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University of Michigan Partnership

by Amy L. Cavanaugh, CPC, QPA, QKA

Recently, the Board of Directors of ASPPA set a goal. “ASPPA shall be acknowledged as the primary educational and credential-issuing organization for all pension professionals.”

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In order to attain this goal, ASPPA's Education and Examination Committee (E&E) has undergone significant changes. One major change is that ASPPA is now in partnership with the University of Michigan which will oversee the academic content and examination standards for ASPPA's credentialing program. This partnership couples the University of Michigan's academic reputation and expertise with ASPPA's industry name recognition and technical expertise. In conjunction with this partnership, all ASPPA examinations have been awarded college credit recommendation by the American Council on Education (ACE). Founded in 1918, ACE is the major coordinating body for all of the nation's higher education institutions representing 1,800 accredited, degree granting colleges/universities and higher education-related associations, organizations and corporations.

According to Brian H. Graff, Esq., APM, ASPPA Executive Director/CEO “This partnership will create definite synergies as the University of Michigan brings academic and scholarly research strengths to ASPPA's credentialing program. Given the demand for highly competent pension professionals, it's critical that our educational materials provide technical content that has real world application.”

The partnership with Michigan was a natural. Curtis E. Huntington, APM, FSA, FCA, MAAA, serves as the Director of Actuarial/Financial Mathematics Programs at the University and has been a long standing member of ASPPA and active on the (E&E) Committee. David T. Kausch, MSPA, is a departmental Adjunct Associate Professor and serves as a Technical Education Consultant (TEC) for ASPPA's E&E Committee.

The University of Michigan operates the oldest actuarial program within the US, founded in 1903, and boasts the largest number of credentialed actuarial science faculty within its mathematics department. Founded in 1817, the University of Michigan is consistently ranked among the top public universities and within the top ten mathematics graduate programs. Approximately 53,000 students are currently enrolled among the university's three campuses, and 600 degree programs are offered. The university has an alumni base of 420,000 and is accredited by the North Central Association of Colleges and Schools, Commission on Institutions of Higher Education.

Curtis said of the partnership: “Given the huge demand on the US pension system, it's vitally important to continue to foster excellence in pension education. This partnership between the university and ASPPA is an excellent opportunity to continue to raise the competency of US pension professionals.”

ASPPA has recently announced that Bunny Wing Fernhall has accepted the new position of Chief of Pension Education. With oversight of the growing ASPPA education and credentialing programs, she will be addressing strategies for enhancing the academic enterprise and positioning ASPPA credentials to maximize recognition. Bunny brings a university background in strategic planning, advancement and program development, as well as solid financial management and association credentialing experience. Her training and knowledge in financial planning and pension programs will allow her to hit the ground running with respect to ASPPA E&E.

“This is an exciting time for ASPPA's credentialing programs.” said Bunny. “The development of educational tools to incorporate different learning styles will create new opportunities for cohort communication and interactive education. The University of Michigan Pension Education and Training Program (MPET) will further distinguish ASPPA credentials as the preeminent recognition for the retirement professional.”

A Look Behind the Scenes

by Susan J. Chambers, FSPA

We are very excited about the restructuring of our Education and Examination (E&E) Committee. The committee was restructured to further leverage the combined efforts of a dedicated group of ASPPA volunteers and paid staff. Together the committee will continue to build and enhance ASPPA's E&E program.

The paid staff is led by the Chief of Pension Education (CoPE), an employee of the University of Michigan. The ASPPA volunteers are led by the General Chair of the E&E Committee. The CoPE and Chair work as partners. Together, they are responsible for the quality, timeliness and effectiveness of the E&E program.

The general chair of the committee is supported by two volunteer vice chairs. The vice chairs select and evaluate the other ASPPA volunteers on the committee. They also work with the other committee members to evaluate and develop exam topics.

The ASPPA volunteers are now called Subject Matter Experts, or SMEs. The SMEs are responsible to make sure the education program is relevant to today's pension practice. The SMEs review the exam questions for practicality. The SMEs also review a subject for an appropriate level of consistency across the different exams.

The Technical Education Consultants, or TECs, are employees of the University of Michigan. The TECs are trained in the delivery of education. In addition, the TECs have experience as pension consultants. The TECs are responsible for the development of the examinations, including writing the questions and, in the case of the essay exams, grading the exams.

And where would the committee be without the paid staff at the ASPPA National Office? The staff is responsible for the day-to-day administration of the E&E program, including the maintenance of the exam database and the non-technical quality control.

We are committed as a team to help you achieve your education goals.

ASPPA Examinations May Earn You College Credit

by Jamie S. Pilot

Effective November 2004, ASPPA examinations were awarded college credit recommendations from the American Council on Education (ACE). What does this mean for you? If you pass an ASPPA examination, you may earn college credit for that examination. Twelve ASPPA exams have received college credit recommendations totaling 15 semester hours in the upper division baccalaureate degree category and three semester hours in the lower division baccalaureate/ associate degree category. The examinations awarded credit recommendations are: PA-1, PA-2, PA-3, DC-1, DC-2, DC-3, DB, C-3, C-4 and A-4. The C-1 and C-2(DC) examinations, which existed before the January 2004 restructuring, have also been awarded credit recommendations. Candidates may receive academic credit for any of these exams retroactively for ten years.

Candidates must note that the credits awarded to ASPPA exams are recommended credits. Institutions are not required to grant a candidate the credit recommended by ACE, nor are they limited to granting only the stated credit recommendations.

The ACE Web site provides candidates with a list of ACE Cooperating Colleges. The institutions on this list generally accept the ACE college credit recommendations. The college listing is available at www.acenet.edu/clll/corporate/coop-colleges.cfm.

For more information about specific college credit recommendations for ASPPA exams or for transcript information, visit www.asppa.org/education/ed_ed.htm or contact the Education Services Department by e-mail at educasppa@asppa.org. For more information on ACE, visit http://acenet.edu/.

Education & Examination Calendar

EA-2A Classes
August 20-23, 2005 Los Angeles, CA
August 27-30, 2005 Chicago, IL
September 22-25, 2005 Washington, DC

C-3, C-4, DC-1, DC-2, DC-3, DB
September 30 Early Registration Deadline
October 31 Final Registration Deadline
November 1 – December 15 Fall 2005 Exam Cycle
November 11 Postponement Deadline (all exams)
November 16 C-3 Exam
November 17 C-4 Exam

Download the ASPPA exam registration form and publications order form.

Editorial Committee

Amy L. Cavanaugh, CPC, QPA, QKA 518.878.1356 |
Beverly E. McLeod, CPC 818.830.6100 |
Sharon L. Severson, CPC, QPA 608.232.6245

Associate Editors

Jamie S. Pilot
Troy L. Cornett

Layout and Production

Jay Young Gerard