SOA - Spring 2007 Basic Education Catalog

General Information

• Spring 2007 Examination Dates and Times
• Tentative Fall 2007 Examination Dates and Times
• List of Exams
• Exam P/1 Computer–Based Testing (CBT)
• Course 7 Administration Details
• Course Fees
• Refunds
• Examination Locations
• Special Arrangements for Candidates with Disabilities
• Food & Beverage in Examination Room
• Ticket of Admission
• Requirements for Admission to Examination Center
• Signatures on Examinations Answer Sheets and Envelopes
• Bilingual Examinations in Canada
• Use of Calculators and Other Assistance in Writing Examinations
• Examination Results
• Disciplinary Action
• Lost Examinations
• Defective Questions
• Hand scoring of Exams
• Confidentiality of Examination Records
• Credit for Examinations Passed in Other Actuarial Organizations
• FSAs Writing Examinations
• Correspondence

Spring 2007 Examination Dates and Times

Tentative Fall 2007 Examination Dates and Times

* Exams P, FM and C are identical to the CAS Exams 1, 2 and 4 respectively.

List of Exams

Note that the Preliminary Actuarial Exams now consist of Probability (P), Financial Mathematics (FM), Actuarial Models–Financial Economics (MFE), Actuarial Models–Life Contingencies (MLC) and Construction and Evaluation of Actuarial Models (C).

Specific Associateship and Fellowship requirements can be found under Current Admission Requirements to the SOA.

*Exams P, FM and C are identical to the Casualty Actuarial Society (CAS) Exams 1,2 and 4 respectively.

Exam P/1 Computer–Based Testing (CBT)

Benefits of CBT

Exam P/1 was first administered by computer–based testing (CBT) in September 2005. The SOA, CAS, and CIA evaluated the September administration and will continue to offer CBT administrations in 2007. The societies have reviewed candidate feedback and have worked closely with Thomson Prometric to effect registration, scheduling, and delivery process improvements in preparation for the 2007 administrations.

The exam will be offered via CBT four times during 2007. The exam will be offered by paper and pencil in a limited number of locations. For specific details please refer to BeAnActuary.org.

In addition to the benefit of more frequent administrations in 2007, each candidate taking the CBT version will be able to receive an instant unofficial pass/fail result immediately upon completion of the exam.

Exam Dates

There will be four testing windows for Exam P/1 by computer–based testing (CBT) in 2007. For complete details on Exam P Examination administration, please refer to BeAnActuary.org.

 

Course 7 Administration Details

Course 7 will not be offered after 2006.  Registration for the final seminars closed on November 3, 2006.  However, a limited number of seminars will be offered in early 2007 for candidates who are registered by the seminar deadline for either the November or December 2006 seminars and are unable to attend due to capacity.  These candidates must also have met the following requirements by the seminar deadline:

• Fully eligible attendee:  Has credit for the four preliminary exams and two of Courses 5, 6, and 8 as well as the Course 7 Pre–test; or
• Waiver attendee:  Has obtained a Course 7 prerequisite waiver and has credit for the four preliminary exams and one of Courses 5, 6, or 8 as well as the Course 7 Pre–test

Dates and locations of the 2007 overflow seminars will be communicated to the eligible candidates when available.   Additional information can be found on the Course 7 page of the SOA Web site.

A candidate who submits an application for a Course 7 Seminar, but is unable to attend that seminar may submit a written request for a refund.  The SOA will refund the registration fee, minus a cancellation fee of $200 (U.S.).  A written request to change Course 7 registration to an alternate date or location will be accommodated when possible and a fee of $100 (U.S.) will be assessed if cancellation is received prior to the registration deadline.  After the deadline, the transfer fee will be $200 (U.S.). 

The SOA has the right to cancel or reschedule any of the Course 7 seminars if conditions warrant.  In the event of a cancellation, full registration fees will be refunded.  Candidates registered for a seminar that must be rescheduled may attend on the rescheduled date, choose another available seminar date or apply for a refund without penalty.  The SOA will not be held liable for any airline or other cancellation fees assessed attendees in the event of a canceled or rescheduled seminar.

Course Fees

Fees listed here are guaranteed through the Spring of 2007 examination session only. Candidates will be notified of any changes in fees. The examination fees for the Preliminary Education examinations include electronic access to the required study notes.

