The Institute and Faculty of Actuaries (IFoA) and the Institute of Actuaries of India (IAI) signed a Mutual Recognition Agreement (MRA) on November 10, 2021. This agreement streamlines the process for Fellows of one institute to gain recognition as Fellows of the other, enhancing global career opportunities for actuaries.

Key Benefits of the IFoA-IAI Mutual Recognition Agreement

$\quad 1)$ Seamless Fellowship Recognition

$\bullet \quad$ IFoA Fellows can apply to become IAI Fellows and vice versa.

$\bullet \quad$ No need to retake actuarial exams.

$\quad 2)$ Simple Application Process

$\bullet \quad$ Complete an application form.

$\bullet \quad$ Provide necessary documents such as membership confirmation, work experience records, and professionalism course completion proof.

$\quad 3)$ Eligibility Criteria

$\bullet \quad$ Must hold a Fellowship from IFoA or IAI.

$\bullet \quad$ Must have the entitlement to practice.

$\bullet \quad$ Require three years of post-qualification experience (if not built into the Fellowship qualification).

$\bullet \quad$ Completion of a recognized professionalism course.

$\quad 4)$ No Certificate of Practice (COP) Requirement

$\bullet \quad$ Unlike other professional transitions, this MRA does not mandate a Certificate of Practice for application.

$\quad 5)$ Fee Structure

$\bullet \quad$ No application fee for IAI Fellows applying to IFoA.

$\bullet \quad$ IFoA Fellows applying to IAI need to pay INR 20,000 plus 18% GST.

Application Steps

$\quad 1)$ Check Eligibility: Ensure all criteria are met.

$\quad 2)$ Gather Documents: Prepare required documentation.

$\quad 3)$ Submit Application: Complete and send in the MRA application.

$\quad 4)$ Await Approval: IAI or IFoA will review and notify about membership fees and acceptance.

Disciplinary Transparency

Applicants must authorize the respective actuarial body to release disciplinary records. Any adverse findings must be disclosed.

Why Does This MRA Matters?

This agreement significantly reduces barriers for actuaries looking to practice internationally, expanding career prospects while maintaining high professional standards.

Actuaries seeking global mobility should leverage this MRA to enhance their professional growth. For more details, visit the IFoA or IAI official website and start your application today!