2011 ANNUAL MEETING ASSEMBLÉE ANNUELLE 2011

Transcription

1 2011 ANNUAL MEETING ASSEMBLÉE ANNUELLE 2011 June les 29 et 30 juin Session/Séance : CIA University Accreditation Program Speaker(s)/Conférencier(s) : Peter Muirhead, Peter Douglas, Chris Fievoli

2 PURPOSE To provide exemptions to university students for approved courses at accredited Canadian universities for the preliminary SOA/CAS examinations. Enhance the relationship between the CIA and Canadian universities. Leverage the strength of actuarial science programs in Canada.

3 EXEMPTIONS Exemptions for SOA examinations: FM: Financial Mathematics M: Actuarial Models Financial Economics Segment (MFE) M: Actuarial Models Life Contingencies (MLC) C: Construction and Evaluation of Actuarial Models Exemptions for CAS examinations: #2: Financial Mathematics #3: Actuarial Models #4: Construction and evaluation of Actuarial Models

4 WHY NOW? The changing business environment requires that the profession continues to evolve and remain relevant. Self study approach has served the profession well but need to explore opportunities for improvement. Canadian university system is respected provider of actuarial education. Opportunity exists to build on this strength. University accreditation operates effectively in other major actuarial organizations including UK and Australia. CIA believes that an accreditation program that capitalizes on the benefits of a university education for an increased portion of the initial qualification process can be accomplished with no diminution of standards.

5 BENEFITS Achieve better quality education by diverting the focus from passing exams to greater emphasis on the education component and more practical application of learning. University actuarial programs are taught by people skilled in subject matter of early examinations. Increased ability to attract the best and brightest candidates to the actuarial profession. Enhanced relationship between CIA and Canadian universities. For some students, travel time through the examinations may be reduced.

6 ROUTE TO FELLOWSHIP THROUGH ACCREDITATION The following steps are required to attain CIA Fellowship. Only one of the steps will change for those coming through university accreditation.

7 SOA Route Topics addressed through Validation by Education Experience (VEE) CAS Route Topics addressed through Validation by Education Experience (VEE) Examination P Examination 1 SOA early Examinations MFE, MLC, C and FM OR Exemptions approved by CIA Fundamentals of Actuarial Practice modules CAS early Examinations 2, 3 and 4 OR Exemptions approved by CIA Two online courses Fellowship examinations and modules Fellowship Admission Course Professionalism Workshop of CIA CIA Practice Education Course Continuing Professional Development requirements Two Associate examinations Professionalism Workshops of CIA/CAS Three Fellowship Exams N/A Continuing Professional Development requirements

8 KEY PRINCIPLE: MAINTAIN STANDARDS Process used to maintain standards: Substantial time and consideration given to all perspectives: members, universities, education partners. Comprehensive and rigorous review of the university and the courses to be accredited by Accreditation Panel. Ongoing review by External Examiner. Appointment of Accreditation Actuary.

9 KEY PRINCIPLE: MAINTAIN STANDARDS Courses must cover at least 85% of SOA/CAS exam learning objectives with ability to substitute up to 15% additional relevant material. Universities must provide rigorous examination and grading procedures and maintain strong discipline process that meets CIA s expectations. Ongoing monitoring will be critical to ensure that quality of students who receive exemptions is comparable to that of students passing examinations.

10 KEY PRINCIPLE: MAINTAIN STANDARDS University based education will complement the remaining substantial self study components of the education system. Proposed accreditation approach will be developed with the goal of maintaining high standards that currently exist.

11 CIA OVERSIGHT TO MAINTAIN STANDARDS Active involvement by CIA Board. Eligibility and Education Council (EEC) will approve exemptions. Accreditation Committee of CIA to have accountability for program development and maintenance. CIA to approve appointment of Accreditation Actuary who will serve as university s responsible person to communication with CIA and with the External Examiner. The learning objectives for all exams will continue to be defined by the SOA, CAS, and CIA.

12 CIA OVERSIGHT TO MAINTAIN STANDARDS Accreditation Committee: Create Accreditation and Review Panels to perform site visits and review applications. Appoint External Examiner to provide ongoing review of courses and examination procedures.

13 GENERAL REQUIREMENTS FOR UNIVERSITY ACCREDITATION University must: Have recognized track record of teaching and research in actuarial science. Meet requirements of VEE component of education system. Have good system of quality assurance and be willing to submit copies of education materials including examinations to CIA. Have effective disciplinary process. Be willing to work co-operatively with the CIA.

