The SOA has two positions, one at the associate level, the other at the fellowship level. Over a two-year period, SOA conducted research to understand what employers and regulators expect and how to prepare well for the future.
Roy Goldman, president of SOA (pictured above), told the insurance business that they have made four major changes to the partnership. The first was an additional course in data science and predictive analysis in advance. The second was to incorporate the skills to adapt to the curriculum, to give students the opportunity to work on unresolved issues, and to build the skills that employers want to create. The third was the introduction of micro-certification, and the final change was to create an approved membership program for candidates so that SOAs could build relationships with them before becoming partners.
“Actuarial careers are less well-known, and by offering affiliate membership, mentors and educators can provide guidance on how to become an actuarial and learn more about the reality of the job,” Goldman said.
The Affiliate Member Program provides access to information on building an aquarium career, a suite of development videos and short courses in resume building and work environment expectations help candidates enter the field with confidence.
This broad technical and non-technical education allows insurance leaders to work with actuaries on a more comprehensive level and address the changing needs of the industry.
SOA CEO Greg Heidrich (pictured below) noted that new training on data science and analytics is being added to increase understanding of data quality, data cleaning, and how databases are created.
Read more: Data Analysis: Is Insurance Too Slow?
“We’re doubling the amount of data training that will directly benefit insurers,” Heidrich said.
From a non-technical point of view, SOA facilitates learning through case studies, presentation skills and how to apply statistical techniques in practice. Heidrich explained, “The adaptability of these skills and everything in the mental numbers employers tell us is important early in the career.”
Micro-certificates indicate to employers that a candidate has acquired skills at the beginning of their education which helps insurance providers to retain and retain talent.
Heidrich added, “Micro-certifications are a growing trend that we have identified in professional education.” “We are moving towards showing micro-certificates, digital badges and short forms of learning. We think this trend will continue for many years to come and we are adapting our program to keep up with student expectations. ”
Heidrich further noted that this year the SOA has created special certification programs such as Predictive Analysis and International Financial Reporting Standards. In addition, the two programs are working on responsible use of data and environmental liability risk assessment.
The certificate program takes about five months to complete, or 300-400 hours. It takes an average of four years to become a collaborator. New talent values the easy accessibility of learning tools, and established actuaries value continuing learning; SOA allows both demographers to get what they need to build their careers.
“In the future we hope to create more purpose-oriented certificates and micro-certificates,” Heidrich said. “There is so much more that we can do to make these changes. We are serving industries that are changing rapidly and we are going to adapt and coordinate our curriculum with the current environment.