Board To Implement Joint Task Force Recommendations on Preliminary Examinations

ARLINGTON, Va.—At its March 8, 2004 meeting, the CAS Board of Directors approved the proposal of the Joint CAS/SOA Task Force on Preliminary Education, with two modifications. The joint task force was charged with preparing a final recommendation and an implementation plan with respect to educational processes for both the CAS and SOA (including areas of joint activity) for the subjects covered by current Exams 1-4.

The board received a number of questions and comments from members and candidates about the task force recommendations and took these comments into consideration. In particular, the board considered the Validation by Educational Experience (VEE) component, in which candidates could substantiate knowledge by submitting acceptable evidence of having satisfactorily completed appropriate university courses or exams or courses administered by other organizations.

The board's two changes to the proposal were:

• Add transition rules related to pre-2000 exams.
• Offer exams on economics, corporate finance, and applied statistics for a minimum of two years as additional option for achieving VEE credit for these subjects.

At the end of two years, the CAS will reevaluate whether to continue to offer these exams, dependent on the quantity and quality of other educational experiences available for working candidates who did not take the necessary courses while in college. Although the CAS will administer these transitional exams, both the CAS and SOA will accept the exams for VEE credit.

To read the revised summary of the changes approved by the CAS Board visit the CAS Preliminary Education Revisions. The CAS hopes to be able to announce the full syllabus for new Exams 1-4 by late spring.

The feedback received by the board on the VEE proposal indicates that there is a lot of confusion about this component. A Q&A document addresses the most common questions and concerns.