The execution and actuarial exams process usually requires going through a series of rigorous professional exams, most often taking several years overall, before one can be recognized as a trusted actuary. In some countries, like Denmark, most studies take place in a university environment. In other countries, like the US, most studies are conducted during the work through a series of checks. In the UK, and countries based on the process, there is a hybrid university exam structure.
Video Actuarial credentialing and exams
Country policies
Australia
The education system in Australia is divided into three components: exam-based curriculum; professionalism courses; and work experience (IAA-Ed 2013). This system is governed by the Institute of Actuaries of Australia.
The exam-based curriculum is in three parts. Part I relies on the exclusion of an accredited undergraduate degree from Monash University, Macquarie University, New South Wales University, Melbourne University, Australian National University or Curtin University (IAA-Part I 2013). Courses cover subjects including finance, financial mathematics, economics, contingencies, demographics, models, probabilities and statistics. Students may also obtain an exemption by passing an examination from the Institute of Actuaries in London (IAA-Part I 2013). Part II is the Actuary control cycle and is also offered by each of the above universities (IAA-Part II 2013). Part III consists of four half-year courses in which two are mandatory and the other two allow specialization (IAA-Part III 2006).
To become an Associate, one needs to complete Part I and Part II of the accreditation process, undertake 3 years of recognized work experience, and complete a professionalism course.
To become a Fellow, candidates must complete Sections I, II, III, and take a professionalism course. Work experience is not required, since the Institute considers that those who have successfully completed Part III have demonstrated a sufficient level of professionalism.
Bangladesh
Bangladesh Actuary Association is a unique Actuary Professional Body in Bangladesh. The Bangladeshi Actuary Society follows the curriculum of The Institute and Faculty of Actuaries, England. There are no universities in Bangladesh that provide an academic degree such as a bachelor's degree, a master's degree, etc. In Actuarial Science. Dhaka University, Rajshahi University, Jahangirnagar University provides courses on Actuarial Science in Statistics, Department of Applied Statistics. Starting in 2015, Dhaka universities and western universities provide the Master in Actuarial Science.
Canada
The Canadian Institute of Actuaries (CIA) recognizes the good fellow Society of Actuaries and Casualty Actuary Society, provided they have special studies in Canadian actuarial practice. For SOA peers, this is fulfilled by taking on the CIA's Practice Education Course (PEC). For the fellows of the Casualty Actuarial Society, this is fulfilled by taking the nation's special 6-Canada Exam, not the 6-United States Exam (CAS 2011b). Unlike their American counterparts, the CIA has only one actuary class: Fellow. Furthermore, the CIA required three years of actuarial practice in the previous decade, and 18 months of Canadian actuarial practice in the past three years, to become a fellow (CIA 2004). The CIA also offers association designations.
Denmark
In Denmark it usually takes five years to study at the University of Copenhagen to become an actuary without the requirements of professional experience. There is a focus on statistics and probability theory, and the requirements for the master's thesis (Norberg 1990). Under Danish law, the responsibility for any life insurance business practice must be taken by a legally recognized and approved actuary. Approval as a formally responsible actuary requires three to five years of professional experience. (Haastrup & Nielsen 2007)
German
The current rules for the German Actuary Society require an actuary to pass more than 13 exams. (DAV 2011)
Greek
In Greece the only specialist school of actuaries is the Department of Statistics and Mathematical Actuaries of Finance from the Aegean University, in Samos. The study duration is four years, with the period of practice included, and the certificate given is a bachelor's degree. The Actuarial Diploma is given by the Association of Greek Actuaries, after a successful exam in the Union. Other schools offering actuarial referrals can be found throughout the statistical departments of the country's various universities, especially at the Athens Economic and Business University (OPA/ASOEE), which is also the leading economic university in Greece.
India
The Actuarial Society of India (now converted to the Institute of Actuaries of India) offers both membership associations and membership alliances. However, candidates must be accepted in the community as students before they reach fellowship or fellowship. The exam sequence is similar to the British model, with technical exams and Core and Special applications. Trials are conducted twice a year during May-June and October-November (ASI 2006). Starting January 2012, this institute begins to take entrance exams. Only applicants who remove incoming tests may appear for Core Engineering paper.
