University Accreditation Program
In May 2010, the Accreditation Committee (AC) was appointed to implement a University Accreditation Program (UAP). The goal of the program is to provide exemptions for some of the preliminary professional examinations of the Society of Actuaries (SOA)/Casualty Actuarial Society (CAS)/Canadian Institute of Actuaries (CIA) while maintaining the strong standards of our exam-based entrance to the profession. The CIA believes that the UAP will allow for a rich and rewarding university experience that will make travel time to the FCIA designation more predictable and will produce stronger, more capable actuaries for the future.
The UAP provides exemptions for exams FM/2, MFE/3F, MLC, 3L, LC, and C/4. No exemption is available for the Probability Exam; therefore, students will be required to complete the examination of the SOA/CAS/CIA for Exam P/1 as well as the Fellowship exams, modules, and other eligibility requirements for the Associate (ACIA) and Fellow (FCIA) designations of the CIA.
As of September 2012, accredited universities offer courses which provide students with the option of applying to the CIA to gain exemptions from writing the examinations noted above.
Students who achieve the minimum grade requirement in the accredited courses will submit an application form along with official university grade transcripts. An application fee of 80 percent of the corresponding SOA/CAS exam fee will apply.
The AC considered a transitional measure where students who had achieved the minimum grade in accredited courses prior to September 2012 could apply to receive exemptions from the CIA. The AC decided against recommending retroactive exemptions as the courses had not been evaluated by the CIA and would not reflect any changes requested by the CIA to meet the minimum accreditation requirements.
Following implementation of CAS exam S in Fall 2016, at the time of transition (Fall 2015 – Spring 2016), if a candidate has credit for either Exam ST or Exam LC, but not both as at August 31, 2015, the candidate will be allowed to take just the exam for which he or she is missing credit in order to obtain credit for the new exam. Candidates with credit for neither ST nor LC as at August 31, 2015 will have to take the new exam. Accordingly, it is strongly recommended that candidates apply for CIA UAP exemptions for LC by August 24, 2015 at the very latest in order to get credit for LC before August 31, 2015.