Before getting into the main point of this article, a brief history lesson. We all know that the Joint Board for the Enrollment of Actuaries exists. But why?
The Joint Board was created by ERISA, which ordered the Secretary of Labor and the Secretary of the Treasury to establish a Joint Board for the Enrollment of Actuaries.Without going into all the details, the Joint Board was to establish qualifications and performance standards for enrolled actuaries, including:
- education and training in actuarial mathematics and methodology, as evidenced by: (1) a degree in actuarial mathematics or its equivalent from an accredited college or university; (2) successful completion of an examination in actuarial mathematics and methodology to be given by the Joint Board; or (3) successful completion of other actuarial examinations deemed adequate by the Joint Board; and
- an appropriate period of responsible actuarial experience.
A Memorandum of Understanding among the Joint Board, the Society of Actuaries (SOA) and ASPPA created examination-writing committees to be populated by the SOA and ASPPA.
Now to the main point of this article.
While conferences are great for obtaining continuing education and learning, they are not for everybody. Some attendees at conventions, while earning CE credits, don’t really learn much. I totally admit I was in that category, which is one of the reasons I got involved with the enrollment examinations many years ago.
Continuing education and learning can be obtained by serving on one of the enrolled actuary examination-writing committees. There are three, one for each of the enrollment exams (or segments): EA-1, EA-2 (Segment L) and EA-2 (Segment F).
As mentioned above, the writing committees are populated by the SOA and ASPPA. Exam writers on the committees are expected to write perhaps 8 to 10 questions, submit them to a review partner on the committee, and review the partner’s questions. Each committee then meets for two days to review all the questions. Continuing education starts at the writing-and-review process and continues through the two-day meeting. It’s amazing how often I hear at these meeting things like, “I didn’t know that!” or “Really?” Or sometimes just a grunt or just a look.
Think about it. What better education can you get than by preparing the examinations for candidates who want to become enrolled actuaries?
Now for the credits. Item writers get 6 hours of CE credit each year, or 18 credits during the three year enrollment cycle. Expenses for the meeting are reimbursed by the SOA, so you don’t have to spend $3,000 to $4,000 to get the credits.
Of course, there is a time commitment. Writing the questions could take anywhere from 25 to 40 hours, and there is the two-day meeting. At the meeting, you will meet the rest of the members of the writing committee and have the opportunity to interact with them. Many long-term relationships among practicing actuaries started by serving together on committees.
If you are interested in this practical way to get CE credit and continuing education, or just want additional information, feel free to contact me at [email protected]. I can direct you to the current chair of the writing committee which interests you. Alternatively, you can contact either the SOA or ASPPA, both of which maintain lists of potential volunteers, or you can contact the Joint Board office.
Carl Shalit, FSA, MAAA, MSPA, EA is a consulting actuary in Salem, MA and is the current chair of the Joint Board's Advisory Committee on Examinations.
- Log in to post comments