Mutual Recognition Agreement with Actuarial Society of South Africa

We are delighted to announce that, in Cape Town last night, the Society of Actuaries in Ireland (SAI) entered into an agreement with the Actuarial Society of South Africa  (ASSA) on mutual recognition of qualifications.  This will benefit Fellows and Associates of each of the Societies who wish to practice in the other country.
 
A Fellow or Associate of the SAI may apply to become a Fellow or Associate of the ASSA if he or she:

(i)   became a Fellow or Associate of the SAI by meeting the SAI’s qualification criteria (rather than through a mutual recognition agreement);

(ii)   has completed a year's post-qualification experience of actuarial practice in South Africa within three years of applying for membership;

(iii)  has also completed appropriate professionalism training during this period;

(iv)  has passed a South African Practice Module (this is required only for Fellowship);

(v)   is of good standing.

 
A Fellow of the SAI who meets all the requirements except the South African Practice Module may apply to be admitted as an Associate of the ASSA.  Otherwise, if the applicant meets conditions (i) and (v) but has not yet fulfilled the other conditions, he or she will be admitted as an Affiliate of the ASSA.

 
A Fellow or Associate of the ASSA may become a Fellow or Associate of the SAI if he or she:

(i)  became a Fellow or Associate of the ASSA through the Society's exams or (before 2010) the UK Actuarial Profession’s exams;

(ii) attests that he or she wishes to work as an actuary in Ireland or advise on Irish business;

(iii) has at least 3 years' recent appropriate practical experience, of which at least one year was in the Republic of Ireland or related to Irish business;

(iv) completes such courses and professional development requirements as the SAI prescribes (currently, this means completing appropriate professionalism training);

(v)  is of good standing.

If the applicant meets conditions (i) and (v) but has not yet fulfilled the other conditions, he or she will be admitted as an Affiliate of the SAI.  The applicant must maintain his or her membership of the ASSA.

 
Alongside our existing mutual recognition agreements with the Canadian Institute of Actuaries, the Institute of Actuaries of Australia and the (US) Society of Actuaries, this initiative will contribute to global trade in actuarial services and enhance the career mobility of individual actuaries.