Application for Admission as Fellow via IFA, IOAA, or SOAI Mutual Recognition

Admission as Fellow via IFA, IOAA, or SOAI Mutual Recognition

  

Upon submission of the attached application,  the Society of Actuaries will waive its examinations and admit to Fellowship, a Fellow of the Institute and Faculty of Actuaries, Institute of Actuaries of Australia, or Fellow of the Society of Actuaries in Ireland in good standing and who meets the following conditions:

The applicant,

1. has attained Fellowship of the Institute by examination/exemption and not in recognition of membership of another actuarial association;
2. has attended and passed the Society of Actuaries Fellowship Admissions Course (FAC), or its equivalent as recognized by the Society of Actuaries, in the five years prior to application;
3. has satisfied the Society of Actuaries Continuing Professional Development (CPD) requirements, or its equivalent as recognized by the Society of Actuaries, in the five years prior to application.

The purpose of the CPD and FAC requirements under the Mutual Recognition (MR) agreements is primarily to ensure the following:

1. that the actuary attaining the FSA through mutual recognition has sufficient sensitivity to professionalism and ethical issues (via a professionalism course or the FAC);
2. that the actuary has sufficient knowledge and experience of his/her specialty practice in the relevant environment in which he/she is currently practicing, subsequent to initial qualification.

Actuaries who attained their original Fellowship within the past five years will have completed a professionalism course, and will have completed the equivalent of CPD.

Mutual Recognition applicants who attained their original Fellowship designation more than five years prior to MR application may be deemed to have satisfied the CPD and FAC requirements if they can demonstrate they satisfy each of the following criteria, through satisfying one or more (or a suitable combination) of the means defined. An applicant deemed not to have satisfied a particular criterion will be required to meet the specific requirement cited in the Mutual Recognition agreements.

CPD equivalent

• Demonstration of completion of recent cycle of CE/CPD satisfying the CIA, AAA or other relevant professional organization guidelines, so that applicant is current with respect to satisfying the relevant CE/CPD requirements or guidelines;
• Active involvement in practice–relevant activities (committees or task forces, presentations at professional meetings and seminars);
• Demonstrated publication record, author and/or editor of journals, articles, texts.

Professionalism course equivalent

• Active involvement in professionalism matters (e.g., committee work);
• Attendance or participation at recent formal professionalism sessions/programs sponsored by professional actuarial organizations.

Candidates for MR may submit a detailed statement with the formal application form, attesting to their having satisfied the professionalism course and CPD requirements, either through formally identified equivalents or via a combination of means as outlined in the above guidelines. This submission will be reviewed by the Society of Actuaries Registrar and endorsed by the Society of Actuaries Admissions Committee.

For information on becoming a Fellow of the Institute and Faculty of Actuaries, Institute of Actuaries of Australia, or Society of Actuaries in Ireland via Mutual Recognition, please contact the organization of your interest.