Practice Education Course 2019: What’s New, Including a P&C Track
By Alicia Rollo, CHRL
In my October article, I wrote about important upcoming changes to the CIA’s education system. Now that we are well into 2019, it’s full steam ahead with preparations for the 2019 Practice Education Course (PEC), and a good time for an update.
I mentioned in my previous article that a property and casualty (P&C) track is being added. Further good news: we will have a dedicated enterprise risk management (ERM) track this year to better serve candidate needs.
We are also considering splitting out the investment track as a stand-alone track with more relevant content. We are still recruiting volunteers to help with this, so if you know anyone who would be interested, we would appreciate your referrals.
Property and Casualty Candidates
The biggest impact in 2019 will be on 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).
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.
Eligibility to Attend PEC
Candidates may choose their PEC track based on their educational background or based on being able to demonstrate sufficient practical experience.
If based on educational background, certain specific examinations are required for entry.
Candidates wishing to choose their PEC track by meeting the experience requirement must demonstrate in writing that they have 36 months of relevant full-time experience in the last four years, and it must be certified by a Fellow.
Candidates in the conventional route are typically those coming through the Society of Actuaries (SOA) and CAS education systems with whom the CIA does not have mutual recognition agreements since the education systems are essentially shared.
We have initiated the experience route for attendance at PEC to provide flexibility for 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.
Experience Route for Fellowship – MRA Candidates
Mutual recognition agreement (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.
The CIA has MRAs with the Institute and Faculty of Actuaries in the United Kingdom, the Society of Actuaries in Ireland, the Actuaries Institute in Australia, and the Actuarial Society of South Africa.
Canadian examinations, where applicable, remain a requirement for candidates in the conventional route to FCIA. Candidates in the SOA and CAS education system must complete the Canadian version of examinations to qualify as an FCIA, even if they were able to attend their PEC track based on experience.
Registration for the 2019 PEC is now open and closes March 31. Register now to avoid disappointment.
Alicia Rollo, CHRL, is director, education and international affairs, at the CIA.