Actuarial students to acquire global certification faster
A graduation ceremony. New certification requires actuarial students to only pass six exam modules instead of 15. PHOTO | FILE
Kenyan actuarial students will take a shorter period to acquire global accreditation if they opt for a United Kingdom (UK)-based certification.
The Institute and Faculty of Actuaries (IFoA) has introduced Certified Actuarial Analyst (CAA) certification, which requires a student to only pass six exam modules.
Currently a student has to sit and pass 15 exam modules that can take more than five years to complete.
IFoA president-elect Marjorie Ngwenya said actuarial students who still want to be professionals but are unable to attain the arduous professional papers can opt to undertake the new CAA qualification.
Mathematical abilities
“Anyone leaving higher education, at A-level or degree level, seeking a career where they can utilise their mathematical abilities should consider CAA.
In many cases, study will be supported by employers offering a modern apprenticeship that when completed provides an internationally recognised career,” said Ms Ngwenya during a meeting with The Actuarial Society of Kenya (Task) council members in Nairobi.
“You first need to pass, or obtain an exemption from Module Zero. You can then take the exams for Modules 1-4 in any order, but you can only take Module Five once you have completed the others.”
In addition to the exams, a student will need to provide evidence of one year relevant work experience in an actuarial or other support role and pass the Online Professional Awareness Test (OPAT).
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Note: The results are not exact but very close to the actual.
