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{{Short description|Credentialing process for acturial science}}
{{see also|Category:Actuarial associations}}
{{see also|Category:Actuarial associations}}
The '''actuarial credentialing and exam''' 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 [[actuary]]. 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.
The '''actuarial credentialing and exam''' 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 [[actuary]]. 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.


==Australia==
==Policies of various countries==
The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience.<ref name="auto1">{{harv|IAA-Ed|2021}}</ref> The system is governed by the [[Institute of Actuaries of Australia]].<ref>{{harv|IAA-About|2021}}</ref>


The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either [[Bond University]], [[Monash University]], [[Macquarie University]], [[University of New South Wales]], [[University of Melbourne]], [[Australian National University]] or [[Curtin University]].<ref name="auto">{{harv|IAA-Part I|2006}}</ref> The courses cover subjects including finance, financial mathematics, economics, contingencies, demography, models, probability and statistics. Students may also gain exemptions by passing the exams of the [[Institute of Actuaries]] in London.<ref name="auto"/> Part II is the [[Actuarial control cycle]] and is also offered by each of the universities above.<ref>{{harv|IAA-Part II|2006}}</ref> Part III consists of four half-year courses of which two are compulsory and the other two allow specialization.<ref>{{harv|IAA-Part III|2006}}</ref>
===Australia===
The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience {{harv|IAA-Ed|2021}}. The system is governed by the [[Institute of Actuaries of Australia]] {{harv|IAA-About|2021}}.


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.<ref name="auto1"/> To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism.<ref name="auto1"/>
The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either [[Monash University]], [[Macquarie University]], [[University of New South Wales]], [[University of Melbourne]], [[Australian National University]] or [[Curtin University]] {{harv|IAA-Part I|2006}}. The courses cover subjects including finance, financial mathematics, economics, contingencies, demography, models, probability and statistics. Students may also gain exemptions by passing the exams of the [[Institute of Actuaries]] in London {{harv|IAA-Part I|2006}}. Part II is the [[Actuarial control cycle]] and is also offered by each of the universities above {{harv|IAA-Part II|2006}}. Part III consists of four half-year courses of which two are compulsory and the other two allow specialization {{harv|IAA-Part III|2006}}.


==China==
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 {{harv|IAA-Ed|2021}}. To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism {{harv|IAA-Ed|2021}}.
In [[China]], both [[China Association of Actuaries]] (CAA) and [[Actuarial Society of Hong Kong]] (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 [[Hong Kong]] Insurance Markets and Regulations" (ASHK Certificate). Note that CAA exams were suspended in 2014 but reintroduced in 2023 in an updated structure.<ref>{{cite news |title=China Brings Back Insurance Actuary Qualifying Exams After Nine-Year Hiatus |url=https://www.yicaiglobal.com/news/china-brings-back-insurance-actuary-qualification-after-nine-year-hiatus |access-date=5 September 2023 |work=www.yicaiglobal.com |language=en}}</ref>


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 [[Society of Actuaries]] (SOA), [[Casualty Actuarial Society]] (CAS), [[Institute and Faculty of Actuaries]] (IFoA), and [[Institute of Actuaries of Australia]] (IAA).<ref>[http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1117738&itemId=928]</ref>
===Bangladesh===
The [[Actuarial Society of Bangladesh]] is the unique Professional Body of Actuaries in Bangladesh. The Actuarial Society of Bangladesh follows the curriculum of The [[Institute and Faculty of Actuaries]], [[United Kingdom]]. Some universities, including the [[University of Rajshahi]] and [[Jahangirnagar University]], provide [[Actuarial Science]] courses. Since 2015, the [[University of Dhaka]] and East West University offer master's degrees in Actuarial Science.{{Citation needed|date=January 2021}}


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) [[financial risk]] 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. <ref>[https://www.actuaries.org.hk/pages/9/Actuarial%20Education%20&%20Certification/17/ASHK%20Certificate/1/Overview ASHK Certificate Overview]</ref>
===Canada===
The [[Canadian Institute of Actuaries]] (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 {{harv|CAS|2011b}}. 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 {{harv|CIA|2004}}.
The CIA offers both fellowship and associate designations.{{Citation needed|date=January 2021}}


===Denmark===
==Denmark==
In Denmark it normally takes five years of study at the [[University of Copenhagen]] to become an actuary with no professional experience requirement. There is a focus on [[statistics]] and [[probability theory]], and a requirement for a [[Master's degree|master's]] [[thesis]] {{harv|Norberg|1990}}. 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.{{harv|Haastrup|Nielsen|2007}}
In Denmark it normally takes five years of study at the [[University of Copenhagen]] to become an actuary with no professional experience requirement. There is a focus on [[statistics]] and [[probability theory]], and a requirement for a [[Master's degree|master's]] [[thesis]].<ref>{{harv|Norberg|1990}}</ref> 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.{{harv|Haastrup|Nielsen|2007}}


===Germany===
==Germany==
Current rules for the [[German Actuarial Society]] require an actuary to pass more than 13 exams. {{harv|DAV|2011}}
Current rules for the [[German Actuarial Society]] require an actuary to pass more than 13 exams.<ref>{{harv|DAV|2011}}</ref>


===Greece===
==India==
The [[Institute of Actuaries of India]] (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.<ref>{{harv|ASI|2006}}</ref> 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.
In [[Greece]] the only specialized school of actuaries are the Department of Statistics and Insurance Science of the [[University of Piraeus]] and the Statistics and Actuary-Finance Mathematics of the [[University of the Aegean]], in [[Samos]]. The duration of studies is four years, with a practice period included, and the certificate given is a bachelor's degree. The Diploma of Actuary is given by the Actuaries Union of Greece, after successful exams within the union. Other schools that offer actuarial directions can be found throughout the rest departments of [[Statistics]] in the various universities of the country, most notably that of the [[Athens University of Economics and Business]] (OPA/ASOEE), which is also the top economic university of [[Greece]].{{Citation needed|date=January 2021}}


===India===
==Japan==
The education system in [[Japan]] is administrated by [[Institute of Actuaries of Japan]] (IAJ), with associateship and fellowship credential levels.<ref>[https://www.actuaries.jp/english/ Institute of Actuaries of Japan]</ref>
The [[Actuarial Society of India]] (now converted into Institute of Actuaries 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 {{harv|ASI|2006}}. 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.


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. <ref>[https://www.actuaries.jp/english/info/examination.html How to Become an Actuary]</ref>
===Italy===
Italian actuaries also receive their training through university plus a single examination given by the state (''Esame di Stato''). The studies usually take a total of five years to complete, three (''Triennale'') plus two (''Magistrale''), because students need to pass at least 30 exams (the exact number depends on the university and curriculum), many with both written and oral components on actuarial and economic topics. After university, to become qualified to sign statements of actuarial opinion, students must pass the ''Esame di Stato'', which is offered twice a year in [[Rome]] and [[Trieste]]; the ''Esame di Stato'' consists of two written sections, a practical portion, and an oral exam. The association of qualified actuaries is called "Ordine degli Attuari" ("Order of Actuaries").{{Citation needed|date=January 2021}}


The IAJ offers 3 tracks for fellowship: life insurance, non-life insurance, and pension. Each requires passing the secondary examination with 2 advanced subjects.
===Mexico===
Unlike in the United States, in Mexico actuarial training consists of a full four or five-year licenciatura (bachelor) degree course. Only a few universities in the country offer the degree; some of them are the National Autonomous University of Mexico ([[UNAM]]), Autonomous University of Yucatán ([[UADY]]), Universidad de las Americas Puebla ([[UDLAP]]), [[Universidad Anahuac]], Autonomous Technological Institute of Mexico ([[Instituto Tecnológico Autónomo de México|ITAM]]), Autonomous University of Guadalajara ([[Universidad Autónoma de Guadalajara|UAG]]), Autonomous University of Nuevo León ([[Universidad Autónoma de Nuevo León|UANL]]), and the Ibero-American University ([[Universidad Iberoamericana]]).{{Citation needed|date=January 2021}}


===Norway===
==Norway==
In [[Norway]] 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 year of courses and one year writing a master's degree about a topic related to the actuarial profession. [[University of Bergen|The University of Bergen]] and [[University of Oslo|The University of Oslo]] offer the education to become an actuary in [[Norway]] {{harv|University of Bergen|2011}}.
In [[Norway]] 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 year of courses and one year writing a master's degree about a topic related to the actuarial profession. [[University of Bergen|The University of Bergen]] and [[University of Oslo|The University of Oslo]] offer the education to become an actuary in [[Norway]].<ref>{{harv|University of Bergen|2011}}</ref>
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 [[Norwegian Society of Actuaries]] {{harv|Norwegian Society of Actuaries|2011}}.
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 [[Norwegian Society of Actuaries]].<ref>{{harv|Norwegian Society of Actuaries|2011}}</ref>


===Portugal===
==South Africa==
Actuaries in South Africa are served by the [[Actuarial Society of South Africa]] (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.
In [[Portugal]] the only school that offers a degree in actuarial science is [https://www.iseg.ulisboa.pt/aquila/cursos/ca?ano=2016&locale=en&_request_checksum_=e6a8ecd3c5b8c10590c3589b5ecc21f3d203db2f Instituto Superior de Economia e Gestão (ISEG)] at the [[University of Lisbon]], which offers a two-year master's degree, fully integrated into the Bologna regimen. The programme is, since 2017/18, accredited by the Institute and Faculty of Actuaries in the UK, leading to exemptions based on the student overall performance during the course, or leading to exemptions from individual exams based on the student's performance in certain modules of the Masters.{{Citation needed|date=January 2021}}


One may obtain the [[Chartered Enterprise Risk Actuary]] (CERA) designation through the ASSA.
===South Africa===
Actuaries in South Africa are served by the [[Actuarial Society of South Africa]] (ASSA). Until recently{{when|date=May 2020}} <!-- 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.


