NEW BABY ON WORLD OF ACTUARIAL PROFESSIONAL QUALIFICATIONS

Most of Kenyan actuarial scientist students have fear of the possibility of not doing professional papers (for actuarial science) because of high cost and many other challenges that are associated with actuarial professional papers. I want to dedicate todays writing to the issue of actuarial professional papers to any new student on this field or anyone interested e.g.  guardians, parents or employers.

My opinion is that there is great advantages of doing qualifications from Institute and Faculty of Actuaries I won’t  talk about it now, I want to focus now to the new qualifications which was recently introduced by  Institute and Faculty of Actuaries  the Certified Actuarial Analyst(CAA). First the cost associated with other professional qualification for actuarial science is usually costly and take times for someone to go through them. Am not saying that Certified Actuarial Analyst (CAA) is cheap and short but am trying to compare it with other choices we have in our disposal at this moment in time.

What is Certified Actuarial Analyst(CAA) qualification? I would love to answer your question  using exact words used by Institute and Faculty of Actuaries(IFoA) , It is a new membership qualification from the Instituteand Faculty of Actuaries (IFoA), designed to give those working in actuarial support roles and the broader financial services sector a path to acquire sound technical skills. It has been developed in response to employer and employee demand, and following consultation with users of actuarial services around the world.It bears all the hallmarks you would expect from the IFoA: a high quality qualification, robust regulatory framework and attractive membership package.

The advantages of doing this membership qualification are immerse , I may not adequately cover them on this post but I will try first to bring the arguments by(IFoA). According to them it will provide membership of a prestigious professional body and the associated benefits of being part of the global IFoA community, including support from the IFoA throughout their careers. It will open the door to a wide range of career options. This is was trying to say I cannot adequately cover in one post because we can go pages and pages talking about it.

What does the qualification consist of? I have personally gone through most of the syllabus and I must tell you it looks what Kenyans universities offer for undergraduate degree in actuarial science meaning once one is through a degree in Kenyan university can easily go through this course. The qualification consists of an entry test (Module 0) which candidates have to take before taking the further five exam modules (Modules 1-5). These further modules focus mainly on calculations and bookwork. Module 0 can be sat by non-members. All other modules can only be taken once candidates pass Module 0 and meet the IFoA’s entry criteria to become Student Actuarial Analysts of the Institute and Faculty of Actuaries. Modules 0-4 are assessed by Computer Based Testing. Module 5 is a practical exam, delivered online. Modules 1-4 cover Finance and Financial Mathematics, Statistics and Models, Long Term Actuarial Mathematics and Short Term Actuarial Mathematics. Module 5 covers Models and Audit Trails. There is also a work-based skills requirement. It is anticipated that it will take a minimum of two years part time study to qualify.

You can visit the official website of  Institute and Faculty of Actuaries(IFoA) and check out the new qualification. Remember that this year is the first time this qualification will be started  this year.