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Details Released for September CBT
Administration of Exam 1/P
Exam 1/P on Probability will be offered by computer-based testing (CBT) during the three-day period of September 26-28, 2005, in Canada and the United States and on September 26, 2005, in all other locations. (In the small number of areas without access to CBT, candidates will take an Internet-based test that will be held on September 26, 2005.) The subsequent administration of Exam 1/P will be in February 2006 with testing periods planned for May, August, and November 2006.
The Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries, joint sponsors of the exam, have moved Exam 1/P to CBT because it will give candidates more frequent opportunities to take this exam within a standardized environment. After the first few administrations, it is anticipated that grades will be available upon completion of the computer-based test. For the September 2005 administration, however, the grades will be mailed in the traditional manner, approximately six weeks after the exams are administered.
The registration deadline for the September administration for Exam 1/P will be July 22, 2005. Grades from the Spring 2005 administration are scheduled to be released on July 8, 2005. Candidates who wait until Spring grades are released to register must send their registrations by courier to reach Preliminary Actuarial Examinations (SOA office) by Friday, July 22, 2005.
The exam fee for the September 2005 administration of Exam 1/P is $175. The fee incorporates the additional expenses associated with the expanded development and the computer delivery process in a network of professional test centers. The refund policy for CBT is different from the policy used for other actuarial exams. Any candidate who submits an application for Exam 1/P and subsequently decides not to take the examination may receive a refund (less the $60 administrative fee) only by doing both of the following:
Thomson Prometric, which operates an international network of testing centers, will host the CBT administration of Exam 1/P. Thomson Prometric offers high-quality test site environments and experiences for candidates. The professional test center staff will verify your identity and assist in the sign-in and on-time seating process. The centers are secure and provide an environment that is clean, temperature controlled, and quiet.
CBT Registration: Easy as 1, 2, 3
2. Receive and Verify Your Authorization To Test (ATT)
The candidate will need the ATT to schedule an appointment to take Exam 1/P. Candidates also will need to take the ATT to the test center on the day of the exam. A candidate without an ATT will not be admitted to the exam.
The ATT contains the candidate's test authorization number, candidate number, dates when the candidate may schedule the exam, and an expiration date. The examination must be scheduled on the date(s) listed on the ATT. After August 29, 2005, call (609) 720-6500 to report a lost ATT.
3. Make an Appointment at the CBT Center
Because of the importance of this actuarial exam, numerous security measures will be enforced during the test administrations. Strict candidate identification requirements have been established. Candidates will be observed at all times while taking the examination. This observation will include direct observation by test center staff as well as video and audio monitoring of the examination session.
The CBT version of Exam 1/P will consist of 30 multiple-choice questions. Each multiple-choice problem includes five answer choices identified by the letters A, B, C, D, and E, only one of which is correct. Candidates must indicate responses to each question on the computer. No guessing adjustment is made to candidates' scores. Therefore, candidates will maximize their scores on this exam by answering every question. Candidates will be given three hours to complete the exam. At the end of three hours, the candidate may no longer respond to the questions. An online practice module will be linked from the CAS, CIA, and SOA Web Sites.
Grades for the September 2005 Exam 1/P will be mailed to candidates approximately six weeks after the exam administration.