Qualifications
The Joint Board for the Enrollment of Actuaries administers two examinations to prospective enrolled actuaries. Once the two examinations have been passed, and an individual has also obtained sufficient relevant professional experience, that individual becomes an enrolled actuary.
The first exam (EA-1) tests basic knowledge of the mathematics of compound interest, the mathematics of life contingencies, and practical demographic analysis.
The second (EA-2) examination consists of two segments, which are offered during separate exam sittings in either the fall or the spring. Segment F covers the selection of actuarial assumptions, actuarial cost methods, and the calculation of minimum (required) and maximum (tax-deductible) contributions to pension plans. Segment L tests knowledge of relevant federal pension laws (in particular, the provisions of ERISA) as they affect pension actuarial practice.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
The Casualty Actuarial Society (CAS) is a leading international professional society of actuaries, based in North America, and specializing in property and casualty insurance.
The Institute of Actuaries was one of the two professional bodies which represented actuaries in the United Kingdom. The institute was based in England, while the other body, the Faculty of Actuaries, was based in Scotland. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
The Employee Retirement Income Security Act of 1974 (ERISA) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by:
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries were separate institutions, they worked very closely together, and the professional qualifications and professional standards for actuaries were identical in each of them. On 25 May 2010, voting members of the Faculty who took part in a ballot voted to merge the Faculty with the Institute of Actuaries, thus creating the Institute and Faculty of Actuaries which came into being on 1 August 2010, superseding the Faculty of Actuaries which ceased to exist on that date.
In the United States of America, an Enrolled Agent (EA) is a tax advisor, who is a federally authorized tax practitioner which is empowered by the U.S. Department of the Treasury. Enrolled Agents represent taxpayers before the Internal Revenue Service (IRS) for tax issues that include audits, collections, and appeals.
The American Academy of Actuaries, also known as the Academy, is the body that represents and unites United States actuaries in all practice areas. Established in 1965, the Academy serves as the profession's voice on public policy and professionalism issues.
The Brazilian Institute of Actuaries is the national association for actuaries in Brazil.
The Joint Board for the Enrollment of Actuaries licenses actuaries to perform a variety of actuarial tasks required of pension plans in the United States by the Employee Retirement Income Security Act of 1974 (ERISA). The Joint Board consists of five members – three appointed by the Secretary of the Treasury and two by the Secretary of Labor – as well as a sixth non-voting member representing the Pension Benefit Guaranty Corporation.
The Conference of Consulting Actuaries (CCA) is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to those employed by insurance companies. CCA members assist their clients with respect to pension, health, and other employee benefit plans; life insurance; and property and casualty insurance.
Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
Sir Alfred William Watson KCB FIA was a British actuary and civil servant. In 1917 he became Britain's first government actuary and was very influential in setting up funding from National Insurance for the newly introduced state pension.
Carlos Gustavo Rosado Muñoz was a prominent Mexican businessman, mathematician, and scholar. Born in Mexico City, he was the son of the highly decorated General Álvaro Rosado Osorio, and Adriana Muñoz Turnbull. He was the fourth of eight children, with five brothers and two sisters. Rosado Muñoz had one son, Carlos Octavio Rosado, and a grandson, Carlos Francisco Rosado. He passed away at his weekend home in Mineral del Chico, Hidalgo. At the time of his death he was married to Patricia Ellen Van Nest and they lived in Mineral del Chico, Hidalgo.
The Unified Tertiary Matriculation Examination is a computer-based standardized examination for prospective undergraduates in Nigeria. It is designed to assess problem solving, critical thinking, knowledge of scientific concepts and principles significance of each subject taken. Prior to 2014 the exam was a paper-and-pencil test; since May 17, 2014, however, all administrations of the exam have been computer-based.
Jeremy Edward Gold was an American actuary and economist. He was noted for his advocacy of the application of financial economics to pension actuarial practice and his criticism of actuarial standards and professionalism.
