Transition Rules and Timing

Exam Transition Rules – No credit is lost

1:1

Every current exam awards credit for one course

  • All exams transition to a specific course or provide credit for one additional course
  • Non-SOA exams such as EA2L + EA2F, and CAS Exam 6C will provide credit for one additional course

Every current exam awards credit for one course, ensuring you with a one-to-one transition. You won’t lose any credit. Additional course credit cannot be used to meet the two-course sequence requirement. There will be no deadlines after which exam credit will expire.

Transition Credit 1:1 – No credit is lost

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Current Exam → Transition Credit
ERM →
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 FD →
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.
CFE SDM →
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.
GH DP →
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 VRU →
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.
GH VRC →
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.
GH RM →
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.
GI RR →
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 FREU →
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.
CAS 6C →
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.
GI ADV →
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 INT and GI FREU →
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.
(in addition to GI 201)
GI INT and CAS 6C → Credit for one additional course (in addition to GI 201)
GI INT and neither of GI FREU or CAS 6C → Can be used to replace a GI module
ILA LPM →
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 LFMU →
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.
ILA LFMC →
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.
ILA LAM →
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.
QFI PM →
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.
QFI QF →
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.
QFI IRM → Credit for one additional course
RET DA (U or C) →
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 FRC →
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.
EA2F and EA2L →
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.
or credit for one additional course
RET IRM →
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.
or credit for one additional course
DMAC → DMAC 401

The EA exams can be used to obtain RET 201 credit and thus meet half of the two-course sequence requirement. If RET 201 was passed separately, the EA exams provide credit for one additional course.

Because the current general insurance track includes four exams and three modules, there are complications in setting transition rules. Thus, there are scenarios in which candidates might lose credit for the GI INT exam in transition. However, in transition the number of remaining courses versus completing the current requirements will not be reduced.

Module Transition Rules

3:1

Three modules (except DMAC) award credit for one additional course

  • All three modules must be from the same track
  • Only one set of three modules can provide transition credit for one additional course
  • Modules must be submitted by December 31, 2025 to earn credit

You must complete and submit three non-DMAC modules in a single track by December 31, 2025, to receive credit for one additional course in the new pathway. Only one such transfer will be accepted from three modules.

Timeline

Timeline-2-H
Timeline-2-V

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