Month: April 2020

Today the SOA announced new dates for the spring exams. Please be sure to read the announcement carefully (PDF) since there are many important details in it.

If you are on the ILA track, here are the new dates relevant to your exams:

• July 14: LPM
• July 15: LFMU and LFMC
• July 16: ERM and LAM

As I said, please read the PDF yourself for full details, but here are a few key highlights:

• Grades for the spring exams will be released on September 18
• The Fall 2020 exam registration deadline will be September 28
• Exam centers will change for many candidates and new exam centers will be created 
• Exam centers will have 10 or less candidates, each seated at least 6 feet apart
• This is still a fluid situation: if things get worse, the SOA will decide on any further postponements or cancelations by mid-June
• Another registration window for the spring exams (now scheduled for July) will take place May 19–26
• Candidates who registered for the original dates and do not want to participate on the July dates have until June 1 to request either a credit voucher on their account or a refund of their registration fee
• The SOA is exploring computer-based testing options for Fall 2020 exams with written-answer components

Clearly it’s going to be a tight squeeze to turn around and do the fall exam after taking the spring exam so late, and I suspect many people will not try to do that. However, as always we allow folks to register for their next exam course before they get results from their prior exam. This lets you get a jump on studying. If you end up not passing the prior exam, we can simply pause the new course indefinitely while you go back to your previous exam. You can come back to the new course at any time and have all the updates for the current version of that syllabus as well. This is an option we’ve always offered, but it could be especially useful in 2020. 

Please let us know if you have any other questions, and we hope you and those close to you are well and safe!

In addition to the SOA’s general COVID-19 status page, they also have a FAQ page dedicated to education topics. Currently, that page has this to say about FSA exams:

Will the FSA transition deadline be postponed? For the postponed Spring exams will there be expedited grading?

Thank you for your inquiry regarding the postponement of the FSA Spring Exams. We understand that the unprecedented situation prompted by the COVID-19 pandemic has affected your exam pathway. The SOA is monitoring the situation and working to make sure we can continue to provide all our services while we ensure the safety of all parties involved.

At this time, we are focusing on securing new dates, setting up the exam centers, and making sure our volunteers can meet the challenge of getting the exams graded in a timely manner while preparing for the fall exams.

The March 23rd deadline will help us with the postponement of the session and also with critical planning for the summer Exam schedule. Any changes in dates and processes must be approved at several levels, including the Board of Directors, since it is a change in how an FSA is attained. That is why the appropriate parties involved need more clarity about future exams before deciding the best course of action regarding transitions. We have had similar inquiries from other candidates, and we are working on this issue.

Will there be changes to the FSA Spring exam deadline of March 23rd?

The exam deadline of March 23rd is a firm deadline. Due to the Covid-19 situation, we will be accepting late registrations and will not charge late fees. You can either reach out to Customer Service to request a paper application and return it for processing now. Or, after the new exam dates are chosen, there will be an online “mini” registration period in which you can register. The online “mini” registration period dates are yet to be determined.

This makes it sound like you can still register for the spring sitting if you want (without late fee). It also makes it sound like there will be an additional opportunity to register for the spring sitting even if you aren’t already. 

Keep in mind that the SOA has also stated that you can defer to your spring registration to fall if you choose. 

Obviously no one can know how events will ultimately play out this year, but I right now I feel like the likelihood of having an opportunity to take your next written exam in 2020 is still very high. The SOA is clearly doing everything in their power to come up with a way to make it happen, and given that most written exams are proctored in low-volume groups, it’s the kind of activity that seems more plausible, especially as we get on the other side of the case curve. 

In the meantime, stay safe and try to stay optimistic! We will all be better, stronger, and more grateful for what truly matters in life once we’re past this crisis. 

Today the SOA sent out a lengthy email with the subject “SOA COVID-19 Updates for Business Leaders” that you may have received. It provided several status updates related to SOA programs that have been affected by COVID-19. This paragraph was specific to written exams:

Regarding our exams, we have postponed the spring written answer exam sitting to ensure the safety of everyone involved. However, we know how hard students work to prepare for their exams and how much their employers depend on them to continue making progress toward their ASA and FSA credentials. Our education staff and key volunteers are working now to prepare new dates for the spring exams. We will be making announcements to candidates about these rescheduled exams over the coming weeks and with enough time for them to be able to prepare appropriately for the exams.