New Flexible Pathways

Current Challenge

  • Forced track structure lacks flexibility and customization
  • Highly specialized tracks are less relevant for developing markets
Arrows
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SOA Shift

  • Shifting from "tracks" to a flexible pathway
  • Flexibility to focus on a single practice area or create a combination of courses relevant to you

5 Courses required:

4 Technical courses (one must build on another)

1 Decision Making and Communications (DMAC) course

+ Fellowship Admissions Course (FAC)

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Course equation vertical

With a flexible FSA pathway, you have the ability to focus on a single practice area or create a combination of courses that align with your current career or future aspirations. With more options, you can concentrate on the material that is most relevant to you, while preserving the high standards of the credential.

Complete four technical courses, including two in the same subject area where one builds on the prior course. The Decision Making and Communication (DMAC) course and Fellowship Admissions Course (FAC) round out your pathway. You can still concentrate in a single practice area by choosing four technical courses from that specialty.

Choose from About 20 Courses

Courses are currently being developed and will be announced in the future.

20-courses-Life annuities
20-courses-Retirement benefits
20-courses-Health
20-courses-General insurance
20-courses-Finance
20-courses-single-2
20-courses-gray arrows
20-courses-combo

Choose Your Path

20-courses-single-2

Or

20-courses-combo

Theoretical Examples of Crafting Your Path

Here are some hypothetical examples of how the SOA’s course options could work for you.

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Capital Management Actuary (ERM)

2 sequenced courses

CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
CFE 201
Corporate Finance
  • The candidate will understand how an organization optimizes its corporate finance decisions based on its business objectives.
  • The candidate will understand how to gauge an organization’s performance through an evaluation of its financial reports.
  • The candidate will understand how managerial accounting and operational processes impact an organization’s performance evaluation and decision making.
  • The candidate will understand the application of evolving quantitative methods and technologies that help to manage the business.

2 additional courses

Choose two additional courses from the options below as your third and fourth courses to complete this pathway.

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
CP 311
Strategic Management
  • The candidate will understand and apply strategic management concepts and frameworks to develop an organization’s business strategies and solutions.
  • The candidate will understand how sustainable growth and value can be created through strategic budgeting.
  • The candidate will also understand measures of an organization’s value and their uses in decision making.
  • The candidate will understand how to apply decision making models to general managerial decisions within specified constraints.
  • The candidate will understand the role of organizational behavior play in organizational decision-making and efficacy.
CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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Employee Benefits Actuary (group and health)

2 sequenced courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-U
Valuation and Regulation, U.S.
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for short duration group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with Statutory Accounting Standards and GAAP.
  • Regulation: The candidate will understand how to evaluate the impact of regulation on insurance companies and plan sponsors in the US.
  • Flow of Funds: The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs: The candidate will understand how to describe government programs providing health benefits in the US.
or
GH 201-C
Valuation and Regulation, Canada
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with IFRS.
  • Regulation & Taxation: The candidate will understand how to evaluate the impact of regulation and taxation on insurance companies and plan sponsors in Canada.
  • Flow of Funds:  The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs:  The candidate will understand how to describe and evaluate government programs providing health and disability benefits in Canada.

2 additional courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

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Capital Management Actuary (life)

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

Choose two additional courses from the options below as your third and fourth courses to complete this pathway.

CFE 201
Corporate Finance
  • The candidate will understand how an organization optimizes its corporate finance decisions based on its business objectives.
  • The candidate will understand how to gauge an organization’s performance through an evaluation of its financial reports.
  • The candidate will understand how managerial accounting and operational processes impact an organization’s performance evaluation and decision making.
  • The candidate will understand the application of evolving quantitative methods and technologies that help to manage the business.
CP 311
Strategic Management
  • The candidate will understand and apply strategic management concepts and frameworks to develop an organization’s business strategies and solutions.
  • The candidate will understand how sustainable growth and value can be created through strategic budgeting.
  • The candidate will also understand measures of an organization’s value and their uses in decision making.
  • The candidate will understand how to apply decision making models to general managerial decisions within specified constraints.
  • The candidate will understand the role of organizational behavior play in organizational decision-making and efficacy.
CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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U.S. Public Pension Actuary (retiree medical)

