Membership & Education

Notices

PEC - Registration Update June 2007 - January 31, 2007
CAS Professionalism Course Equivalency - September 20, 2006
New Educational Requirements for Associates - February 22, 2006
Process for Validation by Educational Experience (VEE) - November 17, 2004
Computer-Based Testing for Probability Exam (Exam P) - November 3, 2004
Mutual Recognition Agreements (MRAs) - November 1, 2004
PEC - 25-month Time Limit Removed - April 8, 2004
PEC - Exam duration Extended - February 24, 2004
PEC - PD Credit Value - July 9, 2003
New Requirements for P&C Candidates - January 31, 2002

SPECIAL NOTICE (January 31, 2007) - PEC Registration Update June 2007

The June 2007 course is the final PEC that can be included towards Professional Development (PD) credits under the current Society of Actuaries (SOA) system. Although it is intended that the successful completion of the PEC will remain a requirement for candidates wishing to obtain their FCIA designation, it is not known at this point what form the PEC will take after 2007, or what transition rules will apply to candidates who have already passed the PEC. More details will be provided as they become available.

Currently, candidates are required to have credits for Courses 1 through 6 and full Course 8 (both 8P and 8RC for retirement track candidates) before attending the PEC. However, in order to allow Canadian candidates to take full advantage of the SOA’s transition rules, the CIA has agreed to apply these same transition rules to the 2007 PEC.

Therefore, candidates with PD credits from the 2000 conversion may register for the PEC even if they have not met all of the other PEC prerequisites. Candidates who took Course 8 in November 2005, and candidates with credit for only one of Course 8P and 8RC, may also register for the PEC provided they have courses 1 to 6 (or equivalently courses P, FM, M and C (with full VEE), FAP exam #1 and Course 6).

SPECIAL NOTICE (September 20, 2006) - CAS Professionalism Course Equivalency

On an on-going basis, the Casualty Actuarial Society’s (CAS) Professionalism Course will contain Canadian material when offered in Canada. As a result, the CIA has decided that the CAS Professionalism Course will be considered equivalent to the CIA Professionalism Workshop when offered in Canada.

The CIA Board passed the following motion on September 20, 2006:

That the CAS Professionalism Course, when offered in Canada and when it includes appropriate Canadian content provided by the CIA, be deemed equivalent to the CIA Professionalism Workshop for the purposes of satisfying the CIA eligibility requirements.

Therefore, CAS candidates who attend the CAS Professionalism Course held in Canada will not be required to also take the CIA Professionalism Workshop.

SPECIAL NOTICE (February 22, 2006) - New Educational Requirements for Associates

Under the SOA/CAS education redesign model, exams 1 through 4 have been replaced by Exams P (Probability), FM (Financial Mathematics), M (Actuarial Models)/CAS Exam 3 and C (Construction and Evaluation of Actuarial Models); and, Validated by Educational Experience (VEE) subjects, in Economics, Corporate Finance and Applied Statistical Methods.

On February 22, 2006, the Eligibility and Education Council of the CIA passed the following motion:

That the recommendation of the Committee on Eligibility be approved and that the requirements for Associate Status be the completion of SOA/CAS Exams P, FM, M/3, C and all VEE components.

Therefore, effective March 1, 2006, individuals enrolling with the CIA as an Associate must have credit for exams P, FM, SOA exam M/CAS Exam 3, and C and all VEE components.

SPECIAL NOTICE (November 17, 2004) - Process for Validation by Educational Experience (VEE)

The Canadian Institute of Actuaries (CIA), the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA) will revise the preliminary education structure in 2005. The new structure will consist of three topics that will require Validation by Educational Experience (VEE) in addition to four examinations:

VEE-Applied Statistical Methods
VEE-Corporate Finance
VEE-Economics
Joint Course P/Exam 1: Probability
Joint Course MF/Exam 2: Mathematics of Finance
SOA Course M: Actuarial Modeling / CAS Exam 3: Statistics and Actuarial Models
Joint Course C/Exam 4: Construction and Evaluation of Actuarial Models

The syllabi for the four examinations have already been posted on the CAS and SOA Web Sites. Details about the process for obtaining credit for VEE topics are provided at the following link:

http://www.soa.org/education/exam-req/default.aspx
process-for-validation-by-educational-experience/

