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Actuarial Science 142 > Actuarial Qualification process > Flashcards

Actuarial Qualification process Flashcards

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1
Q

To qualify as a Fellow of the Institute and Faculty of Actuaries students must currently complete __ examinations.

A

15

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2
Q

4 Stages of examinations

A
  • Core Technical Stage
  • Core Applications Stage
  • Specialist Technical Stage
  • Specialist Applications Stage
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3
Q

Core Technical Stage

A
  • 9 subjects, including traditional actuarial and non-actuarial foundation subjects.
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4
Q

Core Applications Stage

A
  • 3 subjects covering the principles of actuarial work, modelling and communication.
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5
Q

Specialist Technical Stage

A
  • 2 subjects (out of 8 available)

- Covers the principles and techniques of actuarial work in specific areas. (Non-country-specific).

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6
Q

Specialist Applications Stage

A
  • 1 subject (chosen from 6)

- Covers high-level problem-solving in a specific area and country of actuarial work.

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7
Q

In addition to passing the examinations, applicants need to …

A

Have completed a short Professionalism course and have acquired the necessary work-based skills.

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8
Q

4 Parts to qualify as an ASSOCIATE of the Actuarial Society of SOUTH AFRICA:

A
  • A1: Foundation Technical
  • A2: Intermediate Technical
  • A3: Core Principles
  • A4: Associateship Professionalism Skills
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9
Q

Subjects in Part A1: Foundation Technical

A
  • A101: Probability and Mathematical Statistics
  • A102: Economics
  • A103: Finance and Financial Reporting
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10
Q

Subjects in Part A2: Intermediate Technical

A
  • A201: Financial Mathematics
  • A202: Models
  • A203: Contingencies
  • A204: Statistical Methods
  • A205: Financial Economics
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11
Q

Subjects in Part A3: Core Principles

A
  • A301: Actuarial Risk Management

- A302: Communications

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12
Q

Subjects in Part A4: Associateship Professionalism Skills

A
  • A401: Business Awareness Module
  • A402: Model Documentation, Analysis and Reporting
  • A403: Associateship Work-based Skills
  • A404: Associateship Professionalism Course
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13
Q

3 Parts to qualify as a FELLOW of the Actuarial Society of South Africa

A
  • F1: Fellowship Principles
  • F2: Fellowship Applications
  • F3: Fellowship Professionalism Skills
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14
Q

Available subjects in F1: Fellowship principles

A
  • 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
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15
Q

Available subjects in F2: Fellowship Applications

A
  • 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
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16
Q

Available Subjects in F3: Fellowship Professionalism Skills

A
  • A401: Business Awareness Module
  • A402: Model Documentation, Analysis and Reporting
  • F303: Fellowship Work-based Skills
  • F304: Fellowship Professionalism Course
17
Q

Name Areas where actuaries have added value

A
  • Life insurance
  • Retirement funding
  • Investments and finance
  • Short0term insurance
  • Healthcare
  • AIDS
18
Q

Roles of actuaries in life insurance

A
  • 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
19
Q

Roles of actuaries in Retirement funding

A
  • 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
20
Q

Roles of actuaries in Investments and finance

A
  • 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
21
Q

Roles of actuaries in Short-term insurance

A
  • 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
22
Q

Contributions of actuaries to Healthcare

A
  • 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

Actuarial Science 142 (23 decks)

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