Is IAI not a part of IAA
YES, it is a myth that most students and many professionals still believe that IAI is not a part of the International Actuarial Association (IAA). IAI is one of the 73 full-time members of the International Actuarial Association.
Here, is a snip from IAA Full member directory. You can click on the link to check it yourself. https://www.actuaries.org/iaa/IAA/About_the_IAA/Membership/Full_Member/IAA/Membership_Directory/Full_Members.aspx
Now, the real question is where is does this myth come from? Why do people start to believe that IAI is not an Internationally recognised society?
This is not a myth this is a confusion, confusion between two words RECOGNISED and EXEMPTED.
Many people believe that since IAI doesn’t have exemption collaboration with any other actuarial society except IFOA & SOA while IFOA has mutually exemption recognition with many actuarial societies. As a result, many people tend to believe that IAI is not an International recognised society.
There is a total of 73 full member associations of IAA, and IFOA has only recognised only 6 of them, so does that make the other societies being less recognised or less creditable. NO
Getting a mutual exemption is a whole other thing, which requires a lot of mutual legal arrangements.
And, if you believe that IAI actuaries are recognised any less than other fellows, then let me tell you this is also completely false. I have spoken to many fellow actuaries who have qualified from IAI, and currently working outside India or have worked outside India. And all of them disagree to it.
An Actuary is an Actuary, it doesn’t matter which society you are associated with. And, yes IAI actuaries are equally recognised globally as IFOA or any other society actuaries.
Have a good day.
Article by: Arpit Surana