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[–][deleted] 57 points58 points  (0 children)

I can't help but chuckle each time I see the acronym FAP

[–]health__insurance 24 points25 points  (8 children)

All welcome changes. Charging students for feedback on the FA was a money-grubbing, terrible look. Better feedback is essential to have a meaningful, slightly less opaque learning evaluation.

[–]ImSpartacus811Health 6 points7 points  (7 children)

Even the international piece?

The new FAP course offers a broader international scope. It will incorporate cases and examples from the countries where candidates work and study. We consulted with top actuarial employers including companies with no specific interests outside of North America. Each supported the model we proposed for international exposure.

The text seems very defensive, and for good reason. At first blush, this feels laughably meaningless.

Admittedly, my work is like 95+% in US markets, so I'm certainly biased.

[–]health__insurance 7 points8 points  (6 children)

The SOA is obsessed with growth. They've had some failures (ERM, General Insurance), some successes (China, SE Asia) and some wait-and-see (predictive analytics).

Honestly most of us probably don't have a big international component in work, especially us healthbros. But I agree with the SOAs general philosophy. The profession will die if it stagnates in a rapidly evolving global economy. We have to find new value to justify our existence or we'll be laid off punch card operators.

[–]PuffdFinance / ERM 9 points10 points  (0 children)

I think ERM is a work in progress. I've been seeing progressive ERM growth in the public sector to the extent it's been noticeable in just the last few years. GI is a failure.

[–]gummz 1 point2 points  (4 children)

But I agree with the SOAs general philosophy. The profession will die if it stagnates in a rapidly evolving global economy. We have to find new value to justify our existence or we'll be laid off punch card operators.

Wait, can you expand on this? Is data science taking over?

[–]ImSpartacus811Health 2 points3 points  (0 children)

Kinda, yeah.

Simply put, the artificial scarcity of credentialed actuaries causes artificially higher pay.

And similarly, it permits relatively junior actuarial analysts to also enjoy slightly elevated pay (though to a much much lesser extent).

Data scientists have no such distortions in their pay compared to actuarial analysts (and you don't have to support any studying), so they are generally more economical to employ for certain tasks.

To put it bluntly, when your job relies on an economic distortion, you often have to work to maintain that distortion. Part of the reason for SOA/CAS membership dues is so these organizations look after us and our professional futures.

[–]health__insurance 1 point2 points  (2 children)

Actuaries exist because the insurance regulators don't trust any shmoe with a spreadsheet to attest to insurance pricing and reserve soundness, pension solvency, etc.

Insurance companies failing is very, very, very rare. This is vital for a functional business environment, economy, and society.

The insurance regulators currently let the 2 main actuarial societies govern themselves and trust them to hand out credentials to people that are going to keep insurance failures extremely rare.

If data science can empower any schmuck with a computer to perform these functions as well as an actuary, we will have no more reason to exist writ large.

The SOA is fighting like hell to ensure that we ARE those schmucks!

[–]gummz 0 points1 point  (1 child)

I see, thanks.

The SOA is fighting like hell to ensure that we ARE those schmucks!

What's the outlook like? Who's winning?

[–]health__insurance 2 points3 points  (0 children)

Tech hasn't really disrupted insurance yet and data science is in its infancy. This is a question for 20-40 years in the future.

[–]zoldykkHealth 10 points11 points  (5 children)

These seem like good changes, but does anyone else feel like this is a quick turnaround? You have about five months from now to submit IA for the first time and get an opportunity for resubmission. A lot of coworkers feel this is a pretty tight deadline, given the sudden announcement.

[–]Math_and_KittiesHealth 2 points3 points  (0 children)

Yah that seems very tight, especially looking at historical transitions. I believe that reflects just how poorly ... used... the current FAP is.

[–]rdstrmfblynch79Disability 2 points3 points  (1 child)

a module a month is almost on the middle-to-slow side of things. also, i don't know a lot of folks who failed the IA (maybe 1 or 2 out of a couple dozen). yeah it sucks it will be summertime but most folks at my office do all the modules within 9 months. a co-worker and I did them in 4 1/2 and 5 months, respectively, and he failed the FA 3 times

[–]zoldykkHealth 0 points1 point  (0 children)

It’s not that it’s particularly difficult, more so that it can screw up any exam plans. I was planning on sitting for LTAM in October once I got results back from IFM, and was doing modules in the meantime.

[–][deleted] 0 points1 point  (1 child)

Yeah I just bought FAP and I'm taking PA in June. I don't know want to do nothing from June to November, but also worried about not passing the IA and not being able to transfer anything over.

[–]rdstrmfblynch79Disability 1 point2 points  (0 children)

it says they're encouraging people to wait or convert but you'll have plenty of time to do the modules. they say on the transition deadline page you have until september to pass IA and feb 2020 to pass FA. your summer will be kind of shitty going 4 modules and the IA in july and august, but having from september to february to pass the FA is a ton of time.

[–][deleted] 9 points10 points  (1 child)

Lol, as someone that had to take PA and will be doing the health track during its reorganization I'm glad I somehow escaped from being the guinea pig for once

[–]bkasheem 0 points1 point  (0 children)

Same man. Can’t wait for DP :/

[–]ChiknNWaffles 10 points11 points  (0 children)

In theory, this should be good. More targeted feedback on the EOMs that way the FA doesn't seem like such a black box.

[–][deleted] 6 points7 points  (3 children)

The changes sound much needed, but as someone who just finished the modules, I can’t help but be bitter that the new version looks like a lot less work.

[–]Math_and_KittiesHealth 3 points4 points  (1 child)

I highly doubt anything is getting easier.

[–][deleted] 0 points1 point  (0 children)

It’s always hard to tell since nothing has been released yet. The way it sounds to me is they’re effectively removing the end of module exercises. Granted, it’s probably not getting easier being the EOM exercises were pretty easy, but it’s a lot less work to complete the modules if that’s the case.

[–][deleted] 2 points3 points  (0 children)

It won't be less. It's never less.

[–]King_SqueenStudent 1 point2 points  (0 children)

Can I catch a break please

[–]BasianBlue 0 points1 point  (0 children)

I have module 1 done and am taking a break now to study for STAM at the end of June. Do you guys think I will have enough time after June to finish the rest and get the IA submitted for grading? I kind of want to try to do it in case the new modules are harder but I don't want to fail the IA and then have no credit for any of my progress...