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Old 12-17-2019, 01:01 AM
actuary_truther actuary_truther is offline
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Default American societies don't recognise European quals - why?

American actuarial societies don't recognise European actuarial qualifications, except for IFoA (UK & Ireland).

It must be because SoA and CAS know European qualifications are less rigorous, easier, University based qualifications that are at best up to IAA or AAE syllabus standard, nowhere close to Fellowship level.

Discuss.
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Old 12-17-2019, 06:07 AM
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So I decided to go look.

While there is no official listing of specific exams for orgs other than the IFoA, you can still request a waiver for some SOA exams if you have qualifications from other actuarial orgs:

https://www.soa.org/education/genera...-credit-exams/
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Credit for Examinations Passed in Other Actuarial Organizations



The Board of Directors may waive certain requirements for passing some examinations of the SOA if the applicant has passed substantially equivalent examinations that are required by another recognized actuarial organization. Requests for these waivers should be sent to Brett Rogers, Registrar at the SOA office.

It's probably not worth the time of the SOA to produce a list for all the possible exams, especially as other countries have changing systems, too.

If there isn't a mutual recognition agreement with the SOA, you probably wouldn't be able to fulfill all fellowship requirements even if a fellow at one of the other actuarial orgs. But one could probably still get some credit toward that goal.
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Old 12-17-2019, 07:25 AM
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Originally Posted by actuary_truther View Post
European qualifications are less rigorous, easier, University based qualifications that are at best up to IAA or AAE syllabus standard, nowhere close to Fellowship level.


just look at jas
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Old 12-17-2019, 10:30 AM
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Why is it shocking given that Canada doesn't "recognize" FCAS or FSA for Canadian actuarial work?
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Old 12-17-2019, 12:05 PM
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What's shocking is that so many actuaries with "recognized" credentials forget that there are large swaths of actuarial work that don't actually require "recognized" credentials.

There's a German actuary in my department; he might not have the credentials to sign certain documents, but that doesn't stop him from doing the work we actually need done.

(My working theory on part of the reason some European exams don't automatically get credit from the SOA or CAS is the language barrier and the rarity of the need. Why go through the headache getting the necessary translations for something that might happen only once or twice a year per system?)
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Old 12-17-2019, 01:05 PM
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Quote:
Originally Posted by actuary_truther View Post

It must be because.....
Quote:
Discuss.

Yes. The first simple explanation to jump to mind absolutely must be the one and only reason for a (lack of a) policy.
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Old 12-17-2019, 02:33 PM
actuary_truther actuary_truther is offline
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American societies only recognise IFoA Fellowship if it has been obtained by the IFoA exams. Thus not recognising anyone who has obtained Fellowship via IFoA's dodgy MRA with European associations. Americans should be grateful to their professional body for protecting the integrity of their qualification.
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Old 12-17-2019, 02:40 PM
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Originally Posted by campbell View Post
If there isn't a mutual recognition agreement with the SOA, you probably wouldn't be able to fulfill all fellowship requirements even if a fellow at one of the other actuarial orgs. But one could probably still get some credit toward that goal.
Isn't this because the IAA syllabus is at SoA Associate level, and the AAE syllabus is not materially different to IAA's. This is just looking at syllabus items and not at difficulty of exams.
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Old 12-18-2019, 01:14 PM
Pamela Wells Pamela Wells is offline
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I doubt it is a commentary on the quality of the exams. It's more likely to be a commentary on different practice methods and the amount of nation-specific material included in those exams.

Medical and legal licenses also don't usually transfer directly. Each country has differences in the regulations and the guidelines that are specific to them, and practitioners in fields like medicine, law, and actuarial science need to know those rules.

If the way the profession is practiced are sufficiently similar, then there might be a reason to adopt reciprocal recognition. Otherwise, it's likely to be on a case-by-case basis.

I'll also echo Mary Pat Campbell's point that it's probably largely a matter of pragmatism as well. Maintaining a cross reference for all of the different organization in the world is overly cumbersome and time consuming. Much more efficient to just evaluate each case as needed.
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Old 12-20-2019, 12:42 PM
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A number of years back the CAS Education Policy Committee did look at the IFoA exams with the idea that maybe the CAS should give credit for at least some of those exams. The conclusion was that they weren't comparable - the material wasn't covered at anywhere near the same depth that the CAS required so the recommendation was not to give credit for those exams. (But we still have a Mutual Recognition agreement - go figure.)
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