Recent Changes in SOA Exams&

New Trend in ASRMOhoe KimDirector

Actuarial Science & Risk Management Program

CAE site visit: Nov. 3 and Nov. 4

• CAE: Center of Actuarial Excellence Designation

Actuarial Foundation Scholarships

• 2 recipients: Cosme Loic Fonkoua and Victoria Seppi.

• ASRM Executive Committee:

Seth Thomas , President Bryan Kershner, Vice PresidentTom Slemp, SecretarySarah Arvey, TreasurerAshley Schech, Advertising and Public RelationsCosme Loic Fonkoua , Special EventsPengqian Zhang , Recruitment

Committee Members & Responsibilities

Seth and Bryan: • Responsible of the overall organization of the club. • Community Service

Sarah:• Budget• SGA

Tom:• Students Database• Facebook

Committee Members & Responsibilities

Loic and Sarah:• Website Management• NY Trip

Loic ,Bryan, Ashley and Penqian:• Exam Workshop (Tutoring, Registration, study guides and

Advising).

Committee Members & Responsibilities

Ashley and Tom:• Advertising and Marketing• Fliers and Posters• Towerlight and Daily Digest

Pengqian:• Recruitment• Campus Involvement

Action Plans• ASNY Trip: January 8, 2012• Recruitment: Destination Towson in the spring, Open houses coming up• Possibly advertise/schedule an event in Stephens (for finance and econ

majors)• Exam workshop: tutoring for Math 331 and 312 (exams 1/P and 2/FM)• Provide study materials for first few exams• Continue to raise money with bake sales and submit budgets to SGA• Promote website and facebook page• Continue to advertise in towerlight/flyers• Community Service?

New ASRM Website!

http://towsonasrmclub.webs.com/

Created and managed by Loic and Sarah.

Job Fair

mid February 2012

What can you do with this Mathematics Degree?

• Go to http://www.towson.edu/careercenter/cd/majors/default.html

• Look for internships or jobs? Get a Hire@TU account at the TU career center.(http://www.towson.edu/careercenter/student/internship.asp ) Log in at https://www.myinterfase.com/towson/student/

• Go to graduate school? Grad School 101 November 16, 4-8pm, Stevenson University.

• Kaplan GRE prep test session: online, Saturday, October 29; register at http://www.formstack.com/forms/?1105267-BgdQRnNZN3

SOA Exam Changes & A New Trend in CERA Pathway

• Preliminary examinations• CERA changes• FSA changes• 2012 Schedule & Math

442(Exam C)• Other items/Questions

What is CERA?

Chartered Enterprise Risk Analyst (CERA)

It’s a new breed of professional.This expanding breadth of risk----and the spectrum of its enterprise-wide potential----calls for a new breed of professional who can identify, measure and manage complex risks.

What is CERA?• Convert risk into opportunity

• CERA opens doors to new opportunities in insurance, broader financial services, manufacturing, transportation, health care and energy that rely on qualitative and quantitative approaches to risk management.

• CERA has a 360-degree look at an organization’s risk profiles and model future events.

More info can be found at www.CERAnalyst.org

CERA

• Probability----Math331• Financial Mathematics----Math485&486• Micro/macro economics----ECON201&202• Construction of Actuarial Models----Math442• Advanced Finance----Fin331&333• Enterprise Risk Management• Financial Reporting• Operational Risk

Preliminary Exams

• P – no changes, CBT, 6 per year• FM – no changes, CBT, 6 per year (2012)• MFE – In process of converting to full CBT, 3

per year (2012)• C – Full CBT, 3 per year (2012)

Preliminary Exams

• MLC– New syllabus in effect Spring 2012– Later this month:

• Notation and terminology note• Slight revisions to LOs/readings• Updated sample questions (but new questions will

come later)

CERA pathway – July 1, 2012• NEW Strengthens ERM content

• NEW Important to ERM

• NEW ERM Exam replaces AFE (4hr ERM-focused)

46th ARC, August 12, 2011Stuart Klugman, FSA, CERAStaff Fellow, Education

Motivation for change

• Remove material not required for Global CERA• Ensure full coverage of Global CERA syllabus• Make CERA more accessible for other

tracks/practice areas and FSAs

FSA pathway – July 1, 2013

FSA changes

• Non-CERA Path to FSA– Two five-hour exams + one two-hour exam

(differs for retirement benefits)

• CERA Path to FSA– Two five-hour exams + four-hour ERM exam

Success in SOA Exams

• Job placement data• Traditional actuarial job/broad financial services: 75%• Graduate school enrollment: 13%

• Success in SOA examination• Pass at least one exam: 79%• Pass at least two exams: 31%• Pass at least three exams: 3%

Goal of Success Rate in Passing Exams

Increase the percentage of two-exam passage to 70% by 2013.

Exam Reporting System

• Upon passing an exam, every student should inform the program director.

2012 Schedule & Math 442Course # # of Sections Professor Time

MATH 312 1 Ji T, TR 5:30-6:45PM

MATH 331/531 2

331.001 Aminzadeh T, TR 9:30-10:45AM; W 10:00-:50AM

331.101 Staff T, TR 5-6:15 PM

MATH 332/532 1 Staff T, TR 11:00-12:15AM

MATH 337/533 1 Aminzadeh T, TR 2:00-3:40PM

MATH 390 1 Han M, W 5:00-6:15PM

MATH 442 1 Han M, W 7:00-8:40 PM

MATH 439/ 1 Pemy T, TR 6:30-7:45 PM

MATH 486/586 2

486.001 Kim M, W 11:00-12:50PM

486.002 Kim M, W 2:00-3:50PM

Other Items

• FSA written-answer advice• Courseware for ERM exam• New FAP text (replaces four books with one)

Actuarial Science & Risk Management Education and Practice

• Definition of actuary and risk manager

• Capabilities of actuaries and risk managers

Adam Buttco-authors Brian Chu (UNSW) & John Shepherd (Curtin)Presented to the 46th Actuarial Research Conference, University of Connecticut, 11-13 August 2011

Definition of actuary and risk manager

• From the Actuarial Society of South Africa:

An actuary is “a primary source of authoritative advice and thought leadership in the understanding, modelling and management of financial and other measurable risk”

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• Students need to develop capabilities that will in future allow them to deliver a service of quality.

• Of the professional bodies investigated, only the Society of Actuaries (SOA) has defined this (in its “Competency Framework”). These are:

Capabilities required by an actuary

• Communication • Relationship Management & Interpersonal Collaboration

• Professional Values • Technical Skills & Analytical Problem Solving

• External Forces & Industry Knowledge

• Strategic Insight & Integration

• Leadership • Results-Oriented Solutions

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• The SOA lists “incorporate the elements of the SOA Competency Framework as appropriate” as one if its principles for education.

• Bringing this together we argue that education frameworks should develop capabilities that prepare students to understand, model and manage risks.

Capabilities required by an actuary (continued)

Important Websites

• www.soa.org• www.beanactuary.com• http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx• www.coachingactuaries.com

QUESTIONS?CONCERNS?