Actuarial Qualification process Flashcards
To qualify as a Fellow of the Institute and Faculty of Actuaries students must currently complete __ examinations.
15
4 Stages of examinations
- Core Technical Stage
- Core Applications Stage
- Specialist Technical Stage
- Specialist Applications Stage
Core Technical Stage
- 9 subjects, including traditional actuarial and non-actuarial foundation subjects.
Core Applications Stage
- 3 subjects covering the principles of actuarial work, modelling and communication.
Specialist Technical Stage
- 2 subjects (out of 8 available)
- Covers the principles and techniques of actuarial work in specific areas. (Non-country-specific).
Specialist Applications Stage
- 1 subject (chosen from 6)
- Covers high-level problem-solving in a specific area and country of actuarial work.
In addition to passing the examinations, applicants need to …
Have completed a short Professionalism course and have acquired the necessary work-based skills.
4 Parts to qualify as an ASSOCIATE of the Actuarial Society of SOUTH AFRICA:
- A1: Foundation Technical
- A2: Intermediate Technical
- A3: Core Principles
- A4: Associateship Professionalism Skills
Subjects in Part A1: Foundation Technical
- A101: Probability and Mathematical Statistics
- A102: Economics
- A103: Finance and Financial Reporting
Subjects in Part A2: Intermediate Technical
- A201: Financial Mathematics
- A202: Models
- A203: Contingencies
- A204: Statistical Methods
- A205: Financial Economics
Subjects in Part A3: Core Principles
- A301: Actuarial Risk Management
- A302: Communications
Subjects in Part A4: Associateship Professionalism Skills
- A401: Business Awareness Module
- A402: Model Documentation, Analysis and Reporting
- A403: Associateship Work-based Skills
- A404: Associateship Professionalism Course
3 Parts to qualify as a FELLOW of the Actuarial Society of South Africa
- F1: Fellowship Principles
- F2: Fellowship Applications
- F3: Fellowship Professionalism Skills
Available subjects in F1: Fellowship principles
- F101: Health and Care Principles
- F102: Life Insurance Principles
- F103: General Insurance Principles
- F104: Pension and Other Benefits Principles
- F105: Finance and Investment Principles
- F106: Enterprise Risk Management Principles
Available subjects in F2: Fellowship Applications
- F200: Research Option
Applications:
- F201: Health and Care Applications
- F202: Life Insurance Applications
- F203: General Insurance Applications
- F204: Pension and Other Benefits Applications
- F205: Investment Applications
Practice Modules:
- F210: Generic Practice Module
- F211: Health and Care Practice Module
- F212: Life Insurance Practice Module
- F213: General Insurance Practice Module
- F214: Pension and Other Benefits Practice Module
- F215: Investment Practice Module
Available Subjects in F3: Fellowship Professionalism Skills
- A401: Business Awareness Module
- A402: Model Documentation, Analysis and Reporting
- F303: Fellowship Work-based Skills
- F304: Fellowship Professionalism Course
Name Areas where actuaries have added value
- Life insurance
- Retirement funding
- Investments and finance
- Short0term insurance
- Healthcare
- AIDS
Roles of actuaries in life insurance
- Valuation of assts and long-term liabilities to ensure solvency of life insurers (a statutory responsibility)
- Design and pricing of life insurance products
- Investment advice
- Risk identification and management
- Developing mortality (and morbidity) experience tables
Roles of actuaries in Retirement funding
- Valuation of pension fund liabilities and the assets backing them to ensure the retirement fund is sound (a statutory responsibility)
- Design and pricing of retirement funds
- Investment advice
Roles of actuaries in Investments and finance
- Advising on an appropriate investment strategy consistent with the nature and term of the liabilities.
- The adaptation of statistical and modelling knowledge to the area
- The adaptation of skills learned in areas, such as general insurance applied to the modelling of credit risk
Roles of actuaries in Short-term insurance
- Design and pricing of new products
- Improving premium rating through the implementation of sophisticated rating methodologies
- Making underwriting systems more flexible
- Creating a greater appreciation for the value of quality data
- Introducing modelling techniques that can be useful in respect of reinsurance, catastrophe management and solvency projections
- Improving regulatory solvency modelling
Contributions of actuaries to Healthcare
- Design and pricing of medical scheme products
- Producing reports for the Council for Medical Schemes
- Extensive involvement in the design of the Risk Equalisation Fund
- Advising on areas such as risk identification and management for medical schemes and providers of healthcare
- Contributions in the area of valuing post-retirement liabilities
