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Most trainee actuaries study while working for an actuarial employer using resources provided by ActEd (The Actuarial Education Company, a subsidiary of BPP Actuarial Education Ltd.), which is contracted to provide actuarial tuition for students on behalf of Institute and Faculty Education Ltd (IFE), a subsidiary of the Institute and Faculty of ...
An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into six sections: Core Mathematics (CM), Core Statistics (CS), Core Business (CB), Core Practice (CP), Specialist Practice (SP), and Specialist Applications (SA).
The three micro-credentials (Pre-Actuarial Foundations, Actuarial Science Foundations, and Data Science for Actuaries) were introduced in 2022 along with affiliate membership. [10] Requirements for membership for the SOA include writing actuarial exams, a comprehensive series of competitive exams.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
Chemometrics is the science of relating measurements made on a chemical system or process to the state of the system via application of mathematical or statistical methods. Demography is the statistical study of all populations. It can be a very general science that can be applied to any kind of dynamic population, that is, one that changes ...
Qualification through the Faculty consisted of a combination of examinations and courses. The examinations could only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate was able to offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects.
Computers further revolutionized the actuarial profession. From pencil-and-paper to punchcards to microcomputers, the modeling and forecasting ability of the actuary has grown vastly. [46] Another modern development is the convergence of modern finance theory with actuarial science. [47]
A student may choose to complete an accredited actuarial science degree at an undergraduate or at a postgraduate level through a number of recognised universities. Successful students may offer proof of having covered the topics whilst at university and students may be granted exemptions from certain professional examinations from the Institute ...