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The
Faculty of Actuaries in Scotland is the
professional body representing actuaries in
Scotland.
The Institute of Actuaries, is a separate body in
England,
Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries are separate institutions, they work very closely together, and the professional qualifications and professional standards for actuaries are identical in each of them.
The Faculty of Actuaries was formed in
1856 with the aim of representing the interests of actuaries practicing in Scotland. In
1868 the Faculty of Actuaries was granted a royal charter.
The Faculty's slogan is "
Making financial sense of the future."
Examinations
Qualification by the Faculty consists of a combination of exams and courses. The exams can only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate may offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects. The exams are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). In addition to exams and courses, it is required that the candidate has spent at least three years working as an actuary, and be of 23 years of age, for him or her to qualify as a “Fellow of the (Institute/Faculty) of Actuaries” (FIA/FFA) .
Core exams
The Core Technical section consists of the 8 exams and a “Business Awareness Module,” CT9. These are usually first sat by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions. While these are the first exams, candidates coming from a less mathematical background often find these more difficult than the later ones due to the mathematical theory content. Topics covered include annuities, stochastic modelling, time series, and triangles.
The Core Applications section consists of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This includes the communications model, CA3, which tests the candidate on their ability to communicate complex actuarial concepts to others. Upon successful completion of both the CT and CA subjects a candidate is said to be an “Associate of the (Institute/ Faculty) of Actuaries.”
Specialist exams
The Specialist Technical section represents the first time the candidate has a choice of which exams to take. The candidate chooses two from the various actuarial specialist subjects e.g. Life, Pensions, or Investments and further technical knowledge on said subjects is attained.
The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of exams are relaxed, this exam may be taken before taking some earlier exams resulting in candidates qualifying on other papers.
University-based exams
As an alternative to taking professional exams while working asa trainee actuary, a number of universities offer
actuarial sciencedegrees at the undergraduate and postgraduate level. Successfulstudents can earn exemptions from professional exams.
References
{{cite web| year = 2006| url = http://www.actuaries.org.uk/Display_Page.cgi?url=/students/become_student.html| title = Becoming a student| work = Actuarial Profession| publisher = Faculty and Institute of Actuaries| accessdate = 2006-06-11-->
External links
The
Faculty of Actuaries in Scotland is the professional body representing
actuaries in Scotland.
The Institute of Actuaries, is a separate body in England, Wales and
Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries are separate institutions, they work very closely together, and the
professional qualifications and professional standards for actuaries are identical in each of them.
The Faculty of Actuaries was formed in
1856 with the aim of representing the interests of actuaries practicing in Scotland. In
1868 the Faculty of Actuaries was granted a
royal charter.
The Faculty's slogan is "
Making financial sense of the future."
Examinations
Qualification by the Faculty consists of a combination of exams and courses. The exams can only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate may offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects. The exams are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). In addition to exams and courses, it is required that the candidate has spent at least three years working as an actuary, and be of 23 years of age, for him or her to qualify as a “Fellow of the (Institute/Faculty) of Actuaries” (FIA/FFA) .
Core exams
The Core Technical section consists of the 8 exams and a “Business Awareness Module,” CT9. These are usually first sat by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions. While these are the first exams, candidates coming from a less mathematical background often find these more difficult than the later ones due to the mathematical theory content. Topics covered include annuities, stochastic modelling, time series, and triangles.
The Core Applications section consists of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This includes the communications model, CA3, which tests the candidate on their ability to communicate complex actuarial concepts to others. Upon successful completion of both the CT and CA subjects a candidate is said to be an “Associate of the (Institute/ Faculty) of Actuaries.”
Specialist exams
The Specialist Technical section represents the first time the candidate has a choice of which exams to take. The candidate chooses two from the various actuarial specialist subjects e.g. Life, Pensions, or Investments and further technical knowledge on said subjects is attained.
The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of exams are relaxed, this exam may be taken before taking some earlier exams resulting in candidates qualifying on other papers.
University-based exams
As an alternative to taking professional exams while working asa trainee actuary, a number of universities offer actuarial sciencedegrees at the undergraduate and postgraduate level. Successfulstudents can earn exemptions from professional exams.
References
{{cite web| year = 2006| url = http://www.actuaries.org.uk/Display_Page.cgi?url=/students/become_student.html| title = Becoming a student| work = Actuarial Profession| publisher = Faculty and Institute of Actuaries| accessdate = 2006-06-11-->
External links
Faculty and Institute of Actuaries
The Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London and Oxford are the two professional bodies for actuaries in the United Kingdom.
Actuaries - Faculty of Actuaries Students Society
Welcome. Hello and welcome to a new year for the Faculty of Actuaries Students' Society (FASS). What's FASS? FASS arranges a wide variety of professional and social activities for ...
Faculty of Actuaries. Celebrating 150 years.
The Faculty of Actuaries is delighted to have raised funds for CHAS. Click on Fundraising (above) for more details.
Justgiving - Faculty of Actuaries: 150th Anniversary
Justgiving - the easiest way to fundraise and donate to charity online ... About the charity : Children's Hospice Association Scotland, (CHAS)
Faculty and Institute of Actuaries
BSc in Actuarial Science - Faculty and Institute of Actuaries Becoming an Actuary. In order to become an actuary it is necessary to qualify as a Fellow of the Institute of ...
Faculty of Actuaries - Wikipedia, the free encyclopedia
The Faculty of Actuaries in Scotland is the professional body representing actuaries in Scotland. The Faculty of Actuaries is one of two actuarial bodies in the UK, the other is ...
The Faculty of Actuaries and The Royal Society of Edinburgh
The Faculty of Actuaries and The Royal Society of Edinburgh Joint Discussion Dinner: Future Longevity: Limits to Knowledge Douglas Anderson FIA Actuary and Partner with Hymans and ...
Faculty of Actuaries and Institute of Actuaries
Faculty of Actuaries and Institute of Actuaries ... Degrees and prizes awarded Up: Staff Previous: Honours and Prizes. Faculty of Actuaries and Institute of Actuaries
Faculty of Actuaries and Institute of Actuaries
Faculty of Actuaries and Institute of Actuaries ... Degrees awarded Up: Staff Previous: Prizes. Faculty of Actuaries and Institute of Actuaries
Institute and Faculty of Actuaries Exemptions :: School of Mathematics
Institute and Faculty of Actuaries Exemption Mapping ... Institute and Faculty of Actuaries Exemptions. The table below sets out the proposed exemption mapping between the ...
