The World Bank has endorsed the IFoAs Certified Actuarial Analyst (CAA) qualification.
The bank said there was a shortage of actuarial resources in emerging economies and it was a concern for both insurers and supervisors. It believed the CAA qualification would be "one of the possible steps toward a solution" and it would useful for insurance supervisors to introduce "enhanced" actuarial expertise to new regions.
Craig Thorburn, lead insurance specialist at the World Bank, said: "The CAA offers a new option for many emerging markets to expand their actuarial resource pool. Actuarial resources are in great demand, and the new option can help to find new ways for the actuarial profession to deliver services to growing insurance markets. The concessional fees for emerging market candidates is also very welcome."
Derek Cribb, chief executive of the IFoA, said: "The IFoA is delighted to see the World Bank endorse the Certified Actuarial Analyst (CAA) qualification. In addition to emerging markets such as countries in which the World Bank operates, the qualification is designed for people providing technical support in the UK and other developed markets, as well as high flyers who would find the qualification useful as they make their way early in their careers.
"We look forward to working alongside The World Bank to identify opportunities where actuarial science can make a difference and add real value to financial services markets anywhere in the world."
The qualification was first launched in 2014 and according to IFoA, it is "the world's first actuarial qualification targeted at technical support roles in financial services such as IT and data analytics".