We have answered your questions about the Mutual Recognition Agreement (MRA) between the IFoA and IAI in our Frequently Asked Questions (FAQ) below:
What is the process of gaining membership from the IFoA by mutual recognition?
You can find the detailed process for joining the IFoA through the MRA route here on our IAI mutual recognition web page.
If I’m an IAI Fellow completing an application to become a Fellow of the IFoA, what evidence do I need to provide?
You will need to provide evidence that you meet the criteria listed below as part of your application. A full list of documents to be included with your application are listed on the application form.
Do I need to hold a Certificate of Practice (COP) from the IAI to be eligible to apply for IFoA Fellowship through mutual recognition?
No. Holding a Certificate of Practice (COP) from the IAI is not a requirement for applying for IFoA Fellowship through mutual recognition. You will need to meet the criteria listed below if you want to make an application.
What are the fees for submitting an application for Fellowship of the IFoA through mutual recognition?
There are no fees to be paid when you submit an application for Fellowship through mutual recognition. Once your application has been approved, we will contact you about the payment of your IFoA membership subscription fees. You can find further information on our membership subscription fees on our subscriptions information web page.
Will IFoA or IAI membership fees change now the MRA is in place?
No. The IFoA and IAI set their own membership fees, which are not impacted by the MRA. If you are a member of another actuarial body which is a full member association of the International Actuarial Association (IAA) you can apply for IFoA Dual member status and fees. You can find further information on our subscriptions information web page.
Can I apply for recognition of individual papers I have passed through mutual recognition?
No. You can only apply for recognition of your IAI Fellowship qualification through the IFoA and IAI MRA.
If I have any exam exemptions, will they be recognised by the MRA?
The MRA recognises equivalent full qualifications and not individual exam exemptions. The mutual recognition agreement between the IFoA and IAI allows a Fellow of one institute to become a Fellow of the other institute, subject to meeting the criteria set out in the MRA.
Is there an automatic route to join the IFoA by mutual recognition?
No. If you meet the criteria listed below, you will need to complete an application form to join the IFoA through the MRA route
What are the criteria that I need to meet to gain IFoA Fellowship through mutual recognition?
The criteria you will need to meet to apply for Fellowship of the IFoA through mutual recognition are:
- You have attained Fellowship of the IAI by completing the qualification requirements of IAI (not solely in recognition of membership of another actuarial association)
- You are entitled to practice as a member of the IAI
- In the event that there is no work experience requirement built into Fellowship of IAI, you have completed, as at the date of your application, at least three years post-qualification practical work-based experience of actuarial practice
- You have undertaken a professionalism course as prescribed by IAI; and
- You authorise in writing the IAI to release relevant records to the IFoA concerning any adverse disciplinary determination, finding, sanction, and/or penalty, to which you have been subject, in accordance with the IAI’s disciplinary process.
What is post-qualification work experience? Does this include work experience before achieving IAI Fellowship?
No. Post-qualification work experience is work experience you have completed after achieving Fellowship of the IAI. We only require evidence of your post-qualification work experience, if you were not required to complete work experience to achieve Fellow of IAI.
What will my Continuing Professional Development (CPD) requirements be as a Fellow of the IFoA, under the MRA between the IFoA and IAI?
If you become a Fellow of the IFoA through mutual recognition, your CPD requirements will be the same as other IFoA Fellows. You can find our CPD requirements listed here: https://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd
Is the requirement to take SA exam from IAI for the Appointed Actuary Role still valid?
The MRA between the IFoA and IAI allows Fellows of each institute to become a Fellow of the other, subject to meeting the criteria set out in the MRA. The MRA does not impact on the requirements for becoming an Appointed Actuary in India, which are set by the local regulator, the Insurance Regulatory and Development Authority (IRDAI). You can find further details of the requirements to become an Appointed Actuary on the IRDAI website: https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_NoYearList.aspx?DF=RL&mid=8.3
Which other organisations does the IFoA have MRAs with?
The IFoA has MRAs with other actuarial organizations, which are mutually exclusive to one another. You can find details of the other MRAs that IFoA members can take advantage of on our MRA web page.
What are the benefits of the MRA between the IFoA and IAI for students in India?
The Mutual Recognition Agreement (MRA) between the IFoA and IAI ensures educational equivalence between qualifications covered by the MRA, enabling our members to gain recognition of the professional qualifications they have achieved. The MRA provides a route for Fellow members of each body to access the dual benefits of each body.
Help and support
If you have any questions about your application, please contact our Member Services team, who will be happy to help you.
If you would like to find out more about the benefits of mutual recognition or speak to our India team you can contact us here.
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