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 (PEC 2.0) will include the following changes:
• A new property and casualty track;
• Communication, business acumen, and Fellowship professionalism content; and
No examinations for any track

PEC 2.0 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, and it will be the capstone education requirement for all candidates for CIA Fellowship regardless of the originating source of their education, whether it be through the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) education systems, mutual recognition agreements, or the Affiliate route to Fellowship.

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

For candidates to be eligible for PEC 2.0 in 2018, they must complete all examinations and assessments in advance. The CIA will be relying on the SOA and CAS examinations for the assessment of Canadian content and as such, it will be imperative for candidates to have successfully completed the Canadian versions of the SOA and CAS examinations (where such Canadian versions exist) in order to be eligible to attend PEC 2.0.

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:

• You are required to write a CIA-administered Group examination in addition to the SOA Canadian Group and Health examinations in fall 2017, prior to the opening of registration for PEC early in 2018.  
• 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 SOA has been making changes to its syllabus and examinations and our hope is that the Group examinations in fall 2017 will appropriately cover the CIA syllabus, but this will be subject to review and confirmation by the CIA.

The Group syllabus and reading materials will be published in spring 2017, and 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.

I Have Written a U.S.-version of an Exam. Should I Attend PEC 2017 or 2018?

PEC 2017 will be the last course offering CIA examinations. After 2017, candidates are required to write Canadian versions of the exams. Candidates pursuing the FCIA designation who have written a U.S.-specific version of an exam should plan to attend PEC in 2017 (provided that they meet the criteria) while the CIA examinations still exist. Otherwise, in 2018 and beyond, they will need to write the Canadian-specific version of an SOA exam they have already written in order to meet the CIA qualification requirements and be eligible to attend.

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. 

The original goal of PEC was also to ensure that all practice areas were equally served. Over time, the property and casualty (P&C) track was dropped from PEC, and for many years P&C candidates have been exempted from attending PEC given the CIA’s satisfaction with the Casualty Actuarial Society (CAS) Examination 6-Canada, for which the CIA establishes the syllabus.  

In recent years, the CIA and SOA have worked together to improve coverage of Canadian content on SOA Fellowship tracks, and we are pleased to say that great progress has been made! 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.

Help PEC Candidates Stay Informed

Please help us spread the word by ensuring that candidates in your workplace are aware of the changes being implemented to PEC. A webcast on February 22 will provide more information and give attendees the opportunity to ask questions.
If you have any questions, please contact Alicia Rollo, director, membership, education, and professional development, at alicia.rollo@cia-ica.ca.