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| title | chunk | source | category | tags | date_saved | instance |
|---|---|---|---|---|---|---|
| Actuarial credentialing and exams | 2/3 | https://en.wikipedia.org/wiki/Actuarial_credentialing_and_exams | reference | science, encyclopedia | 2026-05-05T10:09:57.851270+00:00 | kb-cron |
== 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. 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 == 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.
== Taiwan == Qualification in Taiwan is administrated by Actuarial Institute of the Republic of China (Taiwan) (AIRC/AICT), with associateship and fellowship credential levels. 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. The AIRC/AICT has coordinated with SOA and CAS to integrate the Taiwanese exams into their education systems (SOA Regulation and Taxation Module and CAS Exam 6T).
== United Kingdom and 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, 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. 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. The exams themselves are split into four sections: Core Principles (CP), Core Practices (CP), Specialists Principles (SP), and Specialist Advance (SA). For students who joined the Profession after June 2004, a further requirement that the student carry out a "Work-based skills" exercise has been 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).
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".
== United States and Canada ==
=== Credentialing organizations ===
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. Continuing education is required after certification for all actuaries who sign statements of actuarial opinion. 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. 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.