CAS Board Declines to Engage in Partnership on Future Education Methods
During its March 22-23, 2010 meeting, the Board of Directors of the Casualty Actuarial Society (CAS) agreed that the CAS would not pursue a partnership with the Canadian Institute of Actuaries (CIA) in establishing and administering the Future Education Methods (FEM) program.
This decision follows a direction set in May 2009, in which the CAS Board approved pursuing a joint effort with the CIA and Society of Actuaries to explore the development of the FEM program. This program would have instituted an accreditation process for qualifying university actuarial programs in the United States and Canada. At accredited schools, some examination exemptions for three of the first four exams could have been provided to students who received high marks in qualified courses, with controls to ensure equivalent rigor to the current exams. The CIA had already approved moving forward with such an exemption process, and still plans to do so in Canada, without CAS as a partner.
The decision to decline engaging as a partner in the program recognizes the opposition to participation in a joint program that had been voiced by CAS members, as well as concerns by the CAS regarding the resources required to implement such a program in the United States, among other factors.
The CAS Board instead approved a resolution that would allow the CAS to grant waivers for CAS exams to those who have been granted exam credit through the CIA, subject to the standard operating procedure of review and recommendation by the CAS Education Policy Committee and approval by the CAS Executive Council.
This resolution maintains consistency in the current treatment of requests for consideration of exam waivers as applied to the Faculty of Actuaries, Institute of Actuaries, Institute of Actuaries of Australia, and Institute of Actuaries of India. It also recognizes the respect that the CAS has for the CIA — an actuarial organization that co-sponsors and actively participates in the standard-setting process for CAS examinations.