Analyse this
CAA: a professional qualification for a
changing global market
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second bullet evolves we are looking to
“As
our
business
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recruit
people who have an aptitude for financial
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calculations and data analysis to support senior
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staff. We need a balanced workforce and see
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CAA as a qualification which enriches and
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strengthens
our business.”
Melanie Stephenson, Associate, Barnett Waddingham
Notes and foot notes
Certified Actuarial Analyst
Do you love maths and problem solving?
The CAA is a professional qualification for anyone
who excels at technical and analytical work.
Student and qualified CAAs will provide support in teams where the technical application
of maths and risk modelling is essential to business success.
The CAA qualification in available to anyone with an aptitude for maths and problem
solving and wants to use their great skills in the financial sector.
What’s involved?
• Six exams – all computer-based with all but one multiple choice
• Study material and guidance provided so you can study in your spare time – ideal for
anyone working
• Pass your exams in two to three years part-time
• Membership of a prestigious professional body
• From as little as £499.00 to qualify, get your career off to a flying start.
Jobs you could consider:
• Actuarial Analyst
• Business Analyst
• Data Modeller
• Data Scientist
• Climate Analyst
• Quantitative Analyst
• Predictive Analyst
• Pricing Analyst
• Unstructured Data Analyst
“Analytical expertise in the financial sector is
an emerging job shortage”
Charlie Ball
Head of Highter Education Intelligence,
Graduate Prospects
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The CAA is a qualification from the Institute and Faculty of Actuaries
(IFoA)
The CAA is an internationally recognised professional qualification providing a gateway to
a career in financial services.
Why the CAA?
There are many ways in which the CAA qualification could benefit your career. It will:
• Equip you with useful financial business skills
• Enable you to develop analytical skills which can be used in a diverse range of industries
• Give you the skills to excel in analytical modelling and business
• Provide you with membership of a prestigious professional body
• Establish you in the financial industry as a qualified professional, regulated by the IFoA.
Who is the CAA for?
The CAA suits a wide variety of people and careers. It may meet your needs if you are:
• Someone who is working in an analytical role, e.g. Pricing Analyst, Data Modeller or
Finance Analyst
• A school leaver – someone with strong maths skills who is interested in starting their
career and learning on the job without having to undertake a degree
• Someone who started the IFoA exams but feels its not the right route to support their
career aspirations
• Someone who would like to consider a career change
• A degree level candidate – someone who has left university and is interested in financial
and statistical work.
What will I learn?
The CAA is not targeted at, nor does it specialise in, any particular business sector.
What it does provide you with is a strong relevant, mathematical base and the tools and
techniques which will open job opportunities for you as you progress in your career.
As a qualified CAA, you will have the necessary skills and understanding to enable you to:
• Carry out the calculations underpinning the determination of the premiums that need
to be charged for products, schemes, contracts and other arrangements that provide
benefits on contingent events
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• Be effective in manipulating and analysing data sets, including modelling
• Support colleagues in preparing the data to present to colleagues or clients
• Communicate financial concepts within the work environment
• Gain the professional and ethical skills you’ll need in the workplace.
The main function of a CAA is to provide technical and analytical skills within a workforce.
Where can I work?
The CAA is an international qualification developed by the IFoA, recognised around
the world.
The CAA is a professional qualification for those who excel at technical and analytical
work. You will work in teams where the technical application of maths and risk modelling
are essential to business success.
There is much demand in the workplace for anyone with analytical skills. This recognised
qualification will provide you with these skills to support you in your career.
“As emerging markets grow so does demand for actuarial skills – a critical role in
managing risk and driving sustainable growth. The Certified Actuarial Analyst (CAA)
qualification is essential in helping meet this growing need. CAA is accessible and
efficient, not only in terms of cost and time but also geographically, as exam centres
are available worldwide. I often encourage employers and employees alike to consider
this qualification.”
Craig Thorburn, World Bank Group
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Profiles
Ewa Burdon CAA,
Senior Actuarial Analyst,
QBE
“My role plays to my strengths - statistics and
probability. In my role I develop, implement and
improve models, tools and processes for my
actuarial colleagues.”
Halima Michaelle Sadiq CAA,
Risk Application Manager,
Zurich Insurance
“I believe CAA makes me stand out in the IT Insurance
job market – where employers were not looking for
a fully qualified actuary to manage their actuarial IT
systems but someone with an IT background and a good
understanding of actuarial work, the CAA meant I have
the qualification to demonstrate this understanding.”
Andy Northey,
ATC Actuarial Analyst,
Capita Employee Benefits
“The Certified Actuarial Analyst reflects my role at
Capita perfectly. The qualification is a great way of
validating the technical work actuarial analysts do within
actuarial teams.”
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Plan your study to
become a qualified CAA
Module 0: Entry Test
(candidates must pass this before they take any further modules)
Module 1:
Finance and Financial
Mathematics
Module 2:
Statistics
and Models
Module 3:
Long Term Actuarial
Mathematics
Module 4:
Short Term Actuarial
Mathematics
When these modules have been passed, the candidate must then pass:
Module 5: Models and Audit Trails
Within one year take the Online Professionalism Awareness Test (OPAT)
After working for one year, get your Work Based Skills signed off by your employer
The format of these exams is as follows:
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Exam
Title
Module 0
Entry exam
Module 1
Finance and financial mathematics
Module 2
Statistics and models
Module 3
Long term actuarial mathematics
Module 4
Short term actuarial mathematics
Module 5
Models and audit trails
Format
Computer based exam
multiple choice
two hours
(you can take modules 1 – 4
in any order)
Online exam – three hours
How do I prepare for the exams?
• Resource Guides
These are a ‘one-stop’ virtual guide to preparing for each of the CAA exams. They
include sample questions, study hours and learning resources as well as a copy of the
syllabus for each module.
• Specimen Examination Papers
• Formulae and Tables
An on-screen version of the Formulae and Tables will be available during the CAA
exams. The Formulae and Tables book is available to purchase from the IFoA’s eShop.
• External tuition providers
The following providers have study materials you can purchase to help you with your
preparations for exams:
–– BPP Actuarial Education
www.bppacted.com
[email protected]
+44 (0)1235 550005
–– ACED
www.acedcourses.com
[email protected]
+ 6017 366 8100
Where and when are the CAA exams?
Modules 0-4 can be sat at 5,100 exam centres
located in 175 countries.
These exam centres are managed by Pearson VUE.
Locate your nearest exam centre:
www.pearsonvue.com/IFoA
There are two exam sessions per year. Dates are available online: http://bit.ly/1R9XPpG
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Become a Student
Actuarial Analyst
Once you have passed the Module 0 exam, you are eligible
to join the IFoA as a Student Actuarial Analyst.
To apply for student membership you need to:
1.Pass the Module 0
entry exam or gain an
exemption.
2.Complete the
application form:
http://bit.ly/1maEat2
3.Include payment for the
entrance fee and IFoA
subscription.
Membership Fees
Full Rate
Reduced Rate
Admission fee
£99
£99
Student subscriptions
£170
£69
Qualified subscriptions
£250
£69
Exemptions
You may be able to apply for an exemption from one or more of the CAA exams. For
example, if you have sat and passed the IFoA Financial Mathematics (CT1) exam you will be
exempt from module 0 of the CAA.
Likewise, passes in exams from another actual association or modules of a university
degree may give you an exemption.
For more information on exemptions please visit our website: http://bit.ly/1Nv5VTT
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Contact details
Find out more: www.actuaries.org.uk/become-actuary
Email: [email protected] or [email protected]
Telephone: +44 (0) 207 632 2137
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©
2016 Institute
and Faculty ofdescription
Actuaries
Month 2015