South Africa pioneered the actuarial banking route, with fellowship exams (equivalent to the UK's SA exams) in banking beginning in the late 2010s.
One may obtain the Chartered Enterprise Risk Actuary (CERA) designation through the ASSA.


===Sweden===
==Sweden==
Actuarial training in [[Sweden]] takes place at [[Stockholm University]]. The five-year [[Master's degree|master's]] program (for those with no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers the subjects [[mathematics]], [[statistics|mathematical statistics]], [[actuarial science|insurance mathematics]], [[Mathematical finance|financial mathematics]], [[insurance law]] and insurance [[economics]]. The program operates under the Division of Mathematical Statistics {{harv|Stockholm University|2006}}. For those with a bachelor's degree in mathematics, statistics or with a master's degree in mathematics, a two-year full-time master's degree [https://archive.is/20130418113757/http://www.math.su.se/utbildning/utbildningsprogram-i-matematik-och-matematisk-statistik/masterprogram-i-forsakringsmatematik-1.70941 Aktuarieprogrammet] has been offered since 2002 at Stockholm University, which has a long [http://www.math.su.se/english/about-us/history history of research on insurance mathematics].
Actuarial training in [[Sweden]] takes place at [[Stockholm University]]. The five-year [[Master's degree|master's]] program (for those with no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers the subjects [[mathematics]], [[statistics|mathematical statistics]], [[actuarial science|insurance mathematics]], [[Mathematical finance|financial mathematics]], [[insurance law]] and insurance [[economics]]. The program operates under the Division of Mathematical Statistics.<ref>{{harv|Stockholm University|2006}}</ref>


===Turkey ===
==Taiwan==
Qualification in [[Taiwan]] is administrated by [[Actuarial Institute of the Republic of China (Taiwan)]] (AIRC/AICT), with associateship and fellowship credential levels.<ref>[http://www.airc.org.tw/ Actuarial Institute of the Republic of China (Taiwan)]</ref>
Qualification in [[Turkey]] consists of a series of exams administered by an exam board made up of representatives of the [[Actuarial Society of Turkey]], the government and universities. The exams are split into 3 levels: first level (essentials of insurance and economy, mathematics, statistics and probability, financial mathematics); second level (accounting and financial reporting, insurance mathematics (life and non-life), risk analysis, actuarial modeling); and third level (investment and risk management, non-life insurance, life insurance, health insurance, pension systems). After completing the first level exams, a candidate becomes an "actuarial trainee", after the second level an "assistant actuary", and after the third level and 3 years of related work experience the candidate becomes an "actuary".{{Citation needed|date=January 2021}}


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 [[Taiwan]] and mainly recognizes examination credits from [[Society of Actuaries]] (SOA), [[Casualty Actuarial Society]] (CAS), [[Institute and Faculty of Actuaries]] (IFoA), [[Institute of Actuaries of Australia]] (IAA), and [[Institute of Actuaries of Japan]] (IAJ). The associateship and fellowship credentials from these organizations are also recognized.<ref>[http://www.airc.org.tw/re/files/Be%20an%20Actuary-20230810.pdf How to Become an Actuary (AIRC)]</ref> The AIRC/AICT has coordinated with SOA and CAS to integrate the Taiwanese exams into their education systems (SOA Regulation and Taxation Module<ref>[https://www.soa.org/education/exam-req/edu-module-reg-detail Regulation and Taxation Module]</ref> and CAS Exam 6T<ref>[https://www.casact.org/exam/exam-6t-regulation-and-financial-reportingtaipei Exam 6T]</ref>).
===UK and Ireland===
Qualification in the [[United Kingdom]] and [[Republic of Ireland|Ireland]] consists of a combination of exams and courses provided by the [[Institute and Faculty of Actuaries]]. The exams may only be taken upon having officially joined the body,<ref>[http://www.actuaries.org.uk/students/pages/how-register-student]</ref> 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.<ref>{{Cite web |url=http://www.actuaries.org.uk/students/pages/exam-preparation |title=Archived copy |access-date=2013-12-31 |archive-url=https://web.archive.org/web/20121106021001/http://www.actuaries.org.uk/students/pages/exam-preparation |archive-date=2012-11-06 |url-status=dead }}</ref>


== United Kingdom and Ireland ==
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.<ref>{{Cite web |url=http://www.actuaries.org.uk/students/pages/frequently-asked-questions-exemptions |title=Archived copy |access-date=2013-12-31 |archive-url=https://web.archive.org/web/20130305040931/http://www.actuaries.org.uk/students/pages/frequently-asked-questions-exemptions |archive-date=2013-03-05 |url-status=dead }}</ref>
{{main|Institute and Faculty of Actuaries|Society of Actuaries in Ireland}}
Qualification in the [[United Kingdom]] and [[Republic of Ireland|Ireland]] consists of a combination of exams and courses provided by the [[Institute and Faculty of Actuaries]]. The exams may only be taken upon having officially joined the body,<ref>{{Cite web|title=How to Register Student|url=http://www.actuaries.org.uk/students/pages/how-register-student|access-date=2022-01-20|website=www.actuaries.org.uk}}</ref> 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.<ref>{{Cite web |url=http://www.actuaries.org.uk/students/pages/exam-preparation |title=Exam preparation &#124; the Actuarial Profession |access-date=2013-12-31 |archive-url=https://web.archive.org/web/20121106021001/http://www.actuaries.org.uk/students/pages/exam-preparation |archive-date=2012-11-06 |url-status=dead }}</ref>


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.<ref>{{Cite web |url=http://www.actuaries.org.uk/students/pages/frequently-asked-questions-exemptions |title=Frequently asked questions on exemptions &#124; the Actuarial Profession |access-date=2013-12-31 |archive-url=https://web.archive.org/web/20130305040931/http://www.actuaries.org.uk/students/pages/frequently-asked-questions-exemptions |archive-date=2013-03-05 |url-status=dead }}</ref>
The exams themselves are split into four sections:<ref>[http://www.actuaries.org.uk/students/pages/our-exams-explained]</ref> 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 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) {{harv|Institute and Faculty of Actuaries|2011a}}.


The exams themselves are split into four sections:<ref>{{Cite web|title=Our Exams Explained|url=http://www.actuaries.org.uk/students/pages/our-exams-explained|access-date=2022-01-20|website=www.actuaries.org.uk}}</ref> 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 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).<ref>{{harv|Institute and Faculty of Actuaries|2011a}}</ref>
Actuaries can also gain partial credit towards Fellowship of the Institute and Faculty of Actuaries by following an [[actuarial science]] degree at an accredited university. At the undergraduate level the only locally accredited programmes are currently at the [[University of Manchester]], [[University College Dublin]], [[Queen's University Belfast]], [[Heriot-Watt University]], [[University of Edinburgh]], the [[London School of Economics]], [[University of Southampton]], [[City University, London]], [[University of Leicester]] and the [[University of Kent]]. Full-time accredited master's programmes are provided only by the University of Kent, Heriot-Watt University, University of Leicester and City University; part-time accredited master's degrees are offered by [[Imperial College London]] and the [[University of Leicester]]. Actuarial programmes that offer the possibility of exemption from individual professional exams are also available at City University, London, Heriot-Watt University, the London School of Economics, the [[University of Southampton]], [[Swansea University]], the University of Kent and the [[University of Warwick]]. In Ireland exemptions are offered by [[National University of Ireland, Galway]], [[Dublin City University]], [[University College Cork]]. Some South African universities are also accredited by the Institute and Faculty of Actuaries. These universities include the [[University of Pretoria]], [[University of Cape Town]], [[Stellenbosch University]], [[University of the Free State]] and the [[University of the Witwatersrand]]. [https://web.archive.org/web/20090522121156/http://www.iseg.utl.pt/ ISEG] in Lisbon, Portugal, offers the possibility of exemption from some professional exams of the Institute and Faculty of Actuaries.{{Citation needed|date=January 2021}}