Exam Fees for Spring 2007

* All amounts in U.S. dollars
** Exams P, FM and C are identical to the CAS Exams 1, 2 and 4 respectively.
*** If applying for two VEE topics simultaneously, the application fee will be $75.
If applying for three VEE topics simultaneously, the application fee will be $100.
†  The FAP conversion fee applies to candidates who need only FAP Modules 1–5 and the first assessment OR FAP Modules 6–8 and the second assessment.

Student fees are available only to candidates currently enrolled in full–time university study programs.

Reduced examination fees are available to qualified candidates in eligible countries.  Please vist the Examination Fee Discount Program page or contact Leslie Fausher, Education and Examinations Administrator.

Fees should be remitted in U.S. funds (or equivalent) by check, money order, American Express, MasterCard or Visa.  Please note that payment in non–U.S. currency may slightly delay the processing of the application.  All outstanding exam fees and administrative fees must be paid in full prior to enrollment in future exams.

Refunds

For all examinations except Exam P, Course 7 and FAP, our refund policy for 2007 is as follows: Refund requests for candidates who wish to cancel their exam application must be received by the day before the specified exam session begins.

For Example

The Spring 2007 exam session begins May 11. This means ALL refund requests for all exams in the Spring session must be in by May 10th. The Fall 2007 session begins November 1. This means ALL refund requests for all exams must be in by October 31.

A $100 (U.S.) administrative fee is assessed on all refunds. Note: the administrative fee will be charged on any applications resulting in a returned check or declined credit card. Refund requests may be sent via e–mail to refund@soa.org. All requests must be received by the deadline date. Change–of–center fees and fees for writing at specially arranged centers will not be refunded. Fees cannot be transferred from one session to another.

Special refund policies apply to the Exam P/1 CBT administration (please refer to BeAnActuary.org. for specific refund guidelines), Fundamentals of Actuarial Practice (see the Fundamentals of Actuarial Practice (FAP) section and Course 7 Seminar (see the Course 7 Administration Details section).

Examination Locations

Regular examination centers are set up in many locations, with consideration given to the number of candidates in the vicinity and the availability of appropriate facilities and supervisory personnel. Special examination centers may be arranged at the discretion of the SOA office. The additional fee for these special centers is $60 (U.S.); requests should be received by the April 1 registration deadline for the Spring examinations.

Examination centers are listed on the SOA Web site. A candidate's examination center will be indicated on the Ticket of Admission. Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

Please check our exam information Web page periodically for updated center information. Center locations are subject to change prior to the exam date.

Requesting a Change of Exam Center
A registered candidate who requests a change of examination center must pay a $60 (U.S.) change–of–center fee. Candidates must contact the Examination Department for approval to change an examination center. Special re–scheduling policies apply to ExamP/1 Candidates. Please refer to BeAnActuary.org for specific change of center guidelines.

Special Arrangements for candidates with Disabilities

A candidate with a formally diagnosed disability who needs special testing arrangements must submit a written request to the SOA office for each session the candidate intends to write.  Documentation of the disability (e.g., physician's statement, diagnostic test results) as well as the need for special arrangements are required of each candidate; previous accommodations given to the candidate in an educational program or work setting are also considered.  Requests for special arrangements and supporting documentation must be submitted, at the applicant's expense, no later than April 1 for the Spring examinations. Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

Food & Beverage in Examination Room

Candidates will be permitted to bring bottled water into the examination room.  No food or other beverage, except as required for medical situations and with preauthorization provided, will be permitted.  Candidates requiring special accommodations must submit a written request with their application.  Written requests should be directed to the Examination Services Department c/o Society of Actuaries.

Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

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Ticket of Admission

The SOA office will e–mail and mail each candidate a Ticket of Admission, which indicates the examination(s) for which the candidate is registered.   The Instructions to Candidates, which covers administrative details about the examination, can be found on the SOA Web site.  A hard copy will be mailed along with the ticket of admission to the candidates.  Examination Center Locations, which lists the exact address of each exam center, can also be found on the SOA Web site.  The Ticket of Admission must be brought to the examination center. The ticket indicates the examination center to which the candidate should report and also provides the candidate number.  This candidate number is to be written by the candidate on the examination(s) for identification purposes.  Candidates are strongly encouraged to retain their candidate numbers after the examination session is completed.

