Updated February 16, 2012

As part of the SOA's Education Redesign, more than 150 volunteers participated in the development of the web-
based Fundamentals of Actuarial Practice (FAP) course. Since 2006 over 15,000 candidates have registered for
the FAP and FSA modules.
What is FAP?
The FAP course is a self-paced, e-Learning course where candidates acquire and apply knowledge that is
distributed and facilitated by electronic means. This course teaches candidates about the business environment
and exposes them to real-world situations before reaching the ASA level by using the Control Cycle as a
framework. Simply stated, the Control Cycle is a practical problem-solving framework that an actuary uses to
perform work.
FAP is a body of knowledge (concepts and problems) in an actuarial contextblending actuarial areas of
practice and functional areas. FAP includes online and offline readings and activities, practical examples, case
studies, embedded activities, search functions, a glossary, resource library, a discussion forum, end-of-module
tests, and end-of-module exercises. The online environment presents the FAP material in an engaging and
interactive manner for candidates.
FAP also includes a computer-based Interim Assessment at the end of Module 5 covering Modules 1-5, and a
computer-based Final Assessment at the end of Module 8 covering Modules 6-8.
Who is FAP for?
Individuals who desire to be admitted as Associates of the Society of Actuaries represent the primary FAP
target audience. However, the FAP course is appropriate for any individual engaged in the actuarial profession
at some level. Individuals seeking Continuing Professional Development (CPD) credit can register for the FAP
modules by visiting the Professional Development eCourses page of the SOA Website.
What are the prerequisites?
Candidates enrolling in the FAP course may have passed one or more of the Preliminary Education
examinations (P, FM, MLC, MFE, C), but this is not a requirement. Many candidates will have passed the four
Preliminary Education exams prior to beginning FAP Module 5.
What are the eight FAP modules?
FAP is comprised of eight modules completed in sequence as content in later modules builds upon the content
of earlier modules.
Module 1: Introduction/Role of the Professional Actuary
Module 2: Core External Forces
Module 3: Risk in Actuarial Problems
Module 4: Actuarial Solutions
Module 5: Design and Pricing of an Actuarial Solution
Module 6: Model Selection and Solution Design
Module 7: Selection of Initial Assumptions
Module 8: Monitoring Results
Module 1: Introduction/The Role of the Professional Actuary
The focus of this module is to provide an overview of the basic framework for actuarial work and functions
using the Control Cycle as the model. Additionally, the module provides candidates with an overview of the
actuarial profession, the major areas of practice and the skills required of actuaries.
Module 2: Core External Forces
The focus of this module is to describe and demonstrate how external forces (outside of the actuarial sphere)
effect and integrate into actuarial work; how they interrelate and change.
Module 3: Risk in Actuarial Problems
The focus of this module is to enable candidates to learn how to identify and define problems in various practice
areas. This module creates the foundation for understanding and managing risk in actuarial problems and the
commonalities that exist among problems so that they can be effectively addressed regardless of area of
actuarial practice.
Module 4: Actuarial Solutions
This module builds upon Module 3. The primary goal of the module is to create a foundation for candidates to
understand actuarial problems across practice areas and demonstrate how the entire Control Cycle is applied.
Candidates will gain practical experience with key concepts related to traditional actuarial solutions and
understand how actuaries provide value to their employers and/or clients.
Module 5: Design and Pricing of an Actuarial Solution
The focus of this module is to introduce fundamental concepts behind the tools used to solve common actuarial
problems. Using various models, the module introduces candidates to coverages and benefit/policy design
components of several actuarial solutions.
Module 6: Model Selection and Solution Design
The focus of Module 6 is to provide candidates with an overview of model selection and model building and
how these processes fit within the context of the Control Cycle. The module creates the foundation for
candidates to understand how to select an appropriate model for a given problem and design a solution.
Module 7: Selection of Initial Assumptions
This module builds upon previous modules focused on helping candidates identify and define problems and
design solutions. The goal of this module is to introduce the methods and tools actuaries use to identify, select
and quantify assumptions. Candidates will understand how the identification, selection and quantification of
assumptions finalizes the "design solution" element of the Control Cycle and transitions actuarial work to that
of monitoring results.
Module 8: Monitoring Results
The final module of the FAP course focuses on the purposes of monitoring experience and the techniques used
by actuaries. The "monitor experience" element of the Control Cycle is dependent upon the objectives and
definition of the problem addressed and the solution designed by the actuary. Candidates learn how monitoring
results provides feedback to the other Control Cycle elements and how the feedback loop, in context with the
work of the actuary, completes the Control Cycle.
How long will it take to complete a module?
The estimate is that each module will require approximately 30-50 hours to complete. Many candidates will
maintain a pace to complete approximately one module per month. Candidates are encouraged to progress
through the modules and complete the course within a timely basis, as the FAP course must be completed in 24
months. A one-time extension is available to eligible candidates unable to complete the course in the stated
timeframe.
How much does the FAP course cost?
FAP includes Modules 18, the Interim Assessment and the Final Assessment.
FAP course fees are as follows:
Modules 18 $300 9000
Interim Assessment $ 600 18000
Final Assessment $ 1200 36000
Retake of the Interim
Assessment
$ 500
15000
or the Final Assessment
FAP Extension $ 100 3000
*(One extension allowed per candidate for one year)
Note to candidates with credit for previous Course 5 or Course 7: Candidates with credit for Course 5 will
receive credit for Modules 1 through 5 and the Interim Assessment. Candidates with credit for Course 7 will
receive credit for Modules 6 through 8, the FAP Final Assessment and the FSA capstone module (DMAC).
Conversion candidates pay $300 for Modules 1-5 or 6-8, but will receive access to all 8 modules.
FAP Registration Process
1. Read the SOA eLearning Terms and Conditions Agreement for eLearning Candidates.
2. Register online or complete the FAP modules application form and fax or mail it to the SOA with
payment.
3. Login information will be sent to the email address indicated during registration. Contact
elearn@soa.org if registration information is not received.