{|class=wikitable style="text-align:center;"
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".<ref>[http://www.actuaries.org.uk/news/articles/new-qualification-takes-step-forward]</ref>
!Exam code!!Exam title!!Format
|-
|'''CM1'''||align=left|Actuarial Mathematics||Session based exam
|-
|'''CM2'''||align=left|Financial Engineering and Loss Reserving||Session based exam
|-
|'''CS1'''||align=left|Actuarial Statistics||Session based exam
|-
|'''CS2'''||align=left|Risk Modelling and Survival Analysis||Session based exam
|-
|'''CB1'''||align=left|Business Finance||Session based exam
|-
|'''CB2'''||align=left|Business Economics||Session based exam
|-
|'''CB3'''||align=left|Business Management||Online exam
|-
|'''CP1'''||align=left|Actuarial Practice||Session based exam
|-
|'''CP2'''||align=left|Modelling Practice||Online exam
|-
|'''CP3'''||align=left|Communications Practice||Online exam
|}


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".<ref>{{Cite web|title=New qualification takes a step forward|url=http://www.actuaries.org.uk/news/articles/new-qualification-takes-step-forward|access-date=2022-01-20|website=www.actuaries.org.uk}}</ref>
===United States===
In the U.S., for life, health, and pension actuaries, exams are given by the [[Society of Actuaries]], while for property-casualty actuaries the exams are administered by the [[Casualty Actuarial Society]]. The Society of Actuaries’ requirements for Associateship include passing five preliminary examinations, demonstrating educational experience in [[economics]], [[corporate finance]], and [[applied statistics]]—called validation by educational experience (VEE), completing an eight-module self-learning series, and taking a course on professionalism {{harv|SOA|2012a}}. For Fellowship, three other modules, three or four exams depending on specialty track, and a special fellowship admission course is added {{harv|SOA|2012c}}. 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 {{harv|CAS|2011a}}. One may become a Chartered (or Certified) Enterprise Risk Analyst (CERA) through either the SOA or the CAS.{{Citation needed|date=January 2021}}


== United States and Canada ==
To sign certain statements of actuarial opinion, however, American actuaries must be members of the [[American Academy of Actuaries]]. 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 {{harv|AAA|2010}}. Continuing education is required after certification for all actuaries who sign statements of actuarial opinion {{harv|AAA|2008}}.
=== Credentialing organizations ===
{{main|Society of Actuaries|Casualty Actuarial Society}}
{{main|American Academy of Actuaries|Canadian Institute of Actuaries}}
In the U.S., for life, health, and pension actuaries, exams are given by the [[Society of Actuaries]], while for property-casualty actuaries the exams are administered by the [[Casualty Actuarial Society]].


To sign certain statements of actuarial opinion, however, American actuaries must be members of the [[American Academy of Actuaries]]. 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.<ref>{{harv|AAA|2010}}</ref> Continuing education is required after certification for all actuaries who sign statements of actuarial opinion.<ref>{{harv|AAA|2008}}</ref>
In the pension area, American actuaries must pass three examinations to become an [[Enrolled Actuary]]. Some pension-related filings to the [[Internal Revenue Service]] and the [[Pension Benefit Guaranty Corporation]] require the signature of an Enrolled Actuary. Many Enrolled Actuaries belong to the [[Conference of Consulting Actuaries]] or the [[American Society of Pension Professionals and Actuaries]].{{Citation needed|date=January 2021}}


The [[Canadian Institute of Actuaries]] (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.<ref>{{harv|CAS|2011b}}</ref> 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.<ref>{{harv|CIA|2004}}</ref>
In 2009, the Society of Actuaries began a high-level accreditation system for universities, recognizing the best actuarial schools as [http://www.soa.org/Education/Resources/actuarial-colleges/actuarial-college-listings-details.aspx Centers of Actuarial Excellence.] There are two sets of criteria that must be met: [https://www.soa.org/Education/Resources/Cae/edu-cae-overview.aspx A Criteria and B Criteria.] Additionally, a site visit must be performed by a team of CAE committee members who evaluate the University and conduct interviews with students and faculty. The designation is retained for five years and if a criterion is not met, then the University must provide a plan for how they will address the problem within a reasonable time frame.{{Citation needed|date=January 2021}}


====Preliminary exams====
=== Education and exams ===
The Society of Actuaries' requirements for Associateship (ASA) include passing 6 preliminary examinations ([[probability]], financial mathematics, fundamentals of actuarial mathematics, [[Statistical model|statistics for risk modeling]], [[predictive analytics]], and one from either advanced long-term actuarial mathematics or advanced short-term actuarial mathematics), validating educational experience (VEE) in 3 fields ([[economics]], [[accounting]] and [[finance]], and [[mathematical statistics]]), 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.<ref>{{harv|SOA|2012a}}</ref> For Fellowship (FSA), three other modules, three or four exams depending on specialty track, and a special fellowship admission course is added.<ref>{{harv|SOA|2012c}}</ref> 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.<ref>{{harv|CAS|2011a}}</ref>
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 [[Prometric]] testing centers. Candidates are allowed to use a calculator from an approved list.<ref>http://www.beanactuary.com/exams/rules/?fa=identification-and-calculators#calculator</ref> 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 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<ref>{{Cite web|title=Grading - Reporting of Examination Results {{!}} SOA|url=https://www.soa.org/education/general-info/grading/edu-reporting-results.aspx|access-date=2021-12-01|website=www.soa.org}}</ref>, which means the following<ref>{{Cite web|title=school_and_exam_questions - actuary|url=https://libreddit.spike.codes/r/actuary/wiki/school_and_exam_questions|access-date=2021-12-01|website=libreddit.spike.codes}}</ref>:


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 [[Prometric]] testing centers. Candidates are allowed to use a calculator from an approved list.<ref>{{Cite web |url=http://www.beanactuary.com/exams/rules/?fa=identification-and-calculators#calculator |title=Identification and Calculators &#124; be an Actuary |access-date=2016-06-18 |archive-date=2013-09-25 |archive-url=https://web.archive.org/web/20130925202820/http://www.beanactuary.com/exams/rules/?fa=identification-and-calculators#calculator |url-status=dead }}</ref> 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 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,<ref>{{Cite web|title=Grading - Reporting of Examination Results {{!}} SOA|url=https://www.soa.org/education/general-info/grading/edu-reporting-results.aspx|access-date=2021-12-01|website=www.soa.org}}</ref> which means the following:<ref>{{Cite web|title=school_and_exam_questions - actuary|url=https://libreddit.spike.codes/r/actuary/wiki/school_and_exam_questions|access-date=2021-12-01|website=libreddit.spike.codes}}</ref>
Let P be the passing percentage.


Let P be the passing percentage, the transcript will show.
Passing Scores:
{|class=wikitable style="text-align:center;"

!Range
* If you score between P and 1.1P, you get a 6;
|<0.5P||0.5P–0.6P||0.6P–0.7P||0.7P–0.8P||0.8P–0.9P||0.9P–P
* If you score between 1.1P and 1.2P, you get a 7;
|P–1.1P||1.1P–1.2P||1.2P–1.3P||1.3P–1.4P||>1.4P
* If you score between 1.2P and 1.3P, you get an 8;
|-
* Between 1.3P and 1.4P, 9;
!Score
* Greater than 1.4P, 10;
|'''0'''||'''1'''||'''2'''||'''3'''||'''4'''||'''5'''||'''6'''||'''7'''||'''8'''||'''9'''||'''10'''

|-
Failing Scores:
!Result

|colspan=6|'''Fail'''||colspan=5|'''Pass'''
* If you score between 0.9P and P, you get a 5;
|}
* Between 0.8P and 0.9P, 4;
If <math>P>\frac{100}{1.4}\% \approx 71.4\%</math>, then <math>1.4P > 100\%</math>, i.e. the requirement for the percentage of score to get grade 10 will be higher than <math>100\%</math>. That is, grade 10 is unachievable. Hence, the highest grade achievable can be 9 for a test.
* Between 0.7P and 0.8P, 3;
* Between 0.6P and 0.7P, 2;
* Between 0.5P and 0.6P, 1;
* Less than 0.5P, 0.

If <math>P>\frac{100}{1.4}% \approx 71.4\%</math>, then <math>1.4P > 100%</math>, i.e. the requirement for the percentage of score to get grade 10 will be higher than <math>100\%</math>, i.e. grade 10 is unachievable. Hence, the highest grade achievable can be 9 for a test even if every question is answered correctly.

