INTERNATIONAL ACTUARIAL ASSOCIATION
ASSOCIATION ACTUARIELLE INTERNATIONALE
EDUCATION QUESTIONNAIRE
This questionnaire relates to the International Actuarial Association (IAA) Full Membership Education
Requirements adopted in April May 2012 effective 1 January 2013.
This questionnaire has four sections, A-D.
Section A. CONTACT PERSON INFORMATION
A1
Name of Association:
A2
Name of Person Completing Survey:
Address and email:
Position:
A3
Date:
A4
Signature of President or IAA Council Delegate of actuarial association
…………………………………………………………………………………………………….…
Please return to secretariat@actuaries.org or fax to 1-613-236-1386
Secretariat: 601–150 Metcalfe, Ottawa, ON Canada K2P 1P1
 1-613-236-0886
 1-613-236-1386
secretariat@actuaries.org / secretariat@actuaires.org — www.actuaries.org / www.actuaires.org
Section B. EDUCATIONAL REQUIREMENTS
Under this section the IAA would like to get a brief overview of your education system. It is helpful to
understand which bodies have a say in your training system, e.g. some governments directly approve the
syllabus. Please give a brief explanation to your replies where appropriate.
B1
Please provide a brief description of the education process used by your association.
This should include the structure and how assessments are carried out.
B2
Does your association admit members mainly on the basis of its own examinations?
This might be examinations set by the association at all stages of education or for part
of the education requirements to supplement university education.
YES
NO
N/A
B3
Does your association admit members mainly on the basis of university examinations
alone?
YES
NO
N/A
Please comment, if appropriate.
B4
Does your association admit members mainly or solely on the basis that they are fully
qualified members of other IAA Full Member associations?
YES
NO
N/A
Please comment, if appropriate.
Please list all these other associations.
B5
Does your association admit members under any criteria that do not meet the IAA
Education Syllabus and Guidelines?
YES
NO
N/A
Please give details.
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B6
Does the government of your country directly approve the education syllabus to enable
someone to be called an actuary?
YES
NO
N/A
If so please describe how the association influences and affects any of the
governmental process.
B7
Does your education process meet the legal requirements for an actuary in your
country?
YES
NO
N/A
B8
Please provide a brief description of the review processes your association uses for
keeping the education system up-to-date.
B9
Please explain how your association satisfies itself that the education in all bodies (for
example, universities) which contribute to your actuarial education process is
appropriate.
B10
When did your education system undergo a major change?
B11
Please give the anticipated date (if known) of any future major change.
B12
If you have recently changed or plan to change your education system how will you
treat students who have started in one system and are moving to the new system?
B13
PROFESSIONALISM
Where are the professionalism topics covered by your association?
Is this a requirement for full membership in your association?
NOTE
Associations who only admit individuals as Full Members on the basis that the individual has
satisfied the qualification criteria of another association which is an IAA Full Member association
do not need to respond to C1-C9.
All other associations are asked to complete the rest of the questionnaire.
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Section C. EDUCATION SYLLABUS
In the questions on coverage of the IAA Syllabus please indicate for each topic where it is covered
in the education process for your association. The IAA Education Syllabus guidelines will be
presented in different formats in different associations so a cross-reference to the course provided
by the association or by universities should be indicated. Please also indicate the depth of
coverage. In assessing the depth a view across the subject overall is required so there may be
differences in coverage of individual topics. A mapping between the IAA Syllabus and the
education process for your association would be helpful.
C1
FINANCIAL MATHEMATICS
Aim:
To provide a grounding in the techniques of financial mathematics and their applications.
Topics:
 Deterministic theory of interest rates
 Generalised cash-flow models
 Introduction to contingent claims analysis
 Term structure models
 Risk neutral valuation, including derivative pricing and deflators
 Stochastic calculus for finance
 Stochastic theory of interest rates
 Dynamic portfolio management
 Introductory applications to insurance and other financial liabilities
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
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Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
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C2
PROBABILITY AND MATHEMATICAL STATISTICS
Aim:
To provide a grounding in probability and mathematical statistics.
Topics:
 Concepts of probability
 Random variables and their characteristics
 Methods and properties of estimation
 Correlation and regression analysis
 Hypothesis testing and confidence intervals
 Data analysis
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
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……………………………………………………
Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C3
ECONOMICS
Aim:
To provide a grounding in the fundamental concepts of microeconomics, macroeconomics, and
financial economics.
Topics:
 Microeconomics
 Macroeconomics
 Financial Economics
 Expected utility theory
 Efficient Markets Hypothesis
 Asset return models and asset pricing models
 Behavioural finance: prospect theory, investor heuristics and biases.
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
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…………………………………………………………………………………………………………
……………………………………………………
Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C4
ACCOUNTING
Aim:
To provide the ability to interpret the accounts and financial statement of companies.
Topics:
 Basic principles of accounting
 The role of accounting standards
 Different types of business entity
 Basic structure of company accounts
 Interpretation and limitation of company accounts
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
…………………………………………………………………………………………………………
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…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
……………………………………………………
Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C5
MODELLING
Aim:
To provide an understanding of the principles of modelling and its applications.
Topics:
 Model structures
 Selection process
 Calibration
 Validation
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Scenario setting
Sensitivity testing
Limitations
Computer applications of modelling
Documentation and audit trail
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
…………………………………………………………………………………………………………
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Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C6
STATISTICAL METHODS
Aims:
To provide the skills and expertise in the use of statistical methods for the understanding of risk in
a range of actuarial work.
Topics:
 Statistical models, such as regression and time series
 Survival and multi-state models
 Risk models (individual and collective)
 Parametric and non parametric analysis of data
 Graduation principles and techniques
 Estimation of frequency, severity and survival distributions
 Credibility theory
 Ruin theory
 Concepts of stochastic processes
 Simulation methods
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
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C7
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
ACTUARIAL MATHEMATICS
Aim:
To provide skills and expertise in the application of the mathematics of contingent payments to
common problems in actuarial practice.
Topics:
 Nature of the events giving rise to a contingency
 Typical solutions offered by insurance, social insurance, other financial services, or risk
management e.g. products, schemes, contacts or transactions that will provide payments or
benefits on future financial events in relation to:
o the risk profile and aims of the parties involved
o the concepts of risk avoidance, risk transfer and risk retention
o the level and form of cash flows to be provided
o any options or guarantees that may be included
o the method of financing the cash flows to be provided
o the choice of assets when payments or benefits are funded
o the charges that will be levied
o the capital requirements
 Actuarial methods for evaluating the prospective cost of solutions, e.g.:
o Pricing of insurance contracts
o Financing methods for other products or plans
o Financial effects of other risk management solutions
 Actuarial methods for monitoring the results and maintaining financial stability, such as:
o Reserving
o Financial Reporting
o Reinsuring
o Profitability analysis
o Financial condition analysis
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
…………………………………………………………………………………………………………
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Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
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C8
INVESTMENT AND ASSET ANALYSIS
Aim:
To develop the ability to apply actuarial principles to the valuation, appraisal, selection and
management of investments and to liaise with other investment professionals.
Topics:
 The objectives of institutional and individual investors
 Types of investment (bonds, shares, property and derivatives)
 Valuation of investments
 Portfolio selection - incorporating assessment of relative value
 Performance measurement
 Portfolio management
 Management of investments with respect to liabilities using techniques such as immunisation,
asset-liability management and liability driven investment
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
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Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C9
ACTUARIAL RISK MANAGEMENT
Aim:
To develop the ability to apply the principles of actuarial planning and control needed for the
identification, quantification and management of risks for the operation of risk related programs
on a sound financial basis.
Topics:
 The general operating environment of the enterprise
 Assessment of risks; risk types and risk measures
 Design and development of products and/or services
 Pricing of products and services and assumptions underlying the pricing
 Reserving and valuation of liabilities
 Management of risks and methods of reducing risk exposure, such as reinsurance
 Management of the relationships between assets and liabilities
 Monitoring of experience and exposure to risk
 Solvency and profitability of the enterprise and the management of capital
 Principles of regulation of financial institutions.
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Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
…………………………………………………………………………………………………………
Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
C10.
PROFESSIONALISM
Aim:
To develop awareness of the meaning of professionalism, the importance of professionalism in
the work of an actuary and the professionalism issues that may arise in the course of that work.
Topics:
 Characteristics and standards of a profession including the need for:
o Specialised skill and education
o Ongoing training and development
o High quality of advice
o Exercise of independent judgment
o Objectivity, integrity and accountability
 Code of conduct
 Discipline process
 Practice standards set by actuarial bodies and other stakeholders
 Considerations for actuaries in international practice
 Regulatory roles of actuaries
 The professional role of the actuary
o Analysis and resolution of ethical issues
o Identifying and managing conflicts, misuse of or undue influence on advice
o Nature of advice
o The public interest
Where are these topics covered by your association?
If they are not covered directly what alternative topics compensate?
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Depth of coverage
0 - Not covered at all
1 - An introduction to the topics so the student has a superficial knowledge of the subject
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2 - The student has a good knowledge of the subject as defined in the syllabus and an
understanding of how the subject is used in problem solving so that the student is able to solve
well-defined problems as needed by actuaries.
3 - The student has a deep knowledge of the subject and is able to solve complex problems using
judgment.
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SECTION D. SUMMARY
D1
Does the education content overall required of new
members meet the IAA Education Syllabus and
Guidelines?
D2
If the education content overall does not meet the IAA Education Syllabus and
Guidelines what are your plans to change this?
……………………………………………………………………………………………
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D3
Please give details of where additional information on the education content
teaching material and assessment methods including any examination papers
may be found.
……………………………………………………………………………………………
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……………………………………………………………………………………………
YES
NO
End of Questionnaire
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