IFoA’s new Certified Actuarial Analyst (CAA) could help insurers meet new IRA guidelines for actuarial functions
New qualification and membership category for the IFoA
Will offer professional qualification for analysts working in technical and actuarial support roles
CAA should meet Insurance Regulatory Authority (IRA) requirements for actuarial functions
Full details of study materials, exams dates and costs now available on IFoA website
The Institute and Faculty of Actuaries (IFoA) launches the new Certified Actuarial Analyst (CAA) qualification and membership category today. It is expected that the CAA will help Insurers meet the new IRA guidelines for actuarial functions, by creating a new professional qualification and regulated membership aimed at professionals working in technical, analytical and actuarial support roles.
There had been concern that, following the IRA’s new guidance, insurers would struggle to meet new professionalism requirements as the supply of qualified actuaries falls short of the numbers needed. The new CAA should mean that qualified actuaries can oversee a department of CAA qualified professional analysts and technicians, fulfilling the IRA guidance criteria.
It is expected that it will take two to three years on average for students to pass the CAA examinations, significantly less time than the traditional actuarial Fellowship. The CAA is distinct from the Fellowship but will represent high academic standards, with continuous professional development (CPD) requirements and a robust regulatory approach that will offer comfort to employers, regulators and the public alike.
There will be six modules and examinations to pass in order to qualify. Full study materials and details for the qualifying ‘Module 0’ examination in August 2014 are now available on the IFoA website – www.actuaries.org.uk/becoming-actuary/caa – to download.
Derek Cribb, CEO of the IFoA comments;
“There is a strong demand for CAA in the financial sector and we worked closely with employers in developing the qualification to meet their need for professional technicians and analysts.
“In Africa the demand for CAA professionals is particularly strong. Actuarial departments in the insurance sector have said that they will be looking for CAA qualifiers and members, with salaries reflecting the expertise of CAA candidates.
“However, CAA is generic in nature, which means that it has broad applicability and we fully expect to see our CAA members working in a wide range of sectors around the world.”
Anyone can apply to study the CAA, although it is recommended that a strong understanding of mathematics will be helpful. Interested candidates, who have not already passed any of the fellowship exams, will need to pass the Module 0 exam, the first of which occurs in August 2014, to qualify to study the CAA. Registration for the exam opens in May, with study material and sample questions now available. To register interest email caa@actuaries.org.uk
~ENDS~
For further comment or to answer any questions that you may have please contact Karen Wagg at the IFoA on 077 255 58 551 or by emailing Karen.wagg@actuaries.org.uk
Editorial notes:
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Certified Actuarial Analysts will often work alongside the Actuaries in an organisation, their technical and analytical skills aligned to professional *s and continuing professional education, delivering enhanced value to the employer and confidence to the public.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
Members are governed by the IFoA. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.
About the CAA
Over the last few years there has been an increase in the number of professionals working in analytical and technical roles in financial and actuarial companies. These increases have not gone unnoticed by regulators who are increasingly seeking comfort in the skills of the individuals in these roles. Encouraging employees to undertake a professional qualification and maintain membership with a professional body will go a long way to providing this assurance.
The CAA has been developed with employers to meet their needs. The IFoA’s educational and regulatory standards are internationally recognised and Royal Chartered for good reason; our examinations are not easy to pass - representing the highest academic standards - whilst our continuous professional development (CPD) requirements and robust regulatory approach offer comfort to employers, regulators and the public alike. CAA applies the same high standards, for which the Fellowship is renowned, to professional technical and analytical roles within the actuarial and wider financial sphere.
We believe it will take an average of two to three years for students to pass the CAA, which is designed to be generic in nature, for broad applicability within an organisation. In time it is our intention to create a bridge between the CAA and the Fellowship, enabling promising individuals the opportunity to study to become fully qualified actuaries.
CAA – candidates
Anyone can take the Module 0 exam, which lets you know if you have the required knowledge to undertake the CAA qualification or not. However we know that CAAs will share certain attributes:
Candidates may consider the CAA from 16 years of age
Will have a strong understanding of mathematics, most likely to A-level or degree level (or equivalent)
May well be working in an analytical, actuarial or technical financial role
May have undertaken the Fellowship exams in the past but found them in advance of what was required by employers and therefore stopped studying
The ability to study and take technical, computer based, exams in English.
CAA supporting employers
Aon
Barnett Waddingham
Grant Thornton
JLT
Mercer
Munich Re
Sun Life of Canada
CAA costs
To take the Module 0 exam will cost ?99. A reduced rate of ?49 is available.
To become a CAA student you will need to register with the IFoA as a student member, this consists of an admissions fee of ?99 and an annual student membership fee of ?170. A reduced rate of ?69 for student membership is available.
There is a ?130 cost to enter any exam for Modules 1 to 4. A reduced rate of ?60 is available.
There is a ?195 cost to undertake the final Module 5 exam. A reduced rate of ?90 is available.
CAA qualified membership of the IFoA will cost ?250 a year. A reduced rate of ?69 is available.
The reduced rates described above apply on an earnings related basis. You will have the option to advise whether you require a reduced rate when you register for the exam.
