Guide to SOA Written Exams GUIDE TO SOA EXAMS Updated November 2020 Guide to SOA Exams Table of Contents 1. INTRODUCTION ............................................................................................. 1 1.1. Purpose of this Document ................................................................................................... 1 1.2. Education Principles ............................................................................................................ 1 1.2.1. Assessment Methods Principle .......................................................................... 2 1.2.2. International Organizations Principle ................................................................. 3 1.3. Organizational Structure of Education ............................................................................... 3 2. OVERVIEW AND DEFINITIONS ..................................................................... 3 2.1. Designations/Credentials .................................................................................................... 3 2.1.1. Meaning of the ASA ........................................................................................... 3 2.1.2. Meaning of the FSA ........................................................................................... 4 2.1.3. Meaning of the CERA ........................................................................................ 4 2.2. Component Groupings ........................................................................................................ 4 3. DISCIPLINE .................................................................................................... 4 3.1. Introduction .......................................................................................................................... 4 3.2. Code of Conduct for Candidates ........................................................................................ 5 3.2.1. The Candidate Code .......................................................................................... 5 3.2.2. Enforcement of the Candidate Code .................................................................. 6 3.3. Exam-related Discipline ....................................................................................................... 6 3.3.1. Confidentiality of Questions ............................................................................... 6 3.3.2. Computer-based Tests ....................................................................................... 7 3.3.3. Proctored Examinations ..................................................................................... 7 3.3.4. E-Learning Assessments ................................................................................... 7 3.3.5. Discipline Processes and Procedures ............................................................... 8 4. CURRICULUM DEVELOPMENT .................................................................... 9 4.1. Definition ............................................................................................................................... 9 4.2. Committee Structure ............................................................................................................ 9 4.3. Timing of Changes ............................................................................................................. 10 4.3.1. Associateship Examinations ............................................................................ 10 4.3.2. Fellowship Examinations .................................................................................. 10 4.4. Learning Objectives and Outcomes ................................................................................. 11 4.4.1. Definitions......................................................................................................... 11 4.4.2. Translation to Exam Questions ........................................................................ 11 © Society of Actuaries 2019 ii Guide to SOA Exams 5. EXAMINATION DEVELOPMENT ................................................................. 14 5.1. Committee Structure .......................................................................................................... 14 5.2. Steps In Exam Preparation ................................................................................................ 14 5.3. Written Answer ................................................................................................................... 15 5.3.1. Case Study ....................................................................................................... 15 5.3.2. Cognitive Levels ............................................................................................... 15 5.3.3. Verb List ........................................................................................................... 16 5.3.4. Examples of Verb Use ..................................................................................... 17 5.3.5. Integrated Questions ........................................................................................ 22 5.3.6. Point Values ..................................................................................................... 22 5.4. Multiple Choice Questions ................................................................................................ 22 5.4.1. Use of Pilot Questions ...................................................................................... 22 5.4.2. Instant Results ................................................................................................. 22 6. GRADING AND PASS MARK SETTING ...................................................... 23 6.1. Guiding Principles .............................................................................................................. 23 6.2. Written Answer ................................................................................................................... 23 6.2.1. Process ............................................................................................................ 23 6.2.2. Setting the Pass Mark ...................................................................................... 23 6.3. Multiple-Choice Exams ...................................................................................................... 24 6.3.1. New Topics or Exams – First Administration ................................................... 24 6.3.2. New Topics or Exams – Next Several Administrations .................................... 24 6.3.3. Mature Topics or Exams .................................................................................. 24 6.4. E-Learning Assessments .................................................................................................. 25 6.4.1. End of Module Exercises ................................................................................. 25 6.4.2. Decision Making and Communication .............................................................. 25 6.4.3. FAP End-of-Module Assessments. .................................................................. 25 6.4.4. FAP Final Assessment ..................................................................................... 25 7. MODEL SOLUTIONS .................................................................................... 25 7.1. Model Solution Overview ................................................................................................... 25 7.2. Additional Components of a Model Solution ................................................................... 26 8. AFTER THE EXAM ....................................................................................... 26 8.1. Unusual Circumstances .................................................................................................... 26 8.2. Lost Examinations ............................................................................................................. 26 8.3. Defective Questions ........................................................................................................... 26 8.3.1. Changing the Grading Guide ........................................................................... 26 © Society of Actuaries 2019 iii Guide to SOA Exams 8.3.2. Truly Defective Questions ................................................................................ 27 8.4. Hand Scoring ...................................................................................................................... 27 8.5. Grade Release Timing ........................................................................................................ 27 8.6. Transcripts .......................................................................................................................... 27 8.7. Confidentiality of Exam Records ...................................................................................... 27 8.8. Interpreting Grades ............................................................................................................ 28 8.9. Feedback for Failing Candidates ...................................................................................... 28 8.9.1. Written Answer Exams ..................................................................................... 28 8.9.2. CBT Multiple Choice Exams ............................................................................ 28 8.9.3. E-Learning Assessments ................................................................................