**FEM Timeline**

[Devilish]

For those who do not know how we got here, I have created a timeline. Feel free to add in any information you want, and I will create a revised one later.

1. In 1998, the International Actuarial Association (IAA), which represents 50 countries and 97% of the world’s actuaries, approved educational guidelines and a syllabus for internationally recognized actuarial qualifications. There is a plan that in 2005, the IAA will introduce minimum educational requirements for member organizations.

2. The Faculty and Institute of Actuaries in the United Kingdom, the Institute of Actuaries of Australia and the Canadian Institute of Actuaries enter into a mutual recognition agreement.

3. March 1999 CIA/UK/Aussies propose a mutual recognition agreement to the SOA. Chairman of the SOA Mutual Recognition Task Force is Neville Henderson.

4. UK Future Education Strategy Steering Group formed middle of 1999. The chairman of this Steering Group is Jeremy Goford, who created the Actuarial Control Cycle. Also Paul Thornton is a member, current IAA President-elect. The 3 overseas members were:

• Neville Henderson - SOA - Chairman of the Task Force for Mutual Recognition

• Clare Bellis - Institute of Australia - She wrote the Actuarial Control Cycle FAP Book

• Cecil Bykerk - Chairman of IAA Education Committee for 6 years, members of IAA education Committee for 14 years, current SOA president, and 2010 IAA President-elect.

5. In September 1999, the SOA Task Force Regarding Mutual Recognition, with representation from the CAS, concluded that some form of mutual recognition is imminent.

6. August 2000 a joint meeting was held between the SOA, CAS and UK Future Education Strategy Group, there was close agreement on the likely principles for the future framework. It is also mentioned that once the framework is set, the implementation phase will look at a possibility of a global syllabus.

Some of the key principles of the UK Future Education Strategy include: Exemptions of preliminary exams for college credit. Removing traditional actuarial examinations altogether. Implementation of Global syllabus. Reduction in Travel Time. Etc.

Anyone who claims this is hogwash can just look at the CAS Liaison to the Inst. of Actuaries/Faculty of Actuaries Future Education Strategy which has existed for at least the past 5 years.

7. May 2000 Mutual recognition starts, some fellows from The Faculty and Institute of Actuaries in the United Kingdom are given FSA designations. Mike McLaughlin received his mutual recognition FSA in 2001. He then immediately ran for the SOA board.

8. VEE is implemented. This started the process of exemption of exam material for college credit which was recommended by the UK Future Education Strategy Group.

9. Modules are implemented, the first module ever created was the Actuarial Control Cycle. The Actuarial Control Cycle is the creation of the chair of the UK Future Education Committee Jeremy Goford, and the FAP book was written by Claire Bellis, who is also a member of the UK Future Education Committee. The Institute of Australia uses the Actuarial Control Cycle as one of the main educational topics, representing one of the 3 parts to become credentialed.

10. October 2007, A member of the UK Future Education Strategy Steering Committee in 1999 is elected SOA president-elect, Cecil ByKerk. He was chairman of the IAA Education Committee for 6 years, and a member for 14 years.

11. The CAS passes the 2011 CAS education redesign, which includes modules. The only new material in the 2011 education change is the Actuarial Control Cycle. Also the current Chairperson of the IAA Education Committee writes an article explaining that new ACAS will not be able to sign statutory opinions. This allows the ACAS and ASA to be somewhat on the same level, and eases the transition of mutual recognition / globalization of credentials between countries. This education redesign is done without the CAS members knowing about it.

12. October 2008, Mike McLaughlin is the first mutual recognition fellow to be elected SOA president-elect.

13. June 2009, David Hartman nominates current SOA President Cecil Bykerk as 2010 IAA President-elect.

14. August 2009 - It was discovered that the SOA/CAS/CIA were one month from giving away the first 4 preliminary exams for college credit without the members knowing about it.

15. Anyone who suggests that the boards are trying to globalize the actuarial credential is called a "conspiracy theorist". Yet globalization is exactly what is happening with CERA.

[Basso]

For clarity, is it the globalization that is bad, or the FEM type stuff? I am not trying to be a smarta$$ here, I am curious which is the issue. I thought it was FEM?

[JMO]

Originally Posted by Basso

For clarity, is it the globalization that is bad, or the FEM type stuff? I am not trying to be a smarta$$ here, I am curious which is the issue. I thought it was FEM?

Some of us think that FEM is the problem. But some FEM proponents appear to be pushing it in order to create a globalized credential.

My thoughts on the matter are that a globalized credential needs a serious rethink. If the North American organizations reject university courses in favor of standardized, objective testing, maybe -just maybe- it's time for the rest of the world to move in that direction.

I could start another thread on that topic, if folks want to discuss it.

[JTBenson]

I have this sick feeling that my (and other) comments were not actually taken seriously. They sent out the revised FAQ. I feel like they think that addressed everyone's "concerns" and now all of the opponents are happy with the FEM. If this goes through without a vote of the membership, I will be outraged.

[campbell]

It doesn't make much sense to have a global professional credential centered around universities. There already exist university degrees. Come up with a new degree, to distinguish from other BSs or BAs, if you want some regularity between all these.

[SirVLCIV]

Originally Posted by Basso

For clarity, is it the globalization that is bad, or the FEM type stuff? I am not trying to be a smarta$$ here, I am curious which is the issue. I thought it was FEM?

The problem isn't FEM. Or globalization.

It's the dumbing down of the credential to the lowest common denominator that FEM and the current attempt at globalization will lead to.

As I've said before - I have nothing against a global credential, as long as the credentialing process is the most difficult of all components, instead of the least.

[JMO]

Originally Posted by campbell

It doesn't make much sense to have a global professional credential centered around universities. There already exist university degrees. Come up with a new degree, to distinguish from other BSs or BAs, if you want some regularity between all these.

I believe that anything less than a doctorate would degrade the credential. But, more importantly, I think that pushing for University education of actuaries is a mistake anyway.

It's moving us into the past rather than the "Future."

[Rockhound]

College professors have an incentive to get kids to pass. Professional bodies have an incentive to maintain the standards of the profession.

Letting college professors determine who gets into a profession is an inherent conflict of interest.

[Dr T Non-Fan]

Even lawyers have to pass the bar exam.

[Listeria]

Originally Posted by JMO

I believe that anything less than a doctorate would degrade the credential. [/b]

Doesn't this depend on how many exams a person gets credit for? I thought the proposal was to give credit for the first four, though I may have misunderstood, as I am little more than an onlooker here. I can see fellowship as on par with a doctorate, but not 1-4.