CIA (e)Bulletin/(e)Bulletin de l'ICA
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October 2018
 
 

Spotlight on Education Updates – Changes to Qualification Requirements and Important Deadlines

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By Alicia Rollo, CHRL

We have made some significant changes to the CIA’s qualification requirements that may impact candidates in your workplace. This article highlights important deadlines. We greatly appreciate your help ensuring candidates are aware of these changes.

Apply for ACIA by January 15, 2019 to Be Exempt from the SOA Predictive Analytics (PA) Exam Requirement

Last year saw a great deal of activity as candidates rushed to complete their Associate of the Society of Actuaries (ASA) requirements by July 1, 2018 to avoid writing the SOA PA exam. While the immediate pressure is off, to achieve the same recognition from the CIA, candidates have until March 1 to be confirmed as Associates of the CIA (ACIA). Practically speaking, this means that applications for ACIA must be received by the CIA within the membership application period ending January 15, 2019.

Candidates who are approved as ACIA by March 1, 2019, and who have credit for the Statistics for Risk Modeling (SRM) exam are exempt from completing exam PA, provided they also complete all Fellow (FCIA) educational activities including the CIA Practice Education Course (PEC), by July 30, 2023. Please note that achieving deadlines set by the SOA for the ASA or FSA designation does not exempt candidates from the CIA requirement. 

CIA PEC 2019: a P&C Track and New Criteria for Attendance

June 2018 saw the first PEC with no examination since 2000. Three hundred and twenty-seven candidates for FCIA attended, signalling that the additional examination at the PEC was perceived as a major hurdle. Beginning in June 2019, we will offer the PEC twice per year, typically June and December.

The biggest impact in 2019 will be on property and casualty (P&C) candidates who now need to successfully complete the CIA Professionalism Workshop (PW) and the CIA PEC in lieu of the Casualty Actuarial Society (CAS) Course on Professionalism (COP).

The last offering of the CAS COP in Canada is December 2018. For a limited time, the CIA will accept the US version of the COP when combined with the successful completion of the CIA PW. Further information and transitional rules are available on the CIA website. The CAS recognizes the CIA PW and PEC in lieu of their COP for the purposes of becoming an Associate (ACAS) or Fellow (FCAS) of the CAS.

In addition, an experience route to qualifying for the PEC is now available for candidates coming to the CIA via the mutual recognition agreement (MRA) route. Furthermore, MRA candidates now also have the option to demonstrate sufficient Canadian experience in lieu of completing the requisite Canadian exam to complete their requirements for FCIA. The Canadian experience requirement is 36 months of track-specific actuarial work accrued in the last four years.

Canadian examinations, where applicable, remain a requirement for candidates in the conventional route to FCIA, but candidates may choose to attend PEC by meeting the experience requirement. Candidates in the conventional route are typically those coming through the SOA and CAS education systems.

We have initiated the experience route for attendance at PEC to provide flexibility to candidates in the conventional route who may have changed practice area since completing their Fellowship exams. This helps ensure that candidates choose a PEC track that is relevant to their current area of practice. Please see further details about this on the CIA website.

Registration for the 2019 PEC is expected to open in early February 2019.

Five-Year Expiry on Professionalism Education Credit for Membership

Candidates must complete the membership eligibility requirements and be confirmed as ACIA within five years of completing the CIA professionalism requirement. This also applies for former members who have let their membership lapse and who wish to be reinstated, either as an ACIA or FCIA. Current members of the CIA who maintain their membership in good standing will not lose their professionalism education credit. 

Non-members who obtained their professionalism credit on or before December 31, 2014 must become ACIA by January 1, 2020. Professionalism credit obtained after January 1, 2015 is valid for a period of five years from the date of successful completion; therefore, the first expiries will occur early in 2020.

Candidates may fulfil the CIA professionalism requirement for membership only through the CIA PW following the last offering of the CAS COP in Canada in December 2018.

Direct questions regarding the CIA education syllabus and qualification requirements to Joseph Gabriel, staff actuary, education or to me.

Alicia Rollo, CHRL, is director, education and international affairs, at the CIA.

 

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