A candidate who has not received a Ticket of Admission by mail or e–mail two weeks prior to the examination, or whose ticket contains incorrect information, should call the SOA Customer Service Center at 888.697.3900.  The Ticket of Admission also serves as a receipt and should be retained if needed for tax purposes.  Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

Requirements for Admission to Examination Center

To be admitted into an examination center, each candidate must present a valid Ticket of Admission (mailed hard copy or printed e–mail version), as well as positive identification with a signature and a photograph (e.g., driver's license, passport, school or work I.D., etc.).  If a photo I.D. is not available, the candidate must present two forms of identification with a signature, with at least one form containing a physical description (height, weight, hair color, eye color, etc.).   Each candidate will be required to sign in at the examination center.  A candidate who does not present positive identification or who refuses or is unable to provide a matching signature will not be permitted to write the examination.

Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

Signatures on Examinations Answer Sheets and Envelopes

Candidates are required to sign their answer sheets and envelopes.  Candidates submitting examinations without a signed statement on the multiple–choice answer sheet or written-answer envelope will not receive a grade for those examinations.  The statement to be signed reads:

"I have neither given nor received assistance of any kind on this examination.  I understand the examination is confidential and will not disclose its contents. This examination is being written with the understanding that if the answer sheet/envelope is returned unsigned, it will not be graded."

Envelopes for written–answer examinations will be opened in the SOA office.  Committee officers and graders will recei

ve information identifying candidates only by candidate number.  

Note: For details on the examination administration of Exam P, please refer to BeAnActuary.org.

Bilingual Examinations in Canada

For examination centers in Canada, examination booklets for the Preliminary Education examinations FM, MLC, MFE and C, and the FSA exams, are printed in both English and French.  For bilingual examinations, responses to written–answer questions may be in either English or French.  The Course 7 seminar project may also be written in either English or French.

Use of Calculators and Other Assistance in Writing Examinations

Only the calculators described in the following paragraphs may be brought into the examination room.  Books, papers, computers or other electronic devices may not be brought into the examination room.

Candidates may ONLY use the battery- or solar-powered Texas Instruments BA–35 model calculator, the BA II Plus*, the BA II Plus Professional*, the TI–30Xa or TI–30X II* (IIS solar or IIB battery).  Candidates may use more than one of the approved calculators during an examination.  Using a calculator that is not on this list will result in the disqualification of the exam.

The same calculator models are approved for use on the joint SOA/CAS examinations as well as the SOA examinations.  For the Enrolled Actuaries (EA) examinations, candidates may use any model that meets the specifications of the Joint Board for the Enrollment of Actuaries.  Specifications are listed in the Joint Board’s Examination Program.  All of the approved SOA models meet the specifications of the Joint Board.

Calculator instructions cannot be brought into the examination room.  During the examination, the calculator must be removed from its carrying case so the supervisor can confirm it is an approved model.  Candidates using a calculator other than the approved models will have their examination disqualified, which means the examination will not be graded.

Candidates are responsible for providing their own calculators.  Some of the book distributors listed sell them or Texas Instruments can be contacted directly at epsstore.ti.com.

* The memory of TI–30X II (IIS solar or IIB battery), BA II Plus and BA II Plus Professional will need to be cleared by the examination supervisor upon the candidates’ entrance to the examination room.  For the BA II Plus and BA II Plus Professional, clearing will reset the calculator to the factory default settings.

Examination Results

Candidates receive individual statements of their examination results, usually eight to ten weeks after the examination date.  A few weeks later, a list of the names of passing candidates for the examination session is made available through the SOA web page.

Grades are reported on a 0 to 10 scale.  Passing grades range from 6 to 10; failing grades range from 0 to 5.  On this scale, the interval is 10 percent of the score required to pass; for example, a grade of 5 means failing with a score of at least 90 percent but less than 100 percent of the score required to pass.  A grade of 0 does not mean that the candidate received no points, but that the candidate's score was less than 50 percent of the score required to pass.

Upon request, a copy of the candidate's answer sheet for EA–1 or EA–2 is available from the Joint Board for the Enrollment of Actuaries.  Examination answer sheets are not returned to candidates for any other SOA examination.  For certain examinations, an analysis of results is automatically sent to failing candidates.

Note:  Candidates may request a duplicate copy of their Ticket of Admission which contains their candidate number, by contacting exams@soa.org or calling the Customer Service Center at 888.697.3900.