2 sequenced courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

2 additional courses

INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.
CP 321
Disability, Long-Term Care, and Long-Duration Health Contracts
  • Plan & Product Provisions: The candidate will understand how to describe benefits typically offered under long-duration contracts (disability income, long-term care, critical illness, Medicare Supplement).
  • Manual Rating: The candidate will understand how to calculate rates for each of the contracts described in Learning Objective 1.
  • Reserving: The candidate will understand how to apply valuation principles for long-duration contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements for long duration contracts.
  • Retiree Group Benefits: The candidate will understand how to design and perform valuations of Retiree Group Benefits.
  • Asset Adequacy: The candidate will understand how to apply asset matching and asset adequacy standards as they apply to long duration contracts.

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Long-Term Insurance Actuary

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

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Short-Term Insurance Actuary

2 sequenced courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-U
Valuation and Regulation, U.S.
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for short duration group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with Statutory Accounting Standards and GAAP.
  • Regulation: The candidate will understand how to evaluate the impact of regulation on insurance companies and plan sponsors in the US.
  • Flow of Funds: The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs: The candidate will understand how to describe government programs providing health benefits in the US.
or
GH 201-C
Valuation and Regulation, Canada
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with IFRS.
  • Regulation & Taxation: The candidate will understand how to evaluate the impact of regulation and taxation on insurance companies and plan sponsors in Canada.
  • Flow of Funds:  The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs:  The candidate will understand how to describe and evaluate government programs providing health and disability benefits in Canada.

2 additional courses

GI 101
Ratemaking and Reserving
  • The candidate will understand key considerations and concepts underlying general insurance actuarial work.
  • The candidate will demonstrate the ability to prepare claims and exposure data for general insurance actuarial work.
  • The candidate will know how to calculate and evaluate projected ultimate values.
  • The candidate will understand financial reporting of claim liabilities.
  • The candidate will understand trending procedures as applied to ultimate claims, exposures and premiums.
  • The candidate will understand how to apply the fundamental ratemaking techniques of general insurance.
  • The candidate will be able to define an approach for actuarial analyses supporting financial reporting and ratemaking analyses under various real-life scenarios.
Any Course

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Insurtech Actuary (life)

2 sequenced courses

CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
CFE 201
Corporate Finance
  • The candidate will understand how an organization optimizes its corporate finance decisions based on its business objectives.
  • The candidate will understand how to gauge an organization’s performance through an evaluation of its financial reports.
  • The candidate will understand how managerial accounting and operational processes impact an organization’s performance evaluation and decision making.
  • The candidate will understand the application of evolving quantitative methods and technologies that help to manage the business.

2 additional courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.

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Business Development Specialist

2 sequenced courses

CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
CFE 201
Corporate Finance
  • The candidate will understand how an organization optimizes its corporate finance decisions based on its business objectives.
  • The candidate will understand how to gauge an organization’s performance through an evaluation of its financial reports.
  • The candidate will understand how managerial accounting and operational processes impact an organization’s performance evaluation and decision making.
  • The candidate will understand the application of evolving quantitative methods and technologies that help to manage the business.

2 additional courses

CP 311
Strategic Management
  • The candidate will understand and apply strategic management concepts and frameworks to develop an organization’s business strategies and solutions.
  • The candidate will understand how sustainable growth and value can be created through strategic budgeting.
  • The candidate will also understand measures of an organization’s value and their uses in decision making.
  • The candidate will understand how to apply decision making models to general managerial decisions within specified constraints.
  • The candidate will understand the role of organizational behavior play in organizational decision-making and efficacy.
CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.

