The SOA fellowship modules are e-Learning courses accessed thru the internet. Candidates can access the learning materials online and go through the learning objectives on their preferred time. The modules are arranged according to sections in order develop the topics. There is an end-of-module quiz at the end of each module to test the candidate’s knowledge of the topics in the module. There is also an end-of-module exercise that requires the candidate to apply the concepts of the modules in real-life problems and business environments.
The following descriptions for the modules are from the Society of Actuaries. You find more details for the modules here.
Financial Economics Module
The Financial Economics FSA Module is an e–Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e–Learning facility will also provide information regarding required text readings and other non–computer–based activities.
Financial Economics is the discipline underlying all financial services. The Financial Economics Module focuses on how individuals and institutions acquire, save, and invest money.
Financial Reporting Module
The Financial Reporting FSA module is an e–Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e–Learning facility will also provide information regarding required text readings and other non–computer–based activities.
The purpose of the Financial Reporting module is to expose you to the concepts and terminology necessary to understand financial statements and regulatory capital requirements. It is not possible to cover these topics in detail in the limited time available. Therefore, a second important purpose of this module is to expose you to authoritative resources that will facilitate future additional reading and reference.
Enterprise Risk Management (ERM) Module
The goal of the ERM Module is to provide you with an understanding of, and appreciation for, developing an ERM framework, identifying/defining operational risks, developing and analyzing economic capital models, and understanding various risk management approaches.
Financial Modeling Module
The Financial Modeling module seeks to expand the knowledge first learned in the MFE course in both theoretical and practical aspects. In addition, in a quest to prepare candidates for the real world, this will introduce a hands-on experience operating with financial models as the modeling aspects of an annuity product is explained and the candidates are asked to follow along. The model is then explored and the results interpreted.
Social Insurance Module
The Social Insurance FSA Module is an e–Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e–Learning facility will also provide information regarding required text readings and other non–computer–based activities.
Employer–provided benefits should be designed to coordinate with social insurance programs. As you will learn in this module, the social insurance programs vary widely in their coverage, cost and benefits in different countries. It is critical that you be prepared to coordinate the employer–provided plans with the social insurance programs in your country. The Social Insurance Module goes into detail that you need to practice as an actuary in the United States or Canada.
Health Foundations Module
The Health Foundations FSA Module is an e-Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e-Learning facility will also provide information regarding required text readings and other non-computer-based activities.
The Health Foundations Module discusses the health care system at a micro level. Through an understanding of terminology and coding, health care data and research can be understood, effectively assessed for quality, and effectively used in actuarial work.
Pricing, Reserving and Forecasting Module
The Pricing, Reserving and Forecasting FSA module is an e–Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e–Learning facility will also provide information regarding required text readings and other non-computer-based activities.
In the Pricing, Reserving and Forecasting module you will be exposed to practical techniques involved in managing the financial control cycle of a health care company–from trend determination to pricing and reserving to analysis of historical results to forecasting future experience.
CAS Risk Management & Insurance Operations / CAS Online Course 1 (CA1)
Completers of CAS Online Course 1 (CA1) Risk Management and Insurance Operations will have foundational knowledge in key areas of traditional risk management, as well as enterprise risk management. Additionally, they will have a familiarity with the primary functional areas of an insurer. Lastly, they will have an understanding of actuarial data management and the actuarial data quality standards that apply.
CAS Insurance Accounting, Coverage Analysis, Insurance Law and Insurance Regulation / CAS Online Course 2 (CA2)
Completers of CAS Online Course 2 (CA2) Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation will have a firm grounding in four major areas that impact actuarial work.
Regulation and Taxation Module
The Regulation and Taxation FSA module is an e–Learning module where you acquire and use knowledge that is distributed and facilitated electronically. The electronic e–Learning facility will also provide information regarding required text readings and other non–computer–based activities.
The goal of the Regulation and Taxation module is to provide you with an understanding of, and appreciation for, the regulatory environment that affects the life and annuity insurance industry overall and actuaries in particular.
Advanced Topics in CFE Module
Advanced topics in CFE can include a broad range of concepts, which vary in their degree of complexity. This module will cover three concepts which can be directly applied within a company’s ERM framework. Section 2 will cover Extreme Value Theory (EVT). EVT is a process to quantify risk in the tail of a loss distribution. At the core of the theory is the fact that in most cases, regardless of the underlying probability distribution, values above a large threshold approximately follow a Pareto distribution. Over the course of this module you will cover three applications of EVT to put the theory to work in a business context.
Application of Statistical Techniques Module
This module will introduce the candidate to a set of advanced business analytic techniques. Advanced business analytics is defined as a set of tools and techniques to assist in key business decisions. While the emphasis is on understanding and implementing results, the candidate should always keep in mind the broader context of decision making.
