Frequently asked questions on Associateship
What does the Associate class offer me?
The Associate is a valuable qualification that may increase your career options. It is recognised internationally as meeting the minimum requirements to be an actuary in many countries of the world. This brings the Profession into line with other international actuarial bodies. Once you've met the criteria for Associate status, you can call yourself an actuary and use the initials AIA or AFA.
How do I become an Associate?
You must complete the Core technical and Core applications examinations (or have exemptions for some or all of them) and, if you joined after 1 July 2004, have one year's worth of relevant work-based skills experience covering the four key dimensions of practical application of actuarial skills, professional and ethical, communication and commercial. You will also need to attend a one-day professionalism course before transferring to the class of Associate.
Will this dilute the value of the Fellow class of membership?
The Associate focuses on the Core technical and Core applications subjects and provides a generalist qualification, to meet the diverse roles within the financial sector. The Fellow retains its role for those people who wish to specialise.
Is it likely that people will only join and study to reach Associate status and not go on to become a Fellow?
Some people may see the Associate as a career platform in its own right, others may see it as a foundation to progress towards becoming a Fellow. The Profession is seeking to provide a qualification that members and employers recognise has value to meet the changing employment market.
I only have to sit three more examination papers to become a Fellow. Isn't it worth me continuing anyway?
Everyone has a different work and life situation. You may decide becoming an Associate matches the expectations of you and your employer. You may decide to delay becoming a Fellow. Highlighting both qualifications strengthens the Profession’s reputation as the first choice for people with quantitative skills and abilities.
Which employers will want to support people reach Associate status?
Employers can decide for themselves how to support their actuarial trainees in becoming Associates. It is likely that, over time, specific actuarial roles for Associates will be developed by employers.
Do I need to take a further professionalism course if I carry on to become a Fellow?
Provided you have attended either a One-day Associate Professionalism Course or day one of the Two-day Professionalism Course you are not required to attend a Professional Skills Course. If you have not completed one of these courses then you will be required to attend a Professional Skills Course.
Will my subscription rate change?
Full details of the subscription levels for Associates are given in the schedule of fees and subscriptions.
Will I have to complete CPD?
The CPD requirements are mandatory for all professionally-active actuaries e.g. Fellows of the Institute and Faculty of Actuaries, Associates who wish to call themselves actuaries and those working in the UK under mutual-recognition agreements. In particular, the CPD requirements extend to actuaries working outside the UK.