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General Insurance Actuarial Generalist

2 sequenced courses

GI 101
Ratemaking and Reserving
  • The candidate will understand key considerations and concepts underlying general insurance actuarial work.
  • The candidate will demonstrate the ability to prepare claims and exposure data for general insurance actuarial work.
  • The candidate will know how to calculate and evaluate projected ultimate values.
  • The candidate will understand financial reporting of claim liabilities.
  • The candidate will understand trending procedures as applied to ultimate claims, exposures and premiums.
  • The candidate will understand how to apply the fundamental ratemaking techniques of general insurance.
  • The candidate will be able to define an approach for actuarial analyses supporting financial reporting and ratemaking analyses under various real-life scenarios.
GI 201
Financial, Regulatory, and Legal
  • Assumes knowledge from GI 101
  • The candidate will understand the structure and functions of a general insurance company.
  • The candidate will understand the different types of general insurance products offered.
  • The candidate will understand the reasons for, and the types of, general insurance regulation.
  • The candidate will understand tort law and insurance law with respect to its effect on general insurance.
  • The candidate will understand the elements of financial reporting for general insurance companies.
  • The candidate will understand elements of financial economics relevant to general insurance.
  • The candidate will understand the analysis of a general insurer’s financial health.
  • The candidate will demonstrate knowledge of ORSA.
  • The candidate will understand standards of practice and professionalism required of the actuary.

2 additional courses

GI 301
Further Topics in General Insurance
  • Assumes knowledge from GI 101
  • The candidate will be able to use stochastic loss development models to estimate reserve variability.
  • The candidate will understand and apply the considerations in the development of losses for excess limits and layers.
  • The candidate will be able to estimate premium liabilities.
  • The candidate will understand the considerations in selecting a risk margin for unpaid claims.
  • The candidate will be able to apply methods to monitor actual versus expected experience.
  • The candidate will understand excess of loss coverages and retrospective rating.
  • The candidate will understand reinsurance topics including the issues encountered when performing a reserve analysis on reinsurance, how to apply the fundamental techniques of reinsurance pricing and risk transfer testing of reinsurance contracts.
  • The candidate will understand and be able to apply ratemaking techniques for the following situations: classification ratemaking, deductible options, increased limit options, claims-made polices and individual risk rating.
  • The candidate will understand catastrophe modeling and how its output may be used in actuarial tasks.
CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.
or
GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.

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U.S. Signing Actuary

2 sequenced courses

GI 101
Ratemaking and Reserving
  • The candidate will understand key considerations and concepts underlying general insurance actuarial work.
  • The candidate will demonstrate the ability to prepare claims and exposure data for general insurance actuarial work.
  • The candidate will know how to calculate and evaluate projected ultimate values.
  • The candidate will understand financial reporting of claim liabilities.
  • The candidate will understand trending procedures as applied to ultimate claims, exposures and premiums.
  • The candidate will understand how to apply the fundamental ratemaking techniques of general insurance.
  • The candidate will be able to define an approach for actuarial analyses supporting financial reporting and ratemaking analyses under various real-life scenarios.
GI 201
Financial, Regulatory, and Legal
  • Assumes knowledge from GI 101
  • The candidate will understand the structure and functions of a general insurance company.
  • The candidate will understand the different types of general insurance products offered.
  • The candidate will understand the reasons for, and the types of, general insurance regulation.
  • The candidate will understand tort law and insurance law with respect to its effect on general insurance.
  • The candidate will understand the elements of financial reporting for general insurance companies.
  • The candidate will understand elements of financial economics relevant to general insurance.
  • The candidate will understand the analysis of a general insurer’s financial health.
  • The candidate will demonstrate knowledge of ORSA.
  • The candidate will understand standards of practice and professionalism required of the actuary.

