Education Strategy Review North West Actuarial Society 28 April Karen Brocklesby Registrar Paul King - Consultant Education Actuary

Transcription

1 Education Strategy Review North West Actuarial Society 28 April 2016 Karen Brocklesby Registrar Paul King - Consultant Education Actuary April 2016

2 Background The last major IFoA Education changes were introduced in 2005 The nature of the work of actuaries is changing Other actuarial associations are either planning or currently undergoing a strategic review of their qualification process The IAA is introducing new Core Syllabus standards which the IFoA must meet April

3 Why undertake a review? Ensure actuaries who qualify with the IFoA remain fit for purpose over the next ten to fifteen years Ensure members of the IFoA are equipped to fulfil wider roles in more diverse areas of work Maintain the IFoA s reputation internationally by ensuring our qualification structure is up-to-date with the current issues facing actuaries world-wide April

4 What will the review accomplish? Content of subjects is cutting edge and relevant Removal of outdated, less relevant and duplicated material Balance between technical and softer skills and between theory and application Focus on assessing understanding and competence Appropriate use of technology April

5 How is this review being conducted? Council Oversight and approval of strategic corporate decisions Management Board Oversight and approval of business decisions Education Board Oversight and approval of strategic decisions Oversight and approval of logistical decisions Education Committee Education Strategy Review Working Party Oversight and coordination of research and proposals (working party members and coordinator) Working Parties Production of research and proposals (specialists and executive) Technical Building Blocks (CT1,3-6, 8 & CA2) Business Management (CT2,7,9) Core Application (CA1) Communication (CA3) Practical Experience (WBS) Practice Boards (ST and SA) April

6 Who are we consulting? National and international employers Learning providers Students (SCF and local actuarial societies) Accredited universities and universities with ERAs Experienced volunteers (examiners, markers) International associations International Actuarial Association (IAA) Regulators (FRC) IFoA national and international membership April

7 Timescales June 2016 (2 nd ) Council approval of new syllabus, assessment methods and exam structure July/August 2016 September 2016 May 2017 April 2019 Formal consultation with membership and other stakeholders New syllabus, assessment methods and transitional arrangements published Core Reading and specimen exam papers published First exams held under the revised exam structure April

8 Proposals What changes are the IFoA currently considering? April 2016

9 Core Technical Subjects 1, 3-6 and 8 Syllabus Content Replace six existing subjects with four new subjects 1. CS1 Statistical theory and applications 1 2. CS2 Statistical theory and applications 2 3. CM1 Modelling 1 4. CM2 Modelling 2 Assessment Method Each subject will have: 1. Paper based in exam centre written, 3 hours 2. Computer based in office/home Excel or statistical package R, 2 hours April

10 Core Technical Subjects CS1/2, CM1/2 CS1 Statistical Theory and Applications 1 Rough equivalent: Most of CT3 and some of CT6, with added practical objectives using R CS2 Statistical Theory and Applications 2 Rough equivalent: Most of CT4 and CT6, with added practical objectives using R CM1 Modelling 1 Rough equivalent: Most of CT1 and CT5 and a small part of CT4, focusing particularly on deterministic models CM2 Modelling 2 Rough equivalent: CT8 and small parts of CT1 and CT6,.focusing particularly on stochastic models April

11 Why use R? R is widely used in education and industry and has a growing user base R is used by typing lines of code rather than pointing and clicking The skills required for the actuarial exams will focus on core statistics and modelling concepts and will be largely transferrable to other packages R is free, well supported and runs on all common platforms R works with a range of packages and other tools that can support actuarial applications, education and assessment. R is, or will be, used by other major actuarial associations R has functions that support the current IAA draft syllabus April

12 Core Business Subjects (CB1, CB2, CB3 ) Syllabus Content CB1 and CB2 are very close to existing CT2 and CT7 with changes to the syllabus topics to make subjects more relevant for the present and future CB3 Introduction to Business and Management. Will include leadership, managing people, strategic analysis, managing change and project management (from CA1) to provide a broad foundation Assessment Method A 3 hour unseen exam for each subject including both a computer marked element (30%) (eg multiple choice or short answer) and some longer questions (70%) April

13 Core Application 1 (CA1) Syllabus Content Project management techniques moves to CB3 Additional material on data management and control Remove duplicate content already covered in STs Overall proposed changes are minor Assessment Method Two papers 1. Written Short answer questions (5 to 12 marks) Mainly application with some bookwork 2. Written Case-study ¾ hour planning time 2½ hour writing time Content drawn from across syllabus but not from a single practice area April

14 Core Application 2 and 3 CA2 (Modelling Documentation, Analysis and Reporting) New content to include data analytics. Communication to a technical audience covered by the model write-up. CA3 (Communications) Current proposals involve a written paper (probably hours) covering: Determining what to communicate, given a large amount of information Determining how to communicate graphs, bullet points, slides, etc. A practical written communication exercise to a non-technical audience. Practical presentation moved to work-based skills without assessment April

15 Personal and Professional Development (formerly Work-based Skills) Content Assessment Four Objectives, subdivided into Key Competencies Effective Communications Problem Solving and Decision Making Professional Standards Professionalism in Practice. Credit-based credits per key competency Minimum annual requirement (different for Trainee Analyst, Trainee up to Associate and Trainee up to Fellow) Recorded online similar to CPD April

16 Specialist Subjects (SP/SA) Renamed Specialist Principles (SP) and Specialist Advanced (SA) ST5 renamed SP5 Finance and Investment ST6 renamed SP6 Financial Derivatives SA5 and SA6 withdrawn and replaced by SA7 Advanced Investments. This paper will focus on investments but will contain some corporate finance topics Detailed UK specific legislation and regulation to be moved to UK Practice Modules (as post qualification learning) SA subjects become less UK centric In both SP and SA UK practice can be used as an example with comparative material from practice elsewhere Additional specialisms can be added at any time if there is a justification for them April

17 EXISTING EXAM ASSESSMENT STRUCTURE CT s Eight Traditional 3 Hour (Centre) 1 Two day or Online (Two weeks Evening and Weekends) OPAT 90 Minute Online (at any time) CA1 Two Traditional 3 Hour (Centre) CA2/3 Two Half Day Online (Office or Home) PSC One Day Out of Office 8 10 Hours (Evenings and Weekends) 2 ST Two Traditional 3 Hour (Centre) SA One Traditional 3 Hour (Centre) April

18 PROPOSED NEW ASSESSMENT STRUCTURE CS1/2, CM1/2 Four Traditional (Centre) Four Online (Office or Home) BM1-3 Three 3 Hour exams (Centre) CA1 One Traditional 3 Hour Exam (Centre) One 3 Hour Case Study (Centre) CA2/CA3 As yet unknown OPAT/ PSC OPAT 90 Minutes Online (at any time) PSC 1 Day Out of Office, 8-10 Hours (evenings and weekends) SPs Two Traditional 3 Hour (Centre) SA One Traditional 3 Hour (Centre) April

19 FEEDBACK AND COMMENTS WE WELCOME YOUR FEEDBACK AND COMMENTS. PLEASE DIRECT THESE TO: April

20 Questions Comments April