Although every country has its own regulation, the actuarial profession shares a body of knowledge and professional standards that are virtually identical worldwide. That consistency, driven by the International Actuarial Association, allows an actuary to work and earn credentials in different markets.
The IAA: the profession's common umbrella
The International Actuarial Association (IAA) is the worldwide federation of actuarial associations. It is the successor to the Comité Permanent des Congrès d'Actuaires, established in 1895, and adopted its current name in 1968. The IAA sets the educational and conduct standards its members align with; Mexico takes part through CONAC (Colegio Nacional de Actuarios).
The world's major associations
Five associations, the SOA and the CAS in the United States, the IFoA in the United Kingdom, the CIA in Canada and the DAV in Germany, account for roughly two thirds of the world's actuaries. These are the most influential:
SOA
The largest association in the world (more than 34,000 members). It specializes in life, health, pensions and investments, and awards the ASA, CERA and FSA credentials.
soa.org ↗CAS
Specializes in property and casualty insurance. It awards the ACAS and FCAS credentials, which are highly valued in non-life business.
casact.org ↗IFoA
Heir to the first actuarial institute (London, 1848). International in reach, it awards the AIA (Associate) and FIA (Fellow) credentials.
actuaries.org.uk ↗CIA / ICA
The Canadian national body; it awards the FCIA credential and maintains mutual recognition agreements with the SOA, CAS and IFoA.
cia-ica.ca ↗DAV
The leading actuarial association in continental Europe, a benchmark for the German actuarial model and for practice under Solvency II.
aktuar.de ↗IAA
The federation that brings together all of the above and CONAC. It defines the global standards (ISAP) and coordinates the International Congress of Actuaries.
actuaries.org ↗International credentials
An actuary's career is built by passing exams and meeting requirements until reaching two levels: Associate (the first major milestone) and Fellow (the highest level). These are the main credentials:
| Credential | Body | Level | Focus |
|---|---|---|---|
| ASA | SOA (USA) | Associate | Life, health, pensions, investments |
| FSA | SOA (USA) | Fellow | Advanced specialization by track |
| CERA | SOA and others | Specialist | Enterprise risk management (ERM) |
| ACAS | CAS (USA) | Associate | Property and casualty (P&C) |
| FCAS | CAS (USA) | Fellow | Property and casualty (P&C) |
| AIA / FIA | IFoA (United Kingdom) | Associate / Fellow | General and international actuarial practice |
| FCIA | CIA (Canada) | Fellow | Canadian actuarial practice |
The path usually starts with the Probability and Financial Mathematics exams, common to several routes, complemented by VEE credits (economics, accounting and finance) and professionalism courses. Thanks to mutual recognition agreements (MRAs), such as the long-standing one between the SOA and the IFoA, a Fellow of one body can obtain exemptions to qualify with another, which supports global mobility.
Where does Mexico fit on this map?
Mexico was a regional pioneer: in 1947 UNAM created the first undergraduate degree in actuarial science in Latin America. CONAC is a full member of the IAA, and in 2002 Mexico hosted the 27th International Congress of Actuaries in Cancún, the only time it has been held in Latin America. In 2004, Mexican actuary Luis Huerta served as president of the IAA. Many Mexican actuaries supplement their education with SOA or CAS credentials to work in international markets.
Related: History of Actuarial Science · Practice areas · Actuarial glossary