2 additional courses

GI 301
Further Topics in General Insurance
  • Assumes knowledge from GI 101
  • The candidate will be able to use stochastic loss development models to estimate reserve variability.
  • The candidate will understand and apply the considerations in the development of losses for excess limits and layers.
  • The candidate will be able to estimate premium liabilities.
  • The candidate will understand the considerations in selecting a risk margin for unpaid claims.
  • The candidate will be able to apply methods to monitor actual versus expected experience.
  • The candidate will understand excess of loss coverages and retrospective rating.
  • The candidate will understand reinsurance topics including the issues encountered when performing a reserve analysis on reinsurance, how to apply the fundamental techniques of reinsurance pricing and risk transfer testing of reinsurance contracts.
  • The candidate will understand and be able to apply ratemaking techniques for the following situations: classification ratemaking, deductible options, increased limit options, claims-made polices and individual risk rating.
  • The candidate will understand catastrophe modeling and how its output may be used in actuarial tasks.
GI 302
General Insurance in the U.S.
  • Assumes knowledge of GI 101 and GH 201
  • The candidate will understand the personal lines insurance products offered in the United States.
  • The candidate will understand the commercial general insurance products offered in the United States.
  • The candidate will understand the structure of insurance regulation and its development in the United States.
  • The candidate will understand the different financial reporting standards for U.S. general insurance companies and be able to use the statutory financial statement to measure the financial health of an insurer (e.g., NAIC RBC and IRIS ratios).
  • The candidate will understand the requirements for signing the U.S. P&C Statement of Actuarial Opinion (SAO).
  • The candidate will be able to describe and apply the concept of materiality with respect to the U.S. P&C SAO.
  • The candidate will be able to apply the standards of practice regarding the responsibilities of the signing actuary as defined by regulators and the American Academy of Actuaries.

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Canadian Group and Health Benefits Specialist​

2 sequenced courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-C
Valuation and Regulation, Canada
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with IFRS.
  • Regulation & Taxation: The candidate will understand how to evaluate the impact of regulation and taxation on insurance companies and plan sponsors in Canada.
  • Flow of Funds:  The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs:  The candidate will understand how to describe and evaluate government programs providing health and disability benefits in Canada.

2 additional courses

CP 321
Disability, Long-Term Care, and Long-Duration Health Contracts
  • Plan & Product Provisions: The candidate will understand how to describe benefits typically offered under long-duration contracts (disability income, long-term care, critical illness, Medicare Supplement).
  • Manual Rating: The candidate will understand how to calculate rates for each of the contracts described in Learning Objective 1.
  • Reserving: The candidate will understand how to apply valuation principles for long-duration contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements for long duration contracts.
  • Retiree Group Benefits: The candidate will understand how to design and perform valuations of Retiree Group Benefits.
  • Asset Adequacy: The candidate will understand how to apply asset matching and asset adequacy standards as they apply to long duration contracts.
GH 301
Health Analytics and Management
  • Provider Contracting: The candidate will understand how to evaluate the effectiveness of provider reimbursement methods from both a cost and quality viewpoint.
  • Disease Management: The candidate will understand how to evaluate health care intervention programs.
  • Risk Adjustment: The candidate will understand how to apply risk adjustment in actuarial work.
  • Social Determinants of Health: The candidate will understand how to explain the determinants of health and their impact on health care costs and policy.
  • Medical Data: The candidate will understand how to describe medical coding, sources of data, and data quality.
  • Predictive Analytics: The candidate will understand how to apply the framework of predictive analytics to health care data and business applications.

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U.S. Disability, Long-Term Care, Retiree Benefits Specialist

2 sequenced courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-U
Valuation and Regulation, U.S.
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for short duration group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with Statutory Accounting Standards and GAAP.
  • Regulation: The candidate will understand how to evaluate the impact of regulation on insurance companies and plan sponsors in the US.
  • Flow of Funds: The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs: The candidate will understand how to describe government programs providing health benefits in the US.

2 additional courses

CP 321
Disability, Long-Term Care, and Long-Duration Health Contracts
  • Plan & Product Provisions: The candidate will understand how to describe benefits typically offered under long-duration contracts (disability income, long-term care, critical illness, Medicare Supplement).
  • Manual Rating: The candidate will understand how to calculate rates for each of the contracts described in Learning Objective 1.
  • Reserving: The candidate will understand how to apply valuation principles for long-duration contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements for long duration contracts.
  • Retiree Group Benefits: The candidate will understand how to design and perform valuations of Retiree Group Benefits.
  • Asset Adequacy: The candidate will understand how to apply asset matching and asset adequacy standards as they apply to long duration contracts.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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U.S. Medical, Dental, Vision, Pharmacy Specialist

2 sequenced courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-U
Valuation and Regulation, U.S.
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for short duration group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with Statutory Accounting Standards and GAAP.
  • Regulation: The candidate will understand how to evaluate the impact of regulation on insurance companies and plan sponsors in the US.
  • Flow of Funds: The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs: The candidate will understand how to describe government programs providing health benefits in the US.

