Announcing a Brand New Designation!

By Jen Fuhrman

1. What is CERA?

This new Associate (ASA) level designation, Chartered Enterprise Risk Analyst (CERA) is designed to help students and business professionals prepare for and seize opportunities in the evolving discipline of Enterprise Risk Management (ERM) within broader financial services, insurance, and pension markets. Successful candidates will receive the Chartered Enterprise Risk Analyst (CERA) designation and become an Associate of the Society of Actuaries.

2. What are the requirements for CERA?

The required examinations and modules are:

• Exam P (Probability)
• Exam FM (Financial Mathematics)
• Validation by Educational Experience (VEE) Economics
• Exam M (Actuarial Models) segment MFE
• Exam C (Construction of Actuarial Models)
• Advanced Finance / Enterprise Risk Management Exam (FSA–level exam)
• Financial Reporting and Operational Risk (FSA–level module)
• Associateship Professionalism Course
3. I became an ASA before 2000; what exams would I need for CERA?
Our Registrar would have to confirm the actual credit record but in most cases, this individual would need to complete the two FSA level components of the CERA education program.
4. I am an FSA; do I need to take exams again to get the CERA designation?
For current FSAs, the Society of Actuaries' Board of Governors will shortly be considering a proposal specific to the issue of granting the new CERA designation to existing FSAs. The proposal would include a high level seminar as opposed to requiring additional traditional exams. More information will be available later this summer.
• The CERA is an ASA level designation. Individuals who earn CERA may use ASA, CERA or either one or the other of the two designations on business correspondence.
• FSAs holding CERA may also use both; also the CERA designation will continue to be displayed on their member record on the online directory.
5. Will I be charged additional dues for the new designation?
Dues will be assessed at the ASA dues level for new CERA holders; FSAs who earn CERA will be assessed at the FSA dues level.
6. What happens if I earn CERA and then later wish to earn the FSA designation?

FSA candidates must complete all educational requirements including those of the traditional ASA candidate. Under the current syllabus, those additional requirements would include

• Exam MLC
• VEE for Corporate Finance and Applied Statistics
• Fundamentals of Actuarial Practice (FAP) Modules 1–8 and all related assessments
• Financial Economics Module
• Financial Economic Theory Exam
• Decision Making & Communication Module
• Fellowship Admissions Course
7. Are FSA candidates who complete the Finance/ERM specialty track, automatically CERA holders?

Yes.

8. How many individuals currently hold the CERA designation?

There are currently 37 individuals who hold the CERA designation.

9. Will be there more publicity coming about this designation?

A full marketing campaign is planned to launch by mid–July. More information will be forthcoming on the SOA website as well as SOA e–News Today.