Textbook Information
The SOA does not provide the required textbooks. Candidates are responsible for purchasing the books required
for FAP. Read the FAP Book List for complete details. The SOA also provides a list of FAP book distributors.

System Requirements
Y = Supported
N= Not Supported

Operating System/Web Browser Requirements

Microsoft Internet Explorer Mozilla Firefox Google Chrome Apple Safari
9 8 7 6 13 12 20 19 18 5 4
Windows Y Y Y N Y Y Y Y Y N/A N/A
Mac N/A N/A N/A N Y Y Y Y Y Y Y

Mobile Devices Supported


iOS
6
iOS
7
iPad Y Y
other mobile devices not supported

Software Requirements for Interim and Final Assessments

for Windows for Mac
2010 2007 2003 2011 2008 2004 X 2001
Microsoft Word Y Y Y Y Y Y N N
Microsoft Excel Y Y Y Y N Y N N
Other Requirements
PC with a minimum 1GHz processor
Screen resolution of 1,024 x768 or greater
Browser Pop-up Blocker settings set to allow elearn.soa
Adobe Reader 9 or greater
Javascript and Cookies enabled on broswer

Required Software
Microsoft Word 2003 or greater
Microsoft Excel 2003 or greater
Adobe Acrobat Reader 7 or greater
Flash Player 8 or greater
Screen resolution of 1,024 x 768 or greater recommended
FAP Course Completion Process
Candidates follow the process below for Modules 14 and Modules 67:
Candidate completes a module (readings, activities)
Candidate takes an endofmodule test to determine readiness to proceed to the endofmodule exercise
Candidate completes endofmodule exercise (or series of exercises) and submits it to the SOA
Candidate receives an illustrative solution to the exercise
Candidates should allow approximately seven weeks for review of their exercises.
What is the format of the Interim Assessment?
The FAP Interim Assessment is in the format of a comprehensive exercise available at the end of Module 5 to
candidates who complete all required modules. The assessment covers material in Modules 1-5. Candidates will
have access to the Interim Assessment once they complete Module 5 and download the assessment to their
computer.
The Interim Assessment will assess candidates understanding of content, achievement of learning outcomes and
ability to apply key concepts presented in Modules 1-5. The Interim Assessment builds upon the Modules 1-4
End-of-Module exercises and helps candidates prepare for the Final Assessment.
Candidates complete the Interim Assessment under controlled conditions with formal grading (i.e., every
Interim Assessment will be formally graded). Candidates have one month to complete the Interim Assessment.
The assessment clock will start when candidates download the Interim Assessment. Candidates must submit
(upload) assessment files before the clock expires. If the assessment is not uploaded before time expires, the
assessment will receive an automatic grade of "does not meet minimum requirements" and the SOA will be
unable to reverse the decision. NO exceptions will be made.
While a supervisor is required, candidates will NOT need to identify a supervisor for purposes of the Interim
Assessment.
Grading will be completed in approximately seven weeks of submission. Grade notifications are sent via email.
If a candidate does not meet minimum requirements on the Interim Assessment, the candidate will receive
feedback in the result email. Such candidates will need to reregister to take the Interim Assessment.
The Interim Assessment MUST be successfully completed (meets minimum requirements) in order to be
eligible to take the Final Assessment.
What is the format of the Final Assessment?
The FAP Final Assessment is in the format of a comprehensive exercise available at the end of Module 8 to
candidates who complete all required modules. The assessment covers material in Modules 6-8. Candidates will
have access to the Final Assessment once they complete Module 8 and download the assessment to their
computer.
The Final Assessment is available on-demand. There is no registration deadline; candidates may take it at their
own discretion once qualifications have been met. Candidates will have access to the assessment after
completing the required modules and exercises.
Candidate registering for the Final Assessment must secure his/her own supervisor. Preferably, the supervisor
must be an FSA (in good standing). If an FSA is not available, other acceptable designations would be: FCAS,
FCIA, FFA, FIA, FIAA, FSPA. Submit supervisor change requests to customerservice@soa.org.
A separate login and password is required for the Final Assessment. Assessment login information is generated
almost immediately after registration. Contact elearn@soa.org if login information is not received.
Candidates have 96 hours to complete and submit their assessment. The 96-hour timeframe will begin upon
download of the Final Assessment materials. Candidates may login to the Final Assessment and read the
instructions and FAQs without starting their assessment clock. The assessment clock will not begin until a
candidate reaches the download page and candidates will be warned several times in advance of this happening.
The Final Assessment is designed for a level of candidate effort of approximately 25 hours.
Each assessment is formally graded against predefined grading criteria for "meets minimum expectations" and
"does not meet minimum expectations." If the grader determines the submission meet minimum requirements,
the candidate will pass the assessment. If the grader determines the submission does not meet minimum
requirements, the submission will be graded independently by an additional grader (i.e., the additional grader
will be unaware that the previous grader assigned a grade of "does not meet minimum requirements"). If the
second grader determines the submission meets minimum requirements (i.e., different grade than the primary
grader), the submission will go to a third and final grader for resolution. If a candidate does not meet minimum
requirements on the Final Assessment, the candidate will receive feedback in the result email.
Credit for the Interim Assessment is required prior to accessing and taking the Final Assessment. Modules 1-8
must be completed prior to accessing the Final Assessment.
Who do I contact if I have questions about the FAP course?
Contact elearn@soa.org