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 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.
Christopher David Daykin CB is a British actuary and civil servant. He was the head of the United Kingdom Government Actuary’s Department (GAD) from 1989 to 2007 where he worked on social security, pension fund consultancy, national pension policy, population projections, risk management and pension reform. He is the second-longest holder of the post.
The Actuarial Association of Europe (AAE) was established in 1978 as Groupe Consultatif des Associations d'Actuaires des Pays des Communautés Européennes (GC), renamed to Groupe Consultatif Actuariel Européen in 2002, and given its present name on January 1, 2014.
The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries. As the national organization of the Canadian actuarial profession, the CIA serves the public through the provision by the profession of actuarial services and advice by: representing the Canadian actuarial profession in the formulation of public policy; promoting the advancement of actuarial science; educating and qualifying CIA members; ensuring that actuarial services provided by its members meet accepted professional standards; and assisting actuaries in Canada in the discharge of their professional responsibilities.
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.
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.
Founded in 1888, the Actuarial Society, is the professional association of actuaries in the Netherlands. Nearly all Dutch actuaries are members.
The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006. It is under the ownership of Ministry of Finance, Government of India.
The Brazilian Institute of Actuaries is the national association for actuaries in Brazil.
The Royal Association of Belgian Actuaries is the former name of the national association for actuaries in Belgium. It was known as the ARAB/KVBA, an acronym of its names in Dutch—Koninklijke Vereniging van Belgische Actuarissen—and French—L’Association Royale des Actuaires de Belgique. The association was founded in 1895, and was an original member of the International Actuarial Association, founded that same year. In 2009, the association changed its name to IA|BE, standing for Instituut van Actuarissen in België, Institut des Actuaires en Belgique and Institute of Actuaries in Belgium.
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.
Actuarial Society of Malaysia was founded on 5 October 1978. ASM is the only representative body for the actuarial profession in Malaysia. Thus, it is the platform for members of the actuarial profession to raise and discuss technical and public interest issues related to the practice of the profession; to communicate such issues to relevant parties including the public, industry regulators and corporate stakeholders; to provide educational support to actuarial students and professional development to qualified actuaries; and to provide space for members of the profession to build relationships.
The Swiss Association of Actuaries is the association of actuaries in Switzerland. The association was established in 1905. It is a full member of the International Actuarial Association and the Actuarial Association of Europe. As of 2017 (June), the association has 1 364 members, 778 of them fully qualified. Current president of the association is Klemens Binswanger.
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.
Erling Sverdrup was a Norwegian statistician and actuarial mathematician. He played an instrumental role in building up and modernising the fields of mathematical statistics and actuarial science in Norway, primarily at the Department of Mathematics at the University of Oslo but also via his links to Statistics Norway.
