Membership & Education
 

Practice Education Course

What is the Practice Education Course (PEC)? 

The PEC is the final educational requirement to become a Fellow of the Canadian Institute of Actuaries, typically taken when all Fellowship examinations are complete.

At PEC, candidates will:

• Gain hands-on, practical knowledge of practice-specific course content through interactive group workshops and seminars;
• Understand how Canadian professional standards affect their work; and
• Network with other future actuaries and experts in their field of practice. 

The PEC is designed to provide candidates with practical education in the Canadian environment including industry practices, professional standards, legislation, and taxation. It is offered once a year in the spring, in Ottawa, Ontario.  

Course Tracks

Candidates must select a practice area track: 

• Finance/investment;
• Group benefits;
• Individual life and annuities; or
• Retirement benefits.

Sessions may include large and small group discussions, projects, assignments, and self-study. In addition, there will be a general session covering topics applicable to all actuaries practising in Canada.

The final half-day is dedicated to the three-hour, open-book examination that determines success or failure of the PEC. Candidates must attend and participate in all course sessions to be eligible to write the examination. The examination may include multiple choice and/or essay-type questions.

Registration for PEC

In order to register for the PEC, Society of Actuaries (SOA) candidates must satisfy one of the following conditions:

• The candidate has credit for Exams P, FM, MFE, MLC, and C, VEE credit for Economics, Finance and Statistics, completion of FAP requirements (eight FAP modules and both the interim and final assessments), and all Fellowship-level exams and modules in a particular specialty track, but excluding FAC and DMAC. 

SOA recognized tracks include the following:

• Corporate finance and ERM (CFE) track; 
• Quantitative finance and investment (QFI) track; 
• Individual life and annuities track—Canadian versions of examinations required;
• Retirement benefits track—Canadian versions of examinations required; and
• Group and health track—Canadian versions of examinations required.

The CIA does not currently recognize the SOA general insurance track.

OR

• The candidate has obtained his/her Fellowship designation from another actuarial organization with which the CIA has a mutual recognition agreement.

Please note that Fellowship module final results do not need to appear on the SOA transcript as long as proof that the modules have been submitted for marking is provided at the time of registration.

Candidates who fail a module are permitted to attend the PEC; however, any application for Fellowship still requires successful completion of all eligibility requirements as stated.

Other Fellowships Requirements

Please note that, in addition to the successful completion of the PEC, FCIA candidates must be enrolled as an Associate (ACIA) 12 months prior to applying for Fellowship while accruing the required 12 months of Canadian experience. Please consult the qualification requirements page on the CIA website for more information.

To avoid delays in qualification for CIA Fellowship, at the time of registration for the PEC, candidates not already enrolled as an ACIA should also apply to become an Associate of the CIA.

Successful PEC Candidates