SOA Changes

Learn everything you need to know about the SOA 2018 ASA Requirement Changes, all in one place.

Transition Overview

The SOA will be changing most of their ASA requirements starting July 1, 2018. Here's a summary of the changes:

  • Other than the previously-announced FM syllabus that began in summer 2017, P and FM will remain mostly unchanged.
  • All other preliminary exams will transition to new exams.
  • There will be 2 brand new requirements, a CBT exam and an e-learning course with a project-based assessment.
  • The Corporate Finance and Applied Statistics VEEs will change.
  • The FAP modules and APC will remain mostly unchanged.

Below is a more detailed summary of the expected changes for each exam or requirement. You can read the SOA's official ASA and CERA curriculum changes fact sheet here, and get further clarification at their FAQ pageClick here to access the preliminary syllabi for the exams below.

New and Updated SOA Exams

  •  P

    • Minor learning objective changes.
    • Probability generating functions added.
    • Sitting Offerings: Same as current; first sitting in September 2018
    • Exam Format: CBT, Instant Results Available
  •  FM

    • Similar to revised FM exam starting in June 2017, with additional Corporate Finance topics from the current Corporate Finance VEE.
    • Sitting Offerings: Same as current; first sitting in October 2018
    • Exam Format: CBT, Instant Results Available
  •  IFM

    Replacement of MFE

    • Stochastic calculus will be reduced
    • Corporate Finance and Portfolio Theory topics will be added
    • Sitting Offerings: Same as MFE; first sitting in July 2018
    • Exam Format: CBT, Instant Results Not Available
  •  STAM

    Replacement of C

    • Basic estimation material moved to Mathematical Statistics VEE
    • Life table estimation moved to LTAM
    • Basics of pricing and reserving for short-term insurance (health, property, liability) added
    • Sitting Offerings: Same as C; first sitting in October 2018
    • Exam Format: CBT, Instant Results Not Available
  •  LTAM

    Replacement of MLC

    • Life table estimation from current Exam C moved here
    • Universal Life moved to FAP
    • Section on life and annuity products added
    • Sitting Offerings: Same as MLC; first sitting in October 2018
    • Exam Format: Same as MLC (Multiple Choice + Written Answer)
  • SRM - Statistics for Risk Modeling

    New Exam

    • Covers regression and time series topics on current Applied Statistics VEE
    • Covers generalized linear models
    • Formal prerequisite for Exam PA below
    • Significant overlap with the CAS MAS-I exam
    • Sitting Offerings: At least twice per year; first sitting in September 2018
    • Exam Format: CBT, Instant Results Not Available
  • PA - Predictive Analytics

    New Exam

    This E-Learning module is similar to the structure of FAP modules, covering the modeling process and case studies.

    Administered as a 5-hour project-based assessment. Will require using computer equipped with Microsoft Word, Microsoft Excel and RStudio to analyze data set in the context of a business problem and communicate findings in a report.

    Knowledge of SRM will be assumed, even for candidates receiving transition credit for SRM via VEE Applied Statistics.

    • Sitting Offerings: At least twice per year; first sitting in November or December 2018
    • Exam Format: Project-Based Assignment

Learning Module and VEE Updates

  • VEE Economics

    SOA-approved Course(s)

    VEE Economics will not be changed.

    • Components: Microeconomics, Macroeconomics
  • VEE Accounting and Finance

    SOA-approved Course(s)

    VEE Accounting and Finance will replace the current VEE Corporate Finance. This new VEE course adds an accounting component and lightens the finance requirements.

    • Components: Accounting, Corporate Finance

    Note: VEE Corporate Finance has a cutoff date of 7/1/2019, rather than the 7/1/2018 cutoff date that applies to all other SOA changes.

  • VEE Mathematical Statistics

    SOA-approved Course(s)

    VEE Mathematical Statistics will replace the current VEE Applied Statistics.

    • Basic estimation material from C moved here
    • Regression and time series topics from Applied Statistics moved to SRM
  • FAP Modules

    E-Learning Modules

    The structure of FAP Modules will remain unchanged. However, there is a possibility that a small number of topics will be adjusted as the curriculum is developed.

  •  APC

    Half-Day, In-Person Conference

    The structure of APC will remain unchanged.

How Do These Changes Affect Me?

  • If You're Getting Your ASA Before 7/1/2018...

    These changes won't affect you. If you're planning to get your FSA designation afterwards, however, you will need to complete the FSA requirements before 7/1/2022.

    • If you can't meet the 2022 deadline, you will be required to complete the new ASA requirements (such as the new Predictive Analytics exam) before you can earn your FSA designation.
  • If You're Not Sure When You'll Get Your ASA Designation...

    Don't worry, keep focusing on your exams. As per the table outlining the SOA transition rules, passing current exams now will give you transition credit for their replacement exams after 7/1/2018. For example, passing MFE will give you credit for IFM. Some exceptions or special outliers include:

    • Completing VEE Corporate Finance before 7/1/2019 (not 7/1/2018) will give you credit for VEE Accounting and Finance.
    • Completing VEE Applied Statistics before 7/1/2018 will give you credit for both SRM and VEE Mathematical Statistics.
    • Passing C before 7/1/2018 will give you credit for both STAM and VEE Mathematical Statistics.
  • Timing Your Exam Plan

    If you take any of the current exams before 7/1/2018 and get your pass/fail results after the transition deadline, you will not be able to earn your ASA designation with the credit you have, but you will earn transition credit for the new replacement exams, as outlined in the SOA's transition rules.

    We've got some recommendations based on where you are on your ASA journey.

Still Not Sure What to Do?

We can help. See our recommendations for how to time your exam plan based on your current circumstances.