Important Course Information in Light of July 2018 SOA Curriculum Change

Special Notes on SOA New Curriculum Effective July 2018 (Updated in April 2018):

 

SOA has published its new curriculum effective from July 2018, which has a larger focus on statistics and predictive modeling:

https://www.soa.org/curriculum-changes/curriculum-changes-default/

https://www.soa.org/Education/Exam-Req/edu-asa-req.aspx

In light of these changes as well as the general direction of integrating statistical modeling in the profession, we are actively revamping our undergraduate actuarial science curriculum to meet the new demands. The 2018-19 calendar has been published:

https://fas.calendar.utoronto.ca/section/Actuarial-Science

Note this new calendar only applies to students enrolling in the Actuarial Science programs in Spring 2019.  For students enrolling in the Spring 2018 enrolment period, the 2017-18 Calendar will apply.

One significant addition to the SOA syllabus is the Statistics for Risk Modeling (SRM) exam. A new third-year statistical learning course STA314 will first be offered in 2018-19 academic year. The new course, along with the current STA302 and STA457, will provide sufficient theoretical and practical foundations required for the SRM exam (and beyond).

The new course will require the prerequisites of STA130 as well as a first-year computer science course (CSC108/120/121/148). However, note that if you have enrolled in the program prior to Spring 2019, you will NOT be required to take the new statistical learning course.

 

It is also important to look at SOA’s transition rules:

https://www.soa.org/curriculum-changes/transition-timing/

Note that the current Applied Statistics VEE can be used to fulfill the new SRM exam requirement as long as you have completed the VEE courses by June 30 2018.

Currently, for Applied Statistics VEE, the requirement is a combination of the following two courses:

(1) ECO475 or STA457, PLUS

(2) STA302 or STA304 or ECO375.

You should check the prerequisites of the above courses in the Statistics or Economics program course calendar before attempting to enroll in them.

A List of Courses Most Relevant to the New SOA Curriculum (effective July 2018):

 

Exam Probability (P): STA257

Exam Financial Mathematics (FM): ACT240, ACT245

Exam Investment and Financial Markets (IFM): ACT245, ACT370, ACT349

Exam Long-term actuarial mathematics (LTAM): ACT247, ACT348, ACT455, ACT452*, ACT350 (a new course to be first offered in Fall 2019)

Exam Short-term actuarial mathematics (STAM): ACT451, ACT452, ACT466

Exam Statistics for Risk Modeling (SRM): STA302, STA314, STA457

VEE mathematical statistics: STA261

VEE Economics: ECON 101, ECON 102

VEE accounting and finance: MGT201, ACT349

*ACT452 is most related to STAM exam. However, Chapter 12 of Loss Model (now a study note for LTAM exam available on SOA website) is also covered in this course.

Students should seriously consider taking ACT451 and ACT452 in their third year, given the importance of those two courses in the new SOA curriculum. ACT451 now only requires a prerequisite of STA257. ACT452 now only requires the completion of STA261 and ACT451.

 

CAS New Curriculum and a List of Most Relevant Courses:

CAS has also published their 2018 new curriculum:

https://www.casact.org/cms/files/2018_Changes_to_CAS_Credentialing_Requirements.pdf

 

Most notable changes are the addition of Modern Actuarial Statistics I (effective spring 2018) and Modern Actuarial Statistics II (effective fall 2018).

Exam MAS I: ACT350 (a new course to be first offered in Fall 2019), ACT247, ACT348, STA261, STA257, STA302, STA314, STA457

Exam MAS II: ACT466, STA 302, STA303, STA314, STA410 (covers Markov Chain Monte Carlo)

 

Practice Courses

The following courses taught by FCIAs or FSAs from the profession can help students gain practical knowledge from various practice tracks and improve competitiveness when applying for internship and employment. Both Major and Specialist students are highly encouraged to take them:

Property and Casualty (P&C): ACT371, ACT372, ACT471

Life and annuity (and AXIS software): ACT475

Pension: ACT470

Professional Communication (using case studies in various practice tracks): ACT473

We will update information on curriculum changes on this page and please check back periodically.

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