What is the actuary exam? How is it taken? When is it taken? How many times a year?

Certificates and Examinations To become a certified actuary, a person must pass a series of rigorous examinations within a few years. In France, most actuarial study is done at university, while in the United States it is done in the job after college. For example, actuarial exams in the United States are primarily administered by the Society of Actuaries (life insurance actuaries) and the Society of Casualty Actuaries (property/casualty insurance actuaries).

The Society of Actuaries stipulates that candidates can obtain associate membership status by passing six exams, and if they pass another two exams, they can obtain membership status. The Association of Accidental Actuaries requires candidates to pass seven exams to obtain associate membership, and if they pass two additional exams, they can obtain membership. Passing these exams is notoriously difficult. Pass rates for the exams are below 50, usually between 30 and 40, and they are only held every two years. In addition to strict examination requirements, candidates must have certain academic qualifications (recognized by the association) and work experience. A candidate can be called an "actuary" only if he has obtained associate membership or membership status.

Because exam subjects 1, 2, and 4 (recently renamed P, FM and C) are available to both associations, candidates do not have to consider which association to apply for at the initial stage. The four exams (basic subjects) consist of mathematical knowledge related to actuarial science (probability theory, mathematical statistics, interest theory, life tables and risk models).

The upgrade examination subjects of the two associations are different, but both focus more on qualitative analysis than basic subjects. Some of the upgrade examination subjects are multiple-choice questions (all basic subjects are multiple-choice questions). The Society of Casualty Actuaries' advanced exams include rate analysis, insurance valuation, loss reserves and reinsurance. In addition, membership is only available through the Advanced Investment Analysis, Advanced Interest Rate Analysis and Risk Rate programs. The Society of Actuaries' advanced exams include plan design, risk classification, interest rate analysis, valuation analysis and investment analysis. In addition, membership can only be obtained by applying the model and specific subjects of the candidate's choice.

China Actuary Examination

China Actuary Examination has been implemented since 1999. In December 2000, the China Actuaries Association held the six-course examination of the China Actuary Qualification Examination (Associate Actuary Part) for the first time to the public. A total of 474 people signed up. The China Association of Actuaries plans to hold the associate actuary exam from 2000 to 2005, and then hold the actuary exam when conditions are mature. China's actuary system is under construction, and the examination system still needs to be improved. Currently, the China Actuary Examination has test centers in the following cities:

Examination Regional Examination Center

Beijing Central University of Finance and Economics

Tianjin Nankai University

Fudan University in Shanghai

Wuhan University in Wuhan

Sun Yat-sen University in Guangzhou

Southwestern University of Finance and Economics in Chengdu

University of Science and Technology of China in Hefei

Xi'an Xi'an Jiaotong University

Chongqing University of Chongqing

Nanjing University of Nanjing

Jinan Shandong University

Dalian Dalian University of Technology

Hunan University in Changsha

Xiamen University in Xiamen

Examination registration fees and methods

Register at each examination center. The registration fee for each subject examination is 100 yuan, and the registration fee for each advanced subject is 200 yuan.

Any individual with a bachelor's degree or above or equivalent, including undergraduate students, can register to take the China Actuary Qualification Examination.

Associate Actuarial Part Examination*** 9 required courses, including Mathematics Fundamentals I, Mathematics Fundamentals II, Compound Interest Mathematics, Life Insurance Actuarial Mathematics, Risk Theory, Life Table Basics, Life Insurance Actuarial Practice, and Non-Life Insurance Actuarial practice, comprehensive economic foundation. After candidates pass all nine courses, they will obtain associate actuary qualifications.

There are 10 courses planned for the actuary examination, including 3 required courses: insurance finance, insurance regulations, and asset and liability management; the elective courses are social security, individual life insurance and annuity actuarial practice, advanced non-life insurance actuarial practice, group insurance, and accident 7 subjects including injury and health insurance, investment, and pension plan. Candidates who obtain associate actuarial qualifications can obtain the "Chinese Actuary Qualification Certificate" after passing five actuarial course examinations and meeting the relevant actuarial professional training requirements. After passing the defense. The book used for the Chinese Actuary Qualification Examination - "The Structural Theory of Life Tables".