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  #41  
Old 08-26-2003, 06:07 PM
Oblomov retired (student) Oblomov retired (student) is offline
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Quote:
Originally Posted by Kimmerz321
So what does this mean to those of us who didn't have the coursework in college and may not be done with 1-4 by November 2004? Am I going to have to go back and take the extra business courses at a college near me? Is there a section that explains what students who are mid-sequence will have to do?
Page 16 summarizes the proposed(?) transitions rules.

There are 3 subjects that will be "validated". For exam 2, you'll get an exemption for Economics and for Corporate Finance, For exam 4 you'll get an exemption for Applied Statistics. So, if you don't pass 2 and 4 before November 2004 (!!!) you might have to go back to college.

I am now preparing for course 3, I can fail once for either 3 or 4, if I fail twice I need to go back to college. This sucks. Considering the commitment I made by starting the actuarial exams, the SOA should have a longer planning period than 1 year. That way, I could have taken into account the possibility of having to take university courses again. Thanks for demotivating me.
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  #42  
Old 08-26-2003, 06:11 PM
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Quote:
Originally Posted by Kimmerz321
So what does this mean to those of us who didn't have the coursework in college and may not be done with 1-4 by November 2004? Am I going to have to go back and take the extra business courses at a college near me? Is there a section that explains what students who are mid-sequence will have to do?
There is a section on transition. It proposes (maybe not final result) what current exams satisfy which requirements. In particular, it looks like if you have not passed Course 2, you will need to satisfy the validation for Economics and Finance; if you have not passed Course 4 you will need to satisfy the validation for Applied Statistics.

Each current exam among 1-4 provides credit for one new exam (2 and 4 also cover some of the validation requirements.)

Pre-requisites like Calculus and Introductory Accounting do not have to be validated (no proof is required).
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  #43  
Old 08-26-2003, 06:11 PM
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If you have to go back to school to take some business courses you might as well get your MBA. Then you can tell the SOA to go...
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  #44  
Old 08-26-2003, 06:16 PM
Oblomov retired (student) Oblomov retired (student) is offline
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Does the redesign apply to P&C as well?
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  #45  
Old 08-26-2003, 06:29 PM
Oblomov retired (student) Oblomov retired (student) is offline
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I find it ironic that one of the guiding principals:
Quote:
Originally Posted by Report
Travel time should be reduced when compared to completing current Courses 1-4.
This should not be accomplished by shifting material later in the syllabus.
Has been solved by shifting material to BEFORE the syllabus applies. This proposal reduces travel time by setting strict entry requirements for the exams. Travel time won't be reduced, the SOA-clock just starts ticking later in the process.
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  #46  
Old 08-26-2003, 06:37 PM
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Quote:
Originally Posted by Oblomov
Does the redesign apply to P&C as well?
People seeking to become members of the CAS satisfy CAS exam requirements. This is an SOA proposal. Currently, exams 1,2 and 4 are joint. The CAS will have to decide to what extent it wants any revised SOA exams to be joint, and what additional requirements (coursework, exams, etc) it might require.
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  #47  
Old 08-26-2003, 07:21 PM
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I like how my travel time will be reduced.

I have 1-7 + 25PD, and it looks like I'll get to take TWO part 8s and lose my PD. Can't wait.

I'm hoping I can wait until towards the end, finish up the PD so it doesn't expire, (getting rid of one of the 6-hour exams), then re-pass the pricing exam I took back pre-2000.

Do you think that will make me qualified? It seems like I might end up with an FSA by doing that.
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  #48  
Old 08-26-2003, 07:26 PM
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The new exam system will decrease your travel time because you now have a powerful motivation to pass Course 8 and complete your PD before the rules change.
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  #49  
Old 08-26-2003, 07:36 PM
GoSensGo GoSensGo is offline
 
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Hmmm.

I bet a lot of this will change before they finalize.

Looks like they have finally heard the call for more practical and less theoretical.

Eventually we might have more people who can talk in complete sentences and a few less pocket protectors.

I wonder what the CAS will do. I suspect that they will probably want to maintain some common exams, especially at the preliminary level.

They are making the exams easier overall. But the strategy seems to be that they will keep salaries high by getting rid of people who do not have the right university courses.

Seems that it is important to get courses 2,4 before implementation is important -> otherwise back to school. Some people who finish the current 5 will probably want to skip 6 and go straight to 7. This way the mapping works, you get your ASA more quickly this way.

No doubt it will all change before too long.
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  #50  
Old 08-26-2003, 07:59 PM
Twisted Logic Twisted Logic is offline
 
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Maybe somebody could suggest to the SOA that the time horizon for which to plan should exceed the average travel time to the FSA. They have changed the requirements in 1995, 2000, and now are planning for 2005/2006 or so. Do they plan to change again around 2010 or 2012?

When I went to college, I did not see the graduation requirements being changed half-way through. There could have been some minor adjustments, but nothing comparable with SOA redesign.

Redesigning requirements every once a while maybe appropriate, but not every five years or so. Somebody came up with a brilliant idea of a PD, which apparantly is not good enough to stay. Those of us who will end up doing the whole PD thing (including the project) will be among few FSAs to go through it.

Maybe SOA should set up a lab training actuarial rats, so that they can test their educational requirements on them, before they subject us to it. Or maybe we are rats and our pursuit is appropriately called a rat-race.
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