2 additional courses

CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.
CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
or
CP 321
Disability, Long-Term Care, and Long-Duration Health Contracts
  • Plan & Product Provisions: The candidate will understand how to describe benefits typically offered under long-duration contracts (disability income, long-term care, critical illness, Medicare Supplement).
  • Manual Rating: The candidate will understand how to calculate rates for each of the contracts described in Learning Objective 1.
  • Reserving: The candidate will understand how to apply valuation principles for long-duration contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements for long duration contracts.
  • Retiree Group Benefits: The candidate will understand how to design and perform valuations of Retiree Group Benefits.
  • Asset Adequacy: The candidate will understand how to apply asset matching and asset adequacy standards as they apply to long duration contracts.

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Employee Benefits Actuary (retirement)

2 sequenced courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

2 additional courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
GH 201-U
Valuation and Regulation, U.S.
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for short duration group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with Statutory Accounting Standards and GAAP.
  • Regulation: The candidate will understand how to evaluate the impact of regulation on insurance companies and plan sponsors in the US.
  • Flow of Funds: The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs: The candidate will understand how to describe government programs providing health benefits in the US.
or
GH 201-C
Valuation and Regulation, Canada
  • Assumes knowledge from GH 101
  • Reserving: The candidate will understand how to apply valuation principles for group and health insurance contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements in accordance with IFRS.
  • Regulation & Taxation: The candidate will understand how to evaluate the impact of regulation and taxation on insurance companies and plan sponsors in Canada.
  • Flow of Funds:  The candidate will understand how to describe the flow of funds in the health care system and the role of providers in the system.
  • Government Programs:  The candidate will understand how to describe and evaluate government programs providing health and disability benefits in Canada.

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Pension Actuary (broader employee benefits)

2 sequenced courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

2 additional courses

RET 301
Pension Regulation in Canada
  • Assumes knowledge from RET 101 and RET 201
  • Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions for funding purposes of retirement plans under Canadian pension legislation, regulatory policies, and tax legislation.
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes under Canadian pension legislation, regulatory policies, and tax legislation.
  • Regulations: Evaluation and Application: The candidate will understand how to evaluate and apply Canadian pension legislation, regulatory policies, and tax legislation for registered retirement plans.
  • Regulations: Plan Funding: The candidate will understand how to apply the Canadian pension legislation, regulatory policies, and tax legislation in the context of plan funding.
GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.

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U.S. Public Pension Actuary

2 sequenced courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

2 additional courses

INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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Pension Generalist

2 sequenced courses

RET 101
Retirement Plan Design
  • Benefit Plan Structure, Features and Investments: The candidate will understand how to analyze different types of retirement plans and retirement plan investments.
  • Participant Risks: The candidate will understand how to analyze the risks faced by retirees and the participants of retirement plans.
  • Sponsor Risks: The candidate will understand how to analyze the risks faced by sponsors of retirement plans.
  • Benefit Plan Design Recommendation: The candidate will understand how to evaluate sponsors’ goals for the retirement plan, evaluate alternative plan types and features, and recommend a plan design appropriate to address those goals.
RET 201
Retirement Plan Valuation
  • Assumes knowledge from RET 101
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes.
  • Actuarial Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions used in pension valuations.
  • Accounting Standards: The candidate will understand how to perform valuations and prepare disclosure information for retirement income plans under applicable accounting standards.
  • Investment Risk Management: The candidate will recognize and appropriately reflect the role of retirement plan investments in managing plan sponsor risk and make recommendations.
  • Funding Policy: The candidate will understand the general principles applicable to the funding of retirement income plans and recommend a funding policy.

