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The Institute of Actuaries is one of the two professional bodies representing Actuary in the United Kingdom. The Institute is based in England, while the other body, the Faculty of Actuaries, is based in Scotland. While the Institute and Faculty of actuaries are separate institutions, they work very closely together, and the professional qualifications and professional standards for actuaries are identical in each of them.

The Institute was formed in 1848 partly in response to the large number of Life Assurance companies that were failing. In 1884 the Institute of Actuaries was incorporated by a Royal Charter.

The Institute's slogan is making financial sense of the future.

Membership Categories In total there are approximately 15000 members of the Institute falling into the following categories.



Examinations Qualification by the Institute consists of a combination of exams and courses. The exams can only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate may offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects. The exams are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). In addition to exams and courses, it is required that the candidate has spent at least three years working as an actuary, and be at least 23 years of age, for him or her to qualify as a “Fellow of the Institute of Actuaries” (FIA) .

Core exams The Core Technical section consists of the 8 exams and a “Business Awareness Module,” CT9. These are usually first sat by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions. While these are the first exams, candidates coming from a less mathematical background often find these more difficult than the later ones due to the mathematical theory content. Topics covered include annuities, stochastic modelling, time series, and triangles.

The Core Applications section consists of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This includes the communications model, CA3, which tests the candidate on their ability to communicate complex actuarial concepts to others. Upon successful completion of both the CT and CA subjects a candidate is said to be an “Associate of the (Institute/ Faculty) of Actuaries.”

Specialist exams The Specialist Technical section represents the first time the candidate has a choice of which exams to take. The candidate chooses two from the various actuarial specialist subjects e.g. Life, Pensions, or Investments and further technical knowledge on said subjects is attained.

The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of exams are relaxed, this exam may be taken before taking some earlier exams resulting in candidates qualifying on other papers.

List of Exams Core Technical Stage

Core Applications Stage

Specialist Technical Stage

Specialist Applications Stage

UK Practice Modules for students working in the UK only



Past Presidents

See also

References {{cite web| year = 2006| url = http://www.actuaries.org.uk/Display_Page.cgi?url=/students/become_student.html| title = Becoming a student| work = Actuarial Profession| publisher = Faculty and Institute of Actuaries| accessdate = 2006-06-11-->

External links

The Institute of Actuaries is one of the two professional bodies representing Actuary in the United Kingdom. The Institute is based in England, while the other body, the Faculty of Actuaries, is based in Scotland. While the Institute and Faculty of actuaries are separate institutions, they work very closely together, and the professional qualifications and professional standards for actuaries are identical in each of them.

The Institute was formed in 1848 partly in response to the large number of Life Assurance companies that were failing. In 1884 the Institute of Actuaries was incorporated by a Royal Charter.

The Institute's slogan is making financial sense of the future.

Membership Categories In total there are approximately 15000 members of the Institute falling into the following categories.



Examinations Qualification by the Institute consists of a combination of exams and courses. The exams can only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate may offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects. The exams are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). In addition to exams and courses, it is required that the candidate has spent at least three years working as an actuary, and be at least 23 years of age, for him or her to qualify as a “Fellow of the Institute of Actuaries” (FIA) .

Core exams The Core Technical section consists of the 8 exams and a “Business Awareness Module,” CT9. These are usually first sat by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions. While these are the first exams, candidates coming from a less mathematical background often find these more difficult than the later ones due to the mathematical theory content. Topics covered include annuities, stochastic modelling, time series, and triangles.

The Core Applications section consists of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This includes the communications model, CA3, which tests the candidate on their ability to communicate complex actuarial concepts to others. Upon successful completion of both the CT and CA subjects a candidate is said to be an “Associate of the (Institute/ Faculty) of Actuaries.”

Specialist exams The Specialist Technical section represents the first time the candidate has a choice of which exams to take. The candidate chooses two from the various actuarial specialist subjects e.g. Life, Pensions, or Investments and further technical knowledge on said subjects is attained.

The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of exams are relaxed, this exam may be taken before taking some earlier exams resulting in candidates qualifying on other papers.

List of Exams Core Technical Stage

Core Applications Stage

Specialist Technical Stage

Specialist Applications Stage

UK Practice Modules for students working in the UK only



Past Presidents

See also

References {{cite web| year = 2006| url = http://www.actuaries.org.uk/Display_Page.cgi?url=/students/become_student.html| title = Becoming a student| work = Actuarial Profession| publisher = Faculty and Institute of Actuaries| accessdate = 2006-06-11-->

External links



 

Institute Of Actuaries



 
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