Important Course Information in Light of July 2018 SOA Curriculum Change

Special Notes on SOA New Curriculum Effective July 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/Education/General-Info/2016-asa-cera-curriculum-changes.aspx

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

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.

One significant addition to the SOA syllabus is the Statistics for Risk Modeling (SRM) exam. We are currently developing a new third-year statistical learning course. We expect this course to become available from 2018-2019 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 be highly recommended for actuarial science students. If you want to take this course, you should consider taking a first-year computer science course (CSC108/120/121/148) during 2017-18 academic year. A first-year computer science course will be the prerequisite for the new statistical learning course. However, note that if you have enrolled in the program prior to 2018-19, 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/Education/General-Info/2016-transition-rules-asa-candidated.aspx

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 Preliminary 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*, STA347 (or a new course on Markov Chains to be announced)

Exam Short-term actuarial mathematics (STAM): ACT451, ACT452, ACT466, ACT371, ACT372, STA347 (or a new course on Markov Chains to be announced)

Exam Statistics for Risk Modeling (SRM): STA261, STA302, new statistical learning course, 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 Preliminary List of 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: ACT451, ACT452, STA261, STA 302, STA 347 (or a new course on Markov Chains to be announced), STA 457

Exam MAS II: ACT466, STA 302, STA 347 (or a new course on Markov Chains to be announced), new statistical learning course

 

Practice Courses

The following courses taught by FCIAs or FSAs from the profession can help students gain practical knowledge from various practice tracks and potentially improve competitiveness when applying for internship and employment:

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.

Print Friendly