Your path to an actuarial career in Germany
The path to the title of "Actuary DAV" usually involves a three-year part-time training program offered by the German Actuarial Association (DAV).
For most actuaries, a mathematics degree is the starting point for their future work. However, the profession also offers good career opportunities for graduates from fields such as physics, statistics, economics or computer science.
Most graduates complete their – usually – mostly three-year actuarial training with the German Actuarial Association while working part-time at the beginning of their professional careers. This was fundamentally reformed two years ago. The aim of the current examination regulations is to prepare future actuaries for the changed working environment resulting from Solvency II, increasing digitalization and the extended requirements of risk management. In addition, the two-tier system now in place will further enhance international comparability and the practical relevance of the training as well as simplifying international recognition of the German title.
The new DAV examination system is divided into two levels: six subjects in basic knowledge and four subjects in specialized knowledge. The new "6+4" system offers candidates a wider range of subjects and the possibility of more intensive specialization in one subject area while the number of examinations remains the same.
Source: German Association of Actuaries (DAV)
Basic knowledge is taught in the form of tools that prospective actuaries need for their future professional practice. This includes in-depth knowledge of actuarial and financial mathematics, risk management, and the economic and legal environment. In addition, particularly important soft skills are also taught in the subjects of professionalism and communication. In the subsequent special knowledge modules, the candidates focus on one of the traditional fields of mortgage savings, life insurance, health insurance, property insurance or pensions, or deepen their knowledge of one of the cross-functional topics of financial mathematics, Enterprise Risk Management (ERM) or Actuarial Data Science. If a candidate passes all exams and can demonstrate three years of professional experience, the DAV awards the title "Actuary DAV".
You can find more information on the training offered by the German Association of Actuaries on the German website www.aktuar.de/aktuar-werden.