IFoA’s Certified Actuarial Analyst Trailblazing around the world

The Institute and Faculty of Actuaries (IFoA) is launching a new membership category in 2014 – the Certified Actuarial Analyst (CAA) - and today the UK government has announced that it is a Trailblazer.  This means that the IFoA is developing and running the CAA  to set the apprenticeship standard and UK employers signing up to Trailblazer to sponsor employees through it.

Derek Cribb, CEO of the IFoA said;

“This is fantastic news for young people in the UK. The CAA recognises that employers need to professionalise staff in their growing pool of technical, analytical and actuarial support roles - as the list of supporting employers, including Aon, Barnett Waddingham, Grant Thornton, JLT, Mercer and Munich Re illustrates.  A series of exciting new apprenticeship opportunities in financial services is opening up and Trailblazing employers who sponsor their apprentices through the CAA examinations are offering young people a professional qualification that will have international recognition.” 

Professionalising technical roles is nothing new, there are the paralegals and paraphysicians of the USA for instance, professionals recognised for the expertise and value that they represent.  Whilst a number of successful technical qualifications already exist none draw on actuarial science, representing a gap that has been identified by employers and the IFoA.  The CAA fills that gap and will professionalise technical, analytical and actuarial support roles.  

The development of the CAA was employer led, drawing on the high professional standards of the IFoA that are recognised and valued by employers around the world.

Cribb continues;

“CAA is a challenging undertaking and we expect it to take around two to three years to pass the qualifying examinations. Like an IFoA Fellowship, the CAA will be internationally recognised for the high academic and professional standards that it represents.  We see the career path of our future Certified Actuarial Analysts as being particularly flexible. Their skills will have relevance not only to traditional actuarial sectors such as insurance and pensions, but also to other financial sectors and a far broader corporate world.”

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More information on the Certified Actuarial Analyst (CAA) is available here

Editorial notes:

About the Institute and Faculty of Actuaries

1. The IFoA is an independent, royal chartered, not-for-profit, professional body.
2. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
3. Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
4. Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
5. The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.