education strategy review north west actuarial society 28 ... · r238 g116 29 dark grey r63 g69 b72...
TRANSCRIPT
Education Strategy Review
North West Actuarial Society
28 April 2016
Karen Brocklesby – Registrar
Paul King - Consultant Education Actuary
April 2016
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Background
• The last major IFoA Education changes were introduced in
2005
• The nature of the work of actuaries is changing
• Other actuarial associations are either planning or currently
undergoing a strategic review of their qualification process
• The IAA is introducing new Core Syllabus standards which the
IFoA must meet
April 2016 2
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Why undertake a review?
• Ensure actuaries who qualify with the IFoA remain ‘fit for
purpose’ over the next ten to fifteen years
• Ensure members of the IFoA are equipped to fulfil wider roles
in more diverse areas of work
• Maintain the IFoA’s reputation internationally by ensuring our
qualification structure is up-to-date with the current issues
facing actuaries world-wide
April 2016 3
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
What will the review accomplish?
• Content of subjects is cutting edge and relevant
• Removal of outdated, less relevant and duplicated material
• Balance between technical and softer skills and between
theory and application
• Focus on assessing understanding and competence
• Appropriate use of technology
April 2016 4
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
How is this review being conducted?
April 2016 5
Education Strategy Review Working
Party
Education Board
Technical Building Blocks (CT1,3-6, 8
& CA2)
Working Parties
Business Management
(CT2,7,9)
Core Application (CA1)
Communication (CA3)
Practical Experience
(WBS)
Practice Boards (ST and SA)
Oversight and approval of logistical decisions
Oversight and approval of strategic decisions
Oversight and coordination of research and proposals (working party
members and coordinator)
Council
Management Board
Oversight and approval of strategic corporate decisions
Oversight and approval of business decisions
Production of research and proposals (specialists and executive)
Education Committee
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Who are we consulting?
• National and international employers
• Learning providers
• Students (SCF and local actuarial societies)
• Accredited universities and universities with ERAs
• Experienced volunteers (examiners, markers)
• International associations
• International Actuarial Association (IAA)
• Regulators (FRC)
• IFoA national and international membership
April 2016 6
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Timescales
April 2016 7
June 2016
(2nd)
Council approval of new syllabus,
assessment methods and exam structure
July/August
2016
Formal consultation with membership and other
stakeholders
September
2016
New syllabus, assessment methods and
transitional arrangements published
May 2017 Core Reading and specimen exam papers
published
April 2019 First exams held under the revised exam
structure
Proposals What changes are the IFoA currently
considering?
April 2016
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Core Technical Subjects 1, 3-6 and 8
Syllabus Content
• Replace six existing subjects
with four new subjects
1. CS1 Statistical theory and
applications 1
2. CS2 Statistical theory and
applications 2
3. CM1 Modelling 1
4. CM2 Modelling 2
Assessment Method
• Each subject will have:
1. Paper based in exam centre
– written, 3 hours
2. Computer based in
office/home – Excel or
statistical package ‘R’, 2
hours
April 2016 9
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Core Technical Subjects CS1/2, CM1/2
• CS1 Statistical Theory and Applications 1
– Rough equivalent: Most of CT3 and some of CT6, with added practical
objectives using ‘R’
• CS2 Statistical Theory and Applications 2
– Rough equivalent: Most of CT4 and CT6, with added practical
objectives using ‘R’
• CM1 Modelling 1
– Rough equivalent: Most of CT1 and CT5 and a small part of CT4,
focusing particularly on deterministic models
• CM2 Modelling 2
– Rough equivalent: CT8 and small parts of CT1 and CT6,.focusing
particularly on stochastic models
April 2016 10
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Why use R?
• R is widely used in education and industry and has a growing user
base
• R is used by typing lines of code rather than pointing and clicking
• The skills required for the actuarial exams will focus on core
statistics and modelling concepts and will be largely transferrable to
other packages
• R is free, well supported and runs on all common platforms
• R works with a range of packages and other tools that can support
actuarial applications, education and assessment.
