S O C I E T Y O F A C T U A R I E S
Basic Education Catalog
Fall 2005
Society of Actuaries
475 N. Martingale Road, Suite 600 Schaumburg, Illinois
60173-2226
Phone: 847-706-3500 Fax: 847-706-3599 www.soa.org
Casualty Actuarial Society Canadian Institute of Actuaries
MISCELLANEOUS INFORMATION
• All applications and order forms can be found in the back of the printed catalog or on the SOA Web site, www.soa.org. For hard copies of the catalog send requests to [email protected].
• Please refer to our web site for any future updates to course information.
The following is a list of abbreviations that will be found in this catalog:
AAA American Academy of Actuaries APC Associateship Professionalism Course ASA Associate of the Society of Actuaries ASB Actuarial Standards Board
ASP Actuarial Standards of Practice
ASPPA American Society of Pension Professionals & Actuaries BOG Board of Governors—Society of Actuaries
CAS Casualty Actuarial Society
CCA Conference of Consulting Actuaries CIA Canadian Institute of Actuaries CLU Chartered Life Underwriter
CMA Chartered Management Accountant CPCU Chartered Property/Casualty Underwriter EA Enrolled Actuary
EA-1 Enrolled Actuaries Basic Examination
EA-2, A Enrolled Actuaries Pension Examination, Segment A EA-2, B Enrolled Actuaries Pension Examination, Segment B E&E Education and Examination
FAC Fellowship Admissions Course FAS Financial Accounting Standard
FASB Financial Accounting Standards Board FSA Fellow of the Society of Actuaries ISN Introductory Study Note
JBEA Joint Board for the Enrollment of Actuaries NAAJ North American Actuarial Journal PD Professional Development PE Preliminary Education RSA Record, Society of Actuaries
SN Study Note
SOA Society of Actuaries
TSA Transactions, Society of Actuaries
TSA Reports Transactions, Reports of Mortality and Morbidity Experience, Society of Actuaries VEE Validation by Educational Experience
© Copyright 2005, Society of Actuaries All Rights Reserved
TABLE OF CONTENTS
THE SOCIETY OF ACTUARIES ... 1
Mission and Vision Statement of the Society of Actuaries... 1
Principles Underlying the Education and Examination (E&E) System... 2
Admission Requirements to the SOA ... 3
Education Redesign ... 4
COURSE LISTINGS... 5
GENERAL INFORMATION REGARDING EDUCATION AND EXAMINATIONS ... 6
Fall 2005 Examination Dates and Times... 6
Tentative Spring 2006 Examination Dates and Times... 7
Course 7……….8
Applications to Write Examinations and Deadlines for Submittal ... 8
Course Fees………10
Course Fees for Fall 2005 ... 10
Refunds………10
Examination Locations ... 11
Special Arrangements for Candidates with Disabilities ... 11
Food and Beverage in Examination Room ... 11
Ticket of Admission/Instructions to Candidates ... 11
Requirements for Admission to Examination Center ... 12
Signatures on Examination Answer Sheets and Envelopes... 12
Bilingual Examinations in Canada ... 12
Use of Calculators and Other Assistance in Writing Examinations... 12
Examination Results... 13
Disciplinary Action ... 13
Lost Examinations ... 15
Defective Questions ... 15
Confidentiality of Examination Records... 15
Credit for Examinations Passed in Other Actuarial Organizations... 15
FSAs Writing Examinations ... 15
Joint Sponsorship... 15
Correspondence... 16
Exam P Computer-Based Testing (CBT) Administration Details ... 17
THE EDUCATION AND EXAMINATION COMMITTEE ... 21
Organizational Structure of the Education and Examination Committee ... 21
Review and Development of Course of Reading... 21
Development of Examinations... 21
Grading Process... 21
Determination of the Pass Mark ... 22
SUGGESTIONS FOR CANDIDATES ... 24
Study Methods ………24
Review Classes and Seminars... 24
Study Manuals ………25
Approaches to Writing Multiple-Choice Examinations ... 25
Approaches to Writing Written-Answer Examinations ... 25
Ombudsperson ………26
COURSE OF READING AND DESCRIPTION OF FALL 2005 EXAMINATIONS ... 27
Study Notes……….27
Validation by Educational Experience (VEE)……….. 29
Exam P Probability ... 33
Exam FM Financial Mathematics ... 35
Exam M Actuarial Models ... 38
Exam C Construction and Evaluation of Actuarial Models... 41
Course 5 Application of Basic Actuarial Principles ... 44
Course 7 Applied Actuarial Modeling………...48
Course 8 Finance and Enterprise Risk Management ... 53
Course 8 Health, Group Life and Managed Care ... 59
Course 8 Individual Insurance ... 64
Course 8 Investments ... 69
Course 8 Retirement Benefits ... 72
Professional Development Requirement ... 77
Associateship Professionalism Course (APC)... 82
Fellowship Admissions Course (FAC) ... 82
Enrolled Actuaries Examinations... 83
2005 COURSE SUMMARIES ... 87
Enrolled Actuaries Examinations... 89
CONVERSION MAPPING... 90
TEXTBOOKS INCLUDED IN THE COURSE OF READING—Fall 2005... 92
PUBLISHERS AND ORDERING INFORMATION... 96
Distributors—Canada and U.S. ... 96
Publishers—U.S. ... 97
Publishers—Canada ... 98
ORDER FORMS/APPLICATIONS ... 99 MISCELLANEOUS INFORMATION... INSIDE FRONT COVER ACTUARIAL ORGANIZATIONS………..INSIDE BACK COVER
THE SOCIETY OF ACTUARIES Mission and Vision Statement of the Society of Actuaries
The Society of Actuaries (SOA) is an educational, research, and professional organization dedicated to serving the public and Society members. Its mission is to advance actuarial knowledge and to
enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business, and societal problems involving uncertain future events. The vision of the SOA is for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events.
Terms and concepts used in the Mission and Vision Statement may be amplified as follows:
1. Educational Organization
The SOA provides basic education in the fundamental principles of actuarial science, advanced education and professional development in areas requiring specific technical or regulatory
knowledge, and continuing education for practicing actuaries.
2. Research Organization
The SOA conducts research to develop studies of historical experience and techniques for projections into the future, to analyze the actuarial aspects of public policy issues, and to provide the foundation for further expansion of the profession.
3. Professional Organization
The SOA promotes high standards of professional competence and conduct within the actuarial profession. The SOA has adopted a Code of Professional Conduct, and in matters of conduct and discipline, it cooperates with the Canadian Institute of Actuaries and with the American Academy of Actuaries, including the Actuarial Standards Board and the Actuarial Board for Counseling and Discipline.