Disciplinary Action

Candidates must not give or receive assistance of any kind during the examination.  Any cheating, any attempt to cheat, assisting others to cheat, or participating therein, or engaging in such improper conduct as listed below is a serious violation and will generally result in the SOA disqualifying the candidate's paper, and such other disciplinary action as may be deemed appropriate.  Disqualifying an exam means that the exam will not be graded.  Candidates have agreed in their applications for examination to be bound by the rules and regulations governing the examinations. 

Examples of improper conduct:

1. Gaining access to examination questions before the examination
2. Using an unauthorized calculator or other mechanical aid that is not permitted
3. Looking in the examination book before the instruction to begin is given
4. Marking or otherwise writing on the examination book or answer sheet before the instruction to begin  is given
5. Making any changes, additions, deletions, or otherwise marking, erasing or writing on the examination book or answer sheet after the time for the examination has expired
6. Having access to or consulting notes or books during the examination
7. Looking at or copying from another candidate's paper
8. Enabling another candidate to copy from one's paper
9. Talking or otherwise communicating with another candidate during the examination
10. Disturbing other candidates during the examination
11. Consulting other persons outside the examination room during the examination
12. Copying questions, answers, or answer choices onto paper or into a calculator to take from the examination room
13. Taking an examination book from the examination room
14. Taking an examination for another candidate
15. Arranging to have another person take an examination for the candidate
16. Threatening or physically or verbally abusing a supervisor or proctor responsible for curbing or reporting improper conduct
17. Disclosing the contents of an examination to any other person
18. Presenting false information on an examination application
19. Failing to remain in the examination room for a minimum of two hours, the duration of the exam, or a 30 minute minimum for the afternoon portion of an examination that has distinct morning and afternoon segments
20. Accessing or using a communication device (PDA, cell phone, etc.) during the exam or while at the exam site.
21. Failing to follow other examination instructions

The E&E Committee of the SOA will pursue any evidence that a candidate has cheated or failed to follow examination rules, either in letter or spirit.  Any irregularity or suspected violation will be investigated.  When a violation is confirmed, disciplinary actions may include, but are not limited to, disqualification of the candidate's examination paper and a prohibition against writing SOA examinations for a specified period.  The SOA rules and regulations concerning examination administration, including disciplinary action, are comprised of the information in this section, as well as the information in the Instructions to Candidates mailed with the Tickets of Admission, the information on the covers of examination booklets, and the material read by the supervisors during each examination administration.  All candidates, on their applications for examinations, are required to read and sign the following statement:

“I have read the rules and regulations concerning the examination(s) for which I am applying, and agree to be bound by them.  I also agree that the results of any examination(s) which I take, and any action taken as a result of my conduct (such as an irregularity, violation or cheating, and any hearings thereon) may, at the sole discretion of the SOA, be disclosed to any other bona fide actuarial organization that has a legitimate interest in such results and/or action.”

The SOA may, at its sole discretion, disclose to any other bona fide actuarial organization having a legitimate interest, information on the identity of any candidates determined to have committed a serious examination violation (those for which the penalty is greater than the simple disqualification/nullification of the examination), and the specific penalties imposed on those candidates.

Where an actuarial organization with which the SOA has a direct working relationship invokes a penalty against a candidate for an examination-related violation on an examination for which the SOA is not a joint sponsor or administrator, the SOA will invoke the same penalty on the candidate with respect to writing any SOA examinations.

Candidates will have the right to appeal the SOA's application of the disciplinary decision of another actuarial organization.  Where a candidate makes such an appeal, the SOA will request the transfer of the appropriate disciplinary case files, including all direct evidence, from the other organization to the SOA for disposition of the appeal under the general provisions of the SOA disciplinary process. 

If a candidate appeals an SOA examination-related disciplinary penalty to another actuarial organization invoking the same penalty based on the reciprocal agreement, the SOA will provide the relevant disciplinary case files upon receipt of formal written request from the organization, subject to the applicable SOA policies and procedures (and respecting the legitimate protection of the SOA attorney/client privileged communication).  The candidate will be required to acknowledge that the appeal requires the exchange of the confidential information between the SOA and the other organization, and must provide written authorization for the release of the information to the other organization. 

