Membership & Education
 
 

PEC is Changing – How am I Affected?

Since 2000, the Practice Education Course (PEC) has helped prepare candidates for their responsibilities as a Fellow of the Canadian Institute of Actuaries (FCIA) by providing valuable practice-oriented workshops and discussions, supplemented by a three-hour, open-book examination. 

Changes in 2018

Starting in 2018, the new PEC will include the following changes:

• Communication, business acumen, and Fellowship professionalism content; and
No examinations for any track

PEC will still have practice-oriented sessions for all tracks. It will also retain the current workshop format which encourages candidates to focus on the practical application of their technical knowledge to the real world.

How do I Prepare for PEC 2018 (and beyond)?

Starting in 2018, PEC candidates will be required to select a PEC track based on either their educational background, or upon evidence, certified by a Fellow, of at least two years of track-relevant experience at the time of application. Requirements for admission at PEC 2018 are as follows:

 

Conventional Route

Mutual Recognition Agreement (MRA) or Affiliate Route

Preliminary Education

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).

Credit for preliminary education obtained through MRA or Affiliate status.

Fellow-level education

Credit for one track-specific SOA exam:

FIN PEC Track: No exam required if another Fellowship track is complete (including Canadian exams) and two-years of relevant experience to the FIN track.

FIN PEC Track: Exams QFICOR, QFIADV, ERMGC, CFEFD, or CFESDM.

ILA PEC Track: Exam ILALFVC.

RET PEC Track: Exam RETFRC.

GRP PEC Track: GHCORC and CIA Group Benefits Exam.

Credit for one track-specific SOA exam:

FIN PEC Track: no exam required.

ILA PEC Track: ILALVC.

RET PEC Track: RETFRC.

GRP PEC Track: GHCORC and CIA Group Benefits Exam.

 

Experience

All candidates must have at least two years of experience. The experience must be relevant to the PEC Track only if it does not match the educational background.

All candidates must have at least two years of experience. The experience must be relevant to the PEC Track only if it does not match the educational background.


Group and Health Track in 2018

For a transitional period, candidates in the Group and Health track of the SOA who wish to attend PEC in 2018 should keep these things in mind:

• They are required to write a CIA-administered Group examination in addition to the SOA Canadian Group and Health examinations.  
• The transition period where an additional Group examination is required may last several years to ensure that candidates currently in the SOA education system cover the required syllabus material.

The Group syllabus and reading materials  are available on the website. Candidates may request to write the exam under the supervision of a CIA-approved invigilator. Contact the CIA Head Office for more information about the requirements for Group candidates.

Why are We Making these Changes?

The PEC was created in 2000 when the Society of Actuaries (SOA) removed all nation-specific content from its examinations and the CIA needed to develop a syllabus and examination for each practice area to ensure that FCIAs were appropriately exposed to and assessed on their knowledge of Canadian requirements. 

In recent years, the CIA and SOA have worked together to improve coverage of Canadian content on SOA Fellowship tracks, and we are pleased that we have made great progress. The majority of SOA Fellowship tracks that are recognized by the CIA now cover the CIA education syllabus to at least 85 percent which is the established threshold for education partners to meet.

The goal of the new PEC in 2018 and beyond is to serve all practice areas equally, and have the flexibility to adapt as necessary to new areas of practice, as well as to reinforce professionalism, communication, and business acumen skills.

A property and casualty track will be added in 2019, and property and casualty candidates will be required to attend PEC beginning in 2019.

Help PEC Candidates Stay Informed

Please help us spread the word by ensuring that candidates in your workplace are aware of the changes to PEC.
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If you have any questions, please contact Leslie Lenton, project manager, education and professional development, at leslie.lenton@cia-ica.ca.