Fundamentals of Actuarial Practice (FAP) – SOA
After completing the preceding actuarial exams, candidates pick the higher exam to become proficient in his or her actuarial career. The Society of Actuaries (SOA) has smoothed the Fundamentals of Actuarial Practice (FAP) e-Learning course in January 2020. This FAP course provides candidates with more interactive learning and global content.
FAP module content has interactive scenarios to create a more engaging candidate experience. Improved quizzes and tests within the modules allow candidates to self-assess their understanding through more frequent feedback.
FAP course offers a wider international scope because it incorporates cases and examples from the countries where candidates work and study. FAP also places an emphasis on skill-building activities in real-life business scenarios. Every module includes guidance on written communication skills. It contains real-world applications and uses examples to demonstrate actuarial principles and practices. In order to assist in your day-to-day work, various practical techniques are presented.
FAP is designed to support the candidate’s learning by focusing on actuarial practices, principles, approaches, methods, commonalities, problems, and solutions to help the student to apply actuarial skills in traditional, non-traditional and emerging areas of practice. CP1 from IFOA to FAP.
Fundamentals of Actuarial Practice (FAP)-Exam pattern
FAP comprises of seven modules, the End-of-Module Assessments (EMAs) and the Final Assessments (FA). Each module requires participant level of effort of approximately 40 hours. Participants have two years to complete the entire FAP course. Enrollment if FAP’s course requires no prerequisites.
The purpose is to prepare to apply their learning to new areas of practice that may emerge during their actuarial career by applying theses fundamentals.
Fundamentals of Actuarial Practice (FAP)– Assessments
The End-of-Module Assesments (EMAs) are designed to assess the understanding and application of key concepts in each of the Modules 1-8. Each End-of-Module Assessment consists of one to two questions that encourage the additional practice of communication skills and application of new concepts and techniques to on-the-job activities.
The EMAs help candidates prepare for the Final Assessment. Candidates will have access to each EMA after registration and completion of the required module content. Candidates may continue to submit their FA at any time, but there scheduled dates every few months throughout the year, published in advance.
Fundamentals of Actuarial Practice (FAP)-Study material
The components of the SOA’s FAP Module 1 are made available on a trial basis, including all materials and references used, are the property of the SOA or third parties.
These materials are for the sole use of individuals registered for the course, or others as approved by the SOA, such as Trial Account Users. You may view and read all materials that are part of the e-Learning trial account facility. Good news is printing is permitted, but sharing is not.
The SOA does not provide the required FAP textbooks. Candidates are responsible for purchasing the books required for the course. The SOA provides a list of FAP book distributors on the SOA website.
Fundamentals of Actuarial Practice (FAP)- Fee Structure
The cost to complete the entire FAP course is around $2,100 (INR 1,58,000).
Fee Breakdown-
- FAP modules 1-8 is $300(INR 22,000)
- The cost of the EoM assessments package (1-8) is $600(INR 45,000).
- The cost of the final assessment is $1,200(INR 90,000)
- If a candidate is not able to clear anyEoM assessment then the cost of EoM assessment retakes is $200(INR 15,000)
- If a candidate is not able to complete the entire course within 24 months(validity from the date of registration).The candidates will need to purchase an extension. The cost of one-time, 1-year Module Extension is $100(INR 7,000).
Note: All of the above currency conversion may vary as it’s based upon variable currency conversion rates.
Exam tips:
The candidate should preview the FAP course before he or she begins. The SOA invites interested students to register for a trial account to preview the FAP course. A trial account gives you access to portions of the SOA’s e-Learning platform and Module 1 of the FAP course for 30 days.
The trial account provides access to FAP Module 1: Introduction/Role of the Professional Actuary, excluding the offline textbook readings, discussion forum, end-of-module exercise and evaluation form. Trial account participants are, therefore, able to view Module 1 and e-Learning system content as if they were candidates completing the course.
The candidate should take advantage of all available study tools. The ACTEX / Edge FAP study guide covers material for the entire FAP course. It is now the only study guide for students wishing to have an additional study aid for the entire course. The ACTEX / Edge FAP Study Guide can help you in cutting down significant time time of course reading and note-taking, while also focusing on enhanced comprehension.
The amount of material covered the exam is consistent with the Fellowship exams. As a result, the ACTEX/ Edge FAP study guide incorporates techniques the authors used to pass the Fellowship exams. The ACTEX Edge FAP Study Guide is available at the Actuarial Bookstore. The Deluxe Study package includes the FAP Study Guide, plus the 6 SOA FAP Required texts and solutions.
Also Read: Society of Actuaries (SOA) – A Brief Overview
This article has been written by Raman Ahuja, who is currently working as a prophet modeller in the global actuarial modelling (GAM) development team in MetLife, for the EMEA countries. Before joining Metlife, he worked for Mercer Consulting in retirement valuation.
