Admission as Fellow via IOA, IOAA, FOA, or SOAI Mutual Recognition

Upon submission of the attached application,  the Society of Actuaries will waive its examinations and admit to Fellowship, a Fellow of the Institute of Actuaries, Institute of Actuaries of Australia, Fellow of the Faculty of Actuaries, or Fellow of the Society of Actuaries in Ireland in good standing and who meets the following conditions:
The applicant,

1. has attained Fellowship  of the Institute or the Faculty by examination/exemption and not in recognition of membership of another actuarial association;
   
   
2. is a Fellow in good standing of the Canadian Institute of Actuaries (CIA), or Member in good standing of the American Academy of Actuaries (AAA), or full member in good standing of other actuarial associations designated from time to time by the Society of Actuaries Board of Governors or any other actuarial organization that the applicant may designate, subject to the approval of the SOA Board of Governors;
   
   
3. has attended and passed the Society of Actuaries Fellowship Admissions Course (FAC), or its equivalent as recognized by the Society of Actuaries, in the five years prior to application;
   
   
4. has satisfied the Society of Actuaries Professional Development (PD) requirements, or its equivalent as recognized by the Society of Actuaries, in the five years prior to application.

Continued membership in the original actuarial organization through which the applicant qualified for Mutual Recognition is required for the applicant to retain the FSA.  After a period of five years the individual may allow his/her membership in the original organization to lapse without forfeiting the FSA.

The purpose of the PD and FAC requirements under the Mutual Recognition (MR) agreements is primarily to ensure the following:

1. that the actuary attaining the FSA through mutual recognition has sufficient sensitivity to professionalism and ethical issues (via a professionalism course or the FAC);
   
   
2. that the actuary has sufficient knowledge and experience of his/her specialty practice in the relevant environment in which he/she is currently practicing, subsequent to initial qualification.

Actuaries who attained their original Fellowship within the past five years will have completed a professionalism course, and will have completed the equivalent of PD in meeting the practice experience requirement of the CIA, AAA, or similar actuarial organization.

Mutual Recognition applicants who attained their original Fellowship designation more than five years prior to MR application may be deemed to have satisfied the PD and FAC requirements if they can demonstrate they satisfy each of the following criteria, through satisfying one or more (or a suitable combination) of the means defined. An applicant deemed not to have satisfied a particular criterion will be required to meet the specific requirement cited in the Mutual Recognition agreements.

PD equivalent

• Demonstration of completion of recent cycle of CE/CPD satisfying the CIA, AAA or other relevant professional organization guidelines, so that applicant is current with respect to satisfying the relevant CE/CPD requirements or guidelines;
• Active involvement in practice–relevant activities (committees or task forces, presentations at professional meetings and seminars);
• Demonstrated publication record, author and/or editor of journals, articles, texts.

Professionalism course equivalent

• Active involvement in professionalism matters (e.g., committee work);
• Attendance or participation at recent formal professionalism sessions/programs sponsored by professional actuarial organizations.

Candidates for MR may submit a detailed statement with the formal application form, attesting to their having satisfied the professionalism course and Professional Development requirements, either through formally identified equivalents or via a combination of means as outlined in the above guidelines. This submission will be reviewed by the Managing Director with responsibility for international efforts and endorsed by the Society of Actuaries Admissions Committee.

For information on becoming a Fellow of the Institute of Actuaries, Institute of Actuaries of Australia, Faculty of Actuaries, or Society of Actuaries in Ireland via Mutual Recognition, please contact the organization of your interest.