這篇介紹一下SOA course 5~8, PD與壽險精算師FSA、副精算師ASA的授予
首先說明FSA與ASA此二頭銜所代表的意義：
出自http://www.soa.org/yearbook/mean.html
Associate: Has developed an understanding of the basic
mathematics underlying actuarial science and of the
application of fundamental mathematical concepts to
technical actuarial problems. The Associate attaining
membership after July 31, 1995, has also demonstrated
a general understanding of financial security systems
and of fundamental investment management principles.
The Associate attaining membership in 2000 or later has
also completed a professionalism course covering the
professional code of conduct and the importance of
adherence to recognized standards of practice.
在目前的制度下，通過course 1~6，再參加個Associateship
Professionalism Course (APC)就可成為ASA
Fellow: Has demonstrated a knowledge of the business
environments within which financial decisions
concerning pensions, life insurance, health insurance,
and investments are made including the application of
mathematical concepts and other techniques to the
various areas of actuarial practice. The Fellow has
further demonstrated an in-depth knowledge of the
application of appropriate techniques to a specific
area of actuarial practice.
在目前的制度下，ASA再完成course 7, 8, PD，再參加
Fellowship Admissions Course (FAC)就成為FSA
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接下來介紹考試。
後幾科開始有非選擇題的加入。回答非選擇題時，答案要寫得很課本上的list
完全一樣才算對，任何同義的回答都是不被接受的，需特別注意！！！
簡單地說就是要死背並且正確默寫啦！
第五科和第六科都有非選擇題與選擇題，而且上下午都考，共5小時25分鐘
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Course 5 Application of Basic Actuarial Principles (Fall Only)
約需要500小時。
This course develops the candidate's knowledge of basic actuarial
principles applicable to a variety of financial security systems:
life, health, and property & casualty insurance, annuities, and
retirement systems. The candidate will be required to understand
the purpose of these systems, the design and development of
financial security products, the concepts of anti-selection and
risk classification factors, and the effects of regulation and
taxation on these issues. The course will develop the candidate's
knowledge of principles and practices applicable to the determination
of premiums and rates and the valuation and funding of these financial
security systems.
這科考的東西可多了，大約可分為法規與稅務、人壽保險、健康保險、
團體保險、退休收益、產物保險。
學習目標分四大項：
A. Basic Principles of Design
B. Basic Principles of Risk Classification
C. Basic Principles of Pricing/Ratemaking/Funding
D. Basic Principles of Valuation
Texts
A Problem Solving Approach to Pension Funding and Valuation,
(Second Edition), 1996, by Aitken, W.H.,
Fundamentals of Private Pensions, (Seventh Edition), 1996,
by McGill, D.M., Brown, K.N., Healy, J.J., and Schieber, S.J.,
Group Insurance, (Third Edition), 2000, edited by Bluhm, W.F.,
Individual Health Insurance, 1988, by O'Grady, F.T.,
Life Insurance Products and Finance, 2000,
by Atkinson, D., and Dallas, J.,
# Introduction to Ratemaking and Loss Reserving for Property and
Casualty Insurance, (Second Edition), 2001, by Brown, R.L.,
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Study Notes
5-21-02# Introduction to Retirement Income Security Systems
5-22-00 The Purpose of Regulation
5-23-00 Principles of Taxation
5-24-00 Introduction to Financial Security Systems
http://www.soa.org/eande/fall02_catalog/fall02_course5.html
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Course 6 – Finance and Investments (Spring Only)
約需要400(學過債券和投資學的)~500小時
建議將course 6與CFA level 3一次讀與考完，以收事半功倍之效
因為內容都著重投資組合管理。
This course extends the candidate's knowledge of basic actuarial
principles in the fields of investments and asset management.
Candidates completing this course will have developed some expertise
in the areas of capital markets, investment vehicles, applications
of derivatives, principles of portfolio management and
asset-liability management.
學習目標分七項
1. Identify and evaluate the risk and return characteristics
of various types of investments.
2. Identify how markets operate and explain the fundamental
principles of modern portfolio theory.
3. Determine how options are priced in financial markets.
4. Determine the value of cash flow streams with embedded options.
5. Apply the concepts of interest rate risk management and
effective duration.
6. Explain how principles of asset liability management (ALM)
impact portfolio construction and management for institutional
investors.
7. Identify and apply portfolio management techniques to the
ongoing investment management of financial institution and
pension fund assets.