4. Serving the Public
By developing and valuing financial programs, actuaries provide service to the public. In addition to looking after the interests of direct participants and beneficiaries of such public and private programs, actuaries also provide advice to shareholders, regulators, financial analysts and others. The SOA meets its responsibility to the various publics by recruiting and educating actuaries and by its role as a professional organization. Note that the SOA places serving the public ahead of serving its members.
5. Serving its Members
The SOA is committed to meeting the needs of its members. Members work in the traditional practice areas of life insurance, retirement systems, health benefit systems, financial and investment management, and in emerging practice areas. In meeting the needs of its members, the SOA conducts meetings and seminars, publishes papers and studies, makes or sponsors investigations, promotes educational activities for candidates and members, utilizes technology to enhance communications, sponsors academics and supports universities with actuarial science programs, organizes special interest sections, and undertakes such other activities as appropriate. However, in accomplishing many of these tasks, the SOA relies on the generous support of its members in volunteer roles.
Although the majority of the SOA members reside in Canada or in the U.S., a significant number of members live or practice in other geographical areas. The SOA is committed to encouraging the development of actuarial science worldwide and to addressing the international needs of SOA members. The SOA is a member of the International Actuarial Association and of the worldwide actuarial profession.
6. Advancing Actuarial Knowledge and Enhancing the Ability of Actuaries
Knowledge of actuarial science is the foundation of the actuarial profession. Actuaries often deal with problems relating to uncertain future events. With insurance based on scientific actuarial
principles, financial aspects of uncertainties such as premature death, disability, need for medical care, etc., can be exchanged for the certainty of a premium payment. Pension and social security programs require actuarial analysis based on contingencies such as period of employment, covered earnings, and mortality. Investments and other financial transactions involving risk or uncertainty can also be modeled using actuarial techniques. In a dynamic and rapidly changing world, actuarial
knowledge must be continuously expanded to meet increasingly complex problems and to enhance the value added by actuarial analysis.
7. Recognition as the Leading Professionals
The vision of the SOA is not only to have actuaries be the leading professionals in the modeling and management of financial risk and contingent events, but to have this expertise widely
recognized and accepted outside the actuarial profession as well.
8. Critical Success Factors
Critical success factors for the profession and the SOA are:
For the Profession
⋅ Be relevant to the needs of our customers. Provide value to a constituency sufficiently large to sustain meaningful work for current and future members of the profession. This may mean expanding our horizons as a profession.
⋅ Be recognized and credible with employers, clients, policymakers and the public by clearly defining who we are and how we differ from others.
⋅ Expand the scope of the actuarial profession. Design a paradigm that expands the scope of meaningful applications of our science, while preserving its integrity and uniqueness.
⋅ Have an effective influence on public policy.
⋅ Focus on maintaining quality membership by recruiting, educating and retaining people who are a credit to the profession, the customers and the societies we serve.
⋅ Be forward looking, flexible and adaptable. Where appropriate, motivate the need for actuarial services in the absence of government regulations. Focus our professional resources on outcomes most important to members and the public.
For the SOA
⋅ Provide a relevant educational system to train new actuaries and provide continuing education for actuaries. Keep Education and Examination (E&E) and Continuing Education systems in line with the profession's needs.
⋅ Carry out research initiatives that maintain a current knowledge base and expand it so that we can add value to our customers; publications should support dissemination of the knowledge base; knowledge base needs to support both new and existing practice areas.
⋅ Provide appropriate scope for actuarial practice, encompassing attention to the new practice areas and appropriate geographical areas, and building and maintaining employment opportunities for actuaries. Focus should continue to be on customer needs.
⋅ Provide and maintain strong and effective services for members. The key is helping members add value to their customers with emphasis on external focus.
⋅ Maintain a strong volunteer system and effectively support it with staff.
⋅ Provide support to help achieve the critical success factors for the profession.
⋅ Prepare for the future, focusing on both the long and the short term.
The critical success factors should serve as a framework for testing priorities and allocating resources.
Principles Underlying the Education and Examination (E&E) System
The SOA administers a series of courses leading to Associateship and Fellowship. The principles underlying the SOA E&E system are the following:
1. To provide the actuary with an understanding of fundamental mathematical concepts and how they are applied, with recognition of the dynamic nature of these fundamental concepts in that the actuary must remain up-to-date with developments in mathematics and statistics;
2. To provide the actuary with an accurate picture of the sociodemographic, political, legal, and
economic environments within which financial arrangements operate, along with an understanding of the changing nature and potential future directions of these environments;
3. To expose the actuary to a broad range of techniques that the actuary can recognize and identify as to their application and as to their inherent limitations, with appropriate new techniques introduced into this range as they are developed;
4. To expose the actuary to a broad range of relevant actuarial practice, including current and potential application of mathematical concepts and techniques to the various and specialized areas of
actuarial practice; and
5. To develop the actuary's sense of inquisitiveness so as to encourage exploration into areas where traditional methods and practice do not appear to work effectively.
Admission Requirements to the SOA Associateship
A. Who may be admitted
Anyone pursuing actuarial studies may apply for admission to the SOA. If the Board of Governors (BOG) approves the Application for Admission as Associate, the candidate will be enrolled as an Associate of the Society of Actuaries (ASA) after completing the Associateship educational requirements as prescribed by the BOG, subject to any further requirements that the BOG may prescribe. Membership dues are not charged until the Application is accepted and all requirements prescribed by the BOG have been satisfied.
B. When and how to apply
A candidate planning to seek admission to the SOA should submit the Application for Admission as Associate before completing the educational requirements for Associateship. The Application for Admission as Associate is separate from the candidate's course registration application and will be sent to candidates who have passed the SOA Preliminary Education examinations. Upon receiving the Application for Admission as Associate, candidates are encouraged to complete the application and return it to the Membership Coordinator at their earliest convenience. Any questions regarding the application should be directed to the Membership Coordinator at 847-706-3532.
C. Associateship Requirements
To attain Associateship, the candidate must successfully complete the course requirements described below, and must have the Application for Admission as an Associate approved by the SOA Board of Governors.
Credit for all courses must be obtained by examinations offered by the SOA or by alternative methods approved by the BOG. In certain circumstances, course credit may be obtained by waiver for a candidate who has the examination credits in another actuarial organization.
Effective January 1, 2005 the following requirements for Associateship will be applicable.
1. All candidates must complete Exams P, FM, M and C, collectively known as the preliminary education component. (Credit earned from a passing score on previous administrations of former SOA Courses 1–4 will be converted appropriately.)
