CERA - Chartered Enterprise Risk Actuary qualification
CERA, or the Chartered Enterprise Risk Actuary qualification, is a global risk management qualification which the Institute and Faculty of Actuaries is accredited to award to members who meet certain criteria.
What CERA-qualified actuaries say
CERA was first developed by the US Society of Actuaries which later joined with a group of other actuarial associations to sign the CERA Board Treaty in Hyderabad in November 2009. It was the first time that actuarial organisations had worked globally to offer a specialized professional credential.
The Treaty represents a global commitment to lead and uphold best practice in risk management worldwide and strengthens international recognition of the actuarial profession's expertise in the field of risk management. Co-signatories to the treaty include:
All signatories to the Treaty use the acronym 'CERA', but CERA variously translates as one of the following, according to the preference of the signatory body:
- Chartered Enterprise Risk Analyst
- Chartered Enterprise Risk Actuary
- Certified Enterprise Risk Analyst
- Certified Enterprise Risk Actuary
CERAs dedicated website can be found at: www.ceraglobal.org
CERA is one of the most comprehensive and rigorous enterprise risk management qualifications available. It aims to address the urgent need for highly-qualified risk management professionals worldwide, especially in the financial sector.
CERA is designed to equip actuaries to fulfil roles such as chief risk officer in fields such as insurance; reinsurance; consulting; energy; infrastructure; transport; manufacturing; technology; media; and heathcare.
Importantly for complex financial institutions it covers individual risk categories and how they interact. In preparation for Solvency II and Basel III the qualification requires understanding of how to measure, model and manage risks and how economic capital can be best applied.
How to obtain the CERA qualification
There are two ways in which members of the Institute and Faculty of Actuaries can be eligible to receive the CERA qualification:
- become an Associate member and pass ST9, the Specialist Technical exam in enterprise risk management;
- become a Fellow (or have completed the exams required to transfer to the class of Fellow) and have passed ST9 as one of your ST subjects for Fellowship, or as an additional ST subject;
Those passing or being exempt from the ST9 exam after 1 September 2012 will need to attend a CERA seminar which will enable them to investigate and discuss more practical applications of enterprise risk management.
An experienced practitioner application route for the CERA qualification, the Verifiable Experienced Practitioner (VEP) route, is currently available. Details of the VEP application process.
More information about subject ST9 can be found here.
If you are not a member of the Institute and Faculty, but you are a fully qualified member of another actuarial association, then you cannot be awarded the CERA qualification by only passing ST9. Members of other accredited associations listed above should approach their own association to find out how to obtain this qualification.
Learn more about CERA qualified members
Further profiles of CERA qualified members can be found on the CERA website.
|Watch and listen ......
... to newly qualified CERA actuaries talking about why they chose to pursue this qualifcation.