Texts
Bond Portfolio Management, (Second Edition), 2001,
by Fabozzi, F.J., editor,
Investments, (Fifth Edition), 2002, by Bodie, Z., Kane, A.,
and Marcus, A.,
Financial Economics, 1998, by Panjer, H.H., editor,
Handbook of Fixed Income Securities, (Sixth Edition), 2000,
by Fabozzi, F.J.,
Managing Investment Portfolios, (Second Edition), 1990,
by Maginn, J.L., and Tuttle, D.L.,
Valuation of Interest-Sensitive Financial Instruments,
(Second Printing),1996, by Babbel, D. and Merrill, C.,
Study Notes
6-21-03# Defaults & Returns on High Yield Bonds: Analysis
Through First Half 2002
6-23-00 GIC Portfolio Design
6-28-00 Introduction to the Formation of Investment Strategy
for Life Insurance Companies and Pension Plans
6-30-00 Liquidity: The Hidden Risk Factor
6-31-00 Fiduciary Liability Issues for Selection of Investments
6-32-00 Investment Management of Retirement Plans in Canada
6-35-03# An International Survey of Stress Tests
http://www.soa.org/eande/spring03_catalog/spring03_course6.html
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Course 7 & 8我打算一筆帶過。因為拿到ASA時應該就已經知道去何處找資訊了。
真的很有興趣的人，就參考SOA的網站，特別是
Spring 2003 Basic Education Catalog
Fall 2002 Basic Education Catalog
Course 7 Applied Actuarial Modeling
這一科要求你先考過一個pre-test，再去參加一個四天的seminar
Course 8 Advanced Specialized Actuarial Practice (Fall Only)
這一科一共有五個選擇，
Course 8 Finance
A. Corporate Finance
B. Capital Management
C. Financial Risk Management
D. Financial Strategy
Course 8 Health, Group Life and Managed Care
Course 8 Individual Insurance
Course 8 Investments
A. Portfolio Management
B. Option Pricing Techniques
C. Asset-Liability Management
Course 8 Retirement Benefits
我想大家多半會選Investment或是Finance吧？
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Professional Development
最後講一下PD。所謂PD就是在一定的規範下，完成值50 units的進修。
可是SOA的"訂價"很怪，造成了同樣值1 units的事件難度和所需要時間
天差地遠的的怪現象。換句話說，省力的技巧很多。這個制度被批評為
不夠嚴謹，會在2005年做適當的修正。可是我相信到時候仍然會有難度
高低不同的選擇。這個部份我就帶大家看一下現行的制度，並嘗試歸納
出找出比較容易完成PD(或是以後新的類似制度)的辦法。
PD的內容
在拿到course 1~8的pass mark之後，要找到一位FSA當advisor，
並將學習計劃送交SOA。
並且需要在學習計劃被核準後的25個月之內，完成總共50 units的進修。
計劃的內容須和自己未來打算從事的專業領域相關，但不見得要和之前
course 8選擇的主修有關(考course 8是過去的事了)
ex.一個人可能會從finance轉到health，學習計劃就要和health有關。
在學習計劃被核準前的進修活動最多只有15 units會被採計，
但無時間限制的進修活動會另外特別規定。
其中有35 units以上的Formal Professional Program Component，
SOA-approved Programs = 20 units以上
這個網站上有列
Non-approved Programs = 15 units以下
advisor認可即可。
一及一個15 units的Project Component = 15 units
若在改制後有未使用點數超過15 units，可抵免Project Component
技巧就在我上色的地方。PD完成要那麼久的時間，最重要的兩個因素就是
學習活動不能提早進行，此外就是完成Project要花時間。
每一次的改制，要存下15 units的點數不花掉是蠻容易的，用這去
抵Project就行了。至於其他點數的收集，就選無時間限制的進修活動中
比較容易積點的就行。這些活動最主要就是其他的證照考試，
然而其中有非常難而且很難提早集點的的
(如FCAS才值25點，另一科course 8也值25點)，
(產險精算考試內容財務較少。且產險考試時間和壽險考試很近，
此外同時準備兩科course 8簡直是不可能的任務)
也有難度中等但點數不少而且可以提早進行的
(如CFA值25點，Risk Manager值15點)，
也有很簡單但點數極少的。
點數列表在
http://www.soa.org/eande/values.html
事實上，在考完前八科，甚至是拿到ASA之前，就可以積滿35點了，
還可以拿到其他執照，這就叫事半功倍！
關於PD的詳細資訊，在
http://www.soa.org/eande/prodev.html
至於改制之後的狀況未知，到時候大家再一起研究。不過有兩點要特別說明的：
1. 改制時得到的點數該怎麼用，要看完新制所有科目與PD再決定
2. 考試內容和精算考重複比較大的、難度中等、有公信力的執照考試
有空時就考一考。特別是CFA，因為共有三關。
到時其他證照十之八九還是能計點。
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