IAI is a National Apex Body of India representing Indian actuaries and IFOA is a professional body which represents the actuaries in United Kingdom.
The major comparison between IAI vs. IFOA is that the IAI is the Institutes of Actuaries of India which is under the ownership of Ministry of Finance, Government of India. Where as, the IFOA is the Institute and Faculties of Actuaries which is a professional body that represents and regulates the actuaries of the United Kingdom.
Table of Contents:
- IAI vs IFOA: Overview
- IAI vs IFOA: Meaning
- Who are Actuaries?
- IAI vs IFOA: Exam Fee Analysis
- IAI vs IFOA: Membership Fee Analysis
- IAI vs IFOA: Salary
IAI vs IFOA: Overview
Both IAI and IFOA are recognized body to practice actuaries at risk management firms and insurance companies. Check the overview of basic distinctions between the IAI and IFOA in the table mentioned below.
Distinction | IAI | IFOA |
Full form | Institute of Actuaries | Institute of Faculties and Actuaries |
Established on | 1979 | 2010 |
Location | India | United Kingdom |
Number of Exams | 28 | 13 |
Positions offered after exam | Prosecution Director, Executive Director, Assistant Manager - HR & Administration, Head of Legal Secretarial and Compliance. | Actuarial Analyst, Pricing Actuary, Actuarial Associate, Consulting Actuary. |
IAI vs IFOA: Meaning
The IAI and IFOA meaning is described below:
Institute of Actuarial of India (IAI)
The IAI full form is Institute of Actuarial of India. The IAI is a National Apex Body representing and regulating the Indian Actuaries. There are 28 exams in total for the students to write, in which 10 core principle exams should be cleared for an Associate level job with one year of work experience. The candidates must have cleared 13 exams for a Fellow level job with 3 years of work experience.
Institute and Faculties of Actuarial (IFOA)
The IFOA full form is Institute and Faculties of Actuarial. The professional body of actuaries governed by the government of United Kingdom.
Who are Actuaries?
Actuaries are professionals who are experts in the field of Economics, Mathematics, and Statistics that primarily focus on risk management and premium estimations for the insurance businesses.
IAI vs IFOA: Exam Fee Analysis
The IAI vs IFOA exam fee analysis helps the students to understand that the IAI is a statutory body that conducts the exam therefore, the exam fees will be nominal. Whereas, the IFOA is a professional body of United Kingdom which more or less has the same structure as IAI.
The applying students can also get to know the abbreviations of the exams and its purpose from the list of names mentioned below:
Core Mathematics, Statistics, and Business Stage
- CM1 - Actuarial Mathematics
- CM2 - Financial Engineering and Loss Reserving
- CB1 - Business Finance
- CB2 - Business Economics
- CB3 - Business Management
- CS1 - Actuarial Statistics
- CS2 - Risk Modelling and Survival Analysis
Core Practice Stage
- CP1 - Actuarial Practice
- CP2 - Modelling Practice
- CP3 - Communications Practice
Specialist Principles Stage
- SP0 - Alternative Specialist Principles(not examined)
- SP1 - Health and Care
- SP2 - Life Insurances
- SP4 - Pensions and other Benefits
- SP5 - Investment and Finance
- SP6 - Financial Derivatives
- SP7 - General Insurance - Reserving and Capital Modelling
- SP8 - General Insurance - Pricing
- SP9 - Enterprise Risk Management
Specialist Advanced Stage
- SA0 - Research Dissertation Specialist Applications
- SA1 - Health and Care
- SA2 - Life Insurance
- SA3 - General Insurance
- SA4 - Pensions and other Benefits
- SA7 - Investment & Finance
BASIS | EXAMINATION | IAI | IFOA | ||
EXAM FEES(IN INR) | MATERIAL FEES(HARD COPY)(IN INR) | REDUCED RATE(IN POUNDS) | EXAM FEES(IN POUNDS) | ||
COST | ACET | 3000 | - | - | - |
CS1 | 5000 | 7500 | 180 | 290 | |
CS2 | 5000 | 9000 | 180 | 290 | |
CM1 | 5000 | 9000 | 180 | 290 | |
CM2 | 5000 | 7500 | 180 | 290 | |
CB1 | 3000 | 6000 | 135 | 235 | |
CB2 | 3000 | 6000 | 135 | 235 | |
CB3 | 10000 | - | 350 | 550 | |
CP1 | 8000 | 14500 | 350 | 620 | |
CP2 | 10000 | 3500 | 290 | 485 | |
CP3 | 8000 | 3500 | 180 | 330 |
BASIS | EXAMINATION | IAI | IFOA | ||
EXAM FEES(IN INR) | MATERIAL FEES(IN INR) | REDUCED RATE(IN POUNDS) | EXAM FEES(IN POUNDS) | ||
COST | SP1 | 6000 | 11000 | 180 | 330 |
SP2 | 6000 | 11000 | 180 | 330 | |
SP4 | 6000 | 11000 | 180 | 330 | |
SP5 | 6000 | 11000 | 180 | 330 | |
SP6 | 6000 | 11000 | 180 | 330 | |
SP7 | 6000 | 11000 | 180 | 330 | |
SP8 | 6000 | 11000 | 180 | 330 |
BASIS | EXAMINATION | IAI | IFOA | ||
EXAM FEES(IN INR) | MATERIAL FEES(IN INR) | REDUCED RATE(IN POUNDS) | EXAM FEES(IN POUNDS) | ||
COST | SA1 | 7500 | 11500 | 180 | 330 |
SA2 | 7500 | 11500 | 180 | 330 | |
SA3 | 7500 | 11500 | 180 | 330 | |
SA4 | 7500 | 11500 | 180 | 330 | |
SA7 | 7500 | 11500 | 180 | 330 |
IAI vs IFOA: Membership Fee Analysis
IAI vs IFOA has membership fee where the students once they clear the exams have to get a license to practice in the risk management sectors. Check out the table given below for more information on the membership fees of both the bodies.
Distinctions | IAI (in INR) | IFOA (Pounds converted to INR) | Difference Amount |
One time entrance fee | 0 | 12150 | 12150 |
Renewal Fees | 2000 | 15300 | 13300 |
Reduced Member Fee | 2000 | 6570 | 4570 |
Associate level | 3540 | 21690 | 18150 |
Fellow level | 10620 | 32850 | 22230 |
IAI vs IFOA: Salary
The salary packages and the positions offered for the candidates who write the exams conducted by IAI and IFOA are mentioned in the list below for the students to choose which exams to write.
IFOA
The table mentioned below has the salary packages for students after finishing the IFOA exams.
Positions | Salary |
Pricing Actuary | $109,500-$149,000 per year |
Actuarial Director | $124,500-$140,000 per year |
Consulting Actuary | $93,000-$138,500 per year |
Actuarial Assistant | $74000 per year |
Actuarial Manager | $126,000 per year |
Actuarial Associate | $105,000 per year |
Senior Actuarial Analyst | $133,000 per year |
IAI
The table mentioned below has the salary packages for students after finishing the IAI exams.
- Interns with a tenure of 1 to 6 Months with the stipend paid is between Rs. 10,000 p.m. and Rs. 25,000 p.m.
- Applicants who have 0 – 2 years of experience and 1 to 6 Actuarial Exams cleared, Annual Package is between 2.5 Lac P.A. and 6.5 Lac P.A
Positions | Salary (in INR) |
Risk Management Analyst | 42,000 per month |
Insurance Advisor | 25,000 per month |
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