Through the end of 2013, four of the preliminary exams (all but MLC) were jointly sponsored by CAS and SOA. In late 2012, SOA announced its intention to end joint sponsorship beginning with tests administered in January 2014. CAS has not announced plans to develop alternative forms of the jointly sponsored exams; however, it accepts SOA exams for CAS credit. In 2018, the SOA revamped its preliminary exams. This affected the joint sponsorship; as of June 2018 only three preliminary exams are jointly sponsored by both societies.{{Citation needed|date=January 2021}}

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 candidates are familiar 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.{{Citation needed|date=January 2021}}<ref>{{Cite web|title=APRIL 2021 EXAMINATION RESULTS|url=https://www.soa.org/globalassets/assets/files/exam-results/edu-2021-04-ltam-percents-xstyui.pdf|url-status=live}}</ref>


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 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.<ref>{{Cite web|title=APRIL 2021 EXAMINATION RESULTS|url=https://www.soa.org/globalassets/assets/files/exam-results/edu-2021-04-ltam-percents-xstyui.pdf}}</ref>
CAS develops exam S as a full alternative to SOA's exam MLC. Exam S covers many topics within statistics, survival models, and stochastic processes. Between the beginning of 2014 and the end of 2015, CAS offered two interim exams: exam LC, covering many life contingencies topics, and exam ST, covering statistical and stochastic methods. Candidates who passed 3L or MLC before 2014 are exempt from taking LC and ST. Additionally, candidates passing exam LC, exam ST, and the Statistics VEE by August 2016 are exempt from taking exam S.{{Citation needed|date=January 2021}}


{| class="sortable wikitable"
{|class=wikitable style="text-align:center;font-size:small"
|+[[Society of Actuaries]] (SOA) Exams
!Exam code!!Exam title!!Introduced!!Preceded by!!Ceased!!Superseded by
|-
|-
|'''P'''||align=left|Probability||2005||align=left|Course 1
! SOA exam || CAS exam || Exam title || Exam topics || Format || Tests per year || Pass/fail estimate
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''FM'''||align=left|Financial Mathematics||2005||align=left|Course 2
| align="center"| P || align="center"| 1 || align="center"| Probability || Law of total probability, Bayes' theorem, basic counting, common discrete and continuous distributions, univariate and multivariate distributions, order statistics, transformation of distributions, conditional expectation, variance and covariance, basic knowledge of insurance and risk management || align="center"| Computer || align="center"| 6 || align="center"| Yes
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''FAM'''||align=left|Fundamentals of Actuarial Mathematics||2023||align=left|Part of exams LTAM and STAM
| align="center"| FM || align="center"| 2 || align="center"| Financial Mathematics || Basic interest theory, annuities, bonds, loans, cash flows, portfolios, determinants of interest rates, interest rate swaps, spot rates, forward rates and immunization || align="center"| Computer || align="center"| 6 || align="center"| Yes
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''SRM'''||align=left|Statistics for Risk Modeling||2018||align=left|''None''
| align="center"| IFM || align="center"| 3F || align="center"| Investment and Financial Markets || Interest rate models, derivatives, hedging, options, capital structure, debt and equity financing, rational valuation of derivative securities, and risk management techniques || align="center"| Computer || align="center"| 3 || align="center"| Yes
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''ALTAM'''||align=left|Advanced Long-Term Actuarial Mathematics||2023||align=left|Part of exam LTAM
| align="center"| LTAM || align="center"| -- || align="center"| Long-Term Actuarial Mathematics || Survival models, Markov chain models, life insurances and annuities, pension mathematics, and mortality improvement|| align="center"| Paper and pencil || align="center"| 2 || align="center"| No
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''ASTAM'''||align=left|Advanced Short-Term Actuarial Mathematics||2023||align=left|Part of exam STAM
| align="center"| STAM || align="center"| -- || align="center"| Short-Term Actuarial Mathematics || Severity models, frequency models, aggregate models, construction of empirical models, construction and selection of parametric models, estimating failure time and loss, determining the acceptability of a fitted model, credibility, simulation || align="center"| Computer || align="center"| 3 || align="center"| Yes
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''PA'''||align=left|Predictive Analytics||2018||align=left|''None''
| align="center"| PA || align="center"| --|| align="center"| Predictive Analytics || Exploratory Data Analysis, General Linear Model's (GLM), and Communication of Results using R || align="center"| Computer || align="center"| 2 || align="center"| No
|colspan=2 {{n/a|Current exam}}
|-
|-
|'''IFM'''||align=left|Investment and Financial Markets||2018||align=left|Exam MFE
| align="center"| SRM || align="center"| --|| align="center"| Statistics for Risk Modeling || Basics of Statistical Learning, Linear Models, Time Series Models, Principal Components Analysis, Decision Trees, and Cluster Analysis || align="center"| Computer || align="center"| 3 || align="center"| No
|2022||align=left|''Exam cancelled''
|-
|-
|'''LTAM'''||align=left|Long-Term Actuarial Mathematics||2018||align=left|Exam MLC
| align="center"| -- || align="center"| MAS-I || align="center"| Statistics and probabilistic models || Stochastic processes, survival models (including limited life contingencies concepts), statistics, general linear models (including ordinary least squares) and time series<ref>http://www.casact.org/admissions/syllabus/index.cfm?fa=Ssyllabi&parentID=345</ref> || align="center"| Paper and pencil || align="center"| 2 || align="center"| No
|2022||align=left|Exam ALTAM and part of exam FAM
|-
|-
|'''STAM'''||align=left|Short-Term Actuarial Mathematics||2018||align=left|Exam C
| align="center"| -- || align="center"| MAS-II || align="center"| Modern Actuarial Statistics II || Introduction to Credibility, Linear Mixed Models, Bayesian Analysis and Markov Chain Monte Carlo, and Statistical Learning || align="center"| Paper and pencil || align="center" | 2 || align="center" | No
|2022||align=left|Exam ASTAM and part of exam FAM
|}

====Validation by educational experience====
Candidates for CAS and SOA membership must pass standardized tests in introductory [[economics]] and [[corporate finance]]. Candidates for SOA membership must pass an additional standardized test in [[applied statistics]]. Economics has two components: macroeconomics and microeconomics. Applied statistics has two components: [[Regression analysis|regression]] and [[time series]]. Instead of passing exams, candidates may earn credit by passing an approved college class with a B- or better grade or by completing an approved correspondence class.{{Citation needed|date=January 2021}}

====CAS advanced exams====
To earn associate membership (ACAS), a candidate must pass the preliminary exams, VEE, two online modules, exam five, and exam six. For an associate to become a fellow (FCAS), exams seven through nine must be passed. The exams are administered on paper-and-pencil. Exam questions generally require an open answer; however, multiple-choice questions are allowed, too. Exam six comes in two versions: one for candidates in the United States and one for candidates in Canada.{{Citation needed|date=January 2021}}

{| class="wikitable"
!CAS exam
!Subject matter
!Test window<ref>http://www.casact.org/admissions/syllabus/schedule.pdf</ref>
|-
|-
|'''MFE'''||align=left|Models for Financial Economics||2007||align=left|Part of exam M
|Exam 5
|2017||align=left|Exam IFM
|Basic techniques for ratemaking and estimating claim liabilities
|Late April, Late October
|-
|-
|'''MLC'''||align=left|Models for Life Contingencies||2007||align=left|Part of exam M
|Exam 6
|2017||align=left|Exam LTAM
|Nation-specific examination: Regulation and financial reporting
|Late April, Late October
|-
|-
|'''C'''||align=left|Construction and Evaluation of Actuarial Models||2005||align=left|Course 4
|Exam 7
|2017||align=left|Exam STAM
|Estimation of policy liabilities, insurance company valuation, and enterprise risk management
|Late April
|-
|-
|'''M'''||align=left|Actuarial Models||2005||align=left|Course 3
|Exam 8
|2006||align=left|Exams MFE and MLC
|Advanced ratemaking
|Late October
|-
|-
|'''1'''||align=left|Mathematical Foundations of Actuarial Science||2000||align=left|Education system redesign
|Exam 9
|2005||align=left|Exam P and VEE
|Financial risk and rate of return
|-
|Late April
|'''2'''||align=left|Interest Theory, Economics and Finance||2000||align=left|Education system redesign
|}
|2005||align=left|Exam FM and VEE

The two modules that must be completed to become an associate are...

