What is CAA?
The Certified Actuarial Analyst is an international professional certification offered by CAA Global (a joint venture between Institute and Faculty of Actuaries and Society of Actuaries) to keep the professional analysts, especially in financial services, in pace with the changing needs of industry by equipping them with required analytical and modeling skills.
Who should take this qualification?
Those who want to work in the financial services industry and many other industries (like Data Science, Education, and Energy, Technology) as Actuarial Analysts, Data Scientists, Policy Analysts, etc.
• Industry Demanded Skills – Learning in Business Mathematics, Modelling, and Calculations, Data Analytics with a key focus on communicating the results.
• Flexible Learning – Study wherever you are, at your own pace accessing world-class digital resources and take exams at centers across the world.
• Pay as you go – Affordable, simple fee structure (module wise) which can be stopped as and when one wishes.
• Earn the title CAA to work with credibility at the world’s leading organizations.
CAA vs Actuary :
• If you think working as an actuarial analyst is what you always dreamt of, but are not ready to commit to a long actuarial journey just yet, you can go for becoming a CAA , a qualification which takes two to three years on an average to complete. If after that , you decide that you want to become a fully qualified actuary , you still can!
• Given the separate pathways of a CAA from a credited Actuary qualification , it must be noted that individuals with CAA qualifications are not expected to function at same level as an Associate or Fellow Actuary. The analysts are expected to function in actuarial support roles. The average earnings by CAA professionals also vary from that of an Actuary due to the same reason.
• Nevertheless the lesser time taken to complete this qualification with a more affordable examination system makes CAA a lucrative option for those who wish to pursue their career in the actuarial and related domains.
How to earn Certified Actuarial Analyst Qualification?
Step 1 – Register for exams
• Your first exam is Entry Exam (Module 0) which you have to pass and then pay the entrance fees before booking further exams. This will test your mathematical and statistical skills.
Step 2 – Pass the Exam Modules
There are following 5 exam modules to be passed:
• Finance and Financial Mathematics (Module 1)– This exam tests simple applications of financial mathematics.
• Statistics and Models (Module 2)– This exam gives grounding aspects of statistics and survival models relevant to actuarial work.
• Long Term Actuarial Mathematics (Module 3) – This gives details of mathematical techniques, cashflow analysis dependent on risks such as death, survival, or other uncertainties in Life insurance and Pensions industry.
• Short Term Actuarial Mathematics (Module 4) – This teaches aspects of mathematics and statistics relevant to Non-Life insurance industry.
• Models and Audit Trials (Module 5) – Passing this exam ensures that you can model data and maintain proper audit trail to document the work you do. You can give this exam only after clearing Module 0-4.
There is no tuition provided by CAA Global for these exams but they give Resource Guide for each of the above subjects to give you syllabus for each module, a sample exam paper and online resources for learning.
The Module 0-4 exams are held twice a year (around April and October) over two week period in exam centres and you can choose date and time that suits you to give these exams. They are 2 hour exam each. Module 5 is a three hour online exam.
Step 3 – Provide one year of relevant Work Experience evidence in any field where the knowledge you earned in this qualification was applied in solving business problems.
Step 4 – Pass the Online Professional Awareness Test (OPAT) to develop ability to exercise your judgement in compromising ethical situations you may face in your career or on the professional front.
Step 5 -Join one of the associations recognized by CAA Global (currently IFoA and SOA, more associations will partner soon) and earn the title CAA with your name.
Can you gain exemptions from CAA Modules based on exam credits you have from any other Actuarial Society?
Yes, you can!
Individuals with existing exam credits from Society of Actuaries can take part in CAA Global’s exemption process. Candidates can submit their claims to claim exemption from CAA Modules. Soon, CAA Global will post waiver of exam credits from Institute and Faculty of Actuaries and Actuarial Society of South Africa. Currently, they are available from SOA only. You can see the waiver and exemption in detail here.
Exam fees for different modules:
|EXAM||FULL RATE FEES (GBP)||REDUCED RATE FEES* (GBP)|
|Module 0||£ 124||£ 74|
|Admin Fee||£ 75||£45|
|Module 1||£ 195||£ 117|
|Module 2||£ 195||£ 117|
|Module 3||£ 195||£ 117|
|Module 4||£ 195||£ 117|
|Module 5||£ 295||£ 117|
|OPAT||£ 75||£ 45|
|Work Based Skills||£ 75||£ 45|
*To be eligible for reduced rate fee, your income from all sources should be less than £ 2,970.
So, looking at all above factors for exams, curriculum , fees and opportunities , you can decide for yourself whether you want to go for CAA or bind yourself for a long term , more rewarding commitment of being an actuary!
You can find more details here :