CONVERSION RULES
April 14, 1999 - Revised

Course 1
Mathematical Foundations of Actuarial Science. Credit given if candidate has passed either Course 100 (Calculus and Linear Algebra) or Course 110 (Probability and Statistics).

If candidate has passed both 100 and 110, candidate receives credit for Course 1 and 20 unassigned credits.

Course 2
Interest Theory, Economics and Finance. Credit given if candidate has 20 unassigned credits plus passed Course 140 (Mathematics of Compound Interest) or 141 (EA-1, Segment A).*

Course 3
Actuarial Models. Credit given if candidate has passed both Course 150 (Actuarial Mathematics) and Course 151 (Risk Theory). Credit will also be given if a candidate has passed Course 150 plus 30 unassigned credits.

Course 4
Actuarial Modeling. Credit will be given if candidate has passed Course 120 (Applied Statistical Methods), Course 160 (Survival Models and Construction of Tables), and CAS 4B (Credibility Theory and Loss Distributions). Alternatively, credit will also be given if a candidate has passed two out of the three courses (120, 160, CAS 4B) as well as 20 unassigned credits.

If a candidate does not have sufficient credit to obtain Course 4 credit, the candidate will be awarded 15 unassigned credits for each of the specified courses passed.

Course 5
Application of Basic Actuarial Principles. Credit given if candidate has credit for both Courses 200 (Introduction to Financial Security Programs) and 210 (Introduction to Actuarial Practice).

Course 6
Finance and Investments. Credit given if a candidate has credit for both Courses 220 (Introduction to Asset Management and Corporate Finance) and 230 (Principles of Asset/Liability Management). Alternatively, credit will be given if a candidate has credit for Course 220 and 25 unassigned credits.

Candidates who have credit for Courses 1-6 at the time of the conversion will attain the ASA designation.

Course 7
Applied Modeling. Credit will be given for 50 unassigned credits.

Course 8
Advanced Actuarial Practice. Credit will be given if a candidate has 50 credits from required courses within a single track plus 10 unassigned credits.

Professional Development
The Professional Development requirement will be satisfied if the candidate has 50 unassigned credits.

Candidates with 15 or more PD units from the conversion of exam credit are exempted from the project requirement. Any such candidates who are interested in doing a project, however, are encouraged to do so - they will of course earn 15 PD credits for successfully completing a project.

Candidates who have credit for the Research Paper option are not required to complete a separate project as well. They are required to complete 50 PD units with 25 or more units coming from SOA-approved options.

* Candidates who passed CAS Part 4A prior to Fall 1997 may substitute CAS Part 4A for Course 140 or 141 to obtain credit for Course 2.

CONVERSION RULES
ADDITIONAL INFORMATION
April 14, 1999

1. All critical courses (specifically needed to attain credit for Courses 1-8) will be offered through the end of 1999.

2. Courses will not be available under both systems concurrently.

3. Please note that conversion credit for a course is used exactly once.

4. Candidates wishing to attain credit with the SOA for Courses 3 and 4 in the new education system will need to pass Course 3 and 4 or attain credit for them via the SOA conversion rules.

5. Unassigned credits will be awarded for any course from the current system that is not being used for direct conversion credit for a course under the new system. Courses retain the original credit value earned when passed, unless otherwise specified.±

6. Unassigned credits can be used, as described in these conversion rules, to help gain credit for specific Courses 1-8 or for credit toward the Professional Development requirement, according to the following conditions:

1. Unassigned credits must be used to meet the requirements for Courses 1-8 in ascending order (except as noted in 6.c. below)
2. Unassigned credits not used for Courses 1-8 will be credited toward the Professional Development requirement and will not expire. Fifty (50) unassigned credits will complete the Professional Development requirement.
3. Credits from required courses within a specialty track will be retained for use toward Course 8 (unless the candidate does not have sufficient track credits or unassigned credits to satisfy the Course 8 requirement). Unassigned credits will be used toward Course 8 before being applied to Course 7. (This means that a candidate who has 50 credits from track required courses plus at least 10 unassigned credits will receive credit for Course 8. This candidate would receive credit for Course 7 only if the candidate has another 50 unassigned credits.)

7. Courses used to attain ASA are not applied individually for conversion credit, except under special circumstances where a course is required to satisfy a requirement for Fellowship. Candidates in this situation will be advised of their alternatives.

1. ASA attained under current educational regulations earns conversion credit for Courses 1-6 plus 25 unassigned credits.
2. ASA attained under educational requirements in effect prior to July 31, 1995 earns conversion credit for Courses 1-4 plus 25 unassigned credits.

Questions about the application of the conversion rules may be directed to Pat Holmberg, E&E Ombudsperson, at the SOA office (telephone 847/706-3527, fax 847/706-3599, e-mail pholmberg@soa.org).

± As EA-1, B is a separate required component for the Course 8 Retirement Benefits examination for some candidates, credit for EA-1, B will not automatically become unassigned credit at the time of the conversion. Candidates wishing to use EA-1, B as unassigned credit will be required to confirm, in writing, that they will be completing a Course 8 specialty other than Retirement Benefits.

Back to Education & Examinations
Back to Education System Redesign