Program Overview

The Centers of Actuarial Excellence (CAE) program is a key component in the SOA's plan to strengthen the position of the academic branch of the profession. The 2008-2012 SOA Strategic Plan highlights the role of the SOA in developing knowledge. Under the develop knowledge strategic theme, two goals are listed:

• To "produce and support research that expands the boundaries of actuarial science"
• To "promote the development of intellectual capital and identify opportunities for its application"

The SOA Board of Directors identified that strengthening the role of academics within the actuarial profession has the potential to enhance research and intellectual capital development. The academic branch can help the profession grow stronger, and play an integral role in advancing actuarial knowledge.

The CAE program allows U.S. or Canadian universities and colleges with outstanding actuarial programs the opportunity to be recognized for that achievement and to compete for substantial grants for education and research.

How does a school attain a CAE designation?

Schools seeking a CAE designation must complete and submit an application along with other required documentation by the application deadline for the review cycle. Two review cycles will be managed each year (Fall and Spring). Please see the timeline for Fall 2009.

A CAE designation will be awarded to schools using the following standards:

• A criteria  
• Meet each of four A criteria: degree, curriculum, graduate count and faculty composition.
•  
• B Criteria  
• Meet, as a whole, four B qualitative criteria: graduate quality, appropriate integration, connection to industry, and research/scholarship.
•  
• Upon approval of the A criteria and the likelihood that the school will also pass the B criteria a site visit will be arranged.
•  
• Site visit  
• Pass a site visit. A team of CAE committee members and SOA staff visit the school to assess the B criteria and complete a series of interviews and meetings. Schools receiving a site visit will be asked to pay a $1500 administrative fee to defray the costs of the visit.

How long does a school retain the CAE designation?

Schools that are designated CAE will retain the designation for five years, but must file an annual report with the SOA noting if there are any significant changes in the program. If the program changed in a negative way (such that, on new application, the school would not meet the requirements for CAE status), the school will be asked to provide a plan for how it will remedy the situation within a reasonable time frame (e.g. 1 year).

What are the benefits of the CAE designation?

Beyond the honor of being selected as a Center of Actuarial Excellence and the ability to use that designation in promotional materials, Centers of Actuarial Excellence are eligible for grants in education and research. These are significant grants; they are intended to be multi–year grants in the $50,000–$100,000 per annum range.

Who manages the CAE program?

There are three groups directly involved in the designation of CAE status:

• CAE Evaluation Committee (CEC): designates CAE status, with assistance of a CSV team.
• CAE Site Visit (CSV) Panel: comprised of individuals who assist the CAE with site visits.
• CAE Appeals Board (CAB) hears appeals for schools who believe they should have received a site visit or been awarded CAE status.

In addition, a separate committee awards the CAE research and education grants (CAE Grants Committee).

Please direct questions regarding the CAE program to cae@soa.org.