CIA (e)Bulletin/(e)Bulletin de l'ICA
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September 2016
 
 

Exciting Changes to the Practice Education Course (PEC 2.0) Coming Soon

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By Rémi Villeneuve, FCIA

You may have seen an announcement in August about the changes that are currently taking place within the CIA education system to meet the changing needs of the profession in Canada.

The Practice Education Course is Changing for 2018

Since 2000, the PEC has helped candidates for the FCIA designation prepare for the responsibility of being a fully qualified actuary in Canada. Informally dubbed PEC 2.0, the new course will retain the current model of providing valuable practice-oriented workshops and discussions. This format encourages candidates to think beyond generating examination answers to the practical application of their technical knowledge to the real world.

New for 2018, PEC 2.0 will also feature communications, business acumen, and Fellowship professionalism content, which is critical to employers, and which remain a challenge for them in sourcing great candidates for their workplaces. The International Actuarial Association has also recently released an updated education syllabus which places strong emphasis on learning in these non-technical areas.

The course, which will remain approximately 2.5 days, will likely continue to be held in late spring/early summer. As with the current course, PEC 2.0 will be the capstone education requirement for Fellowship in the CIA. No changes are anticipated to the professional experience requirement which is 36 months of professional actuarial experience including 12 months of Canadian-specific actuarial work. Further details and specific course curriculum will be announced following final approval by the CIA Board.

Help Communicate the Changes to Candidates in your Workplace

Due to the anticipated nature of the course, candidates planning to attend PEC in 2018 and beyond will be required to have successfully completed the Canadian versions of Society of Actuaries (SOA) examinations (where such Canadian versions exist), in order to be eligible to attend. Otherwise, a candidate pursuing the FCIA designation may need to rewrite the Canadian-specific version of an exam that they already completed in order to qualify to attend PEC 2.0.

Candidates who have taken a U.S. version of an examination should plan to attend PEC in 2017, provided that they meet the criteria, to avoid having to rewrite any examinations.

Please help us spread the word by ensuring that candidates in your workplace are aware of the new requirements when registering for SOA examinations going forward.

We will release more details about PEC 2018 following final approval by the Board in the fall. There are no changes to the 2017 PEC or to the eligibility requirements to attend it. Direct questions to the CIA Head Office: Alicia Rollo, director, membership, education, and professional development at alicia.rollo@cia-ica.ca.

Rémi Villeneuve, FCIA, is Chair of the Eligibility and Education Council.

 

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