2. All candidates shall satisfy Validation by Educational Experience (VEE) for three subjects:
economics, corporate finance and applied statistics. (VEE credit earned from a passing score on Course 2 and/or 4 will be converted appropriately.)
3. Candidates may elect any two of the following, subject to stated restrictions:
• Course 5
• Course 6
• Course 7
• Course 8 (select one Course 8 examination)
• Professional Development (PD) component
4. All candidates must also complete the Associateship Professionalism Course (APC).
Candidates must also have an approved Application for Admission as an Associate on file, as described above.
Course selections from among Courses 5, 6, 7, 8 and PD are subject to the following restrictions:
1. Candidates may not use the combination of Course 7 and PD unless Course 7 credit was obtained through conversion to the 2000 system.
2. A candidate who elects to use Course 7 must satisfy all of the prerequisites for Course 7 and complete all eligibility qualifications for the Course 7 Prerequisite Waiver as stated in the Course of Reading and Description of Examinations.
3. Candidates may not use two Course 8 examinations towards the ASA examination requirements.
4. If a candidate elects to use PD, the candidate must satisfy all of the requirements of the PD component. In addition, the following criteria apply when PD is used as one of the additional components for the ASA:
• No plan can be filed until the candidate has received a passing score for all of the preliminary education exams; satisfied VEE requirements and obtained a passing score for one additional component (Courses 5, 6, or 8).
• A minimum of 25 units of the total 50 required PD units of credit must be obtained with a passing score from an examination-validated program.
• Candidate may use unassigned conversion credits from the pre-2000 SOA education system to satisfy the requirement for 25 units of examination-validated credits.
• A candidate who uses the PD component towards the ASA requirements and who continues to Fellowship must submit a second PD plan to meet the requirements for Fellowship.
Fellowship
A. Who may be admitted
An Associate will be admitted as a Fellow of the Society of Actuaries (FSA) after completing the Fellowship educational requirements, including the Professional Development (PD) requirement, the Fellowship Admissions Course (FAC), and any additional requirements prescribed by the BOG. No application is required for an Associate to be admitted as a Fellow.
B. Fellowship Requirements
Associates must complete all remaining educational requirements including the PD
Requirement. The FAC is required of all candidates for Fellowship, and candidates may not attend the FAC until they have completed the Preliminary Education examinations and Courses 5-8 and the PD requirement.
Education Redesign
The current education system is undergoing revision. The first phase of this Education Redesign covers the Preliminary Education Component and will be in effect during the period covered by this catalog.
Information related to Validation by Education Experience (VEE), Exams P, FM, M and C, and the Conversion Rules can be found in the appropriate sections of this catalog.
Other components of the redesign, however, will not affect the syllabus in effect for the period covered by this current catalog. Please watch the SOA Web site for announcements on implementation plans and other updates to the Education Redesign components. You may also contact [email protected] for general questions or [email protected] for VEE related questions.
COURSE LISTINGS
Note that the Preliminary Actuarial Exams now consist of Probability (P), Financial Mathematics (FM), Actuarial Models (M) and Construction and Evaluation of Actuarial Models (C).
Specific Associateship and Fellowship requirements can be found under Current Admission Requirements to the SOA.
Course/Exam Title Offered
P* Probability Various
FM* Financial Mathematics Spring & Fall
M Actuarial Models Spring & Fall
C* Construction and Evaluation of Actuarial Models Spring & Fall
5 Application of Basic Actuarial Principles Fall
6 Finance and Investments Spring
7 Applied Actuarial Modeling Various
8 Advanced Specialized Actuarial Practice Candidates must choose one of the following:
Finance and Enterprise Risk Management**
Health, Group Life & Managed Care***
Individual Insurance (U.S. and Canada) Investments
Retirement Benefits (U.S. and Canada)
Fall
Professional Development Requirement, Associate and Fellowship
Associateship Professionalism Course (APC) Various
Fellowship Admissions Course (FAC) Various
Other Offerings
Course Title Offered
EA-1 Enrolled Actuaries Basic Examination Spring
EA-2, A Enrolled Actuaries Pension Examination, Segment A Fall EA-2, B Enrolled Actuaries Pension Examination, Segment B Spring
*Exams P, FM and C are identical to the Casualty Actuarial Society (CAS) exams 1, 2 and 4 respectively.
**Candidates selecting the Course 8 Finance and Enterprise Risk Management examination will also select a subspecialty of either Finance or Enterprise Risk Management.
***Candidates selecting the Course 8 Health, Group Life and Managed Care examination will also select a subspecialty of either Managed Care or Health and Group Life.
.
GENERAL INFORMATION REGARDING EDUCATION AND EXAMINATIONS
Fall 2005 Examination Dates and Times
Course/Exam Duration Date Time
Exam P: Probability* 3 hours September 26-28, Canada and U.S.
September 26 - all other countries
Various Exam FM: Financial
Mathematics* 2 hours Wednesday, November 9 8:30 AM–10:30 AM Exam M: Actuarial Models 4 hours Tuesday, November 8 8:30 AM–12:30 PM Exam C: Construction and
Evaluation of Actuarial Models* 4 hours Monday, November 7 8:30 AM–12:30 PM Course 5
5 hours 25 Min.
Wednesday, November 2 8:30 AM–11:45 AM and 1:30 PM–3:40 PM Course 8 (8F)
Finance & Enterprise Risk Management – Finance extension
6½ hours Thursday, November 3
8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8E)
Finance & Enterprise Risk Management – Enterprise Risk Management Extension
6½ hours Thursday, November 3
8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8G)
Health, Group Life and Managed Care—Health and Group Life Extension
6½ hours
Thursday, November 3
8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8M)
Health, Group Life and Managed Care—Managed Care Extension
6½ hours
Thursday, November 3
8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8IU & 8IC)
Individual Insurance - U.S. and Canada
6½ hours
Thursday, November 3 8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8V)
Investments 6½ hours
Thursday, November 3 8:30 AM–11:45 AM and 1:30 PM–4:45 PM Course 8 (8RU & 8RC)
Retirement Benefits U.S. and Canada—
Comprehensive Segment
4 hours
55 Min. Thursday, November 3
8:30 AM–11:45 AM and 1:30 PM–3:10 PM Course 8 (8P)
Retirement Benefits— Pension Funding Mathematics
1 hour
40 Min. Friday, November 4 2:00 PM–3:40 PM EA-2, Segment A 4 hours Friday, November 4 8:30 AM–12:30 PM
* Exams P, FM and C are identical to the CAS Exams 1, 2 and 4 respectively.
Note: Courses 5 and 8 include read through times. See individual course descriptions for details.
