiliate/Special Interest Section Meetings May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 30
Let’s hear from you
We have some questions for you n How many years should it take to achieve Fellowship? q Average? Minimum? Maximum? q What is the basis for your answer? May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 32
We have some questions for you n How should the CAS address ongoing increases in the number of areas important to casualty actuaries? q Add more to the Syllabus? q Drop general introductory material (calculus, statistics)? q Give exam credit for college courses? q Specialization tracks along the path to Fellowship? q Specialization certificates after Fellowship? q Continuing education? q Other? May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 33
We have some questions for you n Would an “attractor” exam be good? n 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) q What changes have you made? q What do you use as a substitute? May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 34
We have some questions for you n What format and media would you like to see used more extensively in CAS Continuing Education? q e. g. , limited attendance workshops, internet-based programs May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 35
Do you have some views to share?
Call us if you have more ideas, suggestions or want to volunteer for a committee or task force Bob Conger 404 -365 -1634 congerb@towers. com Steve D’Arcy 217 -333 -0772 s-darcy@uiuc. edu Mary Frances Miller 615 -269 -4469 maryfrances. miller@selectactuarial. com Tom Downey (CAS Office) 703 -276 -3100 tdowney@casact. org May 2, 2001 G: CONGERWPDOCCASEducation. Process 04242001. ppt 37
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