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Eligibility Requirements are Changing in June

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By Dave Dickson, FCIA

The changes to the CIA’s eligibility requirements are fast approaching. These modifications, which become effective June 1, 2012, will provide CIA Associates with more value for their membership. There are also changes to the Fellowship eligibility requirements that should be noted.

For Associates, the eligibility requirements to become an Associate of the CIA will now be similar to the requirements to become an Associate of the Society of Actuaries (SOA) and of the Casualty Actuarial Society (CAS). As of June 1, 2012, Associates of the CIA must have:
  • Credit for exams P/1*, FM/2, MFE/3F, MLC/3L and C/4 (*CIA university course exemptions are not available for exam P/1);
  • VEE credit from the SOA or CAS, or the equivalent exams through another recognized actuarial association;
  • Completed the SOA Fundamentals of Actuarial Practice e-learning course or CAS Online Courses 1 and 2;
  • Passed CAS Exam 5 and 6 (property and casualty candidates only); and
  • Completed the CIA Professionalism Workshop or approved CAS Course on Professionalism when offered in Canada.
Therefore, candidates who have completed the requirements for the ASA, ACAS, or CERA credential will likely automatically qualify to become an Associate of the CIA.

Existing Associates of the CIA who meet these new eligibility requirements as of June 1, 2012, will be able to continue as Associates of the Institute, and they will be able to use the designation ACIA (Associate of the Canadian Institute of Actuaries), which was previously not permitted. New Associates enrolling with the CIA after June 1, 2012, will also be able to use the designation as long as they meet the new requirements.

Associates who have been enrolled for five or more years as of June 1, 2012, will be able to vote on CIA business issues at general meetings and will be able to vote in Board elections.

Dues for Associates are also changing. For the membership year beginning June 1, 2012, dues for new Associates will be lowered to 30 percent of Fellow dues for the first five years. For Associates enrolled for five or more years, dues will be 85 percent of Fellow dues.

Some existing Associates may not meet the new requirements, and have been contacted to ensure that the CIA has the most up-to-date information on file regarding their qualifications. Associates who do not meet the new requirements will not be able to continue as Associates, and will not be able to use the ACIA designation. However, the CIA wants to ensure that there is still a way for these individuals to remain connected to the Institute. As a result, the Member Services Committee has created an actuarial networking group, called CIANet, which will allow individuals to remain involved in the CIA by receiving announcements and having access to the website. The fee for subscribing to CIANet will only be $100 per year. The CIA plans to open this group up to students studying actuarial science, who will not be required to pay the annual subscription fee as long as they remain enrolled in full-time studies.

Candidates considering becoming a Fellow of the CIA should be aware that as of June 1, 2013, to become an FCIA, a candidate must have been enrolled with the CIA as an Associate for a minimum of 12 months while obtaining their Canadian work experience. Therefore, anyone planning to attend the Practice Education Course beyond June 2012 should consider enrolling as an Associate of the CIA this year.

And finally, a brief reminder that while the CIA has no official authority over the term "actuary", the Institute considers only Fellows to be fully qualified actuaries, and therefore reserves "actuary" for FCIAs only.

Questions regarding the upcoming changes for Associates can be directed to Associatechanges@actuaries.ca.

Dave Dickson, FCIA, is Chair of the Eligibility and Education Council and a member of the Committee on Professional Conduct.
 

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