Computer-Based Testing for Exam P
In September, 2005 Exam P will be offered as a computer-based test. Details appear later in the catalog in the Exam P Computer-Based Testing (CBT) Administration Details section and are posted in the Exams and Jobs section of the SOA Web site (www.soa.org). There will not be a November, 2005 administration for Exam P as Exam P will be offered by computer-based testing in September 2005. Starting in 2006, Exam P will be offered more than twice a year.
Tentative Spring 2006 Examination Dates and Times
Course/Exam Duration Date Time
P*: Probability 3 hours Various Various
FM*: Financial
Mathematics 2 hours Thursday, May 25 8:30 AM–10:30 AM
M: Actuarial Models 4 hours Thursday, May 18 8:30 AM–12:30 PM C*: Construction and
Evaluation of Actuarial Models
4 hours
Wednesday, May 17 8:30 AM–12:30 PM
6 5 hours
25 Min. Friday, May 12
8:30 AM–11:45 AM and
1:30 PM–3:40 PM
EA-1 2 hours
30 Min. Tuesday, May 16 8:30 AM–11:00 AM EA-2, Segment B 2 hours
30 Min. Tuesday, May 16 1:00PM–3:30PM
*Exams P, FM and C are identical to the CAS Exams 1, 2 and 4 respectively.
Note: Course 6 includes a read-through time. See the individual course description for details.
Course 7
Course 7 Applied Actuarial Modeling requires passing a pre-test and successfully completing a separate seminar. Pre-tests are administered on the first Friday of the following months: February, April, June, August, October and December. The Course 7 Pre-test will be delivered via computer- based testing (cbt) beginning with the August 2005 administration. Course 7 seminars are scheduled as follows:
2005 Course 7 Seminars
Location Remaining 2005 Dates Specialty Number of Seminars
Chicago June 6-9 General 3
Hong Kong July 11-14 General 2
Seattle July 11-14 General 3
Boston August 15-18 Pension 1
Boston August 15-18 General 2
Chicago December 5-8 General 3
Montreal December 5-8 General (French) 1
All seminar schedule changes (whether location, date or specialty) will be made on the seminar application form found on the Course 7 page of the SOA Web site at
http://www.soa.org/ccm/content/?categoryID=825036.
Course 7 pre-test applicants may cancel pre-test registration in writing no less than two weeks prior to the administration of the pre-test. The SOA will refund the registration fee, minus a cancellation fee of
$60 (U.S.). No refunds will be considered for Course 7 pre-test applicants who fail to send a written cancellation request and simply do not write the pre-test. A written request to change pre-test
registration to an alternate pre-test date will be accommodated when received no less than two weeks prior to the administration of the registered pre-test.
A candidate who submits an application for a Course 7 Seminar, but is unable to attend that seminar may submit a written request for a refund. The SOA will refund the registration fee, minus a cancellation fee of $200 (U.S.). A written request to change Course 7 registration to an alternate date or location will be accommodated when possible and a fee of $100 (U.S.) will be assessed if cancellation is received prior to the registration deadline. After the deadline, the transfer fee will be $200 (U.S.).
Candidates awaiting pre-test results who have submitted a seminar application and who are
subsequently unsuccessful on the pre-test will have their seminar registration canceled and registration fee refunded, less a $100 (U.S.) processing fee. These candidates will not be permitted to register for another seminar until they have registered for another pre-test.
The SOA has the right to cancel or reschedule any of the Course 7 seminars if conditions warrant.
In the event of a cancellation, full registration fees will be refunded. Candidates registered for a seminar that must be rescheduled may attend on the rescheduled date, choose another available seminar date or apply for a refund without penalty. The SOA will not be held liable for any airline or other cancellation fees assessed attendees in the event of a canceled or rescheduled seminar.
Applications to Write Examinations and Deadlines for Submittal
Applications for all SOA examinations are available in this catalog or may be obtained from the SOA web page (www.soa.org), or e-mail [email protected] or fax 847-273-8526. For the Enrolled
Actuaries examinations, applications are also available from the American Society of Pension
Professionals & Actuaries (ASPPA). Applications for the Casualty Actuarial Society (CAS) examinations are available from the CAS in the ‘Students’ Corner’ of the CAS Web site (www.casact.org).
A candidate may not write an examination for a course for which the candidate already has credit.
Applications must be received on or before April 1 for the Spring session, and on or before September 24 for the Fall session. Applications received after the deadline will not be considered.
A registered candidate who requests a change of examination center must pay a $60 (U.S.) change- of-center fee. Candidates must contact the Examination Department for approval to change an
examination center.
The registration deadline for the Course 7 pre-test is no later than two weeks prior to the administration of the pre-test (administered on the first Friday of the following months:
February, April, June, August, October and December). Applications for a Course 7 seminar must be received no later than four weeks prior to the starting date of the seminar. However, please note that Course 7 seminars do have limited seating and may fill to capacity prior to registration deadlines.
Candidates will not be considered registered for an examination until the SOA has received an original, signed application for the examination session. Unsigned, photocopied or facsimile applications are not valid. All applications must include an original signature of the candidate.
Course Fees
Fees listed in this Catalog are guaranteed through the Fall 2005 examination session only.
Candidates will be notified of any changes in fees. The examination fees for the Preliminary Education examinations and Course 6 include electronic access to the required study notes.
Course Fees for Fall 2005
Course Course Fee*
Exam P** $ 175.00
Exam FM** $ 150.00
Exam M $ 375.00
Exam M Student Fee $ 300.00
Exam C** $ 375.00
Exam C Student Fee** $ 300.00
VEE*** (Candidate Credit) per topic $ 50.00
Course 5 $ 725.00
Course 7 Pre-test $ 150.00
Course 7 Seminar $ 1000.00
Course 8 Finance and Enterprise Risk Management Health, Group Life and Managed Care Individual Insurance (U.S. and Canada) Investments
$ 850.00
Course 8 Retirement Benefits (U.S. and Canada)—
Comprehensive Segment
$ 625.00 Course 8 Retirement Benefits—
Pension Funding Segment
$ 225.00
EA-2, Segment A $ 200.00
Professional Development (Filing Fee) $ 150.00
* All amounts in U.S. dollars
** Exams P, FM and C are identical to the CAS Exams 1, 2 and 4 respectively.
*** If applying for two VEE topics simultaneously, the application fee will be $75.
If applying for three VEE topics simultaneously, the application fee will be $100.
Student fees are available only to candidates currently enrolled in full-time university study programs.
