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Certified Actuarial Analyst (CAA) qualification transitional arrangements FAQs

Certified Actuarial Analyst (CAA) qualification transitional arrangements

Following the decision to close the CAA qualification to new candidates as of October 2021, transitional arrangements have been put into place to ensure new and existing CAA candidates continue to receive the support they need to successfully complete their qualification journey.

We explain the transitional arrangements for new and existing CAA candidates in the FAQ below.

Existing candidates

If you are already studying for the CAA qualification, the FAQ explain how the transitional arrangements will affect applying for exemptions, sitting CAA exams and qualifying as a CAA.

If you decide not to complete your CAA qualification under the transitional arrangements, you can find out whether you are eligible for a refund of some exam and other fees.

New candidates

If you are thinking of registering to begin the CAA qualification, the FAQ explain how the transitional arrangements will affect registering to begin the qualification, exemptions, exam fees, sitting CAA exams and qualifying as a CAA.

 

CAA Transitional Arrangements FAQs

These FAQs refer to the transitional arrangements that will be in place for all new and existing CAA candidates from our October 2021 examination sitting onwards.

  • Why is the CAA qualification closing to new entrants?

As the actuarial employment landscape changes, the shareholders of CAA Global, the IFoA and the SOA are looking to evolve their qualification offerings to support early career students to progress along the actuarial qualification pathway.

 

CAA Global is focussed on ensuring new and existing CAA candidates continue to receive the support they need to successfully complete their CAA qualification journey.

 

Registering to begin your CAA qualification

  • If I register to begin the CAA qualification in the exam booking period will I still need to sit Module 0?

No. New candidates who register to begin the CAA qualification before 04 October 2021 will not need to sit the Module 0 entry test.

  • As I no longer need to register to sit Module 0, how do I register to begin my CAA examination journey with Module 1?

You will still complete our online registration form by visiting our register web page and clicking on the Candidate registration button. Once you have completed the registration form you will receive an email with your ARN and access to the My account area of the CAA website, where you will be able to book any of our Module 1-5 exams.

  • Will I be able to register to begin the CAA qualification after this year’s registration period closes (04 October 2021)?

No. We will not be accepting new registrations once we have closed this year’s registration period (04 October 2021).

We will continue to provide exam resources and support and the opportunity to complete the CAA Module exams over five sittings (including the October 2021 sitting) for new candidates who register for our October 2021 exam sitting.

 

Exam Fees

  • If I register to begin the CAA qualification before 04 October 2021 what exam fees will I need to pay?

New candidates registering to begin the CAA qualification before 04 October 2021 will pay the exam fees set out on the CAA exam fees and dates webpage. Candidates eligible for reduced rate fees will still be able to apply for reduced rate exam fees for Modules 1–5.

 

Exemptions

  • Are you still accepting applications for CAA module exemptions?

Yes. We are still accepting applications for exemptions from new candidates. You have until 04 October 2021 to apply for any CAA module exemptions. We will not be accepting applications for CAA module exemptions after 04 October 2021. You can find out how to apply for exemptions from CAA Modules if you have already completed exams with the IFoA, SOA or the Actuarial Society of South Africa (ASSA) on our exemptions web page.

 

Exams

  •  I would like to complete my CAA qualification, how will the transitional arrangements impact on my qualification journey?

We want to make sure our existing candidates receive all the necessary support and resources they need to continue their CAA qualification journey. We will continue to provide our existing candidates with CAA’s full range of exam support and resources while you complete your qualification.

You will have five exam sittings - including the October 2021 sitting - to complete your Module 1-5 exams. 

  • Can I sit more than one Module exam in an exam sitting?

Yes. You can sit as many CAA Module exams as you like in any exam sitting.

  • Do I still need to complete Modules 1-4 before sitting Module 5?

No. You can now take the Module exams in any order.

  • I don’t think I can complete the CAA qualification within the next five exam sittings. What should I do?

If you have already sat CAA Module exams and do not think you can, or would prefer not to, complete the CAA qualification within the next five exam sittings please contact CAA Global enquiries by 04 October 2021 to let us know you do not wish to continue with the CAA qualification. 

If you sat a CAA Module exam, OPAT exam or were granted an exemption between 01 June 2019 and 29 June 2021, you will be eligible for a full refund for:

  • all Module exams you have passed,
  • any OPAT exams you have passed,
  • all exemptions granted, and
  • any registration fee.

To request a refund, you must notify CAA Global enquiries before 04 October 2021.

