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The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting.
An enrolled actuary is an actuary enrolled by the Joint Board for the Enrollment of Actuaries under the Employee Retirement Income Security Act of 1974 (ERISA). [1] Enrolled actuaries, under regulations of the Department of the Treasury and the Department of Labor, perform a variety of tasks with respect to pension plans in the United States under ERISA.
The CAS requires all candidates to qualify through a series of actuarial exams covering various aspects of actuarial practice. Passing Exams 1–6 as well as Exam S, the Course on Professionalism, the Validation by Educational Experience (VEE), and two online courses qualifies an actuary for the Associateship designation; passing three additional exams is required to become a Fellow. [10]
The steps needed to become an actuary, including education and licensing, are specific to a given country, with various additional requirements applied by regional administrative units; however, almost all processes impart universal principles of risk assessment, statistical analysis, and risk mitigation, involving rigorously structured ...
The Joint Board for the Enrollment of Actuaries licenses actuaries to perform a variety of actuarial tasks required of pension plans in the United States by the Employee Retirement Income Security Act of 1974 (ERISA).
In order to sign statements of actuarial opinion, an American actuary must be a Member, American Academy of Actuaries (M.A.A.A.). [2] The Academy membership requirements are: Membership in one of the following societies: Associate or Fellow of the Casualty Actuarial Society. Associate or Fellow of the Society of Actuaries.
The Actuarial Society of America was the first actuarial professional association in North America, founded in 1889 with only 38 members and headquartered in New York City. Initial members were included by invitation, but the organization soon adopted a system of examination for qualification, with the first Fellow to qualify via exams joining ...
Another example is the use of actuarial models to assess the risk of sex offense recidivism. Actuarial models and associated tables, such as the MnSOST-R, Static-99, and SORAG, have been used since the late 1990s to determine the likelihood that a sex offender will re-offend and thus whether he or she should be institutionalized or set free. [9]