{| class="wikitable"
!Module
!Subject Matter
|-
|-
|'''3'''||align=left|Actuarial Models||2000||align=left|Education system redesign
|Module 1
|2005||align=left|Exam M
|Risk management and insurance operations
|-
|-
|'''4'''||align=left|Actuarial Modeling||2000||align=left|Education system redesign
|Module 2
|2005||align=left|Exam C and VEE
|Insurance accounting, coverage analysis, insurance law, and insurance regulation
|}
|}


{|class=wikitable style="text-align:center;font-size:small"
The exam schedule above started in 2011. Candidates who passed exams offered before 2011 are granted credit according to the following schedule. To earn credit for new exam five, a candidate must pass old exam five and old exam six. Candidates who passed ''one'' of old exam five and old exam six must pass a special exam covering the remaining material on new exam five.
|+[[Casualty Actuarial Society]] (CAS) Exams

!Exam code!!Exam title!!Introduced!!Preceded by!!Ceased!!Superseded by!!SOA eqv.
{| class="wikitable"
!Old Exam
!Conversion credit
|-
|-
|'''1'''||align=left|Probability||2005||align=left|Exam 1 (2000)
|Old Exam 5
|colspan=2 {{n/a|Current exam}}||'''P'''
|Half of New Exam 5 on ''Basic Ratemaking'' plus Module 1 (Risk Management and Insurance Operations)
|-
|-
|'''2'''||align=left|Financial Mathematics||2005||align=left|Exam 2 (2000)
|Old Exam 6
|colspan=2 {{n/a|Current exam}}||'''FM'''
|Half of New Exam 5 on ''Basic Reserving'' plus New Exam 7
|-
|-
|'''MAS-I'''||align=left|Modern Actuarial Statistics I||2018||align=left|Exam S
|Old Exam 7
|colspan=2 {{n/a|Current exam}}||{{n/a}}
|New Exam 6 plus Module 2 (Insurance Accounting, Coverage Analysis, Insurance Law, and Insurance Regulation)
|-
|-
|'''MAS-II'''||align=left|Modern Actuarial Statistics II||2018||align=left|Exam 4 (2005)
|Old Exam 8
|colspan=2 {{n/a|Current exam}}||{{n/a}}
|New Exam 9
|-
|-
|'''3F'''||align=left|Investment and Financial Markets||2018||align=left|Exam 3F (2007)
|Old Exam 9
|2022||align=left|''Exam cancelled''||'''IFM'''
|New Exam 8
|}
|-
|'''S'''||align=left|Statistics and Probabilistic Models<ref>{{Cite web |url=http://www.casact.org/admissions/syllabus/index.cfm?fa=Ssyllabi&parentID=345 |title=Casualty Actuarial Society &#124; Exam S Syllabus |access-date=2016-06-18 |archive-date=2016-04-21 |archive-url=https://web.archive.org/web/20160421081954/https://www.casact.org/admissions/syllabus/index.cfm?fa=Ssyllabi&parentID=345 |url-status=dead }}</ref>||2015||align=left|Exams LC and ST

|2017||align=left|Exam MAS-I||{{n/a}}
====SOA advanced exams====
|-
After passing the preliminary exams, SOA candidates complete the Fundamentals of Actuarial Practice e-learning course and the Associateship Professionalism Course. FAP contains eight learning modules and 1 final assessment. APC is held virtually. This completes the requirements for associate membership (ASA).{{Citation needed|date=January 2021}}
|'''3F*'''||align=left|Models for Financial Economics||2007||align=left|Part of exam 3 (2003)

|2017||align=left|Exam 3F (2018)||'''MFE'''
Associates select one of six areas of competence for further training. Each area has three or four exams and three learning modules. Exam one for "Retirement Benefits" has alternative requirements specific to Canada and the United States. For all tracks other than "Corporate Finance and Enterprise Risk Management," a candidate may pass the "Enterprise Risk Management" exam as a substitute for exam three. After completing the exams and modules, candidates must pass the "Decision Making and Communication Module" and the "Fellowship Admissions Course" before earning promotion to fellow (FSA).{{Citation needed|date=January 2021}}
|-

|'''4'''||align=left|Construction and Evaluation of Actuarial Models||2005||align=left|Exam 4 (2000)
{| class="wikitable"
|2017||align=left|Exam MAS-II||'''C'''
!Type
|-
!General Insurance
|'''LC'''||align=left|Models for Life Contingencies||2013||align=left|Part of exam 3L
!Corporate Finance and Enterprise Risk Management
|2016||align=left|Exam S||{{n/a}}
!Quantitative Finance and Investment
!Individual Life and Annuities
!Retirement Benefits
!Group and Health
|-
|-
|'''ST'''||align=left|Models for Stochastic Processes and Statistics||2014||align=left|Part of exam 3L
|Exam 1
|2016||align=left|Exam S||{{n/a}}
|Introduction to General Insurance
|Strategic Decision Making
|Quantitative Finance and Investment Core
|Life Pricing
|Funding and Regulation (Canada) '''or''' Enrolled Actuaries Series (US)
|Group and Health Core
|-
|-
|'''3L'''||align=left|Models for Life Contingencies and Statistics||2007||align=left|Part of exam 3 (2003)
|Exam 2
|2013||align=left|Exams LC and ST||{{n/a}}
|Introduction to Ratemaking and Reserving
|Corporate Finance Foundations
|Quantitative Finance and Investment Advanced
|Life Finance and Valuation
|Design and Accounting Exam
|Group and Health Advanced
|-
|-
|'''3'''||align=left|Statistics and Actuarial Models||2003||align=left|Exam 3 (2000)
|Exam 3
|2007||align=left|Exams 3L and 3F (2007)||{{n/a}}
|Advanced Topics in General Insurance
|Enterprise Risk Management
|Investment Risk Management
|Life Risk Management
|Retirement Plan Investment and Risk Management
|Group and Health Specialty
|-
|-
|'''1*'''||align=left|Mathematical Foundations of Actuarial Science||2000||align=left|Education system redesign
|Exam 4
|2005||align=left|Exam 1 (2005)||'''1'''
|Financial and Regulatory Environment
|
|
|
|
|
|-
|-
|'''2*'''||align=left|Interest Theory, Economics and Finance||2000||align=left|Education system redesign
|Module 1
|2005||align=left|Exam 2 (2005) and VEE||'''2'''
|Enterprise Risk Management
|Enterprise Risk Management
|Enterprise Risk Management
|Enterprise Risk Management
|Enterprise Risk Management
|Enterprise Risk Management '''or''' Health Foundations
|-
|-
|'''4*'''||align=left|Actuarial Modeling||2000||align=left|Education system redesign
|Module 2
|2005||align=left|Exam 4 (2005)||'''4'''
|Financial Economics
|Financial Reporting
|Financial Reporting
|Financial Economics
|Financial Economics
|Financial Economics
|-
|-
|'''3*'''||align=left|Actuarial Models||2000||align=left|Education system redesign
|Module 3
|2003||align=left|Exam 3 (2003)||'''3'''
|Applications of Statistical Techniques
|-
|Advanced Topics in Corporate Finance
|colspan=7 align=left|{{small|'''Note''': Exam codes with asterisk (*) indicate the code was reused later in a different title.}}
|Financial Modeling
|Regulation & Taxation
|Social Insurance
|Pricing, Reserving & Forecasting
|}
|}


==Notes==
====Chartered Enterprise Risk Analyst====
{{reflist}}
Chartered Enterprise Risk Analyst (CERA) is a global designation awarded by more than ten international actuarial bodies, including the CAS and SOA. Each body designs its own syllabus and requirements to award the designation, subject to approval by the international CERA body.{{Citation needed|date=January 2021}}

CAS candidates must complete all of the requirements to become a FCAS except for exam eight. They must also complete exam ST9, Enterprise Risk Management Specialist Technical, administered by the Institute and Faculty of Actuaries (U.K.) '''and''' the Enterprise Risk Management and Modeling Seminar for CERA Qualification.{{Citation needed|date=January 2021}}

SOA candidates must complete all of the preliminary exams except for exam MLC. Candidates must also pass VEE Economics, VEE Corporate Finance, Fundamentals of Actuarial Practice, the Enterprise Risk Management exam, the Enterprise Risk Management module, and the Associateship Professionalism Course.{{Citation needed|date=January 2021}}

====Enrolled Actuary====
{{Main|Enrolled Actuary}}
In the US the term "Enrolled Actuary" is applied to an individual who has taken certain exams sponsored by the [[Joint Board for the Enrollment of Actuaries]] relating to pension plans. Enrollment in the Joint Board is a requirement for SOA Retirement Fellows working in the US.{{Citation needed|date=January 2021}}

The American equivalent of the Canadian Institute of Actuaries is the American Academy of Actuaries (AAA).{{Citation needed|date=January 2021}}

===Other countries===
Many other countries pattern their requirements after the larger societies of the US or UK. In general, the websites of these organizations are often the easiest source for finding out about membership requirements and resources.{{Citation needed|date=January 2021}}