14 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION Some universities will also meet SOA s requirements for recognition as Centre of Actuarial Excellence. University must employ appropriate staff to substantiate an identifiable actuarial program: Four faculty with at least one with fellowship designation; and Other faculty to have ASA/ACAS or equivalent or be dedicated to teaching actuarial science.

15 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION University to nominate Accreditation Actuary (AcA) who must have five years of experience as practicing actuary or actuarial education. AcA must have ability to provide input on courses that lead to exemptions. Commitment to active actuarial research program.

16 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION University to nominate Accreditation Actuary (AcA) Full-time faculty member with fellow-level qualification (transitional rules apply) Specific duties Serve as the main point of contact; Responsible for the administration of the university s course accreditation by the CIA; Maintain the relationship with the CIA to enhance the professional development of students; Provide meaningful input into university course curriculum;

17 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION Specific duties (Cont d) Complete the university accreditation application; Provide and maintain course mapping to exam syllabus; Coordinate site visit and access to relevant materials and information; and Notify the CIA of any change in course or faculty which may affect accreditation status.

18 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION Courses must cover at least 85% of the learning objectives of SOA/CAS examinations. If coverage is less than 100%, university may substitute other relevant material. AcA to certify relevance. At least 80% of the grade must come from examinations. Amount of examination time must exceed examination time of SOA/CAS.

19 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION Site Visits On-campus visit by Accreditation Panel University must first provide Application form Course content mapping (discussed below) Meet with faculty members and leadership Review program and courses (including course outlines) Gather information on examination practices, passing grades, instructors, discipline procedures Opportunity for university to demonstrate their program deserves to be accredited

20 SPECIFIC REQUIREMENTS FOR UNIVERSITY ACCREDITATION Course Content Mapping A blueprint of topics to be covered Detailed listing created by CIA Based on SOA and CAS syllabus and learning objectives Ensures effective coverage of material covered in SOA and CAS exams University must indicate which topics are covered, and by which courses Must cover at least 85% of the content to be eligible for accreditation

21 GRADES TO QUALIFY FOR EXEMPTIONS Difficult to come up with one standard grade that will be required to qualify for exemptions that can be applied to all universities. Universities will provide grade recommendation and rationale for that recommendation with their application for accreditation. CIA to approve grades required for exemption purposes.

22 GRADES TO QUALIFY FOR EXEMPTIONS Expect to adopt following principles in assessing passing grades: Higher than grades required for VEE. Expect proportion qualifying for exemptions will be similar to passing proportion for SOA/CAS examinations. Track progress of candidates who achieve exemptions to assess whether quality of students is similar to that who pass examinations of SOA/CAS. Ongoing review.

23 PROGRAM ACCREDITATION The CIA is not ready to take the step to program accreditation now. Current proposal is to have course by course requirements for exemptions. CIA has discussed program accreditation whereby students could receive exemptions for Preliminary Examinations by completing an accredited actuarial science program at university. Will review current approach in 3-6 years to determine whether to move on to program accreditation.

24 HOW WE GOT HERE Draft policy released to members and universities in October 2010 Consultation period with members and universities from October 2010 to January 2011 Webcast for members conducted in December 2010 Presentation to ASNA in January 2011 Final accreditation policy approved by the CIA Board in March 2011 Ongoing formal and informal communications with SOA and CAS: CAS has liaison member on Accreditation Committee. SOA has chosen to remain informed through informal means.

25 HOW WE LL GET THERE Expressions of intent to apply were due from universities April 1, 2011 Application and course/exam mapping procedures were finalized May 2011 Accreditation Panels staffed May 2011 Applications from universities due June 30, 2011 University site visits June September, 2011 List of approved universities confirmed by October 31, 2011 Exemptions offered for courses starting on and after September 2012 in accredited universities.

26 APPLICATIONS ARE EXPECTED FROM THE FOLLOWING UNIVERSITIES: Calgary Concordia Laval Manitoba Montreal Regina Simon Fraser Toronto UQAM Waterloo Western York

27 GOING FORWARD Ensure consistency across universities in the accreditation panel site visits. Passing grade recommendations from universities for each course. Ensure that accreditation program continues to meet new standards for education that may arise. Monitor progress of students through the system and later through remaining fellowship requirements. Have established a solid program which maintains the high standards of the profession.

28 Additional questions and feedback may be directed to:

29 Thank you