2020 has been quite a year to say the least! With all that’s happened in the world since March, it’s also easy to forget that most FSA exam syllabi underwent extreme changes in 2019–2020. I’m very proud of the effort our team has made during the last two years of disruption, and I also admire all of the exam candidates that persevered to take their exam under such extreme circumstances.
But now it’s time to look to fall 2020 and beyond. As you know, the fall sitting will be the first sitting ever to use computer-based testing (CBT) for FSA-level exams. The new CBT format will be administered at Prometric test centers and will allow candidates to submit answers using one Word file and one Excel file. The SOA is likely to release more details on what to expect, and we will relay those as they become known.
For now, I wanted to provide a high level roadmap of how we plan to enhance our ILA courses in fall 2020 and beyond. In general, we expect to implement the following:
- Excel-based drill problems. We will mostly replace/update existing numerical drill problems with Excel-based exercises. These will be phased in starting in August, and I expect it to be mostly complete in September.
- Word and Excel-based practice exam questions. As we learn more from the SOA about the format, we will create practice exam questions to help you simulate the new experience. We would like to know more specifics about the planned exam question format, test length, and other things before posting our own practice exams. However, even in the unlikely event that the SOA gives no further guidance, we will still post something by October at the latest.
- Replace and enhance various in-lesson quizzes with Excel-based versions. This will be a gradual process, and I don’t expect it to be complete in fall 2020. Fortunately, all of the existing quizzes are still extremely valuable for learning quantitative concepts that you can apply in any calculator (Excel included).
- Add general tips for working efficiently in Word and Excel on exam day
Just like the current course is the culmination of more than a decade of experience instructing exams, I don’t expect the above updates to happen overnight. For us at TIA, it’s always about iterative improvement year over year and this is no different. It’s more about steering a large ship in a slightly different direction based on the new format. The CBT format is also an incredible opportunity that will allow us to add even more realistic exercises and hands-on examples.
One thing that hasn’t changed is the importance of learning concepts. If you understand the material at an elemental level, you will perform at your best regardless of the technological tools you have to write the exam.