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The Institute and Faculty of Actuaries sets examinations, continuing professional development, professional codes and disciplinary standards. The Financial Reporting Council (FRC) assumed responsibility for oversight of the actuarial profession and the independent setting of actuarial technical standards with effect from May 2006.[5]
Fully qualified actuaries are Fellows and may bear the designations FIA or FFA while Associates bear the designations AIA or AFA.
Practising certificates are issued to certain actuaries for their statutory role in the financial management of life offices and most pension schemes. The Institute and Faculty of Actuaries continues the former Institute’s role as a designated professional body, under the Financial Services and Markets Act 2000, which enables it to license firms that are managed or controlled by actuaries, allowing them to carry on certain limited regulated activities.
An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into four sections: core technical, core applications, specialist technical, and specialist applications. In addition to examinations and courses, it is required that the candidate both complete at least three years work as an actuary and to qualify as a Fellow.[6]
An actuarial qualification from the Institute and Faculty of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). Study material for the examinations is usually obtained through the official bookshop of the Institute of Actuaries [7] or through the Actuarial Education Company (ActEd),[8] a subsidiary of BPP Actuarial Education Ltd.
In addition to examinations and courses, it is required that the candidate complete at least three years work as an actuary to qualify as a “Fellow of the Institute and Faculty of Actuaries” (FIA) [9]What mean of IfoA-wiki
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