==References==
==References==
<!-- Note: This article uses author-date citation format, not footnotes. If you have any problems, please ask on the talk page and someone will be happy to help you. Also, please place references in alphabetical order by last name or organizational name. The references have been broken into alphabetical sections to make it easier. Thank you. -->
{{refbegin|2}}
{{refbegin|2}}
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*{{cite journal
* {{cite journal
|year =2008
|year =2008
|journal =Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States
|journal =Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States
|title =Continuing Education Requirement
|title =Continuing Education Requirement
|pages =5–7
|pages =5–7
|publisher=[[American Academy of Actuaries]]
|publisher =[[American Academy of Actuaries]]
|location=[[Washington, D.C.]]
|location =[[Washington, D.C.]]
|url =http://www.actuary.org/qualstandards/qual.pdf
|url =http://www.actuary.org/qualstandards/qual.pdf
|access-date=January 4, 2010
|access-date =January 4, 2010
|ref={{harvid|AAA|2008}}
|ref ={{harvid|AAA|2008}}
}}
}}
*{{cite web
* {{cite web
|url = http://www.actuary.org/beco.asp#3
|url = http://www.actuary.org/beco.asp#3
|title = Membership requirements
|title = Membership requirements
Line 302: Line 254:
|publisher = [[American Academy of Actuaries]]
|publisher = [[American Academy of Actuaries]]
|location = [[Washington, D.C.]]
|location = [[Washington, D.C.]]
|access-date = January 4, 2010
|access-date = January 4, 2010
|ref = {{harvid|AAA|2010}}
|ref = {{harvid|AAA|2010}}
|archive-url = https://web.archive.org/web/20090925111655/http://www.actuary.org/beco.asp#3
|archive-url = https://web.archive.org/web/20090925111655/http://www.actuary.org/beco.asp#3
|archive-date = 2009-09-25
|archive-date = 2009-09-25
|url-status=dead
|url-status = dead
}}
*{{cite web
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|access-date=2007-08-31
|ref={{harvid|ASI|2006}}
|archive-url=https://web.archive.org/web/20070823222851/http://www.actuariesindia.org/index.html
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}}
}}
* {{cite web
|url=http://www.actuariesindia.org/index.html
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|ref={{harvid|ASI|2006}}
|archive-url=https://web.archive.org/web/20070823222851/http://www.actuariesindia.org/index.html
|archive-date=August 23, 2007
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}}
<!-- B -->
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*{{cite web
* {{cite web
|url=http://www.casact.org/admissions/syllabus/summary.pdf
|url=http://www.casact.org/admissions/syllabus/summary.pdf
|title=2011 CAS Basic Education Summary
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|publisher=[[Casualty Actuarial Society]]
|publisher=[[Casualty Actuarial Society]]
|ref={{harvid|CAS|2011a}}
|ref={{harvid|CAS|2011a}}
|archive-date=2010-12-14
}}
|archive-url=https://web.archive.org/web/20101214034037/http://casact.org/admissions/syllabus/Summary.pdf
*{{cite web
|url-status=dead
}}
* {{cite web
|year=2011
|year=2011
|url=http://www.casact.org/admissions/syllabus/
|url=http://www.casact.org/admissions/syllabus/
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|access-date=August 14, 2011
|access-date=August 14, 2011
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|ref={{harvid|CAS|2011b}}
|archive-date=November 12, 2020
}}
|archive-url=https://web.archive.org/web/20201112012018/https://www.casact.org/admissions/syllabus/
*{{cite web
|url-status=dead
}}
* {{cite web
|date=October 2004
|date=October 2004
|url=http://www.actuaries.ca/membership/enrollment_e.cfm
|url=http://www.actuaries.ca/membership/enrollment_e.cfm
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}}
}}
<!-- D -->
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*{{cite web
* {{cite web
|url = http://aktuar.de/dav/ausbildung/inhalte_der_ausbildung/
|url = http://aktuar.de/dav/ausbildung/inhalte_der_ausbildung/
|title = Inhalte der Ausbildung zum/zur Aktuar/in DAV
|title = Inhalte der Ausbildung zum/zur Aktuar/in DAV
|trans-title = Content of training to/for actuary/in DAV
|trans-title = Content of training to/for actuary/in DAV
|access-date = February 27, 2012
|access-date = February 27, 2012
|year = 2011
|year = 2011
|publisher = [[German Actuarial Society]]
|publisher = [[German Actuarial Society]]
|language = De
|language = De
|ref = {{harvid|DAV|2011}}
|ref = {{harvid|DAV|2011}}
|archive-url = https://archive.is/20130210054122/http://aktuar.de/dav/ausbildung/inhalte_der_ausbildung/
|archive-url = https://archive.today/20130210054122/http://aktuar.de/dav/ausbildung/inhalte_der_ausbildung/
|archive-date = 2013-02-10
|archive-date = 2013-02-10
|url-status=dead
|url-status = dead
}}
}}
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<!-- H -->
*{{cite journal
* {{cite book
|last1=Haastrup
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|year=2007
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|title=The historical perspective of the Danish actuarial profession
|contribution=The historical perspective of the Danish actuarial profession
|title=Transactions of the 26th international congress of actuaries
|publisher=Bell|location=Glasgow
|ref={{harvid|Haastrup|Nielsen|2007}}
|ref={{harvid|Haastrup|Nielsen|2007}}
}}
}}
<!-- I -->
<!-- I -->
*{{cite web
* {{cite web
|url=https://www.actuaries.asn.au/about-us
|url=https://www.actuaries.asn.au/about-us
|title=About Us
|title=About Us
|access-date=2021-05-10
|access-date=2021-05-10
|year=2021
|year=2021
|publisher=[[Institute of Actuaries of Australia]]
|publisher=[[Institute of Actuaries of Australia]]
|ref={{harvid|IAA-About|2021}}
|ref={{harvid|IAA-About|2021}}
}}
|url-status=live
* {{cite web
}}
*{{cite web
|url=https://www.actuaries.asn.au/education-program
|url=https://www.actuaries.asn.au/education-program
|title=Education Program
|title=Education Program
|access-date=2021-05-10
|access-date=2021-05-10
|year=2021
|year=2021
|publisher=[[Institute of Actuaries of Australia]]
|publisher=[[Institute of Actuaries of Australia]]
|ref={{harvid|IAA-Ed|2021}}
|ref={{harvid|IAA-Ed|2021}}
}}
|url-status=live
* {{cite web
}}
|url=http://www.actuaries.asn.au/Education/Courses/PartOne
*{{cite web
|title=Part I
|url=http://www.actuaries.asn.au/Education/Courses/PartOne
|access-date=2007-05-01
|title=Part I
|year=2006
|access-date=2007-05-01
|year=2006
|work=Courses
|publisher=[[Institute of Actuaries of Australia]]
|work=Courses
|ref={{harvid|IAA-Part I|2006}}
|publisher=[[Institute of Actuaries of Australia]]
|archive-url=https://web.archive.org/web/20070420194909/http://www.actuaries.asn.au/Education/Courses/PartOne
|ref={{harvid|IAA-Part I|2006}}
|archive-date=April 20, 2007
|archive-url=https://web.archive.org/web/20070420194909/http://www.actuaries.asn.au/Education/Courses/PartOne
|url-status=live
|archive-date=April 20, 2007
}}
|url-status=live
* {{cite web
}}
|url=http://www.actuaries.asn.au/Education/Courses/PartTwo
*{{cite web
|title=Part II (Actuarial Control Cycle)
|url=http://www.actuaries.asn.au/Education/Courses/PartTwo
|access-date=2007-05-01
|title=Part II (Actuarial Control Cycle)
|year=2006
|access-date=2007-05-01
|year=2006
|work=Courses
|publisher=[[Institute of Actuaries of Australia]]
|work=Courses
|ref={{harvid|IAA-Part II|2006}}
|publisher=[[Institute of Actuaries of Australia]]
|archive-url=https://web.archive.org/web/20070315071810/http://www.actuaries.asn.au/Education/Courses/PartTwo
|ref={{harvid|IAA-Part II|2006}}
|archive-date=March 15, 2007
|archive-url=https://web.archive.org/web/20070315071810/http://www.actuaries.asn.au/Education/Courses/PartTwo
|url-status=live
|archive-date=March 15, 2007
}}
|url-status=live
* {{cite web
}}
|url=http://www.actuaries.asn.au/Education/Courses/PartThree
*{{cite web
|title=Part III
|url=http://www.actuaries.asn.au/Education/Courses/PartThree
|access-date=2007-05-01
|title=Part III
|year=2006
|access-date=2007-05-01
|year=2006
|work=Courses
|publisher=[[Institute of Actuaries of Australia]]
|work=Courses
|ref={{harvid|IAA-Part III|2006}}
|publisher=[[Institute of Actuaries of Australia]]
|archive-url=https://web.archive.org/web/20070403154713/http://www.actuaries.asn.au/Education/Courses/PartThree
|ref={{harvid|IAA-Part III|2006}}
|archive-date=April 3, 2007
|archive-url=https://web.archive.org/web/20070403154713/http://www.actuaries.asn.au/Education/Courses/PartThree
|url-status=live
|archive-date=April 3, 2007
}}
|url-status=live
* {{cite web
}}
*{{cite web
|year=2011
|year=2011
|url=http://www.actuaries.org.uk/students/pages/how-register-student
|url=http://www.actuaries.org.uk/students/pages/how-register-student
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|access-date=February 27, 2012
|access-date=February 27, 2012
|ref={{harvid|Institute and Faculty of Actuaries|2011a}}
|ref={{harvid|Institute and Faculty of Actuaries|2011a}}
}}
}}
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*{{cite conference
* {{cite conference
|first=Ragnar
|first=Ragnar
|last=Norberg
|last=Norberg
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|url=http://www.stat.auckland.ac.nz/~iase/publications/18/BOOK2/B7-2.pdf
|url=http://www.stat.auckland.ac.nz/~iase/publications/18/BOOK2/B7-2.pdf
|access-date=February 27, 2012
|access-date=February 27, 2012
}}
}}
*{{cite web
* {{cite web
|url = http://www.aktfor.no/organisasjon_english.html
|url = http://www.aktfor.no/organisasjon_english.html
|title = Norwegian Society of Actuaries
|title = Norwegian Society of Actuaries
|access-date = 2011-03-04
|access-date = 2011-03-04
|year = 2011
|year = 2011
|publisher = [[Norwegian Society of Actuaries]]
|publisher = [[Norwegian Society of Actuaries]]
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|archive-url = https://web.archive.org/web/20110724174123/http://www.aktfor.no/organisasjon_english.html
|archive-url = https://web.archive.org/web/20110724174123/http://www.aktfor.no/organisasjon_english.html
|archive-date = 2011-07-24
|archive-date = 2011-07-24
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|url-status = dead
}}
}}
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*{{cite web
* {{cite web
|url=http://www.soa.org/education/exam-req/edu-asa-req.aspx
|url=http://www.soa.org/education/exam-req/edu-asa-req.aspx
|title=Associate of the Society of Actuaries (ASA)–Requirements
|title=Associate of the Society of Actuaries (ASA)–Requirements
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|publisher=[[Society of Actuaries]]
|publisher=[[Society of Actuaries]]
|ref={{harvid|SOA|2012a}}
|ref={{harvid|SOA|2012a}}
}}
}}
*{{cite web
* {{cite web
|url=http://www.soa.org/education/exam-req/edu-cera-req.aspx
|url=http://www.soa.org/education/exam-req/edu-cera-req.aspx
|title=Chartered Enterprise Risk Analyst (CERA)–Requirements
|title=Chartered Enterprise Risk Analyst (CERA)–Requirements
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|publisher=[[Society of Actuaries]]
|publisher=[[Society of Actuaries]]
|ref={{harvid|SOA|2012b}}
|ref={{harvid|SOA|2012b}}
}}
}}
*{{cite web
* {{cite web
|url=http://www.soa.org/education/exam-req/edu-fsa-req.aspx
|url=http://www.soa.org/education/exam-req/edu-fsa-req.aspx
|title=Fellow of the Society of Actuaries (FSA)–Requirements
|title=Fellow of the Society of Actuaries (FSA)–Requirements
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|publisher=[[Society of Actuaries]]
|publisher=[[Society of Actuaries]]
|ref={{harvid|SOA|2012c}}
|ref={{harvid|SOA|2012c}}
}}
}}
*{{cite web
* {{cite web
|url = http://www.math.su.se/utbildning/vara-utbildningar/utbildningsprogram/program-pa-avancerad-niva/masterprogram-i-forsakringsmatematik-1.70941
|url = http://www.math.su.se/utbildning/vara-utbildningar/utbildningsprogram/program-pa-avancerad-niva/masterprogram-i-forsakringsmatematik-1.70941
|title = Aktuarieprogrammet
|title = Aktuarieprogrammet
|access-date = 2006-09-10
|access-date = 2006-09-10
|year = 2006
|year = 2006
|publisher = [[Stockholm University]]
|publisher = [[Stockholm University]]
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|archive-url = https://web.archive.org/web/20120618125722/http://www.math.su.se/utbildning/vara-utbildningar/utbildningsprogram/program-pa-avancerad-niva/masterprogram-i-forsakringsmatematik-1.70941
|archive-url = https://web.archive.org/web/20120618125722/http://www.math.su.se/utbildning/vara-utbildningar/utbildningsprogram/program-pa-avancerad-niva/masterprogram-i-forsakringsmatematik-1.70941
|archive-date = 2012-06-18
|archive-date = 2012-06-18
|url-status=dead
|url-status = dead
}}
}}
<!-- T -->
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<!-- U -->
<!-- U -->
*{{cite web
* {{cite web
|url=http://www.mi.uib.no/adm/grupper/aktuar/aktuar.html
|url=http://www.mi.uib.no/adm/grupper/aktuar/aktuar.html
|title=Aktuarstudiet
|title=Aktuarstudiet
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{{refend}}
{{refend}}
{{reflist}}


