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Actuarial credentialing and exams

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634:), completing self-learning series and passing their assessments (advanced topics in predictive analytics, five-module fundamentals of actuarial practice), and taking a course on professionalism. For Fellowship (FSA), three other modules, three or four exams depending on specialty track, and a special fellowship admission course is added. The Casualty Actuarial Society requires the successful completion of seven examinations, two modules, and economics and corporate finance VEEs for Associateship and three additional exams for Fellowship. In addition to these requirements, casualty actuarial candidates must also complete professionalism education and be recommended for membership by existing members. 259:(ASSA). Until 2010, the requirement to qualify as an actuary in South Africa was to pass the exams hosted by the UK bodies. Starting in 2010, a South African actuarial qualification hosted by ASSA has replaced this arrangement. Key changes include exam syllabuses based on South African-specific content. The UK actuarial professional bodies, however, still support qualification through the UK. Students may receive exemption from part of the examinations for qualification from approved universities. The South African qualification does have mutual recognition with many of the international actuarial bodies as well as approval of the syllabus from the International Actuarial Association. 869:
candidates are familiar with and fluent in the material. The test is four hours long, allows calculators, and is administered via a paper-and-pencil format. Multiple-choice questions account for 40% of the exam, and open-response questions account for 60% of the exam. Candidates may freely move between the two sections. The two sections are graded separately. However, since the multiple-choice questions are easier, only candidates who have answered a certain percentage of the multiple-choice questions correctly have their written answers graded. For instance, a multiple-choice score of 24 points was needed to have written-answer questions graded for the April 2021 LTAM exam.
195:(formerly Actuarial Society of India) offers both associate-ship and fellowship classes of membership. However, prospective candidates must be admitted to the society as students before they achieve associate-ship or fellowship. The exam sequence is similar to the British model, with Core and Specialty technical and application exams. The exams are conducted twice a year during the months of May–June and October–November. Starting from January 2012, the institute has started conducting entrance exam. Only those applicants who clear the entrance test can appear for the Core Technical papers. 598:(the CIA) recognizes fellows of both the Society of Actuaries and the Casualty Actuary Society, provided that they have specialized study in Canadian actuarial practice. For fellows of the SOA, this is fulfilled by taking the CIA's Practice Education Course (PEC). For fellows of the Casualty Actuarial Society, this is fulfilled by taking the nation-specific Exam 6-Canada, instead of Exam 6-United States. Further, the CIA requires three years of actuarial practice within the previous decade, and 18 months of Canadian actuarial practice within the last three years, to become a fellow. 387:. The exams may only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier. Most trainee actuaries study while working for an actuarial employer using resources provided by ActEd (The Actuarial Education Company, a subsidiary of BPP Actuarial Education Ltd.), which is contracted to provide actuarial tuition for students on behalf of Institute and Faculty Education Ltd (IFE), a subsidiary of the Institute and Faculty of Actuaries. 591:. Academy membership requirements include membership in one of the recognized actuarial societies, at least three years of full-time equivalent experience in responsible actuarial work, and either residency in the United States for at least three years or a non-resident or new resident who meets certain requirements. Continuing education is required after certification for all actuaries who sign statements of actuarial opinion. 394:
brought into effect. This involves the student submitting a series of essays to the Profession detailing the work that he or she has performed. In addition to exams, essays and courses, it is required that the candidate have at least three years' experience of actuarial work under supervision of a recognized actuary to qualify as a Fellow of the Institute of Actuaries (FIA) or of the Faculty of Actuaries (FFA).
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or higher passing) are posted six to eight weeks after the test. However, due to the way the test is scaled, the scores can range from 0–10, but there are also situations where the highest grade for a test is a 9 even if every single question was answered correctly. This is because the interval is 10 percent of the score required to pass, which means the following:
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testing centers. Candidates are allowed to use a calculator from an approved list. The exams are timed and last between three and four hours. Some tests provide instant feedback as to whether or not a candidate has passed that particular exam (see table below). All test scores (on a 0-10 scale with 6
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To become an Associate, one needs to complete Part I and Part II of the accreditation process, perform 3 years of recognized work experience, and complete a professionalism course. To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not
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the education to become an actuary takes five years. The education usually consists of a bachelor's degree (three years) and a master's degree (two years). The bachelor's degree needs to contain a specific number of courses in mathematics and statistics. The master's degree usually consists of one
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To achieve associate-ship, the CAA requires examination with 5 subjects: (1) probability and mathematical statistics, (2) finance and economics, (3) actuarial mathematics, (4) actuarial models and data analytics, (5) actuarial risk management; while ASHK recognizes associate-ship credentials from
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The exams themselves are split into four sections: Core Principles (CP), Core Practices (CP), Specialists Principles (SP), and Specialist Advance (SA). For students who joined the Profession after June 2004, a further requirement that the student carry out a "Work-based skills" exercise has been
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SOA administers exam LTAM (previously MLC), which covers life contingencies topics. Starting in May 2014, MLC includes both multiple choice and open-response questions. SOA made this change because, in their view, strict multiple-choice questions are not sufficient or adequate to test whether
33:. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure. 214:
The IAJ's requirement for associateship include passing the primary examination with 5 basic subjects: (1) mathematics, (2) life insurance mathematics, (3) non-life insurance mathematics, (4) pension mathematics, (5) accounting, economics and investment theory.
