The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience.
[3] The courses cover subjects including finance, financial mathematics, economics, contingencies, demography, models, probability and statistics.
Work experience is not required, however, as the Institute deems that those who have successfully completed Part III have shown enough level of professionalism.
[8] In Denmark it normally takes five years of study at the University of Copenhagen to become an actuary with no professional experience requirement.
[9] By Danish law, responsibility for the practice of any life insurance business must be taken by a formally acknowledged and approved actuary.
Until 2010, the requirement to qualify as an actuary in South Africa was to pass the exams hosted by the UK bodies.
Starting in 2010, a South African actuarial qualification hosted by ASSA has replaced this arrangement.
Qualification in the United Kingdom and Ireland consists of a combination of exams and courses provided by the Institute and Faculty of Actuaries.
[22] However, a candidate may offer proof of having previously covered topics (at a high enough standard, usually while at university) to be exempt from taking certain subjects.
This involves the student submitting a series of essays to the Profession detailing the work that he or she has performed.
[25] Note that the UK Profession is currently introducing the Certified Actuarial Analyst (CAA) qualification to "provide those working in financial and actuarial roles at a technical level around the world with valuable skills and a well respected qualification".
Academy membership requirements include membership in one of the recognized actuarial societies, at least three years of full-time equivalent experience in responsible actuarial work, and either residency in the United States for at least three years or a non-resident or new resident who meets certain requirements.
For fellows of the SOA, this is fulfilled by taking the CIA's Practice Education Course (PEC).
[32] The Casualty Actuarial Society requires the successful completion of seven examinations, two modules, and economics and corporate finance VEEs for Associateship and three additional exams for Fellowship.
In addition to these requirements, casualty actuarial candidates must also complete professionalism education and be recommended for membership by existing members.
All test scores (on a 0-10 scale with 6 or higher passing) are posted six to eight weeks after the exam window ends.
A sufficiently high pass mark could thus render a grade of 10 impossible if there are not enough points on the exam to score over 150% of that requirement.