Membership & Education
 

Practice Education Course Q&A

Prior to January 1, 2019, property and casualty (P&C) candidates seeking ACIA and FCIA qualification could meet CIA and Casualty Actuarial Society (CAS) professionalism requirements by attending the CAS Course on Professionalism (COP) when offered in Canada in lieu of the CIA Professionalism Workshop (PW), and they were exempt from the CIA Practice Education Course (PEC).

Starting in 2019, P&C candidates for ACIA qualification must now earn credit for the CIA PW. Candidates for FCIA qualification must earn credit for the PEC. Some exceptions apply.

Does the CAS recognize the CIA PW and PEC?

Yes. The CAS will accept successful completion of the CIA PW and PEC as meeting the requirements for the CAS COP.

What are the PEC eligibility requirements for P&C candidates?

Visit the eligibility requirements page for details. 

Specifically, if you are pursuing the CAS educational pathway, the PEC eligibility requirements are the following:

  1. ACIA level education: VEE Accounting and Finance, VEE Economics, CAS exams 1, 2, 3F, MAS 1, MAS 2, Online Courses 1 and 2; and
  2. FCIA level education: CAS Exam 6-C; and
  3. At least two years of professional experience.

In lieu of step number 2, PEC eligibility is possible with at least 36 months of Canadian P&C experience accrued within the last four years working full-time. Note that exam 6-C remains a requirement for FCIA qualification. If you attend PEC based on experience, you still have to successfully complete 6-C to qualify for FCIA.

You must meet all requirements at the time of PEC registration.

Do all P&C candidates have to attend PEC now?

No. To assist P&C candidates to transition to the new requirements, the Eligibility and Education Council approved the following transition rules:

  1. Candidates who completed the CAS COP in Canada by December 31, 2018, will receive credit for the PW and PEC until December 31, 2023.

    Note: If you are eligible under this transition rule, please apply for ACIA as soon as you meet the requirements to avoid lapse of your PW credit.

  2. Candidates who complete the CAS COP in the U.S. by December 31, 2019, AND complete the CIA PW by December 31, 2019, will receive credit for PEC until December 31, 2024. No recognition for the U.S. COP will be granted for courses completed after January 1, 2020.

Note: If you plan to use this route, you must complete both the U.S. COP and the CIA PW by December 31, 2019. Check the schedules and register as soon as possible, provided you meet eligibility requirements. These courses sell out fast.

I’m a P&C candidate, but I have never written the CAS COP in Canada. What must I do?

The December 2018 CAS COP in Montréal was the last offering of the Canadian version of COP that the CIA will recognize and was the last offered by the CAS. Any candidate who did not complete the CAS COP in Canada by December 31, 2018, must complete the CIA PW to meet CIA requirements.

I am a mutual recognition agreement (MRA) candidate. How can I get into PEC?

Visit the eligibility requirements page for details.  

Specifically, if you wish to attend PEC in the P&C track, you must do the following:

  1. Provide proof of membership in good standing from your recognized actuarial organization.
  2. Demonstrate that you have at least 36 months of Canadian P&C experience accrued within the last four years working on a full-time basis.

In lieu of step number 2, you can demonstrate credit for CAS Exam 6-C combined with at least two years of professional experience.

You must meet all requirements at the time of PEC registration.

How do I register for PEC?

Registration is now open until March 31, 2019, for the June 10–11, 2019, PEC. Please complete the PEC registration form, and make sure to include official transcripts showing achieved credits with the CAS or with your recognized MRA organization.

Who can I contact if I have questions?

Please contact Leslie Lenton, Project Manager, Education and Professional Development or Joseph Gabriel, Staff Actuary, Education.