SPECIAL NOTICE (November 3, 2004) - Computer-Based Testing for Probability Exam (Exam P)

The Computer-Based Testing (CBT) task force representing the CAS, CIA and SOA was formed in August 2003 to explore the implementation of CBT for the Probability Examination. The task force and the respective boards believe that CBT will contribute to better meeting candidate and membership needs while maintaining rigorous standards and examination integrity. Providing candidates with increased opportunities to take the examination (and with quicker results in the longer term) will help reduce the time it takes for a candidate to progress through the education and examination system and become an Associate or Fellow. The first CBT administration of SOA Exam P and CAS Exam 1 is planned for September 2005. For more information, please access the following link:

SPECIAL NOTICE (November 1, 2004) - Mutual Recognition Agreements (MRA)

In May 2004, the CIA renegotiated its Mutual Recognition Agreements (MRA) with the Institute of Actuaries (UK), the Faculty of Actuaries (UK), the Society of Actuaries in Ireland and the Institute of Actuaries of Australia, in order to update the eligibility requirements outlined in the MRAs and bring them in line with changes that had occurred to the CIA's eligibility requirements for Fellowship. The MRAs are published on the CIA website at:
http://www.actuaries.ca/members/agreements/agreements_e.cfm.

One of the principal changes to the MRAs is the establishment of a new requirement for candidates seeking Fellowship in the CIA, under an MRA, to become Affiliates of the CIA while satisfying the Canadian Experience Requirement. A transition period has been established that will allow some flexibility to those candidates who are currently in the process of completing the requirements for Fellowship under an MRA and who were not previously aware of the Affiliate requirement.

On October 21, 2004, the Eligibility and Education Council passed the following motion:

That candidates applying for Fellowship in the CIA under the MRA route prior to May 1, 2005 be exempted from the requirement to become an Affiliate prior to their application for Fellowship.

That candidates applying for Fellowship in the CIA under the MRA route between May 1, 2005 and November 1, 2006 must apply to become enrolled in the CIA as an Affiliate at their earliest convenience and must be so enrolled as an Affiliate for a period of not less than twelve months before being admitted for Membership in the CIA.

The new MRA requirements are to be in full effect from November 1, 2006.

SPECIAL NOTICE (April 8, 2004) - PEC 25-month Time Limit Removed

Effective immediately, the PEC will no longer have a 25-month time-limit. Once the PEC is completed, it will be valid indefinitely. This new policy applies to all PECs completed since its inception in June 2000.

SPECIAL NOTICE (February 24, 2004) - PEC Exam Duration Extended

The examination time for the June 2004 PEC has been extended from its original schedule. The examination will still begin on Wednesday, June 9 at 8:30 a.m., but it will now end at 11:30 a.m. rather than at 11:00 a.m.

Although the writing time has been increased from 2.5 hours to 3 hours, the content of the exam has NOT been increased. The additional time is to allow for more effective use of the open book format.

SPECIAL NOTICE (July 9, 2003) - PEC PD Credit Value

The SOA Board of Governors has recently approved an increase to the number of professional development (PD) credits for the Practice Education Course from 13 to 18 SOA approved credits. This increase is effective immediately and is NOT retroactive. Therefore, SOA candidates who complete the PEC in 2003 or later, can count 18 credits towards their SOA PD credits.

The CIA Board, on June 18, 2003, passed the following motion:

That effective immediately, the CIA Education Requirement be fully met by the successful completion of the PEC. A PEC completed prior to the approval of this recommendation will also be deemed to have satisfied the CIA Education Requirement, as long as the candidate's PD Plan has not yet been submitted to the SOA for approval.

Therefore, SOA candidates who are seeking Fellowship in the CIA, will no longer need to obtain additional CIA approved PD credits, in addition to completing the PEC.

Any questions regarding the CIA's Education Requirement should be directed to Lynn Blackburn, Manager, Membership and Information Services - (613) 236-8196, ext. 117.

SPECIAL NOTICE (January 31, 2002) - New Requirements for Property and Casualty (P&C) Candidates

Effective February 1, 2002, Property & Casualty candidates must obtain credit for Casualty Actuarial Society (CAS) Exam 7C and attend the CIA Workshop on Professionalism in order to obtain the FCIA designation. Please refer to the following link for further information:

http://www.actuaries.ca/education_careers/career/
Education_requirement_for_CAS_exams.pdf