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SOA Changes 2022-2023

SOA Changes 2022-2023

The SOA board of directors has made changes to the SOA exam structure. The adjustments made in the ASA curriculum are geared toward meeting the market demand for actuarial education in the job market. These changes also support the SOA’s board of directors’ goal of elevating their candidate’s efficiency in their career pathway hence making them more viable in the current job market. 

Students sitting for their SOA examinations in the year 2022-2023 should note the following changes for maximum preparation for the assessments. 

New learning objectives for Exams P and FM

Exam P

The examination P will be administered for the first time in September 2022. It will be a three-hour examination offered via computer-based testing(CBT). By completing the syllabus, a candidate develops knowledge and essential probability skills for quantitatively assessing risks. Furthermore, one acquires some basic understanding of insurance and risk management. The skills also enable you to solve problems encountered in the field of actuarial science. 

Exam FM 

Exam FM, which is a multiple-choice examination with 35 questions that takes three hours, has been shortened to a 2.5-hour examination with 30 questions. This change will be effective in October 2022, when the exam is to be administered. It is also offered via CBT. Through the syllabus of these exams, a candidate’s comprehension of the key concepts of financial mathematics and how to apply them in calculating the present and accrued values of various cash flows are enhanced. 

However, instant results for both exams P and FM are still available. 

A candidate should follow the following steps to take part in the Computer Based Scheduling; 

● STEP 1:Register with the SOA before the exam deadline date. 

● STEP 2:Wait for an hour to schedule your exams at a Prometric center after receiving an acknowledgment receipt.

New ASA modules revision highlights

The new ASA modules consist of pre-actuarial foundations and actuarial science foundations e-learning modules. 

Pre-actuarial Foundations are a required component of the pathway to associateship with the society of actuaries and a requirement of pre-actuarial foundations micro-credentials. This learning module is facilitated electronically through E-learning. A candidate must have credit for the following exams P and FM, before registering for the Pre-actuarial Foundations module. 

Actuarial science learning modules are also provided and facilitated online through E-learning. It is a component of the pathway to associateship and a micro-credential to actuarial science foundations. Credits in the following pre-requisites are a necessity before registering: 

● Pre-actuarial Foundations module 

● Fundamentals of Actuarial mathematics exam 

● Statistics for risk modeling exam 

Updated learning objectives and outcomes for ALTAM, ASTAM, and FAM examinations

FAM exams changes

Having concluded the new syllabus for Fundamentals of Actuarial Mathematics(FAM), the exams will be administered for the first time in October 2022. From there, other exams will take place in March, July, and November for the following years. The duration of FAM examinations is 3.5 hours which consists of 40 multiple choice questions offered via CBT. In addition to this, there is a transition period from October 2022 through July 2024 when the exams are offered in two pieces; FAM-L and FAM-S. The exams take place in 1.75 hours with 20 multiple-choice questions. The syllabus on the FAM-S introduces students to modeling and covers important actuarial methods that are useful in modeling, plus foundational principles for rate-making and reserving for short-term coverage. The syllabus for the long-term period FAM-L cultivates the candidate’s knowledge on the theoretical basis of contingent payment models and their application to insurance and other financial risks. 

During the transition period, candidates with credits for FAM-L must also pass the FAM-S examinations and vice versa. Failure to do this, a candidate will be required to take the full FAM examinations at a later date provided by the SOA. A candidate who lacks credit in either of the exams in the transition period will also be required to take the full FAM exams provided and will pass or fail the examinations in their entirety. 

ALTAM ASTAM exam changes

Both exams will be first offered in the spring of 2023. The candidates are to sit for a three-hour examination consisting of 60 points written to answer questions administered as a CBT.

There haven’t been many changes to these two; however, adjustments will be released six months before the exams 

If a candidate passes the STAM exams, he/she is eligible to take FAM-L by the end of July 2024, and the candidate will be considered to have completed the actuarial mathematics requirements. If they do not pass STAM by the end of June 2022, then they would need to complete full exams FAM and STAM. Similarly, if a candidate the ALTAM exams, then he /she can take the FAM-S exams and will be considered to have completed the actuarial mathematics requirements. After July 2024, this candidate would need to sit the full FAM exams to complete the requirements.

Changes for Advanced Topics in Predicative Analytics(ATPA)

The ATPA provides candidates with the skills needed in data science and predictive analytics techniques to business problems and effectively communicate solutions. Students are given a takeaway assignment after learning the skills from the e-learning modules. They are then given 96 hours to submit the take-away work as a report via the CBT. The report is then graded, and the results are submitted on a pre-set schedule. 

By registering for the ATPA assessment, candidates receive access to the modules until the end of the period in which the assessment is administered. The e-learning modules are designed to provide candidates with enhanced knowledge from SRM and PA examinations. Candidates are allowed to use textbooks or sources from the internet to research their take-home assessments. 

IFM/ATPA considerations

In 2022 candidates have a choice to either dol IFM or ATPA examinations. Therefore by FSA implications, there will be a credit for either of the two. However, from 2023, only the ATPA will be available. 

The changes made by the SOA for the year 2022-2023 are as provided above. You can visit the SOA website to register and check the components of the modules they want to undertake. They will also get additional information they might require.