2 additional courses

RET 301
Pension Regulation in Canada
  • Assumes knowledge from RET 101 and RET 201
  • Assumptions: The candidate will understand how to analyze/synthesize the factors that go into selection of actuarial assumptions for funding purposes of retirement plans under Canadian pension legislation, regulatory policies, and tax legislation.
  • Methods: The candidate will understand how to apply/synthesize the methods used to value pension benefits for various purposes under Canadian pension legislation, regulatory policies, and tax legislation.
  • Regulations: Evaluation and Application: The candidate will understand how to evaluate and apply Canadian pension legislation, regulatory policies, and tax legislation for registered retirement plans.
  • Regulations: Plan Funding: The candidate will understand how to apply the Canadian pension legislation, regulatory policies, and tax legislation in the context of plan funding.
INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.

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Enterprise Finance and Risk (CRO, CFO)

2 sequenced courses

CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
CFE 201
Corporate Finance
  • The candidate will understand how an organization optimizes its corporate finance decisions based on its business objectives.
  • The candidate will understand how to gauge an organization’s performance through an evaluation of its financial reports.
  • The candidate will understand how managerial accounting and operational processes impact an organization’s performance evaluation and decision making.
  • The candidate will understand the application of evolving quantitative methods and technologies that help to manage the business.

2 additional courses

CP 311
Strategic Management
  • The candidate will understand and apply strategic management concepts and frameworks to develop an organization’s business strategies and solutions.
  • The candidate will understand how sustainable growth and value can be created through strategic budgeting.
  • The candidate will also understand measures of an organization’s value and their uses in decision making.
  • The candidate will understand how to apply decision making models to general managerial decisions within specified constraints.
  • The candidate will understand the role of organizational behavior play in organizational decision-making and efficacy.
CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.

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Long-Term Care Expert at Life Company

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

GH 101
Benefits and Pricing
  • Plan & Product Provisions: The candidate will understand how to describe plan provisions typically offered under short-duration contracts (medical, dental, vision, prescription drug, group life).
  • Manual Rates: The candidate will understand how to calculate and recommend a manual rate for each of the contracts described in Learning Objective 1.
  • Underwriting & Funding: The candidate will understand how to apply principles of pricing, risk assessment, and funding to an underwriting situation.
  • Employee Benefits: The candidate will understand how to evaluate and recommend an employee benefit strategy.
CP 321
Disability, Long-Term Care, and Long-Duration Health Contracts
  • Plan & Product Provisions: The candidate will understand how to describe benefits typically offered under long-duration contracts (disability income, long-term care, critical illness, Medicare Supplement).
  • Manual Rating: The candidate will understand how to calculate rates for each of the contracts described in Learning Objective 1.
  • Reserving: The candidate will understand how to apply valuation principles for long-duration contracts.
  • Financial Statements: The candidate will understand how to prepare and interpret insurance company financial statements for long duration contracts.
  • Retiree Group Benefits: The candidate will understand how to design and perform valuations of Retiree Group Benefits.
  • Asset Adequacy: The candidate will understand how to apply asset matching and asset adequacy standards as they apply to long duration contracts.

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Modeling Specialist at Life Company

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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Investment Risk Actuary

2 sequenced courses

INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.
INV 201
Quantitative Finance
  • The candidate will understand key types of derivatives.
  • The candidate will understand the principles and techniques for the valuation of derivatives.
  • The candidate will understand various applications and risks of derivatives.

2 additional courses

CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.
CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.

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Asset and Liability Management Actuary

2 sequenced courses

INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.
INV 201
Quantitative Finance
  • The candidate will understand key types of derivatives.
  • The candidate will understand the principles and techniques for the valuation of derivatives.
  • The candidate will understand various applications and risks of derivatives.

2 additional courses

CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.
CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.

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Asset and Liability Management Life Specialist

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
INV 101
Portfolio Management
  • The candidate will understand portfolio management objectives in the context of institutional liabilities.
  • The candidate will understand the nature and the variety of asset classes that can be used in constructing a portfolio.
  • The candidate will understand portfolio construction and assessment.
  • The candidate will understand the best practices of investment risk management.