357:(IAJ). The associateship and fellowship credentials from these organizations are also recognized. The AIRC/AICT has coordinated with SOA and CAS to integrate the Taiwanese exams into their education systems (SOA Regulation and Taxation Module and CAS Exam 6T). 542:
Note that the UK Profession is currently introducing the Certified Actuarial Analyst (CAA) qualification to "provide those working in financial and actuarial roles at a technical level around the world with valuable skills and a well respected qualification".
243:. To become an international qualified actuary, a person with a Norwegian actuarial education must also take two courses in economics (macroeconomics and accounting) and a course in ethics. The ethics course, which lasts a day, is offered by the 167:. By Danish law, responsibility for the practice of any life insurance business must be taken by a formally acknowledged and approved actuary. Approval as a formally responsible actuary requires three to five years of professional experience.( 139:
management, (6) asset management, and (7) data science, each requires examination with another 5 subjects; while ASHK requires fellowship credentials from either of the 4 organizations above and passing the ASHK Certificate examination.
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The AIRC/AICT offers 3 tracks for its membership: life insurance, general insurance, and pension. Although with own design of education system, the AIRC/AICT practically only holds exams testing knowledge specifically to
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Dependent on which society a student chooses to pursue, there are anywhere from six to seven preliminary exams. Most of the exams are multiple choice and administered on computers at
354: 208: 2719: 244: 105: 101: 108:(ASHK) have their own associate-ship and fellowship credentialing processes. The CAA holds its own system of examinations, while ASHK holds only examination of "Certificate in 2818: 29:
process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed
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However, a candidate may offer proof of having previously covered topics (at a high enough standard, usually while at university) to be exempt from taking certain subjects.
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The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience. The system is governed by the
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and is also offered by each of the universities above. Part III consists of four half-year courses of which two are compulsory and the other two allow specialization.
863: 618:, and one from either advanced long-term actuarial mathematics or advanced short-term actuarial mathematics), validating educational experience (VEE) in 3 fields ( 218:
The IAJ offers 3 tracks for fellowship: life insurance, non-life insurance, and pension. Each requires passing the secondary examination with 2 advanced subjects.
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To achieve fellowship, the CAA offers 7 tracks: (1) life insurance, (2) non-life insurance, (3) health insurance, (4) social insurance and pension planning, (5)
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Insurance Markets and Regulations" (ASHK Certificate). Note that CAA exams were suspended in 2014 but reintroduced in 2023 in an updated structure.
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South Africa pioneered the actuarial banking route, with fellowship exams (equivalent to the UK's SA exams) in banking beginning in the late 2010s.
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program (for those with no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers the subjects
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required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism.
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The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either
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Haastrup, Svend; Jens Perch, Nielsen (1998). "The historical perspective of the Danish actuarial profession".
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The Society of Actuaries' requirements for Associateship (ASA) include passing 6 preliminary examinations (
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year of courses and one year writing a master's degree about a topic related to the actuarial profession.
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To sign certain statements of actuarial opinion, however, American actuaries must be members of the
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Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States
2011: 2085: 1977: 631: 81: 65: 1988: 865:. That is, grade 10 is unachievable. Hence, the highest grade achievable can be 9 for a test. 77: 2702:. Auckland, New Zealand: International Association for Statistical Education. pp. 405–410 2039: 2837: 2814: 2794: 2770: 2746: 873: 845: 615: 577: 557: 338: 302: 282: 232: 117: 57: 2762: 2640: 2523: 8: 2786: 2738: 1916: 380: 2613: 2586: 2450: 1727:: Exam codes with asterisk (*) indicate the code was reused later in a different title. 842:, i.e. the requirement for the percentage of score to get grade 10 will be higher than 286: 236: 161: 157: 2841: 2500: 152:
to become an actuary with no professional experience requirement. There is a focus on
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International Conference on the Teaching of Statistics 3, Dunedin, New Zealand
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In the U.S., for life, health, and pension actuaries, exams are given by the
306: 2416: 2061:"Frequently asked questions on exemptions | the Actuarial Profession" 580:, while for property-casualty actuaries the exams are administered by the 607: 290: 2548: 623: 294: 153: 2893: 313:. The program operates under the Division of Mathematical Statistics. 638: 619: 310: 109: 2400: 1905: 2666: 2109: 329:(AIRC/AICT), with associateship and fellowship credential levels. 2518:[Content of training to/for actuary/in DAV] (in German). 627: 30: 610:, financial mathematics, fundamentals of actuarial mathematics, 383:
consists of a combination of exams and courses provided by the
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Transactions of the 26th international congress of actuaries
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Let P be the passing percentage, the transcript will show.