These standards may seem stricter than those to which candidates are accustomed in other examination environments.  The SOA maintains these strict standards because the examinations are such a significant part of a candidate's career.  Therefore, equitable administration of the examinations and enforcement of the highest standards of conduct cannot be emphasized too strongly.  The conduct of the majority of candidates for the SOA examinations is of the highest quality. 

Candidates who desire a copy of the full procedures followed in disciplinary cases should send a written request to the Ombudsperson at the SOA office address.

Lost Examinations

If a completed examination answer sheet or the written answers for an examination are inadvertently lost or destroyed, the examination fee will be refunded.  The SOA and any jointly administering or sponsoring organizations assume no other obligation, and candidates must take all examinations subject to this understanding.  The one exception to this policy is noted in the following paragraph.
 
In the case of a multiple–choice examination, whenever reasonably possible, the SOA will make use of a candidate's examination book to reconstruct the answers selected by the candidate.  Where a candidate has clearly indicated the response selected for each question, the E&E Steering and Coordinating Committee can determine when the candidate demonstrates a passing performance and give that candidate a passing grade.  Therefore, candidates may want to circle or otherwise clearly indicate their answer choices in the examination books.  However, additional time in the examination period will not be given for candidates to do this.  If a candidate receives a passing grade as a result of the review of the examination book, the examination fee will not be refunded.

Defective Questions

Occasionally, through an inadvertent error or a difference in interpretation, an examination question is found to be defective.  Examples of defects might include typographical errors, ambiguities, or questions that test material no longer covered in the Course of Reading.  Candidates who believe that a question is defective should write to the Ombudsperson at the SOA within two weeks of the date the examination was administered.  This letter should explain in detail why the question seems to be defective.  The SOA E&E Committee will investigate all questions brought to its attention in this way, and may make allowances in the grading process, if appropriate.  The E&E Committee may make use of candidates' examination books to determine whether their scores should be adjusted. The committee makes no guarantee it can consider correspondence that does not reach the SOA office within two weeks after the examination administration.

Hand Scoring of Exams

Effective with the May 2006 Examination session, if a candidate believes there may have been an error in the scoring of his/her answer sheet for a paper/pencil, multiple–choice exam, the candidate may request a hand scoring of the answer sheet.  Requests for hand scoring must be made in writing to the Society of Actuaries within 60 days of the release of exam grades.  An administrative fee of $50 payable by credit card (MasterCard, Visa, American Express), Certified Check or Money Order (in U.S. dollars), will be charged for each hand score request.  Do not request hand scoring services until you have received your grade from the SOA.   Please contact hand scoring@soa.org for more information.

Confidentiality of Examination Records

The fact that a candidate has passed an examination for credit with the SOA is considered public knowledge.  Any further information about the examinations taken or grades received by a candidate is available only to that candidate and to E&E Committee Officers as required for Committee purposes. However, a candidate may request in writing to the SOA office that a designated person or institution should receive such information.

Credit for Examinations Passed in Other Actuarial Organizations

The BOG may waive certain requirements for passing some examinations of the SOA if the applicant has passed substantially equivalent examinations that are required by another recognized actuarial organization.  Requests for these waivers should be sent to the Registrar at the SOA office.

FSAs Writing Examinations

FSAs have expressed a desire to write SOA examinations to satisfy a professional continuing education provision, or to acquire new knowledge.  The SOA supports enabling FSAs with a legitimate purpose to write SOA examinations, subject to limited restrictions. 

As is the case for all candidates, FSAs cannot write examinations they have previously passed unless such demonstration is required to satisfy licensing/certification continuing education requirements (e.g., Enrolled Actuaries in the U.S.). 

FSAs serving on an education or examination committee may need to separate themselves from that committee involvement for a period of time before taking an examination.  FSAs who are interested in writing an SOA examination but have questions about any relevant restrictions should contact the  Ombudsperson at ombudsperson@soa.org.

Correspondence

Requests for application forms or correspondence regarding examinations, Study Notes (SNs), classes, or other matters should be e-mailed to inforequest@soa.org, downloaded from the Study Note Information page, faxed to 847.273.8526 or mailed to:

Society of Actuaries
Information Request
475 North Martingale Road, Suite 600
Schaumburg, Illinois  60173–2226  U.S.A.

In an effort to remain responsive to the individual concerns of candidates, candidates may write to ombudsperson@soa.org with non–routine E&E inquiries.  These inquiries will be directed to the appropriate staff member or department.