SOA credit for CFA and FRM

[eagle_halo]

I am planning to take CFA II and FRM exam in the coming year. Do you think SOA would give me credit for some portion of FSA exams if I obtain these two designations (CFA and FRM)?

I know they do it for the PD course, but I see nothing after the redesign. Am I missing something?

Thanks,

[bdschobel]

At the moment, the SOA and the CFA institute have no mutual recognition of each other's exams. That may change one day, and I hope it does. Conversations have occurred, primarily at the staff level. This will take some time.

Bruce

[eagle_halo]

At the moment, the SOA and the CFA institute have no mutual recognition of each other's exams. That may change one day, and I hope it does. Conversations have occurred, primarily at the staff level. This will take some time.

Bruce

Thanks Bruce! You are helpful as usual!

[JMO]

From another part of the AO:
I submitted 6 years of work experiences through CFA Institute online application last month and I just got the results back.

ZERO month of my work experience qualifies as relevant work experience.

I read all the posts on this forum and tried to follow what others have done. Half of my work experience are from the pension side and the rest are from the insurance side so I tried to focus on aspects of those jobs that may qualifies under CFA membership requirement. I talked about asset allocations, stochastic modeling of interest rate etc etc. Obviously that didn't work and not even 1 month qualifies.

Anyone been in this situation before? Any advice?

What is happening on this?

[bdschobel]

When we spoke with CFA Institute staff, we were told that the elimination of actuarial experience as qualifying (which took effect on July 1, I believe) was almost an error, or an oversight of sorts. Since then, we've learned that it was more intentional than that, but we're still working at the staff level to fix it. I expect a favorable resolution ultimately but can't lay out a specific timetable.

Bruce

[JMO]

Thanks for the update.

[Sell_Side]

Any update on the SOA exam credit for CFA exam?

[Mr Burns]

Bruce, are there any updates or ongoing discussions regarding SOA credit for CFA exams/designation? I was thinking specifically at the FSA level (such as credit for DP or CSP), but any info would be appreciated!

I believe in the pre-2000 system, FSA credit was given for CFA exams.

[bdschobel]

We are engaged in discussions, but not at a high level of intensity. I hope that we can see some sort of mutual recognition before too long.

I do not believe that CFA exams ever got SOA credit, but feel free to correct me.

Bruce

[remilard]

We are engaged in discussions, but not at a high level of intensity. I hope that we can see some sort of mutual recognition before too long.

I do not believe that CFA exams ever got SOA credit, but feel free to correct me.

Bruce

They (CFA 1 + CFA 2) currently get credit for VEE (Corporate Finance). I never did PD but I am under the impression that some people satisified many or most of their PD credits by completing CFA exams.

[Mr Burns]

This is what I was looking at (if I read the articles correctly):
http://www.soa.org/library/proceedings/record-of-the-society-of-actuaries/1990-99/1992-1993/january/RSA92V18N214.PDF on pg 13

http://www.soa.org/library/newsletters/risks-and-rewards/1995/april/rar-1995-iss22-tan-torres.pdf (Risks and Rewards April 1995, pg 10)

[bdschobel]

Ah, that's correct. Not exactly what I had in mind, but true.

Bruce

[Kenshiro]

We are engaged in discussions, but not at a high level of intensity. I hope that we can see some sort of mutual recognition before too long.

I do not believe that CFA exams ever got SOA credit, but feel free to correct me.

Bruce

Can you provide any insight on the nature of the discussions?

They're a much larger organization and I can't imagine they'd give much recognition to our exams. It would make sense to me to give credit for a high level investments exam for the completition of the CFA designation. I'm not sure I would expect much from them except to try to get them to recognize actuarial work experience as qualifying.

[bdschobel]

That's already done.

Bruce

[eagle_halo]

That's already done.

Bruce

Ain't we talking about SOA credit only?

I thought it is entirely up to SOA what credit to give for CFA exam, just like PD (if I remember correctly, CFA exam used to get 50% of the required credit for PD).

I also understand that SOA might want to reach a mutual agreement before giving credit out. I can see how the bargaining power would be undermined if you first recognize the (CFA) exams, then ask the (CFA) institute to give credit to SOA exams.

[bdschobel]

I was referring to acceptance of certain types of actuarial work as meeting the CFA experience requirement. That's already done.

Bruce

[Mr Burns]

Many thanks to Bruce and others who worked on the experience requirement.

[BlackScholes]

Great!

when that will appear on the CFAI website?
so far, no changes. Thanks.

http://www.cfainstitute.org/cfaprog/getstarted/requirements/samplejob.html

I was referring to acceptance of certain types of actuarial work as meeting the CFA experience requirement. That's already done.

Bruce

[Kenny]

Great!

when that will appear on the CFAI website?
so far, no changes. Thanks.

http://www.cfainstitute.org/cfaprog/getstarted/requirements/samplejob.html

Wouldn't that be a question for the CFA, not the SOA?

[eagle_halo]

Any decision from the SOA side for SOA exam credit?

[Macroman]

They (CFA 1 + CFA 2) currently get credit for VEE (Corporate Finance). I never did PD but I am under the impression that some people satisified many or most of their PD credits by completing CFA exams.

My reading of the VEE qualification standards tells me that level 2 also gives you Applied Statistics credit. Financially that doesn't look so bad to me compared with 4 college courses (Corporate Finance, Economics, Regression, and Time Series).

[Nimue]

I was referring to acceptance of certain types of actuarial work as meeting the CFA experience requirement. That's already done.

Bruce

What actuarial work is going to qualify?

[tommie frazier]

there is a thread where it is discussed.

something like "actuarial work that informs or directs the investment decision"