University Accreditation Program
In May 2010, the Accreditation Committee (AC) was appointed to implement a University Accreditation Program (UAP). The goal of the program is to provide credits for some of the preliminary professional examinations of the Society of Actuaries (SOA)/Casualty Actuarial Society (CAS)/Canadian Institute of Actuaries (CIA) while maintaining the strong standards of our exam-based entrance to the profession. The CIA believes that the UAP will allow for a rich and rewarding university experience that will make travel time to the Associate (ACIA) and Fellow (FCIA) designations more predictable and will produce stronger, more capable actuaries for the future.
The UAP provides credits for exams FM/2, MFE/3F, MLC, LC, and C/4. No credit is available for the Probability Exam, and Exams ST and S of the CAS; therefore, students will be required to complete the examination of the SOA/CAS/CIA for Exam P/1 as well as the Fellowship exams, modules, and other eligibility requirements for the Associate (ACIA) and Fellow (FCIA) designations of the CIA.
As of September 2012, accredited universities offer courses which provide candidates with the option of applying to the CIA to gain credits for writing the examinations noted above.
Candidates who achieve the minimum grade requirement in the accredited courses will submit an application form along with official university grade transcripts. An application fee of 80 percent of the corresponding SOA/CAS exam fees will apply.
The AC considered a transitional measure where students who had achieved the minimum grade in accredited courses prior to September 2012 could apply to receive credits from the CIA. The AC decided against recommending retroactive credits as the courses had not been evaluated by the CIA and would not reflect any changes requested by the CIA to meet the minimum accreditation requirements.
The CIA is a member of the International Actuarial Association (IAA), and as such, the portability of the Associate (ACIA)/Fellow (FCIA) designations is an important priority for the CIA.
The Casualty Actuarial Society (CAS) recognizes CIA University Accreditation Program (UAP) credits towards the ACAS and FCAS designations. Also in the United States, the FCIA meets the education requirement of the U.S. Qualification Standards (USQS) set by the American Academy of Actuaries (AAA). A candidate who meets the USQS actuarial experience and the continuing education requirements may qualify as a Member of the AAA (MAAA) and be fully qualified to practice in the U.S. To qualify as an MAAA and satisfy legal or regulatory requirements that may be applicable, an FCIA who is a resident of the United States for at least three years, or a non-resident or new resident, must certify their familiarity with U.S. laws and practices in their actuarial practice area. An FCIA, MAAA counting three years of actuarial experience including one year in the relevant area of U.S. actuarial practice is fully qualified to sign a statement of actuarial opinion in the U.S. Click U.S. qualification standards for more details.
In addition, through mutual recognition agreements (MRAs) with the Institute and Faculty of Actuaries in the United Kingdom, the Society of Actuaries in Ireland, the Institute of Actuaries of Australia, and the Actuarial Society of South Africa, CIA candidates pursuing the UAP or traditional examination have many options for international practice.
The FCIA designation is well-recognized and well-respected internationally, and the CIA, through its high standards for education, will ensure that CIA members continue to be held in high regard.