Education is a highly strategic issue for the CGA

Ever since the formation of the IFAA in 1995 and the reconstitution of the IAA as an association of associations in 1998, the key education focus has been to bring all member associations onto a common agreed education syllabus. The CERA qualification is facilitated by the IAA.

The qualification ensures a deep understanding of general risk drivers as well as the requirements for an effective risk management framework, whatever the industry. It also covers individual risk categories and how they interact. For complex financial institutions, it requires an understanding of how to measure, model and manage risks and how economic capital can be best applied, in line with the requirements of Solvency II and Basel III.

The qualification is:

  • Based on a defined syllabus and achievement levels
  • Consistent with modern, effective methodologies
  • Supported by high-quality education and materials
  • Issued locally, in many languages
  • Recognised and portable internationally
  • Subject to educational quality control by the global actuarial profession.

The CERA Education Syllabus covers seven areas of learning objectives:

  • ERM concept and framework
  • ERM process
  • Risk categories and identification
  • Risk modelling and aggregation of risks
  • Risk measurement and assessment
  • Risk management tools and techniques
  • Capital management.

Each Member Association will have its own route to CERA. Some use the ST9 route (eight Member Associations, including the IFoA (UK) as the education provider), some the DAV/ EAA route (four Member Associations, including the DAV (Germany); EAA provides CERA-Education based on the DAV syllabus) and some the SOA (USA) route (two Member Associations). The Netherlands and France have their own individual routes. Please approach your Member Association to find out more about the route it offers.