IAI vs IFOA: Meaning, Fee, Membership, Salary

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