Qualification demands to actuarial profession

State Commission for Regulation of the Financial Services Markets by its order from 8.02.2005 Ļ 3519 approved ďQualification demands to persons which are eligible to fulfill actuarial calculationĒ. According to it the person which pretends for right to prepare and sign actuarial calculations in Ukraine must have:

  1. University diploma;
  2. experience of the work in actuarial business in Ukraine not less than three years;
  3. qualification certificate distributed by Statefinservices:
  4. documents about successful examinations by American and/or UK examination systems.

Particularly, for getting ďCertificate for right to prepare and sign actuarial calculationĒ, unrestricted in validity, it is necessary to hand over examinations, stipulated by codes 101-109 or —“ 1- —“ 8 of UK system;
for getting of Certificate, valid for three years, it is enough to hand over smaller quantity of examinations, namely:

for preparation of actuarial calculations on life insurance Ė exams by codes 101-105 ore —“ 1, —“ 3- —“ 5 of UK system,
and for right to fulfill actuarial calculations on other areas of insurance Ė according exams by codes 101-104 and 106, or —“ 1, —“ 3, —“ 4, —“ 6.

UK examination system is a system of actuarial examinations organized by Faculty and Institute of Actuaries. It fits demands of International Actuarial Association and provides for three qualification standards. The first one gives actuarial diploma and right to work as actuary in domestic and foreign companies.

For actuarial certification (UK system) it's necessary to hand over (since April 2005) such exams:

(—“1) Financial Mathematics
(—“2) Finance and Financial Reporting
(—“3) Probability and Mathematical statistics
(C“4) Models
(C“5) Contingencies
(CT6) Statistical Methods
(—“7) Economics
(—“8) Financial Economics