Reduced examination fees are available to qualified candidates in eligible countries. Please see the SOA Web site at http://www.soa.org/ccm/content/exams-education-jobs/candidate-and-exam-
information/examination - or contact Leslie Fausher, Core Studies and Global Initiatives Administrator [email protected].
Fees should be remitted in U.S. funds (or equivalent) by check, money order, American Express, MasterCard or Visa. Please note that payment in non-U.S. currency may slightly delay the processing of the application.
Refunds
A candidate who submits an application for an examination but does not write that examination may submit a written request for an examination refund. A $60 (U.S.) administrative fee is assessed on all refunds. The written request must be received at the SOA no later than December 31, 2005 for the Fall examinations. Requests will not be considered after this date. Change-of-center fees and fees for writing at specially arranged centers will not be refunded. Fees cannot be transferred from one session to another. Special policies apply to the Course 7 pre-test and seminar. Please see the Course 7 section for additional details. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Examination Locations
Regular examination centers are set up in many locations, with consideration given to the number of candidates in the vicinity and the availability of appropriate facilities and supervisory personnel. Special examination centers may be arranged at the discretion of the SOA office. The additional fee for these special centers is $60 (U.S.); requests must be received by the September 24 registration deadline for the Fall examinations.
Examination centers are listed on the SOA Web site. A candidate's examination center will be indicated on the Ticket of Admission. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Please check our web site: www.soa.org periodically for updated center information. Center locations are subject to change prior to the exam date.
Special Arrangements for Candidates with Disabilities
A candidate with a formally diagnosed disability who needs special testing arrangements must submit a written request to the SOA office for each session the candidate intends to write.
Documentation of the disability (e.g., physician's statement, diagnostic test results) as well as the need for special arrangements are required of each candidate; previous accommodations given to the candidate in an educational program or work setting are also considered. Requests for special arrangements and supporting documentation must be submitted, at the applicant's expense, no later than September 24 for the Fall examinations. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Food and Beverage in Examination Room
Candidates will be permitted to bring bottled water into the examination room. No food or other beverage, except as required for medical situations and with preauthorization provided, will be permitted.
Candidates requiring special accommodations must submit a written request with their application.
Written requests should be directed to the Examination Services Department c/o Society of Actuaries.
Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Ticket of Admission/Instructions to Candidates
The SOA office will mail each candidate: 1) a Ticket of Admission, which indicates the
examination(s) for which the candidate is registered, and 2) the Instructions to Candidates, which covers administrative details about the examination, and 3) the Examination Center Locations which lists the exact address of each exam center. This Ticket of Admission must be brought to the examination center. Tickets of Admission will be mailed beginning March 1 for the Spring session and September 1 for the Fall session. The ticket indicates the examination center to which the candidate should report and also provides the candidate number. This candidate number is to be written by the candidate on the examination(s) for identification purposes. Candidates are strongly encouraged to retain their candidate numbers after the examination session is completed. A candidate number is required to access pass/fail information through the SOA automated hotline.
A candidate who has not received a Ticket of Admission two weeks prior to the examination, or whose ticket contains incorrect information, should call the SOA Examination Services Department at 847-706-3583. The Ticket of Admission also serves as a receipt and should be retained if needed for tax purposes. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Requirements for Admission to Examination Center
To be admitted into an examination center, each candidate must present a valid Ticket of Admission as well as positive identification with a signature and a photograph (e.g., driver's license, passport, school or work I.D., etc.). If a photo I.D. is not available, the candidate must present two forms of identification with a signature, with at least one form containing a physical description (height, weight, hair color, eye color, etc.). Each candidate will be required to sign in at the examination center. A candidate who does not present positive identification or who refuses or is unable to provide a matching signature will not be permitted to write the examination.
Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Signatures on Examination Answer Sheets and Envelopes
Candidates are required to sign their answer sheets and envelopes. Candidates submitting examinations without a signed statement on the multiple-choice answer sheet or written-answer envelope will not receive a grade for those examinations. The statement to be signed reads:
"I have neither given nor received assistance of any kind on this examination. I understand the examination is confidential and will not disclose its contents.
This examination is being written with the understanding that if the answer sheet/envelope is returned unsigned, it will not be graded."
Envelopes for written-answer examinations will be opened in the SOA office. Committee officers and graders will receive information identifying candidates only by candidate number. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Bilingual Examinations in Canada
For examination centers in Canada, examination booklets for the Preliminary Education examinations FM, M and C, and for Courses 6 and 8, are printed in both English and French. For bilingual examinations, responses to written-answer questions may be in either English or French. The Course 7 seminar project may also be written in either English or French. French speaking candidates writing the Course 7 Pre-test may bring a French/English dictionary into the examination room.
Use of Calculators and Other Assistance in Writing Examinations
Only the calculators described in the following paragraphs may be brought into the examination room. Books, papers, computers or other electronic devices may not be brought into the examination room.
For the 2005 examination administrations, candidates may use the battery- or solar-powered Texas Instruments BA-35 model calculator (the official SOA/CAS calculator), the BA II Plus*, the BA II Plus Professional*, the TI-30X or TI-30Xa (the official CAS calculator) or TI-30X II* (IIS solar or IIB battery).
Candidates using any of these calculators need not have calculators with the SOA or CAS logo;
candidates may also continue to use any previous calculator model that bears either logo. Candidates may use more than one of the approved calculators during an examination.
The same calculator models are approved for use on the joint SOA/CAS examinations as well as the SOA examinations. For the Enrolled Actuaries (EA) examinations, candidates may use any model that meets the specifications of the Joint Board for the Enrollment of Actuaries. Specifications are listed in the Joint Board’s Examination Program. Candidates writing these examinations will receive a special set of calculator rules with their tickets of admission. All of the approved SOA models meet the specifications of the Joint Board.
Calculator instructions cannot be brought into the examination room. During the examination, the calculator must be removed from its carrying case so the supervisor can confirm it is an approved model. Candidates using a calculator other than the approved models will have their examination disqualified.
Calculators are no longer available for purchase through the SOA. Candidates can purchase calculators from some of the book distributors listed in the back of this catalog or from Texas Instruments at http://epsstore.ti.com.
* The memory of TI-30X II (IIS solar or IIB battery), BA II Plus and BA II Plus Professional will need to be cleared by the examination supervisor upon the candidates’ entrance to the
examination room. For the BA II Plus and BA II Plus Professional, clearing will reset the calculator to the factory default settings.
Examination Results
Candidates receive individual statements of their examination results, usually eight to ten weeks after the examination date. A few weeks later, a list of the names of passing candidates for the examination session is made available through the SOA web page (www.soa.org).
