Regulations on conducting professional actuarial examinations and the requirements for professional qualification of actuaries

These Regulations determine the professional actuarial examinations, the necessary qualification minimum and conditions for acquiring Certificate of Qualification in the Actuarial Science and its Applications in Insurance, Pensions and Investment. These Regulations are made in accordance with the By-laws of the Bulgarian Actuarial Society (BAS).

General Terms & Conditions

(1) Any person who has graduated with Master’s Degree from any higher educational institution may apply for the acquisition of qualification in the actuarial science.

(2) Also students at higher educational institutions shall be entitled to apply for acquiring qualification in the actuarial science.

(3) Applicants for acquisition of qualification in the actuarial science shall take professional actuarial examinations.

(4) Applicants for acquisition of qualification in the actuarial science who have passed similar examinations may be exempted from having to take the respective examination and such examination may be acknowledged as having been passed by resolution of the BAS Qualifications Commission.

Professional Actuarial Exams

(5) Student-actuaries shall sit for professional actuarial examinations in the following modules:

• М 101 Financial mathematics
• М 102 Probability and mathematical statistics
• М 103 Statistical/ Stochastic methods
• М 104 Modeling
• М 105 Actuarial mathematics
• М 106 Economics
• М 107 Finance and Financial reporting
• М 108 Investment and asset management
• М 109 Professionalism
• М 110 Actuarial risk management
• P 101 Pension insurance – theory and practice
• P 102 General insurance – theory and practice
• P 103 Life insurance – theory and practice

(6) The contents of the modules specified in Paragraph 5 are given in an Appendix to these Regulations.

(7) There shall be two forms of study – full-time education and distant education.
(7.1.) Lectures for the full-time form of study shall be of duration of not less than 30 academic hours for each and every module.
(7.2.) For the distant education form of study each candidate shall be provided with materials for self-tuition. In addition, classes shall be held prior to every examination for the purpose of solving problems.

(8) The BAS Qualifications Commission shall determine the specific program and number of academic hours for each and every module.

Holding the Exams

(9) A Board of Examiners, proposed by the Qualifications Commission and approved by the Board of Managers of the BAS, shall conduct written examinations for each and every module.

(10) The written examination shall be in the form of solving problems and cases and every examination problem shall be assessed by points.

(11) An examination in a particular module shall be deemed successfully passed if the candidate received not less than 60% of the maximum number of points for all problems in the examination paper.

(12) Each candidate may attempt to take the respective examination unlimited number of times.

Certificate

(13) Persons who have successfully passed all professional actuarial examinations in all modules shall be granted a Certificate of Qualification in the Actuarial Science and its Applications in Insurance, Pensions and Investment issued by the BAS, and shall be entered into a special register of the BAS.

(14) Students under Paragraph 2 who successfully passed the professional actuarial examinations shall receive their Certificates after having graduated with Master’s Degree.

(15) Persons who have been granted a Certificate and who have had 2 (two) years of professional experience in the field of insurance, pensions and investments shall acquire the right to become full members of the BAS.

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