SOA Provides Update on University-Earned Credit Program
August 19, 2024, Chicago, IL – The Society of Actuaries (SOA) is providing an update to our global stakeholders regarding the University-Earned Credit (UEC) program.
The Organization of Latino Actuaries (OLA) and some university partners have expressed concerns to the SOA regarding access to the UEC program. The SOA has met with these stakeholders to listen and understand their perspectives.
The SOA shares with our stakeholders the goal of increasing the diversity, equity and inclusion of the actuarial profession and we want to improve and expand access to the UEC program.
The SOA created the UEC program as a key part of our efforts to improve the candidate experience, create a more efficient pathway, and attract students to the actuarial profession while maintaining the quality and global relevance of the SOA’s credentials. Exam exemption programs like UEC are a standard component of actuarial credentialing programs globally.
While the UEC program, which began in 2022, has provided benefits to candidates, the SOA recognizes that the program’s current design presents challenges and limitations. We appreciate the transparency and candor of the diversity affinity groups and university partners. We recognize that more work is needed to evolve this program and that an openness to innovative approaches is essential.
The SOA Board of Directors has discussed the UEC program and continues to recognize and strongly support the benefits it is providing. At the same time, the Board has directed the SOA to prioritize an accelerated review of the program and explore options to expand access to more candidates and universities.
As we begin this work, we will continue to have open dialogue with affinity groups, university partners, and employers to find the best approach and options while maintaining the high standards of excellence and rigor of the SOA educational pathway.
While we explore a reimagination of UEC, we are not ending the existing program. Pausing UEC would negatively impact students who are currently enrolled at participating universities and have invested time and effort to earn credit. We will also continue to offer the UEC Diversity Extension program, which was initiated in 2022 in partnership with select colleges and universities serving high concentrations of students underrepresented in the profession.
We appreciate the patience and understanding of our candidates, members, employers, and partners as we work on this important topic.
We welcome ideas and feedback as we strive to make the UEC program more equitable and inclusive. Please contact us at feedback@soa.org.
Sincerely,
Tim Rozar, SOA President and Chair
Greg Heidrich, SOA CEO
About the Society of Actuaries
With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 32,000 actuaries as members. Through research and education, the SOA’s mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.