Grades are reported on a 0 to 10 scale. Passing grades range from 6 to 10; failing grades range from 0 to 5. On this scale, the interval is 10 percent of the score required to pass; for example, a grade of 5 means failing with a score of at least 90 percent but less than 100 percent of the score required to pass. A grade of 0 does not mean that the candidate received no points, but that the candidate's score was less than 50 percent of the score required to pass.
Upon request, a copy of the candidate's answer sheet for EA-1 or EA-2 is available from the Joint Board for the Enrollment of Actuaries. Examination answer sheets are not returned to candidates for any other SOA examination. For certain examinations, an analysis of results is automatically sent to failing candidates.
An automated hotline service begins once grades have been mailed. A candidate may call the hotline at 847-706-3579. This automated hotline is an Interactive Voice Response (IVR) system that, with the use of the confidential candidate number and touch-tone phone, allows access to examination results, 24 hours a day, 7 days a week. This IVR system is designed only to give pass/fail results; no other information will be available. The hotline operates for a limited time each examination session after grades are mailed. Once examination results are released candidates are also able to access lists of passing candidate numbers via the SOA Web site. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Note: To preserve candidate confidentiality, in the event of a lost or misplaced candidate number, phone and facsimile requests to obtain the candidate number will not be honored by the SOA.
Disciplinary Action
Candidates must not give or receive assistance of any kind during the examination. Any cheating, any attempt to cheat, assisting others to cheat, or participating therein, or engaging in such improper conduct as listed below is a serious violation and will generally result in the SOA disqualifying the candidate's paper, and such other disciplinary action as may be deemed appropriate. Candidates have agreed in their applications for examination to be bound by the rules and regulations governing the examinations.
Examples of improper conduct:
1. Gaining access to examination questions before the examination
2. Using an unauthorized calculator or other mechanical aid that is not permitted 3. Looking in the examination book before the instruction to begin is given
4. Marking or otherwise writing on the examination book or answer sheet before the instruction to begin is given
5. Making any changes, additions, deletions, or otherwise marking, erasing or writing on the examination book or answer sheet after the time for the examination has expired
6. Having access to or consulting notes or books during the examination 7. Looking at or copying from another candidate's paper
8. Enabling another candidate to copy from one's paper
9. Talking or otherwise communicating with another candidate during the examination.
10. Disturbing other candidates during the examination
11. Consulting other persons outside the examination room during the examination
12. Copying questions, answers, or answer choices onto paper or into a calculator to take from the examination room
13. Taking an examination book from the examination room
14. Taking an examination for another candidate
15. Arranging to have another person take an examination for the candidate
16. Threatening or physically or verbally abusing a supervisor or proctor responsible for curbing or reporting improper conduct
17. Disclosing the contents of an examination to any other person 18. Presenting false information on an examination application
19. Failing to remain in the examination room for a minimum of two hours, the duration of the exam, or a 30 minute minimum for the afternoon portion of an examination that has distinct morning and
afternoon segments
20. Failing to follow other examination instructions
The E&E Committee of the SOA will pursue any evidence that a candidate has cheated or failed to follow examination rules, either in letter or spirit. Any irregularity or suspected violation will be
investigated. When a violation is confirmed, disciplinary actions may include, but are not limited to, disqualification of the candidate's examination paper and a prohibition against writing SOA examinations for a specified period. The SOA rules and regulations concerning examination administration, including disciplinary action, are comprised of the information in this Catalog, as well as the information in the Instructions to Candidates mailed with the Tickets of Admission, the information on the covers of
examination booklets, and the material read by the supervisors during each examination administration.
All candidates, on their applications for examinations, are required to read and sign the following statement:
“I have read the rules and regulations concerning the examination(s) for which I am applying, and agree to be bound by them. I also agree that the results of any examination(s) which I take, and any action taken as a result of my conduct (such as an irregularity, violation or cheating, and any hearings thereon) may, at the sole discretion of the SOA, be disclosed to any other bona fide actuarial organization that has a legitimate interest in such results and/or action.”
The SOA may, at its sole discretion, disclose to any other bona fide actuarial organization having a legitimate interest, information on the identity of any candidates determined to have committed a serious examination violation (those for which the penalty is greater than the simple disqualification/nullification of the examination), and the specific penalties imposed on those candidates.
Where an actuarial organization with which the SOA has a direct working relationship invokes a penalty against a candidate for an examination-related violation on an examination for which the SOA is not a joint sponsor or administrator, the SOA will invoke the same penalty on the candidate with respect to writing any SOA examinations.
Candidates will have the right to appeal the SOA's application of the disciplinary decision of another actuarial organization. Where a candidate makes such an appeal, the SOA will request the transfer of the appropriate disciplinary case files, including all direct evidence, from the other organization to the SOA for disposition of the appeal under the general provisions of the SOA disciplinary process.
If a candidate appeals an SOA examination-related disciplinary penalty to another actuarial organization invoking the same penalty based on the reciprocal agreement, the SOA will provide the relevant disciplinary case files upon receipt of formal written request from the organization, subject to the applicable SOA policies and procedures (and respecting the legitimate protection of the SOA
attorney/client privileged communication). The candidate will be required to acknowledge that the appeal requires the exchange of the confidential information between the SOA and the other organization, and must provide written authorization for the release of the information to the other organization.
These standards may seem stricter than those to which candidates are accustomed in other examination environments. The SOA maintains these strict standards because the examinations are such a significant part of a candidate's career. Therefore, equitable administration of the examinations and enforcement of the highest standards of conduct cannot be emphasized too strongly. The conduct of the majority of candidates for the SOA examinations is of the highest quality.
Candidates who desire a copy of the full procedures followed in disciplinary cases should send a written request to the Ombudsperson at the SOA office address. Note: For details on Exam P, please refer to the Exam P Computer-Based Testing (CBT) Administration Details section of this catalog.
Lost Examinations
If a completed examination answer sheet or the written answers for an examination are inadvertently lost or destroyed, the examination fee will be refunded. The SOA and any jointly administering or
sponsoring organizations assume no other obligation, and candidates must take all examinations subject to this understanding. The one exception to this policy is noted in the following paragraph.
In the case of a multiple-choice examination, whenever reasonably possible, the SOA will make use of a candidate's examination book to reconstruct the answers selected by the candidate. Where a candidate has clearly indicated the response selected for each question, the E&E Steering and Coordinating Committee can determine when the candidate demonstrates a passing performance and give that candidate a passing grade. Therefore, candidates may want to circle or otherwise clearly indicate their answer choices in the examination books. However, additional time in the examination period will not be given for candidates to do this. If a candidate receives a passing grade as a result of the review of the examination book, the examination fee will not be refunded.
