In order to qualify as a CAA you need to:
- join CAA Global www.caa-global.org
- pass or be exempt from six exam modules
- provide evidence of one year's relevant work experience, and
- pass the Online Professional Awareness Test (OPAT).
What modules I need to take?
There are six exams to pass as part of the CAA qualification.
- Module 0—Entry exam
Ensures that you have a grounding in the mathematical skills and basic statistics that underpin actuarial work.
- Module 1—Finance and Financial Mathematics
Provides a grounding in finance and financial mathematics with simple applications.
- Module 2—Statistics and Models
Provides a grounding in the aspects of statistics that are relevant to actuarial work, and in stochastic processes and survival models.
- Module 3—Long Term Actuarial Mathematics
Provides a grounding in the mathematical techniques that can be used to model and value cash flows dependent on death, survival or other uncertain risks arising in pensions and life insurance.
- Module 4—Short Term Actuarial Mathematics
Provides a further grounding in mathematical and statistical techniques of particular relevance to non-life insurance.
- Module 5—Models and Audit Trails
This exam can only be taken when modules 0-4 have been passed.
Ensures that you can model data and maintain an audit trail to document your work.
Work based skills
Although you don’t need work experience to sit the CAA exams, you do need to show evidence of one year of relevant experience in an actuarial or other support role before you qualify as a Certified Actuarial Analyst. This demonstrates to employers that you have relevant experience and are able to apply your skills.
Professional skills are a key part of your training and ongoing development as a CAA. Before becoming a Certified Actuarial Analyst, you’ll pass the Online Professional Awareness Test (OPAT). Booking for OPAT will be available shortly.
If you have previously taken IFoA exams, you may qualify for exemptions provided the exam passes were earned by 30 June 2018. You can find more details about what exemptions you may be eligible for here.
The IFoA is committed to providing an opportunity for qualified CAAs to progress to the IFoA professional examinations. This would allow those who wish to become qualified actuaries to progress their career through the professional examinations route, to full associate and fellow membership. The IFoA is currently looking at ways in which this will become possible and further details will follow in the coming months.
Qualified CAAs who are interested in exploring this opportunity should register their interest at firstname.lastname@example.org
The IFoA guidance is that these individuals may wish to consider studying and sitting the following IFoA examinations, which will available in the April and Sep 2018 examination sittings:
- CT2 and CT7:
Details of the syllabuses, sample examination papers and markings guides are available at:
Individuals who complete some or all of these will be eligible for exemptions against the new curriculum which becomes effective from April 2019.
CAA Administration Team
CAA Global, c/o Institute and Faculty of Actuaries, 1st Floor, Park Central, 40-41 Park End Street, Oxford OX1 1JD