If you were a casualty actuary studying to become a certified ERM expert, you might want to put your books down.
Last night the Casualty Actuarial Society blogged that it was changing requirements to become a Chartered Enterprise Risk Analyst – before the original requirements were even in place.
The analyst designation, usually abbreviated CERA, was created by the Society of Actuaries a few years ago and has become the worldwide standard designation for actuarial ERM experts. Thirteen actuarial associations in 12 countries support the designation, including the CAS.
But each actuarial association must have its CERA syllabus approved by a joint organization. So far, the U.S. Society of Actuaries and actuarial societies in Australia, Canada, the Netherlands, South Africa and the UK have approved programs.
A CAS proposal went to the joint board a year ago. There would have been four ways to go, but at the heart of them was passing the CPCU 57, that organization’s key ERM exam.
Now that route – probably favored by current CAS fellows – has been withdrawn. The CAS post didn’t say its plan was rejected, but it seems like it had hit a roadblock, considering CERA proposals from Australia, the Netherlands and South Africa were all filed about the same time last year. Those three, plus Canada, have been approved.
So the CAS jettisoned the CPCU exam and submitted a new route – fellowship, a rigorous three-day workshop, plus the UK’s CERA exam ST9, whose syllabus can be downloaded here. The workshop would include test prep for ST9.
The route hasn’t been approved yet, but if ST9 is good enough for the UK and good enough for Australia, it will probably be good enough for the CAS.