General Frequently Asked Questions
What is the CAA?
The Certified Actuarial Analyst is a technical qualification that provides an internationally recognized professional qualification, proven technical and professional skills and a gateway to a career in financial services
What is CAA Global?
CAA Global is the accreditation body for the Certified Actuarial Analyst (CAA) qualification. It has been developed as a joint venture between the IFoA and the SOA to promote the CAA qualification globally.
What differentiates CAAs from other actuarial analysts?
The CAA qualification offers continued support and accreditation by IFoA and SOA Center. Both internationally recognised membership organizations support the need for maintaining a robust regulatory approach.
What is the pathway for the CAA qualification?
To become a CAA, candidates needs to pass six exams in such areas as: Finance and Financial Mathematics, Statistics and Models, Long-Term Actuarial Mathematics, Short-Term Actuarial Mathematics, and Models and Audit Trails. In addition there is an Online Professional Awareness Test (OPAT).
What could CAA holders expect to learn?
Qualified CAAs will have the necessary mathematical skills and understanding to enable them to:
- Carry out necessary analysis to determine charges for products, schemes, contracts and other arrangements that provide benefits on contingent events;
- Be effective in manipulating and analysing data sets;
- Communicate financial concepts within the work environment.
How long does the CAA pathway generally take to complete?
Candidates typically complete the requirements for the qualification in 2-3 years.
Are CAAs subject to a Code of Professional Conduct?
All CAAs are subject to a Code of Professional Conduct through their member association.
Do they have CPD requirements?
All CAAs are required to meet an annual requirement for continuing professional development.
Currently qualified CAAs must complete 15 hours of CPD of which:
- A minimum of 5 hours must be obtained at an external event; and
- a minimum of 2 hours must contribute to the member’s understanding of ethical behaviours in relation to their role
Who are likely to be interested in the CAA qualification?
The CAA attracts people who:
- Are working in an analytical roles, e.g., pricing analyst, data modeller or finance analyst
- Starting the exam process for an actuarial credential but believe it is not the right route to support their career aspirations
- Are considering a career change
- Are interested in financial and statistical work
What do employers think about the CAA qualification?
The CAA has been developed with employers to meet their needs and will help professionalize the growing number of technical and analytical roles in companies. Both the IFoA and SOA have discussed the CAA with actuarial employers and have received enthusiastic support for the idea.
Is the qualification globally recognized?
The CAA is already attracting students from across the globe. The World Bank has also highlighted the CAA qualification to all insurance supervisors as a potential solution to developing actuarial capacity.
Where is the CAA offered through the joint venture?
The CAA is available globally.
Is the purpose of the joint venture to dominate the international actuarial market?
No. The IFoA and SOA share a common goal to encourage other actuarial associations around the world to become accredited bodies and therefore destinations for qualified CAAs. By working with the global actuarial profession to develop a robust accreditation scheme, the quality and international reach of the CAA qualification will be assured.
How does this joint venture benefit the international actuarial profession?
Offering the CAA on a global basis professionalizes a large segment of people from all over the world who are supporting the actuarial profession, as well as those working in technical analyst roles in wider fields, by creating a structured education pathway for those seeking a professional qualification.
Is the CAA pathway just an easier way to become an actuary?
No. CAA holders are analysts – not actuaries. Becoming credentialed as an actuary is a much more rigorous process that involves many years of study and several examinations.
What types of industries are CAAs trained to work in?
CAAs can work in a wide variety of financial services organizations where technical application of math and risk modelling are essential to business success.
How could the CAA benefit my organization?
Over the last few years there has been an increase in the number of analysts working in professional technical roles in financial services. Encouraging your employees to undertake a relevant qualification and maintain membership with a professional body goes a long way to ensuring that you have the right skills and behaviours within your organization, enabling you to provide assurance to stakeholders, regulators and the wider public that you take your reputation seriously. By investing appropriately in the development of your teams and giving them membership of a prestigious professional body, it may aid staff retention and staff motivation.
What are the benefits of the CAA for the actuarial profession globally?
The actuarial profession is growing internationally and it is important for actuarial associations to be aware and responsive to this growth. Introducing the CAA will allow those interested in an actuarial role to gain a professional qualification in a reasonably short timeframe, regardless of where in the world they are based. This will help the worldwide development of actuarial science, embedding actuarial skills and techniques as well as satisfying the professionalism requirements that many regulators seek.