New qualification provides boost for actuarial analyst careers

Posted by er134 at Apr 14, 2014 11:12 AM |
Institute and Faculty of Actuaries launches professional qualification with University of Leicester as a teaching provider

Issued by University of Leicester Press Office on 14 April 2014

Mathematicians from the University of Leicester are working alongside the Institute and Faculty of Actuaries (IFoA) to equip aspiring analysts with the skills to thrive in the financial services sector.

The IFoA has developed a new, internationally recognised professional qualification, the Certified Actuarial Analyst (CAA), which aims to provide the foundation to a wide range of careers in fields such as underwriting, insurance, pensions, finance and investment management.

The University's Department of Mathematics worked closely with the IFoA in developing the Syllabi for the CAA qualification.  The University provides a full tuition service to prepare students for the formal assessments for the qualification, which are set and delivered by the IFoA and who also issue the certification.

The qualification is designed to be studied at a distance, giving students flexibility to study from any location within a structured and supportive framework, allowing them to combine achieving a qualification with work or family commitments. The qualification takes a minimum of two years' part time study.

Leena Sodha, from the Department of Mathematics, said: “We are delighted to offer tuition for the new CAA qualification. With a team comprising academics and actuaries delivering teaching, students will benefit from our unique mix of industrial know-how and mathematical expertise. As an internationally-regarded provider of distance learning we have developed a range of study materials that will give our learners a real advantage for their careers in analytical finance.

“Qualifying as a Certified Actuarial Analyst can be career changing. The internationally recognised qualification can make you stand out in a competitive job market.”

As part of the course, students will also become a member of the prestigious IFoA. Membership is recognised worldwide as a sign of knowledge, expertise and skills.

In addition to offering tuition for the CAA qualification, the University also offers students the opportunity to study for a MSc/PgDip in Actuarial Science by Distance Learning. The course is fully accredited by the IFoA and offers the opportunity to obtain exemptions from the CT1 – 8 syllabus putting students on a fast track route to becoming a fellow. This qualification takes 2-3 years to complete but again giving students the flexibility to fit studies around their careers providing academic and career progress at the same time.

Derek Cribb, CEO of the IFoA comments:“There is a strong demand for CAA in the financial sector and we worked closely with employers in developing the qualification to meet their need for professional technicians and analysts.  Anyone leaving higher education, at A-level or degree level, seeking a career where they can utilise their mathematical abilities should consider CAA. In many cases study will be supported by employers, offering a modern apprenticeship that when completed provides an internationally recognised career.

“There is clear demand for CAA employees in the financial sector however, it is generic in nature, which means that it has broad applicability and we fully expect to see our CAA members working in a wide range of sectors around the world.”

For more information on the University of Leicester’s CAA and how to apply: www.le.ac.uk/caa

Ends

Notes to editors:

For enquiries about the University of Leicester CAA please contact:

Leena Sodha

Fellow of the Institute of Actuaries

Actuarial Science Programme Director – Distance Learning

leena.sodha@le.ac.uk

About the CAA

Over the last few years there has been an increase in the number of professionals working in analytical and technical roles in financial and actuarial companies. These increases have not gone unnoticed by regulators who are increasingly seeking comfort in the skills of the individuals in these roles. Encouraging employees to undertake a professional qualification and maintain membership with a professional body will go a long way to providing this assurance.

The CAA has been developed with employers to meet their needs. The IFoA’s educational and regulatory standards are internationally recognised and Royal Chartered for good reason; the examinations are not easy to pass - representing the high academic standards - whilst the continuous professional development (CPD) requirements and robust regulatory approach offer comfort to employers, regulators and the public alike.  CAA applies the same high standards, for which the Fellowship is renowned, to professional technical and analytical roles within the actuarial and wider financial sphere.

The IFoA believes it will take an average of two to three years for students to pass the CAA, which is designed to be generic in nature, for broad applicability within an organisation. In time it is the IFoA’s  intention to create a bridge between the CAA and the Fellowship, enabling promising individuals the opportunity to study to become fully qualified actuaries.

CAA – candidates

Anyone can take the Module 0 exam, which lets you know if you have the required knowledge to undertake the CAA qualification or not. However CAAs will share certain attributes:

  • Candidates may consider the CAA from 16 years of age
  • Will have a strong understanding of mathematics, most likely to A-level or degree level (or equivalent)
  • May well be working in an analytical, actuarial or technical financial role
  • May have undertaken the Fellowship exams in the past but found them in advance of what was required by employers and therefore stopped studying
  • The ability to study and take technical, computer based, exams in English.

CAA supporting employers

Aon

Barnett Waddingham

Grant Thornton

JLT

Mercer

Munich Re

Sun Life of Canada

CAA costs

  • To take the Module 0 exam will cost £99.  A reduced rate of £49 is available.
  • To become a CAA student you will need to register with the IFoA as a student member, this consists of an admissions fee of £99 and an annual student membership fee of £170. A reduced rate of £69 for student membership is available.
  • There is a £130 cost to enter any exam for Modules 1 to 4. A reduced rate of £60 is available.
  • There is a £195 cost to undertake the final Module 5 exam. A reduced rate of £90 is available.
  • CAA qualified membership of the IFoA will cost £250 a year. A reduced rate of £69 is available.
  • The reduced rates described above apply on an earnings related basis. You will have the option to advise whether you require a reduced rate when you register for the exam.

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