In Mexico, there are various guild associations for various purposes, one of them is to guarantee that actuaries that exercise their profession lend a top quality service to the community, based on the high standards of professional practice, that is why there are professional certification processes, such as:
CONAC’s certification is a response to globalization and our country’s intricate relation that our country has with our northern neighbors.
They specialize in the fields of:
- Life Annuities (Pensions).
- Accidents, Disease and Health.
- Labor Liabilities.
Additionally, it is necessary to have a minimum experience in the sector and to present a professional ethics exam, knowing the local legislations of the desired field is also required.
- Mexican Association of Stockbrokers (AMIB).
Offers a scheme of certifications in the field of encompassed finance in five different specializations, labeled as figures. These five figures are reached by score on the technical knowledge and financial market norms examination, as well as an ethics course evaluated by a standardized exam. The figures are:
- Figure 1. Investment Company Promoter.
- Figure 2. Values Promoter.
- Figure 3. Investment Strategies Consultant.
- Figure 4. Stockbroker.
- Figure 5. Money Market Operator.
Due to the constant coupling of study plans in national universities to international standards, study plans cover almost all of the content required for actuarial certifications outside Mexico. They are many and very diverse, but we will focus on those offered in conjunction by the Society of Actuaries and Casualty Actuarial Society, one of the most recognized certifications, which can be chosen as a certification option in diverse educational institutions. This certification covers elemental knowledge within actuary, divided into five exams present before the SOA and four of them that can be substituted by those offered by the CAS:
- Probability (Exam P / CAS 1): covers basic univariate and multivariate probability.
- Financial Mathematics (Exam FM/ CAS 2): contains topics such as interest theory, in discreet and continuous timings, and an introduction to underlying financial assets.
- Models for Financial Economics (Exam MFE/ CAS 3F): This exam goes deeper into underlying financial assets, studying topics such as value, simulation and interest rate models.
- Models for Life Contingencies (Exam MLC/ CAS LC, these are not equivalent): this exam’s focus is knowledge for life contingencies models.
- Construction and Evaluation of Actuarial Models (Exam C/ CAS 4): this exam covers the largest content, it requires bases on the exams mentioned previously (Financial Economics and Life Contingencies) to grow into more elaborate models.
With all five exams and a couple of simple additional requisitions, a credential as a member of the SOA can be obtained. In most universities, for this to count as a graduation form, only three or four of these exams must be taken.
For further information on this, please consult the following link:www.beanactuary.org
Another important certification is known as de CERA Credential (Chartered Enterprise Risk Analyst). It is one of the most renowned when regarding risk and is widely accepted worldwide. To obtain this, one must have credited a P, FM, MFE and C exam (as mentioned before), besides, a fifth exam, known as Enterprise Risk Management (ERM) must be credited too. Further information at: