Interview with Alica Rollo, Executive Director of CIA – Crossing Borders: Actuarial Career Pathways in Canada

What motivated the Canadian Institute of Actuaries to pursue a Mutual Recognition Agreement with the German Association of Actuaries, and how does this align with the CIA’s international strategy?

The CIA seeks to broaden opportunities for the transportability of the FCIA designation globally, and to make the pursuit of the FCIA more accessible for global actuaries who do Canadian work/live in Canada. Mutual Recognition Agreements are a key component of both the CIA's international and education system strategies. 

From the CIA’s perspective, what are the key benefits of the MRA for Canadian actuaries who are considering working in Germany or within the European actuarial market? 

We believe that having a mutual recognition agreement with the German Actuarial Association (DAV) will provide exciting new options for FCIA who wish to work in Germany and makes the process of becoming qualified to do work in Germany more efficient. 

Career Mobility & Employer Recognition 

Which Canadian practice areas (life, P&C, pensions, risk/ERM, investment, data/analytics) are currently most receptive to internationally qualified actuaries entering through the MRA, and what entry points or typical roles have you seen succeed? 

The FCIA designation is the gold standard for actuarial qualification in Canada and signifies that the actuary holding it is a trusted professional, with the ability to practice in any area in which they are qualified, whether through initial qualification or through continued professional development. As professionals, FCIAs are bound by the CIA rules of professional conduct and the CIA standards of practice, globally recognized key resources that our members rely on to indicate to employers, regulators and the public that they hold actuarial qualifications of the highest quality. Property and Casualty is the fastest growing area of practice in Canada, but we show steady growth in life, risk, investment and non-traditional areas. 

We have seen internationally qualified actuaries achieve great success in Canada through a variety of means, from international transfers of employment within an organization that provides actuarial services in multiple jurisdictions, to standard entry points in entry-level, managerial and leadership roles. Individuals who use creativity in demonstrating how their knowledge, skills and abilities solve Canadian business problems have high success rates in any practice area.

How is MRA-based CIA membership recognized by Canadian employers and regulators, and are there contexts (e.g., appointed/signing roles) where additional Canadian practice credentials or experience are commonly expected?

It is our experience that Canadian employers and regulators accept FCIA via mutual recognition as they would FCIA obtained via any other means. The FCIA is not hyphenated by how it was obtained and is the highest level of qualification for actuaries in Canada. Certain regulatory filings do require specific experience and knowledge, which are verified by the regulator, so the actuary (and their employer) should make certain that they meet these requirements before taking on reserved roles.

On-the-Ground Support

What support does the CIA provide to MRA entrants – mentoring, networking, CPD guidance, or career services – to help them integrate into the Canadian market and build local credibility?

The CIA does not differentiate between individuals who obtained their FCIA designation via the various pathways that are available.  The Institute provides guidance to every member who seeks it. Although we do not have a formal program for MRA entrants, we encourage involvement in the Institute through volunteering, attending events, and other forms of engagement to expand their networks, build relationships and learn about the Canadian actuarial environment. 

Long-Term Development 

Looking ahead, how does the CIA see the MRA expanding career development opportunities – for example, facilitating cross-border project work, leadership tracks in multinational firms, or joint research/standards initiatives – and what outcomes would signal that the agreement is delivering on its promise of enhanced mobility and professional exchange?

We view MRAs as a launching point for facilitating all those things. A diverse and growing community of highly engaged and successful actuaries who view the CIA as an essential part of their professional journey, regardless of their pathway, signals that we have put the right resources in place for the success and sustainability of the profession in Canada.

To find out more about the Canadian Institute of Actuaries, visit the website.