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February 13, 2006

Introducing the Fundamentals of Actuarial Practice

The focus of this week’s Present Value is the introduction, starting in January 2006, of the web-based Fundamentals of Actuarial Practice (FAP) course. FAP represents another major milestone in the redesign of the basic Education and Exam (E&E) system.

The need for an education redesign was recognized in 2001. Work began in 2002, and the new design was communicated to members in August 2003. The new E&E system is being implemented over 3 years, 2005-2007. It responds to employer and member research indicating the need to: 1) provide a more practice-relevant syllabus, 2) better prepare actuaries for the future and 3) reduce "travel time" to the ASA/FSA credential for qualified candidates.

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Posted by Tom Troceen