Italy
Italian actuaries also receive their training through the university plus a test provided by the state ( Esame di Stato ). Studies typically take a total of five years to complete, three ( Triennale ) plus two ( Magistrale ), since students must pass at least 30 exams (exact numbers depend on university and curriculum) many with written and oral components on actuarial and economic topics. After the university, to become eligible to sign the actuarial opinion statement, students must pass the Esame in Stato, which is offered twice a year in Rome and Trieste; Esame in Stato consists of two written sections, a practical section, and an oral examination. The qualified actuary association is called "Ordine degli Attuari" ("Order of Actuaries").
Mexico
Unlike in the United States, in Mexico actuarial training consists of four or five years of full lecture (undergraduate) degrees. Only a few universities in the country offer titles; some of them are the National Autonomous University of Mexico (UNAM), the Autonomous University of YucatÃÆ'¡n (UADY), the Universidad de las Americas Puebla (UDLAP), the Universidad Anahuac, the Autonomous Institute of Mexico (ITAM), the Autonomous University of Guadalajara (UAG), and the University Autonomous Nuevo LeÃÆ'³n (UANL).
Norwegian
In Norway the education to become an actuary takes five years. Education usually consists of a bachelor's degree (three years) and a master's degree (two years). A bachelor's degree should contain a certain number of courses in mathematics and statistics. The master's degree usually consists of one year of coursework and one year of writing a master's degree on topics related to the actuarial profession. The University of Bergen and The University of Oslo offer education to become an actuary in Norway (University of Bergen 2011). To become an internationally qualified actuary, a person with a Norwegian actuarial education should also take two courses in economics (macroeconomics and accounting) and courses in ethics. The one-day ethics course, offered by the Norwegian Society of Actuaries (Norwegian Actuaries Society 2011).
Portugal
In Portugal the only school that offers a degree in actuarial science is the ISEG at the University of Lisbon. This is a two-year master's degree, fully integrated into the Bologna regimen. The program, from 2017/18, is accredited by the Institute and Faculty of Actuaries in the UK, leading to exceptions based on the overall performance of students during the course, or leading to the exclusion of individual exams based on student performance in certain Masters modules.
South Africa
Actuaries in South Africa are served by the Actuarial Society of South Africa (ASSA). To date the requirement to qualify as an actuary in South Africa is to pass the exams organized by British bodies. Starting in 2010, South African actuarial qualifications hosted by ASSA have replaced this arrangement (ASSA site). Key changes include exam syllabus based on South Africa specific content. British actuary professional bodies continue to support Actuary qualifications through the UK. Students may receive an exemption from part of the exam for qualifications from an approved university. South African qualifications have joint recognition with many international actuarial bodies as well as the approval of the syllabus of the International Actuarial Association.
One can obtain the appointment of Chartered Enterprise Risk Actuary (CERA) through ASSA.
Swedish
The actuarial training in Sweden takes place at Stockholm University. The five-year master's program (for those who have no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers mathematics subjects, mathematical statistics, insurance mathematics, financial mathematics, insurance law and insurance economics. The program operates under the Division of Mathematical Statistics (Stockholm University 2006). For those who have a bachelor's degree in mathematical statistics or with a masters degree in mathematics, a two-year full-time Aktuarieprogrammet full-time master has been created since 2002, at the University of Stockholm, which has a long history of research on mathematical insurance.
Turkish
Qualifications in Turkey comprise a series of exams organized by an examination board composed of representatives from the Turkish Actuarial Society, government and universities. Trials are divided into 3 levels: first level (essence of insurance and economics, 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 system). After completing the first-level examination, a candidate becomes an "actuary trainee", after the second level as an "actuary assistant", and after the third level and 3 years of related work experience, the candidate becomes "actuary".
English and Irish
Qualifications in the UK and Ireland comprise a combination of examinations and courses provided by professional bodies, the Institute and the Faculty of Actuaries. Trials can only be taken after officially joining the body, unlike many other countries where exams can be taken beforehand. Most actuarial studies of trainee participants working for actuarial companies use the resources provided by ActEd (The Actuarial Education Company, a subsidiary of BPP Actuarial Education Ltd.), contracted to provide actuarial tuition fees for students on behalf of the Institute and Faculty of Education Ltd (IFE). ), a subsidiary of the Institute and Faculty of Actuaries.
However, a candidate can offer evidence of having a topic previously discussed (at a fairly high standard, usually at university) to be released from taking on a particular subject.