== External links ==
== External links ==
*[http://www.soa.org/ Society of Actuaries website]
* [http://www.soa.org/ Society of Actuaries website]
*[http://www.casact.org/ Casualty Actuarial Society website]
* [http://www.casact.org/ Casualty Actuarial Society website]
*[https://web.archive.org/web/20120717024200/http://www.actuaries.org.uk/ Faculty and Institute of Actuaries]
* [https://web.archive.org/web/20120717024200/http://www.actuaries.org.uk/ Faculty and Institute of Actuaries]
*[http://www.beanactuary.org Actuarial Exam information for students]
* [http://www.beanactuary.org Actuarial Exam information for students]
*[http://www.actuaries.org International Actuarial Association]
* [http://www.actuaries.org International Actuarial Association]
*[http://www.acted.co.uk ActEd website]
* [http://www.acted.co.uk ActEd website]
*[http://www.actuarialsociety.org.za/ Actuarial Society of South Africa]
* [http://www.actuarialsociety.org.za/ Actuarial Society of South Africa]


[[Category:Actuarial science]]
[[Category:Actuarial science]]

Latest revision as of 06:41, 21 April 2024

See also: Category:Actuarial associations

The actuarial credentialing and exam 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 actuary. 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.

Australia

[edit]

The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience.[1] The system is governed by the Institute of Actuaries of Australia.[2]

The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either Bond University, Monash University, Macquarie University, University of New South Wales, University of Melbourne, Australian National University or Curtin University.[3] The courses cover subjects including finance, financial mathematics, economics, contingencies, demography, models, probability and statistics. Students may also gain exemptions by passing the exams of the Institute of Actuaries in London.[3] Part II is the Actuarial control cycle and is also offered by each of the universities above.[4] Part III consists of four half-year courses of which two are compulsory and the other two allow specialization.[5]

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.[1] To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism.[1]

China

[edit]

In China, both China Association of Actuaries (CAA) and Actuarial Society of Hong Kong (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 Hong Kong Insurance Markets and Regulations" (ASHK Certificate). Note that CAA exams were suspended in 2014 but reintroduced in 2023 in an updated structure.[6]

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 Society of Actuaries (SOA), Casualty Actuarial Society (CAS), Institute and Faculty of Actuaries (IFoA), and Institute of Actuaries of Australia (IAA).[7]

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) financial risk 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. [8]

Denmark

[edit]

In Denmark it normally takes five years of study at the University of Copenhagen to become an actuary with no professional experience requirement. There is a focus on statistics and probability theory, and a requirement for a master's thesis.[9] 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.(Haastrup & Nielsen 2007)

Germany

[edit]

Current rules for the German Actuarial Society require an actuary to pass more than 13 exams.[10]

India

[edit]

The Institute of Actuaries of India (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.[11] 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.

Japan

[edit]

The education system in Japan is administrated by Institute of Actuaries of Japan (IAJ), with associateship and fellowship credential levels.[12]

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. [13]

The IAJ offers 3 tracks for fellowship: life insurance, non-life insurance, and pension. Each requires passing the secondary examination with 2 advanced subjects.

Norway

[edit]

In Norway 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 year of courses and one year writing a master's degree about a topic related to the actuarial profession. The University of Bergen and The University of Oslo offer the education to become an actuary in Norway.[14] 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 Norwegian Society of Actuaries.[15]

South Africa

[edit]

Actuaries in South Africa are served by the Actuarial Society of South Africa (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.

One may obtain the Chartered Enterprise Risk Actuary (CERA) designation through the ASSA.

South Africa pioneered the actuarial banking route, with fellowship exams (equivalent to the UK's SA exams) in banking beginning in the late 2010s.

Sweden

[edit]

Actuarial training in Sweden takes place at Stockholm University. The five-year master's program (for those with no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers the subjects mathematics, mathematical statistics, insurance mathematics, financial mathematics, insurance law and insurance economics. The program operates under the Division of Mathematical Statistics.[16]

Taiwan

[edit]

Qualification in Taiwan is administrated by Actuarial Institute of the Republic of China (Taiwan) (AIRC/AICT), with associateship and fellowship credential levels.[17]

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 Taiwan and mainly recognizes examination credits from Society of Actuaries (SOA), Casualty Actuarial Society (CAS), Institute and Faculty of Actuaries (IFoA), Institute of Actuaries of Australia (IAA), and Institute of Actuaries of Japan (IAJ). The associateship and fellowship credentials from these organizations are also recognized.[18] The AIRC/AICT has coordinated with SOA and CAS to integrate the Taiwanese exams into their education systems (SOA Regulation and Taxation Module[19] and CAS Exam 6T[20]).

