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Just Answer My Questions
01-20-2004, 12:45 PM
If I'm not planning on practicing in Canada for awhile and I just want to get my PD credits done, is it worth it to skip the PEC for now, get the FSA, and fork out the time & $$$ when I'm working in Canada?
What are the consequences? :-?

Elton John
01-20-2004, 01:02 PM
Legally in Canada, an actuary is a Fellow of the Canadian Institute of Actuaries. Si, if you're noty a Fellow, you can't sign any documents, like an actuarial valuation report. And to be a Fellow, you need the PEC.

Michel de Nostradamus
01-20-2004, 01:19 PM
To become an FCIA:

Besides the PEC, you need minimum Cdn experience plus minimum time period under the supervision of an FCIA.

Perhaps pass the PEC now while you have the energy to study and meet the minimum stuff when you return to Canada?
May be a good idea, but does the PEC credit have an expiry date?
You may want to ask the CIA.
Let us know if you find an answer!!

But would your US employer pay for your PEC?
It does not benefit them - only you.
They might also become suspicious that you are planning to leave the US and return to Canada.
On the other hand, it meets the SOA-approved PD credits.

Just Answer My Questions
01-20-2004, 01:32 PM
Hi Mike,

Thanks for your advice. I'm actually not working right now but am in academia (and expect to remain for the next few years). PEC funds will come out of my very shallow pockets.

I have the Canadian experience, I just don't want to fork out the dough and the time if I can complete the SOA requirements without it (since I don't expect to be practicing in Canada for awhile). I'm on the fence - is it worth putting off if I do have to do it eventually and right now it would be worth PD credits OR should I avoid another stressful week long seminar, spend less $$ and finish up the my fellowship more quickly. I'm really unsure and there's really no one to ask about this sort of thing (I tried to tell my significant other but I think I lost them after "so, i have 50 pd credits to do, 15 can come before i submit my initial plan, 20 have to be approved, a PEC gives 18, blah blah blah"). What would you do?

I got below from the CIA website - I think it says that there is an expiry.

What is the Practice Education Course?

The Canadian Institute of Actuaries (CIA) relies on the examination systems of the Society of Actuaries and the Casualty Actuarial Society to provide basic actuarial education. The examination systems for these two actuarial organizations were significantly changed effective January 1, 2000 including the removal of substantial portions of the Canadian material from the examinations.

As a result, the CIA created a three-day program to provide additional Canadian specific educational requirements. The PEC is designed to provide candidates with practical education in the Canadian environment including industry practices, professional standards, legislation and taxation. It will be offered once a year, in the Spring, in Ottawa, Ontario. It will have a value of 18 SOA Professional Development credits. Although the SOA does not have an expiry date on exam-validated PD credits such as the PEC, the CIA maintains that a PEC will only be valid for a period of 25 months for its purposes.

Michel de Nostradamus
01-20-2004, 01:43 PM
Well, Just Answer My.
Get your Cdn employer to pay for it when (or if) you return to Canada or when you get out of academia.

But I highly recommend completing the 50 PD credits for FSA prior to the conversion in 2005/2006. Have you heard? They may get rid of the PD section altogether and add a Course 9! :o

Just Answer My Questions
01-20-2004, 01:46 PM
So... put off the PEC and do the 18 approved credits through another means?

Michel de Nostradamus
01-20-2004, 01:53 PM
You wrote that you have Cdn experience.
Do you have the minimum period under an FCIA supervision thing?
If so, compare the price of the PEC vs doing 18 credits that are non-PEC.
If cheaper, go for PEC.

If you lack the FCIA supervision, then just go for FSA.

Actually, mayreeh may be able to help more than I. She went through this in 2003. PM her and point out this thread.