2 additional courses

ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
INV 201
Quantitative Finance
  • The candidate will understand key types of derivatives.
  • The candidate will understand the principles and techniques for the valuation of derivatives.
  • The candidate will understand various applications and risks of derivatives.
CP 351
Asset Liability Management
  • The candidate will understand the objectives of Asset Liability Management (ALM).
  • The candidate will understand the risk drivers of assets and liabilities.
  • The candidate will understand and be able to apply tools and strategies of ALM.

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Enterprise Risk Management (life) Actuary

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.
CP 312
Model Development and Governance
  • The candidate will understand, develop, apply, and evaluate cash flow models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying modeling methodologies: their strengths, limitations, and applications.
  • The candidate will understand, apply, and evaluate non-cash flow and supplementary models for various types of long-term insurance business. For each, the candidate will demonstrate an understanding of the underlying methodologies: their strengths, limitations, and applications.
  • The candidate will understand and be able to apply appropriate model governance to assess and address issues common to the development and management of models.

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Life Reinsurance Actuary

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.
CFE 101
Enterprise Risk Management
  • The candidate will understand the fundamentals of ERM and be able to apply them considering both the internal and external environments.
  • The candidate will understand the types of risks faced by an entity and be able to identify and analyze these risks.
  • The candidate will understand how to embed ERM into decision-making for an organization.

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Life Actuarial Generalist

2 sequenced courses

ILA 101
Pricing and Introduction to Valuation and Risk Management
  • Individual Life and Annuity Product Design and Pricing: The candidate will understand the designs of the common Life and Annuity products and their associated features and inherent risks, and the methods to design and price these products.
  • Assumption Development and Experience Studies: The candidate will understand different types of actuarial assumptions and how experience studies are designed and used for evaluating past experience and for setting assumptions.
  • Product Management: The candidate will understand common issues and practices related to Product Management.
  • Introduction to Life and Annuity Valuation Concepts: The candidate will understand common valuation and capital techniques used in US, Canadian, and international regulatory frameworks.
  • Introduction to Assets and Managing Risk: The candidate will understand various techniques for addressing the mitigation of risk within a life insurance and annuity context.
ILA 201-U
Valuation and Advanced Product and Risk Management, U.S.
  • Assumes knowledge from ILA 101
  • U.S. Financial Reporting Requirements: The candidate will understand and apply U.S. valuation principles and methods applicable to individual life insurance and annuity products issued by U.S. life insurance companies.
  • Capital Management: The candidate will understand how to explain and apply the methods, approaches and tools of financial capital management for life insurance company under a US regulatory framework.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand types of life insurance risks, the impacts of diversification, crediting rating agency frameworks, and the assessment of risk management.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.
or
ILA 201-I
Valuation and Advanced Product and Risk Management, International
  • Assumes knowledge from ILA 101
  • International Financial Reporting Requirements: The candidate will understand and apply valuation principles to individual life insurance and annuity products issued by international life insurance companies.
  • Capital Management: The candidate will learn the capital requirements under solvency II framework, the approaches and tools of financial capital management for international life insurance company.
  • Management and Evaluation of Life Insurance Risks: The candidate will understand various approaches to manage and evaluate life insurance risks.
  • Advanced Product Management: The candidate will understand value creation and inforce management techniques for life and annuity products.

2 additional courses

INV 201
Quantitative Finance
  • The candidate will understand key types of derivatives.
  • The candidate will understand the principles and techniques for the valuation of derivatives.
  • The candidate will understand various applications and risks of derivatives.
CP 341
Advanced Life Reinsurance
  • Assumes knowledge from ILA 101
  • Types of Reinsurance Arrangements and Methods: The candidate will understand different types of traditional and advanced reinsurance transactions for life insurance.
  • Transferring Risk: The candidate will understand the fundamentals of risk transfer between two counterparties.
  • Key Accounting and Regulatory Considerations: The candidate will understand regulatory frameworks for reinsurance transactions across US, Canadian, and global jurisdictions.

Questions and Answers