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For all CIA members

Follow-up: CIA and SOA Sign Memorandum of Understanding on Education

Last week’s announcement regarding the finalizing of a memorandum of understanding on education between the Canadian Institute of Actuaries (CIA) and the Society of Actuaries (SOA) has generated some queries; therefore, we would like to share some further details and address some common questions.

The MOU, signed earlier this month by CIA President Dave Dickson and SOA President Jerry Brown formalizes some aspects of the education partnership that have been in place unofficially for many years, and further enhances how the CIA and SOA will collaborate to ensure continued robust education for actuarial candidates who expect to practice in Canada.

Some key principles of the MOU are the following:

• Partnership is desirable for both organizations, and a shared vision on education is important; therefore, at a minimum, an annual strategic discussion among key education representatives of both organizations will take place;

• The CIA and SOA will collaborate on a communication and branding strategy to ensure that the partnership is appropriately represented and communicated to candidates;

• The CIA will have official involvement through designated representatives on relevant SOA curriculum and examination committees to ensure that the SOA education system continues to meet CIA syllabus and qualification requirements. The MOU also outlines the duties and responsibilities of such volunteers;

• If the CIA identifies additional learning objectives needed in its education syllabus or qualification requirements, the CIA and SOA will work closely together to address those needs;

• The MOU is intended to remain in place indefinitely but allows for a two-year cancellation notice by either party.

The MOU does not change the status quo with respect to the following:

• The SOA still accepts CIA University Accreditation Program (UAP) credits for the purposes of allowing candidates to gain credit for, register for, and take other courses, exams, and modules, such as VEE, DMAC, and FAC which are required components of the CIA’s qualification requirements even if registration for such courses would otherwise be conditional on completing certain exams or attaining Associate membership in the SOA. As before, the SOA does not accept the UAP for credit towards the ASA and FSA designations.

The MOU does not require CIA acceptance of the SOA General Insurance Track. The education path for property and casualty candidates seeking the FCIA designation remains via the Casualty Actuarial Society’s examination system.
Announcement Number
May 23, 2017