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In Denmark it normally takes five years of study at the
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Actuarial Institute of the Republic of China (Taiwan)
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Actuarial Institute of the Republic of China (Taiwan)
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Archived from 1989:Regulation and Taxation Module 1860: 1849: 1839: 1814: 1801: 1788: 1759: 1466:Models for Financial Economics 1390:Modern Actuarial Statistics II 1111:Models for Financial Economics 245:Norwegian Society of Actuaries 106:Actuarial Society of Hong Kong 102:China Association of Actuaries 70:Australian National University 1: 2397:American Academy of Actuaries 2373:American Academy of Actuaries 2349: 1520:Models for Life Contingencies 1368:Modern Actuarial Statistics I 1133:Models for Life Contingencies 835:{\displaystyle 1.4P>100\%} 589:American Academy of Actuaries 568:American Academy of Actuaries 62:University of New South Wales 2864:Society of Actuaries website 2417:"Actuarial Society of India" 963:Statistics for Risk Modeling 950:Part of exams LTAM and STAM 612:statistics for risk modeling 36: 7: 2443:Syllabus of Basic Education 552:Credentialing organizations 169:Haastrup & Nielsen 2007 10: 2935: 2473:Casualty Actuarial Society 2447:Casualty Actuarial Society 1712: 1707:Education system redesign 1706: 1700: 1685: 1680:Education system redesign 1679: 1673: 1658: 1653:Education system redesign 1652: 1646: 1631: 1626:Education system redesign 1625: 1619: 1606: 1600: 1594: 1581: 1575: 1569: 1556: 1550: 1544: 1531: 1525: 1519: 1504: 1498: 1492: 1477: 1471: 1465: 1452: 1446: 1440: 1423: 1417: 1411: 1395: 1389: 1373: 1367: 1349: 1343: 1325: 1319: 1285:Casualty Actuarial Society 1276: 1271:Education system redesign 1270: 1264: 1254: 1249:Education system redesign 1248: 1242: 1232: 1227:Education system redesign 1226: 1220: 1210: 1205:Education system redesign 1204: 1198: 1188: 1182: 1176: 1166: 1160: 1154: 1144: 1138: 1132: 1122: 1116: 1110: 1100: 1094: 1088: 1078: 1072: 1066: 1054: 1048: 1042: 1027: 1021: 1008: 1002: 989: 983: 968: 962: 949: 943: 930: 924: 911: 905: 582:Casualty Actuarial Society 565: 562:Casualty Actuarial Society 555: 532: 519: 506: 493: 480: 467: 454: 441: 428: 415: 364: 361:United Kingdom and Ireland 343:Casualty Actuarial Society 174: 160:, and a requirement for a 143: 122:Casualty Actuarial Society 80:in London. 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2848:2011-03-04 2825:2006-09-10 2730:2011-03-04 2659:2007-05-01 2641:"Part III" 2632:2007-05-01 2605:2007-05-01 2578:2021-05-10 2559:2021-05-10 2549:"About Us" 2507:2006-06-11 2483:August 14, 2460:2011-01-19 2427:2007-08-31 2407:January 4, 2379:January 4, 2350:References 2338:2016-06-18 2296:2021-12-01 2272:2021-12-01 2248:2016-06-18 2132:2022-01-20 2095:2022-01-20 2071:2013-12-31 2046:2013-12-31 2021:2022-01-20 1453:Exam MAS-I 1298:Introduced 1295:Exam title 1167:Exam STAM 1145:Exam LTAM 887:Introduced 884:Exam title 624:accounting 403:Exam title 154:statistics 104:(CAA) and 19:See also: 2791:Education 2767:Education 2743:Education 2225:CAS 2011a 2212:SOA 2012c 2199:SOA 2012a 2173:CAS 2011b 1310:SOA eqv. 1292:Exam code 1183:Course 3 1161:Course 4 1123:Exam IFM 1073:Exam MLC 1049:Exam MFE 931:Course 2 912:Course 1 881:Exam code 853:% 830:% 798:% 792:≈ 789:% 684:>1.4P 681:1.3P–1.4P 678:1.2P–1.3P 675:1.1P–1.2P 666:0.8P–0.9P 663:0.7P–0.8P 660:0.6P–0.7P 657:0.5P–0.6P 639:Prometric 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Index

Category:Actuarial associations
actuary
Institute of Actuaries of Australia
Bond University
Monash University
Macquarie University
University of New South Wales
University of Melbourne
Australian National University
Curtin University
Institute of Actuaries
Actuarial control cycle
China
China Association of Actuaries
Actuarial Society of Hong Kong
Hong Kong
Society of Actuaries
Casualty Actuarial Society
Institute and Faculty of Actuaries
Institute of Actuaries of Australia
financial risk
University of Copenhagen
statistics
probability theory
master's
thesis
Haastrup & Nielsen 2007
German Actuarial Society
Institute of Actuaries of India
Japan

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