Upcoming Changes to SOA Preliminary Exams

During the 2012 ARC Stuart Klugman from the SOA outlined some upcoming changes to the preliminary exams.  The details have not been finalized but we can expect to see the following changes in 2013.

• Exam P will remain unchanged
• For Exams FM and MFE, the syllabi will be updated to include the 3rd edition of the McDonald text which is due out this fall.  
• For Exam MLC, the addition of written answer questions is being considered.  Conversion of MLC to CBT is being placed on hold until this decision has been made. 
• For Exam C, a fourth edition of the Loss Models text will be released shortly.  This edition will see the removal of much of the material not on the exam syllabus, and expanded material on simulation and mortality table construction.

Note that no changes will be made for the Fall 2012 exams.  Changes to FM, MFE and C could be made for the Spring 2013 sitting,  depending on the timing of new texts.  In addition, where there is a new text edition it is likely that there will be a transition sitting for which students can use either the old or new edition.  The change to have written answer questions on MLC will not be made until 2014 (if at all).

On the subject of MLC, there was a session with a lively discussion of the Spring 2012 exam which had an unusually low pass mark and an unusually low pass rate.   Stuart indicated that this exam was much harder than the exam committee had intended, and that the Fall exam results were expected to return to normal.  He indicated that there is often a learning curve for both the exam setters and the students when there is a major change in text book.  Stuart also confirmed that either of the two text books listed for MLC would give a student the background needed to pass the exam.