Preliminary Education Update

Preliminary Education Update

Stuart Klugman

Exam P/1–This computer-based exam will be administered 5 times in 2008 with instant results. Dates and other details are available at Beanactuary.org.

Exam FM/2–This exam will be computer–based effective May, 2008. There will be a second administration of this exam in November. Dates have not been established as of this writing. Instantaneous results are likely to begin in 2009.

Exam MLC–The Society of Actuaries has established a task force to review the syllabus for this examination. There are two motivating factors. First, when an exam becomes computer–based (and all multiple–choice exams will eventually be done this way) it is more difficult to implement syllabus changes. Second, the current syllabus was established in 1986 and has not been evaluated since that time. Actuarial practice in this area has changed in several directions, among them the use of desktop; the introduction of new products (variable annuities, universal life, and secondary guarantees, for example); and the recognition that non–diversifiable risks are an important consideration. There is no mandate to change any particular part of the syllabus, rather the goal is to get it right in light of current practice and future needs. Given the time needed to produce exam questions, there will be no changes to this exam in 2008. The task force is chaired by Stuart Klugman, FSA. E–mail direct questions or comments to him at sklugman@soa.org.