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Old 07-28-2014, 12:30 AM
caddya89 caddya89 is offline
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Default Mutual Recognition: SOA/CIA & Groupe Consultatif

Hello everyone,

I am trying to find some information on any mutual recognition agreement between the Society of Actuaries (SOA) or the Canadian Institute of Actuaries (CIA) and the European Actuarial Consultative Group (Groupe Consultatif).

Since both the SOA and CIA are full members of the International Actuarial Association (IAA) I was wondering whether there is an agreement between the IAA (or the individual societies SOA or CIA) and Groupe Consultatif.

The example I have in mind is an actuary who becomes FSA or FCIA (Fellow in SOA or CIA) and who'd like to practice in one of the European countries that is a full IAA member (i.e., Austria, Switzerland). Is there an agreement in place which outlines the conditions for full recognition of the designation and explains how to obtain Fellowship in the European Actuarial Consultative Group?

Thank you in advance!
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Old 07-28-2014, 10:40 AM
Cooke Cooke is offline
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Originally Posted by caddya89 View Post
Hello everyone,

I am trying to find some information on any mutual recognition agreement between the Society of Actuaries (SOA) or the Canadian Institute of Actuaries (CIA) and the European Actuarial Consultative Group (Groupe Consultatif).

Since both the SOA and CIA are full members of the International Actuarial Association (IAA) I was wondering whether there is an agreement between the IAA (or the individual societies SOA or CIA) and Groupe Consultatif.

The example I have in mind is an actuary who becomes FSA or FCIA (Fellow in SOA or CIA) and who'd like to practice in one of the European countries that is a full IAA member (i.e., Austria, Switzerland). Is there an agreement in place which outlines the conditions for full recognition of the designation and explains how to obtain Fellowship in the European Actuarial Consultative Group?

Thank you in advance!
The CIA only has mutual recognition agreements with the Irish, Australian and UK actuarial organisations. There is none with the Groupe Consultatif. The Groupe Consultatif mutual agreements are between European associations and they are not transitive. By that I mean if you are an FCIA who gets accredited by the Irish or UK body by mutual agreement then that does not mean you can automatically get mutually recognised by one of the other European associations. You are not a "qualifying member" for their purposes.

The question you should possibly be asking is how much does it really matter if you are a member of a Group Consultatif actuarial organisation? Many Canadian actuaries (myself included) have worked or are working in Europe with only an FCIA or FSA designation so that is not a barrier to working there. Not having the local country's designation only precludes you from those jobs that require it.

Alan
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Old 07-28-2014, 11:14 AM
caddya89 caddya89 is offline
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Thank you, Alan. That's very helpful.
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Old 08-08-2014, 07:21 AM
ActuarialQ ActuarialQ is offline
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I also work in a European Country where the association is a member of the IAA (but not UK) and part of the European Actuarial Consultative Group. The association's requirements for education is based on a 'masters degree' qualification with additional courses on ethics/economics etc ...

They allow for "equivalent competence" to satisfy the education requirement for membership. This would allow someone who has an FSA, FCAS, ASA, ACAS or FIA etc ... to apply for full membership. The issue is that you must have a recommendation from a person who is already a 'full-member' and the board of that association will review your education, application, etc. for possible approval of membership. So it is not a mutual recognition but rather they allow for the possibility that you can be a member due to the education received through your University degree and exam process.
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Old 01-29-2016, 11:24 AM
caddya89 caddya89 is offline
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Alan, based on your experience/knowledge, can actuaries practice in a European country with only their ASA designation? If so, do they continue writing the SOA exams to become fully qualified FSAs?

You also mentioned that certain jobs will require to be qualified in the Groupe Consultatif - what types of jobs are available to qualified ASAs in Europe? How about FSAs? (i.e., consulting, banking, risk management, insurance)

What would you recommend for an ASA who works in North America and is considering a future move to Europe? (i.e., pursue their FSA designation, put the exams on hold, focus on European exams?)
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Old 02-01-2016, 03:15 PM
tinou35 tinou35 is offline
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Originally Posted by caddya89 View Post
Alan, based on your experience/knowledge, can actuaries practice in a European country with only their ASA designation? If so, do they continue writing the SOA exams to become fully qualified FSAs?

You also mentioned that certain jobs will require to be qualified in the Groupe Consultatif - what types of jobs are available to qualified ASAs in Europe? How about FSAs? (i.e., consulting, banking, risk management, insurance)

What would you recommend for an ASA who works in North America and is considering a future move to Europe? (i.e., pursue their FSA designation, put the exams on hold, focus on European exams?)
In some countries in Europe (such as France), there are no exams to pass. You become an actuary after university.
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