Fundamentals of Actuarial Practice (FAP) Course
Actuarial students seeking to be admitted as Associates of the Society of Actuaries must complete this self-paced e-Learning course. Most students choose to complete this course after they’ve passed exams P, FM, IFM, LTAM and STAM, as well as their VEE requirements. The course is composed of eight modules and two comprehensive assessments, all of which are completed electronically. The Society of Actuaries (SOA) e-Learning program was launched in February 2006 with the release of Module 1 of the Fundamentals of Actuarial Practice (FAP) course. The course is one among several requirements for individuals who desire to be admitted as Associates of the Society of Actuaries (ASA). The FAP course may also be appropriate for any individual engaged in actuarial work. Course participants come from a wide array of educational and career backgrounds. Some are college or university students, while other course participants are working for employers in part- or full-time positions.
The FAP course teaches candidates about the business environment and exposes them to real-world situations, using the Control Cycle as a practical problem-solving framework that applies to all aspects of actuarial work. Completing all of the modules and courses can take students anywhere from 1-2 years, or sometimes longer – which can delay achieving their ASA! Below are some tips for ensuring you complete the FAP course efficiently and successfully:
- Preview the FAP course before you begin. The SOA invites interested students to register for a Trial Account to preview the FAP course. A trial account gives you access to portions of the SOA’s e-Learning platform and Module 1 of the FAP course for 30 days. The trial account provides access to FAP Module 1: Introduction/Role of the Professional Actuary (excl. the offline textbook readings, discussion forum, end-of module exercise and evaluation form). Trial account participants are, therefore, able to view Module 1 and e-Learning system content as if they were candidates completing the course.
- Take advantage of available study tools. The ACTEX / Edge FAP Study Guide covers material for the entire FAP course, and is now the only study guide for students wishing to have an accompanying study aid for the entire course. The ACTEX / Edge FAP Study Guide is a perfect fit for students who want to SIGNIFICANTLY cut down the amount of course reading and note-taking, while also focusing on enhanced comprehension. The amount of material covered on the exam is consistent with the large Fellowship exams. As a result, The ACTEX / Edge FAP study guide incorporates techniques the authors used to pass the Fellowship exams with high marks on the first attempt. The ACTEX Edge FAP Study Guide is available from the ACTEX website.