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Education as an Input to Success on Actuarial Exams: Evidence and Policy Implications

By Robert L. Brown and Conrad Ciccotello


Relying upon data from actuarial exams over the period from 2000-2002, we find that candidates who are currently students in academic institutions pass actuarial exams in courses one through four at a higher rate than candidates in the workforce. Consistent with changes in the 2005 Society of Actuaries syllabus, the findings suggest that exam credits could be obtained from suitable academic educational attainment. Unlike recent academic studies of other financial services professions, however, this analysis was not able to control for other candidate attributes, such as experience and aptitude. Additional analysis is needed to inform the ongoing debate about syllabus changes and the protection of actuarial trademarks in the changing financial services marketplace.

Year: 2014
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