  • Will I sit my CAA exams in exam centres or online?

You will be expected to sit your CAA exams in Person VUE exam centres.

However, if you have booked in to a Person VUE exam center, and the exam center closes due to local COVID restrictions, Person VUE will contact you to inform you of the cancellation. Person VUE will also contact the CAA Global team, who will then contact you to give you the opportunity to sit your exams online.

If you are unable to book your exam at a Person VUE exam center because they have reduced capacity due to COVID restrictions and you cannot book you exam at an alternative Person VUE center or on an alternative date, please contact the CAA Global team who will arrange for you to sit your exam online.

Refunds

  • Who is eligible for a refund of CAA Module exam and other fees?

Refunds will be available to active CAA candidates.  You are an active candidate if:

    • you sat a CAA Module exam, OPAT exam or were granted an exemption between 01 June 2019 and 29 June 2021,
    • have not yet qualified, 
    • do not wish to complete the CAA qualification, and
    • notify us by 4 October 2021 that you do not wish to continue.
       
  • What refunds will I get?

If you are eligible, you will receive refunds for all fees you have paid for:

  • CAA Modules  exams you have passed,
  • OPAT exams you have passed,
  • all exemptions granted,
  • and any registration fee paid.
  • If I did not sit a CAA Module exam or OPAT exam, or was not granted an exemption, between 01 June 2019 and 29 June 2021, will I eligible for a refund of CAA Module exam and other fees?

No. Unfortunately we are unable to offer refunds to candidates who have not sat a CAA Module exam or OPAT exam, or were not granted an exemption, between 01 June 2019 and 29 June 2021.

  • Can I apply for a refund on fees for Module or OPAT exams that I sat and failed?

No. unfortunately, we are not able to offer refunds for Module or OPAT exams that you have sat and failed.

  • How do I apply for a refund?

Please contact CAA Global enquiries to tell them you do not want to continue with the CAA qualification and would like to apply for a refund before 04 October 2021.

If you are eligible for a refund, we will automatically refund payments made by credit card to the same credit card. If your card has expired CAA Global enquiries will contact you.

If you paid by BACs CAA Global enquiries will send you a refund form to complete.

  • When can I expect my refund?

You can expect your refund 4 weeks from the date that you contact CAA Global enquires to tell us that you no longer want to continue with your CAA qualification and would like to apply for a refund.

 

How to Qualify  

  • How long will I have to complete Modules 1-5?

We will be running five exam sittings, including the October 2021 sitting, for candidates to complete the Module 1-5 exams.

  • Will I still need to complete a learning log to qualify as a CAA?

Yes. You will need to complete a learning log and submit your final sign off form before you can qualify as a CAA. The final deadline for submitting your final sign off form will be six months after results from the final CAA Module exam sitting are published.

  • Will I still need to pass OPAT before I can qualify as a CAA?

Yes. You will still need to pass the Online Professionalism Awareness Test (OPAT) before you qualify as a CAA. The final deadline for submitting your final sign off form will be six months after results from the final CAA Module exam sitting are published.

  • What happens if I aim to complete the qualification within the transition period but I do not succeed?

We have planned the transition period to give candidates enough time and flexibility to complete their CAA qualification. If you do not think you will be able to complete your CAA qualification in the remaining five exam sittings please contact CAA Global enquiries by 04 October 2021 to let us know you do not wish to continue with the CAA qualification. 

 

After you qualify

  • Will I still be able to use the CAA designation once I qualify?

Yes. Once you qualify as a CAA you will still be entitled to use the CAA designation after your name.

Using the CAA designation will ensure your financial business, analytical, modelling and communication skills are formally recognised by a range of employers.

  • Will I still be able to join the IFoA or SOA Centre once I qualify?

Yes. Once you qualify as a CAA, you can still opt to join either the Institute and Faculty of Actuaries (IFoA) or the SOA Center (a subsidiary of the Society of Actuaries), ensuring you will be formally recognised as a member of a well-respected, globally recognised actuarial association. You will have six months from the final CAA Module exam sitting to apply for membership of either the IFoA or the SOA Center.

Through the IFoA or the SOA Center, you will continue to have access to networking, events, resources and continuing educational opportunities.

You should apply for membership of the IFoA or SOA Center as soon as you have successfully qualified as a CAA.

 

Help and support

If you have any questions about registering for the CAA qualification, completing your qualification or what happens after you qualify please contact CAA Global enquiries, who will be happy to help.