The exam itself is divided into four parts: Core Technical (CT), Core Application (CA), Technical Specialist (ST), and Application Specialist (SA). For students who join the Profession after June 2004, further requirements that students undertake "work-based skills training" have been put into effect. This involves the student sending a series of essays to the Profession detailing the work he or she has done. In addition to exams, essays and courses, it is required that the candidate has at least three years of actuarial work experience under the supervision of a recognized actuary to qualify as a Fellow of the Actuarial Institute (FIA) or Actuarial Faculty (FFA) (Institute and Faculty of Actuaries 2011a).
Actuaries may also earn a partial credit toward Fellowship from the Institute and Faculty of Actuaries by taking an actuarial science degree at an accredited university. At the undergraduate level, the only currently accredited local programs are at the University of Manchester, University College Dublin, Queen Victoria University, Heriot-Watt University, Edinburgh University, London School of Economics, University of Southampton, City University, London, Leicester University and University Kent. The full-time accredited master's program is provided only by the University of Kent, Heriot-Watt University, Leicester University and the University of the City; a part-time accredited master's degree is offered by Imperial College London and Leicester University. An actuarial program that offers the possibility of exclusion from an individual professional exam is also available at City University, London, Heriot-Watt University, London School of Economics, University of Southampton, Swansea University, University of Kent and University of Warwick. In Ireland, exceptions 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, the University of Cape Town, Stellenbosch University, the Free State University and the University of the Witwatersrand. ISEG in Lisbon, Portugal, offers the possibility of exceptions from some professional examinations of the Institute and Faculty of Actuaries.
Note that the current UK Profession introduces a Certified Actuarial Analyst (CAA) qualification to "provide those who work in financial and actuarial roles at technical level worldwide with valuable skills and respectable qualifications".
United States
In the US, for life, health, and retirement actuaries, exams are given by the Society of Actuaries, whereas for victims' actuaries, exams are held by the Casualty Actuarial Society. The Society of Actuaries' requirements for Associates include passing five preliminary examinations, demonstrating educational experience in economics, corporate finance and applied statistics - called validation by educational experience (VEE), completing eight independent learning modules, and taking courses on professionalism (SOA 2012a). For Fellowship, three other modules, three or four exams depending on the specific path, and course-specific course admissions are added (SOA 2012c). The Casualty Actuarial Society requires the successful completion of seven examinations, two modules, and the economics and finance of the company's VEE for Associateship and three additional exams for Fellowship. In addition to this requirement, the prospective actuary of the victim must also complete a professional education and is recommended for membership by existing members (CAS 2011a). A person can be a Chartered Enterprise Risk Analyst (CERA), either through SOA or CAS.
To sign a specific actuarial statement, however, an American actuary must be a member of the American Academy of Actuaries. Academy membership requirements include membership in one recognized actuarial community, at least three years of full-time equivalent experience in responsible actuary work, and either residency in the United States for at least three years or non-residents or new residents meeting certain requirements (AAA 2010 ). Further education is required after certification for all actuaries that have signed actuarial opinion statements (AAA 2008).
In the retirement area, an American actuary must pass three exams to become a Registered Actuary. Some of the related pension plans to the Internal Revenue Service and Pension Benefit Guaranty Corporation require the signing of Registered Actuaries. Many Registered Actuaries belong to the Conference of Consulting Actuaries or the American Society of Pension Professionals and Actuaries.
In 2009, the Society of Actuaries initiated a high-level accreditation system for universities, recognizing the best actuary schools as the Actuary Excellence Center. There are two sets of criteria to be met: Criteria and Criterion B. In addition, site visits should be made by a team of CAE committee members evaluating the University and conducting interviews with students and faculty. The appointment is retained for five years and if the criteria are not met, then the University should provide a plan for how they will address the issue within a reasonable time period.
Preliminary Exam
There are five initial exams. Most exams are multiple choice and are assigned to a computer at the Prometric testing center. Candidates are allowed to use the calculator from the approved list. Trials are timed and last between three and four hours. Some tests provide instant feedback as to whether a candidate has passed a particular exam (see table below). All test scores (on a scale of 0-10 with 6 or higher graduation) are posted six to eight weeks after the exam. However, since the scaling test is scaled, the score can range from 0-10, but there are also situations where the highest score for the test is 9 even if each question is answered correctly.
By the end of 2013, the four initial exams (all except MLCs) are jointly sponsored by CAS and SOA. By the end of 2012, SOA announced its intention to end joint sponsorships beginning with tests held in January 2014. CAS has not announced plans to develop an alternative form of jointly sponsored exams; However, he received the SOA exam for CAS credit.
