Actuarial Qualification process

Question 1

To qualify as a Fellow of the Institute and Faculty of Actuaries students must currently complete __ examinations.

Answer 1

15

Question 2

4 Stages of examinations

Answer 2

• Core Technical Stage
• Core Applications Stage
• Specialist Technical Stage
• Specialist Applications Stage

Question 3

Core Technical Stage

Answer 3

• 9 subjects, including traditional actuarial and non-actuarial foundation subjects.

Question 4

Core Applications Stage

Answer 4

• 3 subjects covering the principles of actuarial work, modelling and communication.

Question 5

Specialist Technical Stage

Answer 5

• 2 subjects (out of 8 available)

- Covers the principles and techniques of actuarial work in specific areas. (Non-country-specific).

Question 6

Specialist Applications Stage

Answer 6

• 1 subject (chosen from 6)

- Covers high-level problem-solving in a specific area and country of actuarial work.

Question 7

In addition to passing the examinations, applicants need to …

Answer 7

Have completed a short Professionalism course and have acquired the necessary work-based skills.

Question 8

4 Parts to qualify as an ASSOCIATE of the Actuarial Society of SOUTH AFRICA:

Answer 8

• A1: Foundation Technical
• A2: Intermediate Technical
• A3: Core Principles
• A4: Associateship Professionalism Skills

Question 9

Subjects in Part A1: Foundation Technical

Answer 9

• A101: Probability and Mathematical Statistics
• A102: Economics
• A103: Finance and Financial Reporting

Question 10

Subjects in Part A2: Intermediate Technical

Answer 10

• A201: Financial Mathematics
• A202: Models
• A203: Contingencies
• A204: Statistical Methods
• A205: Financial Economics

Question 11

Subjects in Part A3: Core Principles

Answer 11

• A301: Actuarial Risk Management

- A302: Communications

Question 12

Subjects in Part A4: Associateship Professionalism Skills

Answer 12

• A401: Business Awareness Module
• A402: Model Documentation, Analysis and Reporting
• A403: Associateship Work-based Skills
• A404: Associateship Professionalism Course

Question 13

3 Parts to qualify as a FELLOW of the Actuarial Society of South Africa

Answer 13

• F1: Fellowship Principles
• F2: Fellowship Applications
• F3: Fellowship Professionalism Skills

Question 14

Available subjects in F1: Fellowship principles

Answer 14

• F101: Health and Care Principles
• F102: Life Insurance Principles
• F103: General Insurance Principles
• F104: Pension and Other Benefits Principles
• F105: Finance and Investment Principles
• F106: Enterprise Risk Management Principles

Question 15

Available subjects in F2: Fellowship Applications

Answer 15

• F200: Research Option

Applications:

• F201: Health and Care Applications
• F202: Life Insurance Applications
• F203: General Insurance Applications
• F204: Pension and Other Benefits Applications
• F205: Investment Applications

Practice Modules:

• F210: Generic Practice Module
• F211: Health and Care Practice Module
• F212: Life Insurance Practice Module
• F213: General Insurance Practice Module
• F214: Pension and Other Benefits Practice Module
• F215: Investment Practice Module

Question 16

Available Subjects in F3: Fellowship Professionalism Skills

Answer 16

• A401: Business Awareness Module
• A402: Model Documentation, Analysis and Reporting
• F303: Fellowship Work-based Skills
• F304: Fellowship Professionalism Course

Question 17

Name Areas where actuaries have added value

Answer 17

• Life insurance
• Retirement funding
• Investments and finance
• Short0term insurance
• Healthcare
• AIDS

Question 18

Roles of actuaries in life insurance

Answer 18

• Valuation of assts and long-term liabilities to ensure solvency of life insurers (a statutory responsibility)
• Design and pricing of life insurance products
• Investment advice
• Risk identification and management
• Developing mortality (and morbidity) experience tables

Question 19

Roles of actuaries in Retirement funding

Answer 19

• Valuation of pension fund liabilities and the assets backing them to ensure the retirement fund is sound (a statutory responsibility)
• Design and pricing of retirement funds
• Investment advice

Question 20

Roles of actuaries in Investments and finance

Answer 20

• Advising on an appropriate investment strategy consistent with the nature and term of the liabilities.
• The adaptation of statistical and modelling knowledge to the area
• The adaptation of skills learned in areas, such as general insurance applied to the modelling of credit risk

Question 21

Roles of actuaries in Short-term insurance

Answer 21

• Design and pricing of new products
• Improving premium rating through the implementation of sophisticated rating methodologies
• Making underwriting systems more flexible
• Creating a greater appreciation for the value of quality data
• Introducing modelling techniques that can be useful in respect of reinsurance, catastrophe management and solvency projections
• Improving regulatory solvency modelling

Question 22

Contributions of actuaries to Healthcare

Answer 22

• Design and pricing of medical scheme products
• Producing reports for the Council for Medical Schemes
• Extensive involvement in the design of the Risk Equalisation Fund
• Advising on areas such as risk identification and management for medical schemes and providers of healthcare
• Contributions in the area of valuing post-retirement liabilities