United Kingdom and Ireland

[edit]
Main articles: Institute and Faculty of Actuaries and Society of Actuaries in Ireland

Qualification in the United Kingdom and Ireland consists of a combination of exams and courses provided by the Institute and Faculty of Actuaries. The exams may only be taken upon having officially joined the body,[21] 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.[22]

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.[23]

The exams themselves are split into four sections:[24] 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 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).[25]

Exam code Exam title Format
CM1 Actuarial Mathematics Session based exam
CM2 Financial Engineering and Loss Reserving Session based exam
CS1 Actuarial Statistics Session based exam
CS2 Risk Modelling and Survival Analysis Session based exam
CB1 Business Finance Session based exam
CB2 Business Economics Session based exam
CB3 Business Management Online exam
CP1 Actuarial Practice Session based exam
CP2 Modelling Practice Online exam
CP3 Communications Practice Online exam

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".[26]

United States and Canada

[edit]

Credentialing organizations

[edit]
Main articles: Society of Actuaries and Casualty Actuarial Society
Main articles: American Academy of Actuaries and Canadian Institute of Actuaries

In the U.S., for life, health, and pension actuaries, exams are given by the Society of Actuaries, while for property-casualty actuaries the exams are administered by the Casualty Actuarial Society.

To sign certain statements of actuarial opinion, however, American actuaries must be members of the American Academy of Actuaries. 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.[27] Continuing education is required after certification for all actuaries who sign statements of actuarial opinion.[28]

The Canadian Institute of Actuaries (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.[29] 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.[30]

Education and exams

[edit]

The Society of Actuaries' requirements for Associateship (ASA) include passing 6 preliminary examinations (probability, financial mathematics, fundamentals of actuarial mathematics, statistics for risk modeling, predictive analytics, and one from either advanced long-term actuarial mathematics or advanced short-term actuarial mathematics), validating educational experience (VEE) in 3 fields (economics, accounting and finance, and mathematical statistics), 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.[31] For Fellowship (FSA), three other modules, three or four exams depending on specialty track, and a special fellowship admission course is added.[32] 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.[33]

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 Prometric testing centers. Candidates are allowed to use a calculator from an approved list.[34] 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 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,[35] which means the following:[36]

Let P be the passing percentage, the transcript will show.

Range <0.5P 0.5P–0.6P 0.6P–0.7P 0.7P–0.8P 0.8P–0.9P 0.9P–P P–1.1P 1.1P–1.2P 1.2P–1.3P 1.3P–1.4P >1.4P
Score 0 1 2 3 4 5 6 7 8 9 10
Result Fail Pass

If , then , i.e. the requirement for the percentage of score to get grade 10 will be higher than . That is, grade 10 is unachievable. Hence, the highest grade achievable can be 9 for a test.

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 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.[37]

Society of Actuaries (SOA) Exams
Exam code Exam title Introduced Preceded by Ceased Superseded by
P Probability 2005 Course 1 Current exam
FM Financial Mathematics 2005 Course 2 Current exam
FAM Fundamentals of Actuarial Mathematics 2023 Part of exams LTAM and STAM Current exam
SRM Statistics for Risk Modeling 2018 None Current exam
ALTAM Advanced Long-Term Actuarial Mathematics 2023 Part of exam LTAM Current exam
ASTAM Advanced Short-Term Actuarial Mathematics 2023 Part of exam STAM Current exam
PA Predictive Analytics 2018 None Current exam
IFM Investment and Financial Markets 2018 Exam MFE 2022 Exam cancelled
LTAM Long-Term Actuarial Mathematics 2018 Exam MLC 2022 Exam ALTAM and part of exam FAM
STAM Short-Term Actuarial Mathematics 2018 Exam C 2022 Exam ASTAM and part of exam FAM
MFE Models for Financial Economics 2007 Part of exam M 2017 Exam IFM
MLC Models for Life Contingencies 2007 Part of exam M 2017 Exam LTAM
C Construction and Evaluation of Actuarial Models 2005 Course 4 2017 Exam STAM
M Actuarial Models 2005 Course 3 2006 Exams MFE and MLC
1 Mathematical Foundations of Actuarial Science 2000 Education system redesign 2005 Exam P and VEE
2 Interest Theory, Economics and Finance 2000 Education system redesign 2005 Exam FM and VEE
3 Actuarial Models 2000 Education system redesign 2005 Exam M
4 Actuarial Modeling 2000 Education system redesign 2005 Exam C and VEE
Casualty Actuarial Society (CAS) Exams
Exam code Exam title Introduced Preceded by Ceased Superseded by SOA eqv.
1 Probability 2005 Exam 1 (2000) Current exam P
2 Financial Mathematics 2005 Exam 2 (2000) Current exam FM
MAS-I Modern Actuarial Statistics I 2018 Exam S Current exam —
MAS-II Modern Actuarial Statistics II 2018 Exam 4 (2005) Current exam —
3F Investment and Financial Markets 2018 Exam 3F (2007) 2022 Exam cancelled IFM
S Statistics and Probabilistic Models[38] 2015 Exams LC and ST 2017 Exam MAS-I —
3F* Models for Financial Economics 2007 Part of exam 3 (2003) 2017 Exam 3F (2018) MFE
4 Construction and Evaluation of Actuarial Models 2005 Exam 4 (2000) 2017 Exam MAS-II C
LC Models for Life Contingencies 2013 Part of exam 3L 2016 Exam S —
ST Models for Stochastic Processes and Statistics 2014 Part of exam 3L 2016 Exam S —
3L Models for Life Contingencies and Statistics 2007 Part of exam 3 (2003) 2013 Exams LC and ST —
3 Statistics and Actuarial Models 2003 Exam 3 (2000) 2007 Exams 3L and 3F (2007) —
1* Mathematical Foundations of Actuarial Science 2000 Education system redesign 2005 Exam 1 (2005) 1
2* Interest Theory, Economics and Finance 2000 Education system redesign 2005 Exam 2 (2005) and VEE 2
4* Actuarial Modeling 2000 Education system redesign 2005 Exam 4 (2005) 4
3* Actuarial Models 2000 Education system redesign 2003 Exam 3 (2003) 3
Note: Exam codes with asterisk (*) indicate the code was reused later in a different title.

Notes

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  1. ^ a b c (IAA-Ed 2021)
  2. ^ (IAA-About 2021)
  3. ^ a b (IAA-Part I 2006)
  4. ^ (IAA-Part II 2006)
  5. ^ (IAA-Part III 2006)
  6. ^ "China Brings Back Insurance Actuary Qualifying Exams After Nine-Year Hiatus". www.yicaiglobal.com. Retrieved 5 September 2023.
  7. ^ [1]
  8. ^ ASHK Certificate Overview
  9. ^ (Norberg 1990)
  10. ^ (DAV 2011)
  11. ^ (ASI 2006)
  12. ^ Institute of Actuaries of Japan
  13. ^ How to Become an Actuary
  14. ^ (University of Bergen 2011)
  15. ^ (Norwegian Society of Actuaries 2011)
  16. ^ (Stockholm University 2006)
  17. ^ Actuarial Institute of the Republic of China (Taiwan)
  18. ^ How to Become an Actuary (AIRC)
  19. ^ Regulation and Taxation Module
  20. ^ Exam 6T
  21. ^ "How to Register Student". www.actuaries.org.uk. Retrieved 2022-01-20.
  22. ^ "Exam preparation | the Actuarial Profession". Archived from the original on 2012-11-06. Retrieved 2013-12-31.
  23. ^ "Frequently asked questions on exemptions | the Actuarial Profession". Archived from the original on 2013-03-05. Retrieved 2013-12-31.
  24. ^ "Our Exams Explained". www.actuaries.org.uk. Retrieved 2022-01-20.
  25. ^ (Institute and Faculty of Actuaries 2011a)
  26. ^ "New qualification takes a step forward". www.actuaries.org.uk. Retrieved 2022-01-20.
  27. ^ (AAA 2010)
  28. ^ (AAA 2008)
  29. ^ (CAS 2011b)
  30. ^ (CIA 2004)
  31. ^ (SOA 2012a)
  32. ^ (SOA 2012c)
  33. ^ (CAS 2011a)
  34. ^ "Identification and Calculators | be an Actuary". Archived from the original on 2013-09-25. Retrieved 2016-06-18.
  35. ^ "Grading - Reporting of Examination Results | SOA". www.soa.org. Retrieved 2021-12-01.
  36. ^ "school_and_exam_questions - actuary". libreddit.spike.codes. Retrieved 2021-12-01.
  37. ^ "APRIL 2021 EXAMINATION RESULTS" (PDF).
  38. ^ "Casualty Actuarial Society | Exam S Syllabus". Archived from the original on 2016-04-21. Retrieved 2016-06-18.

References

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