Edition

SOA Announces Modifications to its CERA Credential

May 16, 2022

The changes to the Society of Actuaries’ (SOA) requirements for Associateship adopted in June 2021 have brought about a need to adjust the requirements for the Chartered Enterprise Risk Analyst (CERA) credential. The following table provides a mapping of the current and new requirements. Items that are new or have changed are in bold.

  • Current

  • New
  • VEE Economics
  • VEE Economics
  • VEE Accounting and Finance
  • VEE Accounting and Finance
  • VEE Mathematical Statistics
  • VEE Mathematical Statistics
  • Exam P–Probability
  • Exam P–Probability
  • Exam FM–Financial Mathematics
  • Exam FM–Financial Mathematics
  •  
  • Pre-Actuarial Foundations Module**
  • Exam IFM–Investment and Financial Markets
  • Exam IFM is no longer required
  • Exam STAM–Short-Term Actuarial Mathematics
  • Exam FAM–Fundamentals of Actuarial Mathematics*
    (First offering of FAM - Oct 2022)
  • Exam SRM-Statistics for Risk Modeling
  • Exam SRM-Statistics for Risk Modeling
  •  
  • Actuarial Science Foundations Module**
  • Fundamentals of Actuarial Practice
  • Fundamentals of Actuarial Practice**
  • Associateship Professionalism Course
  • Associateship Professionalism Course
  • Enterprise Risk Management Module
  • Enterprise Risk Management Module
  • Enterprise Risk Management Exam
  • Enterprise Risk Management Exam

*This requirement can be met by having any of FAM, STAM, or LTAM+FAM-S

**This requirement can be met by the former 8-module FAP, or it can be met by the revised 5-module FAP along with the Pre-Actuarial Foundations Module and the Actuarial Science Foundations Module.

Special transition rules for candidates with ERM exam credit

Candidates outside the Corporate Finance and ERM (CFE) track who have passed the Enterprise Risk Management (ERM) exam at the fall 2022 administration or earlier will receive transition credit for their specified track exam below.

  • GH Track: Risk Mitigation exam (3 hours)
  • ILA Track: Life ALM and Modeling exam (3 hours)
  • QFI Track: Investment Risk Management exam (3 hours)
  • RB Track: Investment and Risk Management exam (2 hours)
  • GI Track: Advanced Topics exam (3 hours)

Earning an ASA following a CERA credential

Candidates who both earn the CERA credential AND have passed the Predictive Analytics Exam at an exam administration in fall 2022 or earlier, and who have their Application for Admission as an Associate approved by the SOA Board of Directors, will be granted membership as an ASA. Candidates who do not meet these conditions do not have an alternative pathway to earn an ASA.

FSA track relationships to CERA

Currently, candidates pursuing FSA tracks other than the CFE track can replace the two-hour track-specific exam with the four-hour ERM exam and earn a CERA credential. With the changes coming to the FSA tracks, that option is removed. After January 1, 2023, candidates on these tracks will no longer have an optional exam. Should they wish to earn the CERA credential, they must pass the ERM exam separately from the fellowship exams.