Spring 2008 Basic Education Catalog

Updates

Probability (Exam P)–04.21.08

Sample Exam Questions and Solutions have been updated (questions 131–134 have been added.

Retirement Company/Sponsor (CSP) Exam, Canada–03.21.08

Under Learning Objective #8 delete the following:

• Watson Wyatt, Canadian Pensions and Retirement Income Planning, Third Edition, 2006 Chapter 13, pp. 221–223.
• Chapter 15 is still required reading.

In the Study Note R–C134–07 (chapters of the Third Edition of Managing Investment Portfolios) which appears in Learning Objectives 7 and 11 of the U.S. and Canada Syllabi, the pages to read in Chapters 3 and 7 were incorrectly referenced. Chapter 6 was correctly referenced (entire chapter).

• The correct page references for Chapters 3 and 7 are:
• Chapter 3, pp. 63–85 (Learning Objective 7 and 11)
• Chapter 7, pp. 407–465 (Learning Objective 11)
• These have been corrected in the online syllabi–02.14.08

The following corrections have been made to the Retirement CSP U.S. online syllabus under Learning Objective Number 3. The online syllabus has been corrected.

• Morneau Sobeco, Handbook of Canadian Pension and Benefit Plans, Thirteenth Edition, Chapters. 1, 2, 11 (background only), 15
• "Addressing the Financial Risks from Retirement Systems: Identifying Risks Inherent in Retirement Plans", RSA 31, No. 2
• R–C800–07, Airline Plans' Underfunding Illustrates Broader Problems with the Defined Benefit Pension System
• RSA 95, Vol. 21 No. 3A " Downsizing and Plan Design"–11.06.07

Actuarial Models–Life Contingencies Segment (Exam MLC)–03.12.08

Actuarial Models–Financial Economics Segment (MFE)–02.14.08

The following have been updated for the Spring 2008 session:

1. "Some Remarks on Derivatives Markets"
2. MFE–09–08# Exam MFE Sample Questions and Solutions
3. The phrase "excluding appendices" used in the readings citation for Derivatives Markets (2006) applies to all chapter in the readings citation, not just Chapter 14.
4. For the convenience of the candidate the formula for the density function of a standard normal random variable and a table of values from the standard normal distribution are included in the Tables for Exam MFE/3F that are provided with the examinations.

Advanced Portfolio Management–02.14.08

The case study for the Spring 2008 exam will be V–C13–07. The case study will not updated as indicated in the Introductory Study Note.

The cumulative normal distribution table will be included with the Spring 2008 exam.

Retirement Company/Sponsor (CSP) Exam, U.S.

Advanced Finance/ERM Exam

• The following corrections have been made to the Advanced Finance/ERM online syllabus under Learning Objective Number 4. The online syllabus has been corrected. The following link to Fair Value–Financial Economics Perspective by Babbel, Gold and Merrill was missing:   Fair Value of Liabilities: The Financial Economics Perspective –01.28.08
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• The correct wording for Learning Objective 2a is: "Calculate the cost of capital for a venture using the most appropriate method for given circumstances and justify the choice of method."–11.06.07

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• In the ILA CSP Canada Syllabus under Learning Objective #10, the OSFI: Memorandum to the Appointed Actuary on the Report of the Valuation of Life Insurance Policy Liabilities, 2006 was incorrectly listed as ILA–C614–08. This reading should be a link and has now been corrected. OSFI–BSIF.gc.ca/app/DocRepository–01.10.08
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• LO #1
• The link to the last CIA reference under this objective has now been added
• http://actuaries.ca/members/publications/proceedings/aa/vol17/206129-PD2.pdf
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• LO #2
• The link for the reference "CIA Education Note: Margins for Adverse Deviations" was incorrect. The correct link
  http://actuaries.ca/members/publications/2006/206132e.pdf, has now been added to the syllabus.–11.28.07
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Group and Health Company/Sponsor (CSP) Exam–12.05.07  

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• There are no revision study notes for the 2008 Group and Health CSP exam.
• The updated Introductory Study Note is now available GH-C05-08.
• The following changes have been made to the online Group and Health CSP syllabus:
1. In Learning Objective #8, under The Handbook of Employee Benefits, the reference to Chapter 43 should actually be 37, Cafeteria Plan Design and Administration, pp. 1003-1007 only
2. In Learning Objective #11, GH-C120–08 should be changed to GH–C108–07  
3. In Learning Objective #12, GH-C120–08 should be changed to GH–C108–07–12.05.07  

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• The following corrections have been made to the Group and Health online Syllabus:
1. Analysis for Financial Management, Higgins, Eighth Edition, 2007
2. The Handbook of Employee Benefit, Rosenbloom, Sixth Edition, 2005
3. U.S. GAAP for Life Insurers, Herget et al., Second Edition, 2006–11.06.07

Individual Life and Annuities Company/Sponsor (CSP) Exam, U.S.

• In Learning Objective #8, the link to ASOP #7 was incorrect. It has now been replaced with the correct link.
• http://www.actuarialstandardsboard.org/pdf/asops/asop007_089.pdf–11.12.07  
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