2012 A-4 Syllabus
Overview
Examination Details
Examination Fees
Required Reading  
Recommended Reading
Exam and Publication References & Errata
Additional Information

Overview

FSPA is ASPPA/ACOPA’s advanced Fellowship designation.  It represents the highest achievement within ACOPA for an actuary and the actuary who achieves this designation has shown a level of knowledge and understanding of the private pension system significantly beyond what is tested on the Enrolled Actuary examinations.

To earn the FSPA credential, candidates build upon a foundation of knowledge acquired by:

• Holding an Enrolled Actuary designation;
• Holding the CPC designation, or passing the CPC proctored examination; and,  
• Passing both the A-4 essay examination and an oral presentation.

Finally, because ASPPA members are required to comply with ASPPA’s Code of Professional Conduct, the topic of ethical performance in one’s professional capacity forms an important part of the A-4 course of study and ethics questions will be a part of the examinations.

All required and suggested reading material, in addition to learning objectives and topic weighting can be found in the A-4 examination syllabus.

Examination Details
The purpose of this examination is to test the candidate knowledge and understanding of the private pension system at an advanced level, beyond what is tested on the Enrolled Actuary examinations, and in addition to the required reading there are recommended readings to complement the candidate's knowledge. There is a written examination, as well as an oral presentation that relates to the written examination.

To pass the A-4 exam, a candidate must obtain a passing score on the written exam and must pass the oral presentation.  If a candidate receives a “pass” on the oral presentation but receives a “fail” on the written exam, the “pass” on the oral presentation will stand to give the candidate an opportunity to pass the written exam within the next 12 months.

Written Examination
The written examination will be held on May 17, 2012 during the spring window and on November 29, 2012 during the fall window, and candidates will be responsible for obtaining and scheduling a proctor to sit for the written component of the exam.

The A-4 exam is a four-hour examination, consisting of eight questions from two sections (A topics and B topics).  Candidates must answer all five questions from A topics and three of the four questions from B topics:
 

A Topics	B Topics
•  Actuarial cost methods •  Form 5500 Schedule SB completion •  Actuarial standards of practice (ASOPs) •  The Code of Professional Conduct •  Plan qualification requirements •  Plan design •  Financial accounting standard (FAS) requirements •  Actuarial report completion •  Plan termination issues •  Fiduciary liability •  Distributions •  Controlled group/affiliated service groups	•  Plan designs •  Valuation of post-retirement medical benefits •  Forecasting •  Expert witness services •  Nonqualified plans •  Multiple employer plans •  Defined benefit plan investments

Oral Examination
Because successfully communicating with clients is a critical part of an actuary’s work, the A-4 course includes an oral presentation requirement.  The oral presentation relates to one of the questions from the written examination.  Candidates will be asked to identify three questions (from A or B topics) that they are willing to use as the basis for their oral presentation.  A panel will decide which one of the three candidate-selected questions will be asked on the oral exam.

Within a month of the written examination, contact will be made with the candidate to schedule an hour for the oral presentation via a conference call (travel is not required).  Two weeks before the scheduled presentation the candidate will be sent a copy of the question and his/her written answer.  The time allowed for the oral presentation is 60 minutes.

Exam Registration
Candidates may register online or download the Exam Registration Form and follow the directions on the form to fax or mail your registration. The 2012 A-4 exam will be held on one day during the spring window on May 17 and on November 29, 2012 during the fall exam window.

A-4 exam candidates will receive an e-mail with confirmation of the exam registration and instructions to locate a proctor and location for the examination. Proctors should be ASPPA credentialed members. If an ASPPA member is not available in your area, Enrolled Actuaries who are SOA or AAA members are acceptable proctors. ASPPA also permits training coordinators, tenured faculty members or examination administrators in a University/College setting to proctor examinations. Exams are administered in North America. A candidate who does not receive a registration confirmation e-mail two weeks prior to any ASPPA examination should immediately contact ASPPA to request a copy. It must be understood that ASPPA and any jointly administering or sponsoring organizations will not be held responsible for difficulties caused by holidays or other delays in postal service or for the consequences of failing to receive correspondence as a result of inadequate postage or e-mail.

A-4 examination results will be mailed to candidates approximately 10-12 weeks after the examination date. The use of a calculator will be permitted if it conforms to the required specifications. Calculators must be silent, solar or battery-operated and nonprogrammable (without paper tape-printing capabilities or alphabetic keypads).

2012 Examination Fees
The registration fee is non-refundable. 

• To qualify for early registration, registration forms accompanied by the early registration fee of $289 for members and $325 for non-members must reach the ASPPA office no later than March 12 for the spring window and July 9, 2012 for the fall window.

• To qualify for final registration, registration forms accompanied by the final registration fee of $365 for members and $399 for non-members must reach the ASPPA office no later than May 1 for the spring window and September 12, 2012 for the fall window.

For more information visit the Exam Schedule & Fees page.

Required Reading
A-4 Compendium of Readings: Advanced Actuarial Practice, 2^nd Edition. Arlington, VA: ASPPA, 2010.

Recommended Reading
For a complete list of Recommended Readings see the A-4 Examination syllabus.

Exam and Publication References and Errata
For updates to ASPPA’s publications and examinations please click here. Stop by regularly as new updates are posted.  

Additional Information 
All candidates are encouraged to visit ASPPA’s Candidate Corner for additional information. It is the candidate’s responsibility to check the ASPPA Web site for the most current information on examinations and publications. The Candidate Corner includes exam windows and dates, study tips, current information on regulatory limits and other helpful information. You may also contact ASPPA with questions at education@asppa.org.