The table below provides the transition credit candidates will receive if they have completed the previous requirement on or before July 1, 2018.

The following addresses several issues that arise from these transitions.

VEE Transitions

When discussing VEE there are two important dates. One is when the course is completed. This is referred to as the “earned” date. The second is when the candidate applies for and receives the credit. This is referred to as the “claimed” date. There is currently no time limit between when the credit is earned and when it is claimed.

· Economics – All currently approved courses will continue to be approved. New courses will be evaluated based on the slightly revised learning objectives.

· Accounting and Finance – With the addition of accounting, this will be a two-part approval. Candidates may earn the accounting and finance credits through separate courses, but may only claim the credit once both are earned. Candidates who have completed the courses for Corporate Finance prior to July 1, 2018 may claim VEE credit for Corporate Finance at any time and convert it to VEE credits for Accounting and Finance. All other candidates must complete the courses for both components. Applications for accreditation of new courses will be evaluated based on the new learning objectives.

· Applied Statistics – A candidate who has satisfactorily completed the required topics prior to July 1, 2018 may obtain VEE credits for Applied Statistics at any time and convert to VEE Mathematical Statistics and SRM Exam credit.

· Mathematical Statistics – Applications for accreditation of courses will be evaluated based on the new learning objectives. Further information on which candidates will need to complete this requirement is in a later section.

· VEE Basic Non-Life Insurance – Effective June 1, 2019, this topic will no longer be required as an ASP-VEE to earn Associateship in the ASP but will be used for accreditation as Non-Life Insurance Actuary. However, a candidate who has obtained VEE credits for this topic before June 1, 2019 may continue to use the VEE – Basic Non-Life Insurance credit provided he/she qualifies for AASP and eventually for FASP on or before June 30, 2024. If the candidate does not qualify for FASP by June 30, 2024, he/she has to obtain credits for the VEE topic that he/she missed to ensure that the VEE credits he/she obtained are for the following 3 topics – Economics, Finance and Accounting and Mathematical Statistics.

New Exam Components

· Predictive Analytics Exam – There are no exam transitions to this component. Candidates who are not an AASP before July 1, 2021 must complete this requirement. Candidates who are an AASP before July 1, 2021 are exempt from this requirement, provided they also earn fellowship before July 1, 2024. No member will lose an AASP due to this transition.

· Statistics for Risk Modeling Exam – This has overlap with the VEE Applied Statistics requirement and transition credit is available. As noted above, while the VEE credit can be claimed after July 1, 2018, the course must have been completed prior to this date.

· VEE Mathematical Statistics – While this is a new component without a direct counterpart in the current system, there are two opportunities to gain transition credit. Candidates who have not earned transition credit (which may be claimed later in the case of using VEE Applied Statistics credit) by July 1, 2018 must earn the credit through an approved VEE course.

Credit for Examinations under the 2008-2013 Syllabus

Courses/examinations passed under the 2008-2013 Syllabus may be credited towards the 2014 Examination Syllabus based on the following conversion table:

Candidates who completed their Associateship and/or Fellowship requirements under a previous syllabus or examination system should apply for admission within 10 years from date of completion of the examination requirements under that syllabus. For example, a candidate who completed Fellowship requirements under the 2013 syllabus will have to apply for admission as Fellow until 2023. Thereafter, he/she should comply with the Fellowship requirements at time of application.