Exemptions

If I pass subject F102 and then later decide to write the institute exams as I may relocate to the UK, will I be eligible for an exemption from subject ST2?

 

I don't think so but worth checking with the Profession

 

As far as I understood:

CA+CT - there is a 1-to-1 match between SA and UK subjects.

ST+SA - was the reason for introducing the SA qualification, and although there is a lot of similarities, you will not get automatic exemption for switching

 

If you are qualified to Fellowship level in SA & then move across you should be able to qualify for AIA/AFA in the UK, or even FIA*/FFA*.

Actuaries with US / European qualifications often go down the FIA* route.

How big an issue this will be for will depend on your line of work - for example in pensions consulting you often have non-actuaries working alongside actuaries where its less about numbers and more about benefits design etc.

In Life insurance this may be more of an issue as its all about the numbers.

I'd contact the Institute directly about this if I were you

 

Hi

This is how it seems to work in all other countries.... i.e. you just need to write a practice module then to become familiar with their lwas and taxes....

"THE ACTUARIAL SOCIETY OF SOUTH AFRICA (agreements signed May 2009)
BASIS ON WHICH THE FACULTY AND THE INSTITUTE WILL ADMIT MEMBERS OF THE SOCIETY
1. The Faculty and the Institute will, on application, admit to Fellowship a Fellow, or to Associateship an
Associate, of the Society on the following conditions:
The applicant must:
1.1 have attained Fellowship or Associateship of the Society by examination and not in recognition
of membership of another actuarial association;
1.2 have at least one year’s post-qualification practical experience of actuarial practice in the UK
(the “adaptation period”)
1.3 have attended a professionalism course approved by the UK Actuarial Profession either during
the adaptation period or during the three years prior to the date of application;
1.4 have passed a UK Practice Module; and
1.5 be of good standing. In making the application, the applicant authorises the Society to release
records to the Faculty and the Institute concerning any disciplinary sanction or penalty that has
been imposed on the applicant in accordance with the Disciplinary Scheme of the Society.
Such records will be taken into consideration by the Faculty and the Institute in determining
whether the applicant should become a Member of the Faculty and the Institute.
2. On application, Fellows or Associates of the Society who satisfy conditions 1.1 and 1.5 above, but do
not meet all of the conditions 1.2, 1.3, and 1.4, must be enrolled as an Affiliate of the Faculty or the
Institute while completing any period of relevant experience, and/or in order to be able to attend a
professionalism course, and/or in order to be able to take a UK Practice Module.
3. Those admitted to Fellowship or Associateship under this agreement will have the same rights, duties
and obligations as other Fellows and Associates of the Faculty and the Institute. As such, they will
initially become Fully Regulated Members of the UK Actuarial Profession.
4. The applicant must send his or her application to the Faculty or the Institute which will administer the
process provided for in this Agreement.
BASIS ON WHICH THE SOCIETY WILL ADMIT MEMBERS OF THE FACULTY AND THE INSTITUTE
1. The Society will, on application, admit to Fellowship a Fellow, or to Associateship an Associate, of the
Faculty or the Institute on the following conditions:
The applicant must:
1.1 have attained Fellowship or Associateship of the Faculty or the Institute by examination and not
in recognition of membership of another actuarial association,
1.2 have at least one year’s practical experience of actuarial practice in South Africa (the
“adaptation period”)
1.3 have attended a professionalism course approved by the Society) either during the adaptation
period or during the three years prior to the date of application;
1.4 have passed a South African Practice Module; and
1.5 be of good standing. In making the application, the applicant will be required to authorise the
Faculty or the Institute to release records to the Society concerning any disciplinary sanction or
penalty that has been imposed on the applicant in accordance with the Disciplinary Scheme of
the Faculty or the Institute. Such records will be taken into consideration by the Society in
determining whether the applicant should become a Member of the Society.
2. On application, Fellows or Associates of the Faculty and the Institute who satisfy conditions 1.1 and
1.5 above, but do not meet all of the conditions 1.2, 1.3, and 1.4, will be enrolled as an Affiliate of the
Society while completing any period of relevant experience, and/or in order to be able to attend a
professionalism course, and/or in order to be able to take a South African Practice Module.
3. Those admitted to Fellowship or Associateship under this agreement will have the same rights, duties
and obligations as other Fellows and Associates of the Society.
4. The applicant must send his or her application to the Society which will administer the process
provided for in this agreement.
5. The Council of the Society may, at its sole discretion, decide to waive any or all of the above
requirements in any individual case."