The Institute and Faculty of Actuaries, a UK-based chartered professional body, is introducing a new membership qualification Certified Actuarial Analyst for individuals.

The first exam is likely to be held in August. The programme, Certified Actuarial Analyst, can be completed in two to three years, unlike an actuarial fellowship course which typically takes 8 to 10 years.

“The course is designed to give those working in actuarial support roles and the broader financial services sector a path to acquire sound technical skills,” Derek Cribb, Chief Executive of the Institute and Faculty of Actuaries. To qualify as a fresher, an individual needs to pass a module zero on financial mathematics.

Cribb said all the exams have computer-based assessment, which enables the institute to keep costs down and have a wide network of exam centres. The cost of the initial module zero is £49 and module 1 to 4 is £60, which is lower than the cost of a fellowship exam.