Defective Questions
Occasionally, through an inadvertent error or a difference in interpretation, an examination question is found to be defective. Examples of defects might include typographical errors, ambiguities, or
questions that test material no longer covered in the Course of Reading. Candidates who believe that a question is defective should write to the Ombudsperson at the SOA within two weeks of the date the examination was administered. This letter should explain in detail why the question seems to be
defective. The SOA E&E Committee will investigate all questions brought to its attention in this way, and may make allowances in the grading process, if appropriate. The E&E Committee may make use of candidates' examination books to determine whether their scores should be adjusted. The committee makes no guarantee it can consider correspondence that does not reach the SOA office within two weeks after the examination administration.
Confidentiality of Examination Records
The fact that a candidate has passed an examination for credit with the SOA is considered public knowledge. Any further information about the examinations taken or grades received by a candidate is available only to that candidate and to E&E Committee Officers as required for Committee purposes.
However, a candidate may request in writing to the SOA office that a designated person or institution should receive such information.
Credit for Examinations Passed in Other Actuarial Organizations
The BOG may waive certain requirements for passing some examinations of the SOA if the applicant has passed substantially equivalent examinations that are required by another recognized actuarial organization. Requests for these waivers should be sent to the Registrar at the SOA office.
FSAs Writing Examinations
FSAs have expressed a desire to write SOA examinations to satisfy a professional continuing education provision, or to acquire new knowledge. The SOA supports enabling FSAs with a legitimate purpose to write SOA examinations, subject to limited restrictions.
As is the case for all candidates, FSAs cannot write examinations they have previously passed unless such demonstration is required to satisfy licensing/certification continuing education requirements (e.g., Enrolled Actuaries in the U.S.).
FSAs serving on an education or examination committee may need to separate themselves from that committee involvement for a period of time before taking an examination. FSAs who are interested in writing an SOA examination but have questions about any relevant restrictions should contact the Ombudsperson at 847-706-3527 or [email protected].
Joint Sponsorship
The Casualty Actuarial Society (CAS) jointly sponsors and administers Exams P, FM and C with the SOA. These three courses/exams are part of the basis for the Preliminary Education Component. They form a body of knowledge common to all actuarial candidates. The CAS actively participates
with its cosponsors to set objectives, syllabus, assessments and passing standards for the
courses/examinations. Validation by Educational Experience (VEE) is jointly sponsored by the SOA, CIA and CAS.
The Canadian Institute of Actuaries (CIA), with the exception of the EA examinations, sponsors and administers the Associateship and Fellowship examinations with the SOA. The CIA actively participates with its cosponsors to set objectives, syllabus, assessments and passing standards for the
courses/examinations.
The SOA and the American Society of Pension Professionals & Actuaries (ASPPA) jointly sponsor and administer EA-1, EA-2, A and EA-2, B with the Joint Board for the Enrollment of Actuaries (JBEA).
The organizations actively participate with their cosponsors to set objectives, syllabus, and assessments for the courses/examinations. Each organization may set its own pass mark.
The American Academy of Actuaries (AAA) and the Conference of Consulting Actuaries (CCA) jointly sponsor the Associateship and Fellowship examinations with the SOA.
The addresses for the above organizations can be found on the back inside cover of this catalog.
Correspondence
Requests for application forms or correspondence regarding examinations, Study Notes (SNs), classes, or other matters should be e-mailed to [email protected], downloaded from www.soa.org, fax 847-273-8526 or mailed to:
Society of Actuaries Information Request
475 North Martingale Road, Suite 600 Schaumburg, Illinois 60173-2226 U.S.A.
Exam P Computer-Based Testing (CBT) Administration Details Benefits of CBT
The CAS, CIA, and SOA are pleased to offer Exam P/1 as a computer-based test (CBT) starting in September 2005. This will give candidates more frequent opportunities to take Exam P/1 within a
standardized environment. It is anticipated that after the first few administrations, grades will be available upon completion of the computer-based test. There will be one CBT administration in 2005 and four CBT administrations in 2006, with the frequency possibly being increased in subsequent years.
Exam Dates
•
In Canada and the United States, computer-based testing for Exam P/1 will be held in a three-day period: September 26-28, 2005.•
In all other countries the test date will be September 26, 2005.•
In the small number of areas without access to CBT, candidates will take an Internet-based test that will be held on September 26, 2005.Registration Deadline
Grades from the Spring 2005 administration are scheduled to be released on July 8, 2005. The registration deadline for the September administration for Exam P/1 will be July 22, 2005. Candidates who wait until Spring grades are released must send their registrations by courier to reach Preliminary Actuarial Examinations (SOA office) by Friday, July 22, 2005.
Exam Fee
The exam fee for the September 2005 administration of Exam P/1 is $175. The fee incorporates the additional expenses associated with the expanded development and the computer delivery process in a network of professional test centers.
Test Centers
Thomson Prometric, which operates an international network of testing centers, will host the CBT
administration of Exam P/1. Thomson Prometric offers high-quality test site environments and experiences for candidates. The professional test center staff will verify your identity and assist in the sign-in and on-time seating process. The centers are secure and provide an environment that is clean, temperature controlled, and quiet. To view a test center, go to http://www.prometric.com/Sites/TestCenterTour.htm.
Refund Policy
Any candidate who submits an application for Exam P/1 and subsequently decides not to take the examination may receive a refund (less the $60 administrative fee) only by doing both of the following:
•
Cancel the appointment by noon of the third business day (includes Saturdays) before the test appointment. For example, to cancel an examination for Tuesday, a candidate must notify the test center by noon on the Friday before the Tuesday appointment.•
Submit a refund request by e-mail ([email protected]) to Preliminary Actuarial Examinations by noon of the third business day before the test appointment. Examination fee refunds will be issued following the testing administration.Any refund request submitted later than noon of the third business day before the test appointment will not be considered.
Registration: Easy as 1, 2, 3
1. Send Application to Preliminary Actuarial Exams
A candidate submits an application form with payment to Preliminary Actuarial Exams in the traditional manner. All applications must reach Preliminary Actuarial Exams at the SOA office prior to July 22, 2005. A candidate with a formally diagnosed disability who needs special testing arrangements must submit a written request and documentation with the application. Requests for special arrangements and supporting documentation must be submitted, at the applicant’s expense, no later than July 22, 2005.
2. Receive and Verify Your Authorization To Test (ATT)
Approximately five weeks prior to the exam, all registered candidates will be mailed an “Authorization to Test” (ATT) form. Candidates must confirm that the information on their ATT is correct. If there are inaccuracies on the ATT, candidates should contact Thomson Prometric as soon as possible (details will be provided with the ATT).
