Derek Cribb is the chief executive of the Institute and Faculty of Actuaries
It seems only yesterday that I was announcing the launch of the certified actuarial analyst (CAA) qualification. Now we are coming up to our one-year anniversary - and what a year it has been to celebrate. It only takes a quick Google search of certified actuarial analyst jobs to come up with a plethora of actuarial firms recruiting for this new role. As the first globally recognised membership qualification at the technical level for those working in wider roles within financial services, including IT and data analytics, the CAA is off to a very promising start.
In the space of one year, we have run three exam sessions and two Module 5 sessions. We have received applications from over 30 countries and the range of people signing up has been astounding - it has resulted in the CAA opening doors for a wider career field. This popularity has led the education team to allow the qualification to be permanently open for registration, which is great news.
During this exciting year, we have made great strides in promoting the CAA, securing meetings with the finance ministries and regulators in Uganda, Kenya, India and South-East Asia, all of whom have shown a great deal of interest. We have also been working with the World Bank, which has produced an invaluable document for insurance supervisors to inform them of the benefits of the CAA qualification. The World Bank acknowledges the CAA as a potential solution to the shortage of actuarial resources in emerging markets. It has endorsed that it will help bring actuarial expertise to new areas and provide people working locally with the necessary skills and understanding to carry out calculations used to determine insurance premiums.
We have also begun finalising agreements with other professional bodies who will be giving exemptions for their exams to those students who have completed the CAA. This is an important step in bringing actuarial science to non-traditional areas.
One year on, we now have students who have all the CAA passes they need and are well on their way to becoming one of the IFoA's first qualified CAAs once they complete their practical experience.
If someone in your organisation could benefit from the CAA, please email [email protected] for more information on this qualification and how to apply.