As you get close to earning your ASA or FSA, you will find one last non-exam requirement in your way: the Associateship Professionalism Course (APC) or the Fellowship Admissions Course (FAC).
These courses are not difficult, but they can cause concern since candidates don’t know what to expect.
In this article, we’ll give you a better picture of what these events look like and answer common questions that you may have before attending.
Both courses can be quite expensive between the registration fee and travel accommodations, but many employers will cover this cost. The courses occur at prescribed dates and locations, which can be found on the SOA’s site:
APC
The APC is a one day course and is centered on Professionalism (as the name suggests). You are provided with breakfast and lunch, and the rest of the day is filled with educational sessions. The day typically ends by 4:00, and as long as you don’t skip sessions, you are almost guaranteed to “pass”.
There are many reasons to look forward to this course, including:
- Educational Sessions: Ethics and Professionalism may not sound like riveting topics, but don’t worry – you do not have to sit and be lectured for a full day. The SOA does a great job of incorporating videos, case studies, small group discussions, and lectures to keep you engaged and make the material memorable.
- Travel & Food: The APC is an excuse to take a mini-vacation and visit a new city. Depending on how early you arrive/leave, you will have plenty of time to explore. Breakfast and lunch during the course are very quality, so you always have that to look forward to as well.
- Networking: Even if you attend the APC with colleagues, you should branch out and meet new people throughout the course. You will have many opportunities to network between the meals and small group discussions, and you should make the most of the opportunities to meet actuaries from many different geographies.
A common question I’ve heard about the APC is:
“Will I have to give a presentation or take a test to pass?”
No. You will participate in the small group discussions to come up with answers to the case study questions, but you don’t have to make a formal presentation or take a test. Rest assured, you do not have anything to worry about when it comes to passing the APC.
The APC also makes you feel even more proud of the profession you are entering, given its incredible focus on ethics and integrity.
FAC
Now, onto the FAC…this may be the most hyped requirement to FSA, and it definitely delivers. The FAC is a three-day event with hundreds of actuaries from all over the world.
The course is centered on ethics (like the APC) but has many more sessions and activities. You will stay in a nice hotel during the course, and all the sessions and meals will occur at the hotel.
How challenging is the Presentation portion?
The biggest concern leading up to the FAC is that you must give a presentation.
However, every actuary I’ve talked to agrees that this presentation is not half as bad as they expected. It is based on work that you complete for your DMAC module, so you are familiar with the subject matter. In addition, you only present to a small group of fellow attendees and a facilitator, and there is an 8-12 minute time constraint.
Essentially everyone passes the presentation, so you have nothing to worry about. The SOA views this as a development opportunity where attendees will receive helpful feedback on presentation skills.
What do I need to do to “Pass” and get my FSA?
You will need to give a presentation, but almost everyone passes the presentation. The main reason people fail the FAC is that they miss sessions (usually due to sleeping in from having too good of a time the previous night).
Yes, the FAC is a huge celebration and there are plenty of fun night-time activities that your fellow actuaries will organize. Some go out for dinner or go out after dinner; others hang out at the hotel. This time is yours, so do whatever you choose.
But, don’t forget that you are on a mission to get your FSA. You went through the hard part of passing exams, so don’t trip at the finish line by accidentally sleeping in.
Set your alarm and get two wake up calls if needed. Nobody ever plans on having a rowdy night and waking up in shock to see that they missed the first session of the next day, but it does happen. I can’t imagine that this is a fun thing to explain to your employer, either.
What are the sessions like?
Compared to the APC, there is even more facilitator-led discussion. Because there are so many people attending, there will be 5 or so concurrent sections going on at each time.
The facilitator will further divide these sections into smaller groups. Discussions will start in these small groups; then, these small groups will report back to the larger group. The FAC sessions are almost entirely brainstorming ideas and discussing possible ethical considerations of various decisions.
Contrast this with the APC, which combines similar discussions with more lectures and videos. Both the APC and FAC are relatively informal with these sessions, so you should not be nervous about them.
Similar to the APC, there will also be snack breaks throughout; these breaks also give you time to read up on the case studies in advance of your sessions.
One of my favorite parts about the FAC is the movie portion on the second day. I do not want to spoil anything, but you watch a very old but thrilling movie; it really drives home the SOA’s goal to uphold the actuarial profession’s reputation of integrity. I won’t share any more, but it is something to look forward to.
Food & Networking
An awesome part about the FAC is having the extended time to meet even more people; mealtimes are an excellent opportunity to do this. Breakfast, lunch, and dinner always have great food (a big highlight of the entire experience). It’s also nice having casual conversations with actuaries from all around the world; the mood is very upbeat and exciting, so everyone is having a great time.
One warning: excessive talk about modules and exams can occur. I found that this was the topic of several lunch and dinner conversations at the FAC. You can be the unsung hero by finding non-actuarial topics to talk about; I made it my mission to fill that void. Another thing to note is that there is plenty of free alcohol. But again, this is a double-edged sword. Just remember not to get carried away.
The FAC ends with a nice dinner where family, spouses, and/or close friends can attend, and the FAC certificate is given to you by the SOA President. The third day’s sessions end early in anticipation of this dinner. All of the hype and excitement culminates up to this point, and this is truly a magical night.
After this dinner, you attend the “President’s Reception”. This is an informal dance party, and everyone is having a ball. I made a lot of close friends at my FAC that I still talk to today.
Overall, the FAC is a longer version of the APC. Both provide very quality educational sessions; I found that the SOA does a good job of making these meaningful. Regarding the FAC, this is an awesome celebration filled with memories to last a lifetime. It certainly lived up to the hype for me, and it is a requirement to really look forward to!
Study Smart, Pass Fast, Live Life
Mike & Roy
Hello,
Thanks for the awesome summary of the FAC, can you please provide some pointers on the presentation. Does the presentation need to be fully memorized or is using some q-cards acceptable? Thanks for the feedback!
There are only two criteria to pass the presentation: it has to be between 8-12 minutes, and the topic must be related to actuarial work. (Even if you are under 8 minutes, people will typically ask you questions to help fill the time). In the end, you should do whatever you need to meet those criteria, but there are some things we’ve noticed from strong presentations:
* Have discussion points rather than memorized speeches. If you memorize every word, you put a lot of pressure on yourself and the presentation will seem less conversational and engaging. Instead, remember the key discussion points, and then talk about them as if you were explaining to a friend. You can use q-cards to make sure you don’t skip any key points, but it’s best not to read full sentences directly from your cards.
* Simple Powerpoint slides – avoid slides with too much text or with very detailed charts/numbers
* Remember your audience – everyone has different areas of practice. You should give more background information to this audience than if you were presenting to your team at work (people who are already familiar with the industry and jargon). If you use acronyms, explain them.
You’ll probably listen to a session about presentation tips during the first day, and you will get great advice there. Although the presentation seems stressful, you have a very supportive audience. Everyone wants each other to pass, and you’re all facing the same uncomfortable situation of presenting. Just remember to keep it 8-12 minutes and everything will be fine.