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| title | chunk | source | category | tags | date_saved | instance |
|---|---|---|---|---|---|---|
| Actuarial credentialing and exams | 1/3 | https://en.wikipedia.org/wiki/Actuarial_credentialing_and_exams | reference | science, encyclopedia | 2026-05-05T10:09:57.851270+00:00 | kb-cron |
To become a qualified actuary, the actuarial credentialing and exam process usually requires passing a series of professional examinations over a period of several years. 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 == The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience. The system is governed by the Institute of Actuaries of Australia. 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. 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. Part II is the Actuarial control cycle and is also offered by each of the universities above. Part III consists of four half-year courses of which two are compulsory and the other two allow specialization. To become an Associate, one needs to complete Part I and Part II of the accreditation process, perform 3 years of recognized work experience, and complete a professionalism course. To become a Fellow, candidates must complete Part I, II, III, and take a professionalism course. Work experience is not required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism.
== China == 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. 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). 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.
== 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 thesis. 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 == Current rules for the German Actuarial Society require an actuary to pass more than 13 exams.
== 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. 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 == The education system in Japan is administrated by Institute of Actuaries of Japan (IAJ), with associateship and fellowship credential levels. 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. 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 == 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. 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.