• R is, or will be, used by other major actuarial associations
• R has functions that support the current IAA draft syllabus
April 2016
11
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Core Business Subjects (CB1, CB2, CB3 )
Syllabus Content
• CB1 and CB2 are very close to
existing CT2 and CT7 with
changes to the syllabus topics to
make subjects more relevant for
the present and future
• CB3 ‘Introduction to Business and
Management’. Will include
leadership, managing people,
strategic analysis, managing
change and project management
(from CA1) to provide a broad
foundation
Assessment Method
• A 3 hour unseen exam for
each subject including both
a computer marked element
(30%) (eg multiple choice or
short answer) and some
longer questions (70%)
April 2016 12
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Core Application 1 (CA1)
Syllabus Content
• Project management techniques
moves to CB3
• Additional material on data
management and control
• Remove duplicate content already
covered in STs
• Overall proposed changes are
minor
Assessment Method
• Two papers
1. Written
• Short answer questions (5 to 12
marks)
• Mainly application with some
bookwork
2. Written Case-study
• ¾ hour planning time
• 2½ hour writing time
• Content drawn from across
syllabus but not from a single
practice area
April 2016 13
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Core Application 2 and 3
• CA2 (Modelling Documentation, Analysis and Reporting)
– New content to include data analytics. Communication to a technical
audience covered by the model write-up.
• CA3 (Communications)
– Current proposals involve a written paper (probably 2 – 2.5 hours)
covering:
• Determining what to communicate, given a large amount of information
• Determining how to communicate – graphs, bullet points, slides, etc.
• A practical written communication exercise to a non-technical audience.
– Practical presentation moved to work-based skills – without assessment
April 2016 14
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Personal and Professional Development (formerly Work-based Skills)
Content
• Four Objectives, subdivided
into Key Competencies
– Effective Communications
– Problem Solving and Decision
Making
– Professional Standards
– Professionalism in Practice.
Assessment
• Credit-based
• 10-25 credits per key
competency
• Minimum annual requirement
(different for Trainee Analyst,
Trainee up to Associate and
Trainee up to Fellow)
• Recorded online similar to CPD
April 2016
15
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Specialist Subjects (SP/SA)
• Renamed Specialist Principles (SP) and Specialist Advanced (SA)
• ST5 renamed SP5 ‘Finance and Investment’
• ST6 renamed SP6 ‘Financial Derivatives’
• SA5 and SA6 withdrawn and replaced by SA7 ‘Advanced Investments’. This paper
will focus on investments but will contain some corporate finance topics
• Detailed UK specific legislation and regulation to be moved to UK Practice Modules
(as post qualification learning)
• SA subjects become less UK centric
• In both SP and SA UK practice can be used as an example with comparative
material from practice elsewhere
• Additional specialisms can be added at any time if there is a justification for them
April 2016 16
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
April 2016
17
EXISTING EXAM ASSESSMENT STRUCTURE
Eight Traditional 3 Hour (Centre)
1 Two day or Online (Two weeks – Evening and Weekends)
90 Minute Online (at any time)
Two Traditional 3 Hour (Centre)
Two Half Day Online (Office or Home)
One Day Out of Office
8 – 10 Hours (Evenings and Weekends)
Two Traditional 3 Hour (Centre)
One Traditional 3 Hour (Centre)
17
CT’s
OPAT
CA1
CA2/3
PSC
2 ST
SA
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
April 2016 18 18
PROPOSED NEW ASSESSMENT STRUCTURE
Four Traditional (Centre)
Four Online (Office or Home)
Three 3 Hour exams (Centre)
One Traditional 3 Hour Exam (Centre)
One 3 Hour Case Study (Centre)
As yet unknown
OPAT – 90 Minutes Online (at any time)
PSC – 1 Day Out of Office, 8-10 Hours (evenings and weekends)
Two Traditional 3 Hour (Centre)
One Traditional 3 Hour (Centre)
18
CS1/2, CM1/2
BM1-3
CA1
CA2/CA3
OPAT/
PSC
SPs
SA
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
FEEDBACK AND COMMENTS
WE WELCOME YOUR FEEDBACK AND
COMMENTS.
PLEASE DIRECT THESE TO:
April 2016
19
Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
April 2016 20
Questions Comments