SOA manages the MLC exam, which covers the topic of life possibilities. Beginning in May 2014, the MLC includes multiple choice questions and open responses. SOA makes these changes because, in their view, the strict multiple choice questions are not sufficient or enough to test whether the candidates are familiar and fluent in the material. This test is four hours, allows the calculator, and is managed through paper and pencil formats. Multiple-choice questions reach 40% of the exam, and open-ended questions reach 60% of the exam. Candidates can freely move between two parts. Both sections are assessed separately. However, since multiple choice questions are easier, only candidates who have answered a certain percentage of multiple choice questions correctly have their written answers assessed.
CAS developed the S exam, as a complete alternative to the SOA MLC exams. The S exam covers many topics in statistics, survival models, and stochastic processes. Between early 2014 and late 2015, the CAS offers two temporary exams: the LC exam, covering many potential life topics, and the ST exam, which includes statistical and stochastic methods. Candidates who pass 3L or MLC before 2014 are exempted from taking LC and ST. In addition, candidates who pass the LC exam, ST exam, and VEE Statistics until August 2016 are exempted from taking the S. exam.
Validation by Education Experience
Candidates for CAS and membership of SOA must pass the standardized tests in the introductory economy and corporate finance. SOA member candidates must pass additional standard tests in applied statistics. Economics has two components: macroeconomics and microeconomics. Applied statistics have two components: regression and time series. Instead of passing the exam, candidates can earn a credit by passing an approved college grade with a B-value or better or by completing an approved correspondence class.
CAS Advanced Exam
To obtain an associate membership (ACAS), a candidate must pass the initial exam, VEE, two online modules, five exams, and six exams. For colleagues to be fellow (FCAS), the seven to nine exam must be passed. Trials are given on paper and pencil. Exam questions generally require an open answer; however, multiple choice questions are also allowed. Exam six comes in two versions: one for candidates in the United States and one for candidates in Canada.
Two modules that must be completed to become partners are...
The exam schedule above begins in 2011. Candidates who pass the exam are offered before 2011 are awarded credits according to the following schedule. To get the credit for the new exam five, a candidate must pass the old five exams and the old six exam. Candidates who pass the old exam five and the old six exam must pass a special exam covering the remaining material on the new five exam.
SOA Advanced Exam
After passing the preliminary exam, SOA candidates complete the e-learning Practicum Basic course and the Association Professionalism Course. FAP contains eight learning modules and two assessments. APC is a live seminar held in various places across the country. This complements the requirements for association membership (ASA).
Partners choose one of six areas of competence for further training. Each region has three or four exams and three learning modules. The one exam for "Retirement Benefits" has specific alternative requirements for Canada and the United States. For all songs other than "Corporate Finance and Corporate Risk Management," a candidate can pass the "Company Risk Management" exam in lieu of the three exams. After completing the exam and modules, candidates must pass "Decision Making and Communication Modules" and "Fellowship Admissions Course" prior to getting promotions for fellow (FSA).
Chartered Enterprise Risk Analyst
The Chartered Enterprise Risk Analyst (CERA) is a global appointment awarded by over ten international actuarial bodies, including CAS and SOA. Each agency designs its own syllabus and requirements for appointment, subject to approval by the international CERA body.
CAS candidates must complete all requirements to become FCAS except for the eight exam. They must also complete the ST9 exam, a Risk Management Company Specialist, administered by the Institute and Faculty of Actuaries (UK) and Seminar on Risk Management and Corporate Modeling for CERA Qualification
The SOA candidate must complete all the preliminary exams except for the MLC exam. Candidates must also pass the VEE Economics, the VEE Corporate Finance, the Fundamentals of Actuarial Practice, the Enterprise Risk Management exam, the Enterprise Risk Management module, and the Professional Professionalism Course.
Registered Actuaries
In the US, the term "Registered Actuaries" applies to someone who has taken certain exams sponsored by the Joint Council for Actuary Registration related to the pension plan. Registering on the Joint Board is a requirement for the Pension Fund Recipient of SOA working in the US.
The American equivalent of the Canadian Institute of Actuaries is the American Academy of Actuaries (AAA).
Other countries
Many other countries exemplify their requirements after a larger US or British society. In general, the organization's website is often the easiest source to find out about membership and resource requirements.
Maps Actuarial credentialing and exams
References
External links
- Actuary Institution website
- Penalty Community Site Punishment
- Faculty and Institute of Actuaries
- Actuarial Exam Information for students
- International Actuarial Association
- The ActEd website
Source of the article : Wikipedia
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