For students in the Risk Management and Actuarial Science fields, passing exams given by professional societies is of critical importance to their professional development. The Sigma Chapter of Gamma Iota Sigma encourages our members to take these professional exams while still in college. These rigorous exams are given by various educational organizations in the Risk Management and Actuarial Science fields, and the Sigma Chapter is proud of our members who have completed this difficult task. These include exams for the CEBS, CPCU and ARM designations, as well as actuarial exams sponsored by the Society of Actuaries. The following is a list of the recent exams passed by our members, as well as a brief overview of what that exam entails.
Certified Employee Benefits Specialist (CEBS)
In the employee benefits and compensation field, the oldest and most respected professional credential is CEBS - the Certified Employee Benefit Specialist. CEBS was established in 1977 through a partnership of the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. The CEBS designation carries an eight-course requirement and is highly respected in the employee benefits field.
GBA 1 (Group Health Plan Design)
GBA 2 (Group Benefits Management)
GBA 3 (Healthcare: Financing, Quality, and Reform)
RPA 1 (Retirement Plan Design)
Chartered Property/Casualty Underwriter (CPCU)
The Chartered Property Casualty Underwriter designation is the most respected professional designation in the property and casualty insurance industry. The American Institute of Chartered Property Casualty Underwriters grants the CPCU designation to individuals who have completed eight courses in risk management and insurance and have complete three years of service in the insurance industry.
CPCU 500 (Foundations of Risk Management and Insurance)
CPCU 520 (Insurance Operations, Regulations, and Statutory Accounting)
CPCU 551 (Commercial Property Risk Management and Insurance)
CPCU 552 (Commercial Liability Risk Management and Insurance)
Associate in Risk Management (ARM)
The Associate in Risk Management designation is based on possessing in-depth knowledge in both the practical skills necessary for risk management as well as adapting those skills to changing circumstances. The requirements for attaining the ARM designation consist of passing three courses.
ARM 54 (Risk Assessment)
ARM 55 (Risk Control)
ARM 56 (Risk Financing)
Society of Actuaries (SOA)
The Society of Actuaries is dedicated to promoting high standards of professionalism, education, and research in the actuarial field. Actuaries in the United States achieve professional status by passing a set of examinations administered by the Society of Actuaries. Exams include Construction and Evaluation of Actuarial Models (C), Probability (P/1), Financial Mathematics (FM/2), and Actuarial Models (MLC/3). These exams are quite rigorous and have low pass rates nationally. Gamma Iota Sigma would like to congratulate those that have passed these exams in the fall of 2012 and spring of 2013. Below is a list of graduate students and undergraduate students and the exam they have passed.
Exam P (Probability)
Exam FM (Financial Mathematics)
Exam MLC (Actuarial Models: Life Contingencies)
Exam MFE (Actuarial Models: Financial Economics)