LONDON, UK, May 12, 2014 — The Institute and Faculty of Actuaries (IFoA), in partnership with computer-based testing leader Pearson VUE, has developed and launched a new professional qualification and membership category, the Certified Actuarial Analyst (CAA).
The CAA exams, consisting of six modules, will professionalise the growing number of technical and analytical roles in companies. It is expected to take two to three years on average for students to pass the exams and gain the resulting qualifications.
The IFoA’s subject matter experts worked with Pearson VUE’s team of content developers to create challenging, mathematically complex questions along with planning work-flow and process details. Candidates can sit the test at any of Pearson VUE’s network of over 5,000 highly secure test centres in 178 countries.
Derek Cribb, CEO of the IFoA, said: “The CAA will represent the highest academic standards, with continuous professional development requirements and a robust regulatory approach for employers, regulators and the public alike. There is a strong demand for CAA in the financial sector and we worked closely with employers in developing the new professional standard to meet their need for professional technicians and analysts. We selected Pearson VUE to develop and deliver this exam because of their reputation for excellence in computer-based assessment.”
Bob Whelan, President and CEO of Pearson VUE, said: “We are proud to be entering into this multi-year partnership with the IFoA. We are seeing an upsurge of businesses taking advantage of our full suite of services to develop, manage, deliver and grow their testing programmes. This new qualification will make a big difference to the careers and lives of professionals around the world, and we are thrilled to be a part of it.”
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (www.actuaries.org.uk) is a royal chartered, not-for-profit, professional body. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues. Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s. Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society. The IFoA is available to provide independent expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.