CIA (e)Bulletin/(e)Bulletin de l'ICA
Past Issues | www.cia-ica.ca  
   
February 2017
 
 

Eligibility and Education Council Update

Print Print this Article | Send to Colleague


By Rémi Villeneuve, FCIA

Since 2000, the Practice Education Course (PEC) has helped prepare candidates for their responsibilities as a Fellow of the Canadian Institute of Actuaries (FCIA) by providing valuable practice-oriented workshops and discussions, supplemented by a three-hour, open-book examination.

PEC Origins

The PEC was created in 2000 when the Society of Actuaries (SOA) removed all nation-specific content from its examinations and the CIA needed to develop a syllabus and examination for each practice area to ensure that FCIAs were appropriately exposed to and assessed on their knowledge of Canadian requirements.

The original goal of PEC was also to ensure that all practice areas were equally served. Over time, the property and casualty (P&C) track was dropped from PEC, and for many years P&C candidates have been exempted from attending PEC given the CIA’s satisfaction with the Casualty Actuarial Society (CAS) Examination 6-Canada, for which the CIA establishes the syllabus.

In recent years, the CIA and SOA have worked together to improve coverage of Canadian content on SOA Fellowship tracks, and we are pleased to say that great progress has been made! The majority of SOA Fellowship tracks that are recognized by the CIA now cover the CIA education syllabus to at least 85 percent, which is the established threshold for education partners to meet.

Changes in 2018

The goal of the new PEC (PEC 2.0) in 2018 and beyond is to serve all practice areas equally, and have the flexibility to adapt as necessary to new areas of practice, as well as to reinforce professionalism, communication, and business acumen skills. PEC 2.0 will retain the current workshop format which encourages candidates to focus on the practical application of their technical knowledge to the real world, and it will be the capstone education requirement for all candidates for CIA Fellowship regardless of the originating source of their education, whether it be through the SOA or CAS education systems, mutual recognition agreements, or the Affiliate route to Fellowship.

Therefore, starting in 2018, PEC will include a property and casualty track. Also new for 2018, PEC will feature communication, business acumen, and Fellowship professionalism content.

The good news for candidates is that no examinations for any track will be administered at the PEC. For candidates to be eligible for PEC 2.0 in 2018, they must complete all examinations and assessments in advance.

The CIA will be relying on the SOA and CAS examinations for the assessment of Canadian content and as such, it will be imperative for candidates to have successfully completed the Canadian versions of the SOA and CAS examinations (where such Canadian versions exist) in order to be eligible to attend PEC 2.0.

PEC 2017 Candidates

PEC 2017 will be the last offering to include CIA examinations. Therefore, candidates pursuing the FCIA designation who have written a U.S.-specific version of an exam should plan to attend PEC in 2017 (provided that they meet the criteria) while the CIA examinations still exist. Otherwise, in 2018 and beyond, they will need to write the Canadian-specific version of an SOA exam they have already written in order to meet the CIA qualification requirements and be eligible to attend.

Group and Health Track

Note that for a transitional period, candidates in the Group and Health track of the SOA will still be required to write a CIA-administered Group examination in addition to the SOA Canadian Group and Health examinations. The transition period where an additional Group examination is required may last several years to ensure that candidates currently in the SOA education system cover the required syllabus material. The SOA has been making changes to its syllabus and examinations and our hope is that the Group examinations in fall 2017 will appropriately cover the CIA syllabus, but this will be subject to review and confirmation by the CIA.

Group candidates wishing to attend PEC in 2018 will be required to write the CIA Group examination in fall 2017, prior to the opening of registration for PEC early in 2018. The Group syllabus and reading materials will be published in spring 2017, and candidates may request to write the exam under the supervision of a CIA-approved invigilator. Contact the CIA Head Office for more information about the requirements for Group candidates.

Help PEC Candidates Stay Informed

Please help us spread the word by ensuring that candidates in your workplace are aware of the changes being implemented to PEC. We will also be conducting a webcast on February 22 where more information will be available and attendees will have the opportunity to ask questions.

There are no changes to the 2017 PEC or to the eligibility requirements to attend it and no changes have been made to the professional experience requirement which is 36 months of professional actuarial experience including 12 months of Canadian-specific actuarial work which must be accrued while enrolled as an Associate of the CIA.

If you have any questions, please contact 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.

 

Back to CIA (e)Bulletin/(e)Bulletin de l'ICA

Share Share on Facebook Share on Twitter Share on LinkedIn