Candidates will need the ATT to schedule an appointment to take Exam P/1. Candidates also will need to take the ATT to the test center on the day of the exam. Candidates without an ATT will not be admitted to the exam.
The ATT contains the candidate’s test authorization number, candidate number, dates when the
candidate may schedule the exam, and an expiration date. The examination must be scheduled on the date(s) listed on the ATT. After August 29, 2005, call 609-720-6500 to report a lost ATT.
3. Make an Appointment at the CBT Center
To increase the likelihood of testing at the candidate’s center of choice, each candidate should schedule an appointment (online or by phone) upon receiving the ATT. A list of CBT centers will be available on the Thomson Prometric Web Site and linked from the CAS, CIA, and SOA Web Sites.
Schedule Online
• After receiving their ATT, candidates may schedule their test appointments on the Internet by going to: www.2test.com. The system allows candidates access to real-time scheduling 24 hours a day, 7 days a week. Canadian and U.S. candidates are able to select their preferred testing date. All candidates are able to select their preferred location, receive immediate on-screen confirmation, and a follow-up e-mail confirmation of their appointment details.
• For “Testing Program,” select “CAS/CIA/SOA Exams.” The opening page for scheduling your appointment will appear. Continue by following the instructions.
• Candidates requiring special needs accommodations may not make an appointment on the Internet. Please call the Special Accommodations Department at Thomson Prometric to schedule your examination.
Schedule by Telephone
• After receiving their ATT, candidates may schedule their test appointments by calling Thomson Prometric’s Candidate Services Contact Center (CSCC). All telephone numbers will be provided when the ATTs are mailed.
• Candidates requiring Special Needs Accommodations should call the Special Accommodations Department at Thomson Prometric to schedule their test appointments.
Procedures for Changing or Canceling a Test Appointment
To reschedule or cancel an appointment, candidates must do the following by noon of the third business day before the appointment (for example, to cancel an examination for Tuesday, you must notify the test center and Preliminary Actuarial Exams by noon on the Friday before the Tuesday appointment):
•
Call the test center where you are scheduled to take the exam. Notification must be left directly with the administrator at the test center. Do NOT leave a message on the answering machine—this does not constitute official notification.•
Notify Preliminary Actuarial Exams at the SOA Office ([email protected]).•
Special needs candidates must call the Special Conditions Coordinator to reschedule or cancel.A cancellation does not automatically ensure a refund. You must both cancel the appointment by noon of the third business day before the appointment and you must request a refund from Preliminary Actuarial Exams within the same time frame. (See refund policy above.) If a candidate fails to arrive for a scheduled appointment or cancels without giving the required notice as described above, no refund will be given.
Identification Requirements
• You should always use the same form of your name. Do not change the spelling and do not change the order of your name. If you use an initial or middle name, be sure to include that as well.
• If you need to contact Thomson Prometric for any assistance, use the same form of your name that is on your Exam P/1 application form.
• When you arrive at the test center, you will be required to present your ATT and identification with a signature and a photograph (e.g., driver’s license or other government-issued identification, passport, school or work ID, etc.). If a photo ID is not available, you may present two forms of identification with a signature, with at least one form containing a physical description (height, weight, hair color, eye color, etc.). Each candidate will be required to sign in at the test center. A candidate who does not present the required identification and ATT or who refuses or is unable to provide a matching signature will not be permitted to take the examination.
• Acceptable forms of primary identification (which must include your signature and photograph) are:
current (valid) driver’s license, employee identification card, state identification card, a current (valid) passport, or other government-issued identification. Secondary forms of identification must include your signature. Acceptable forms of secondary identification include valid military identification card,
citizenship card, or current (valid) driver’s license without a photo, or other government-issued identification.
Grounds for Dismissal
A candidate who is believed to be engaging in misconduct and does not heed the administrator’s warning to discontinue the behavior may be dismissed from the test center. The CAS/CIA/SOA may choose to have the test scores of such candidates canceled. Behaviors considered to be misconduct are listed, but not limited to, those described in the next section, CBT Examination Discipline.
CBT Examination Discipline
Any candidate who does not have positive identification, who uses unauthorized aids, or who does not follow the testing procedures can be dismissed from the test center. Candidates must not give or receive
assistance of any kind during the examination. Any cheating, attempt to cheat, assisting others to cheat, participating therein, or engaging in such improper conduct as listed below is a serious violation and will result in the CIA/CAS/SOA disqualifying the candidate’s exam and other disciplinary action as may be deemed appropriate. Candidates have agreed in their applications for the examination to be bound by the rules and regulations governing the examinations. After being logged into the computer, a prompt will require the candidates to agree to the rules before proceeding to the exam itself.
Examples of improper conduct include but are not limited to:
1. Gaining access to test questions before the examination or aiding someone else to do so.
2. Using an unauthorized calculator (as defined above) or other mechanical aid that is not permitted.
3. Having access to or consulting notes or books during the examination.
4. Talking or otherwise communicating with another candidate during the examination.
5. Disturbing other candidates during the examination.
6. Consulting other persons outside the examination room during the examination.
7. Removing or attempting to remove test questions and/or responses (in any format) or notes about the examination from the testing area.
8. Taking unauthorized material from the test room.
9. Taking an examination for another candidate.
10. Arranging to have another person take an examination for the candidate.
11. Threatening or physically or verbally abusing a supervisor or proctor responsible for curbing or reporting improper conduct.
12. Disclosing the contents of an examination to any other person.
13. Presenting false information on an examination application.
14. Failing to follow other examination instructions.
15. Tampering with the operation of the computer or attempting to use it for any function other than taking the examination.
The Examination Committee, or its designee, will investigate any irregularity or suspected violation of the rules involving the examination process, and a determination will be made regarding the matter. Where there is a determination to invoke a penalty, the candidate is advised by letter.
Candidates taking actuarial exams are expected to follow the rules and procedures included in the “Exam
P/1 Study Note” as well as announcements made by the proctors at the test centers. All candidates, on their applications for examinations, are required to read and sign the following statement: “I have read the rules and regulations concerning the examination(s) for which I am applying and agree to be bound by them. I also agree that the results of any examination(s) which I take, and any action taken as a result of my conduct may, at the sole discretion of the Canadian Institute of Actuaries, Casualty Actuarial Society, or the Society of Actuaries, be disclosed to any other bona fide actuarial organization that has a legitimate interest in such results and/or action.”
Grades
September 2005 Exam P/1 grades will be mailed to candidates approximately six weeks after the exam administration.
