Financial Planners Standards Council (FPSC) has approved the Fellow of Canadian Institute of Actuaries (FCIA) credential as meeting the high standards required of professional credentials and degrees listed in FPSC’s Approved Prior Credential (APC) Policy.

Under FPSC’s APC policy, FCIAs now may qualify to write the CFP Examination without formally completing further education courses provided that the candidates satisfy other criteria, including three years of relevant work experience.

Others potentially qualifying under the same APC policy are individuals who hold professional accounting designations (CA, CGA, CMA), the Certified Financial Analyst (CFA) or the Chartered Life Underwriter (CLU) designations, members of provincial law societies or holders of PhDs in finance, economics and business. Passing the CFP Examination is one of the requisite components of CFP certification.

The Canadian Institute of Actuaries (CIA) worked with FPSC to have the FCIA credential recognized under the APC policy believing there is a growing demand for CFP certification among actuaries. “The role of a number of actuaries is expanding to include advice to individuals, often employees of client organizations, about the management of their financial affairs particularly with regards to their Defined Contribution Pension Plans,” says Immediate Past President of the CIA, Normand Gendron. “Increasingly employers and employees are seeking detailed advice about these plans, and actuaries are in very good positions to provide it.”

To earn the FCIA, individuals must follow extensive studies in mathematics, statistics, risk evaluation and control. On average, actuaries receive their fellowship seven to 10 years after completing their bachelor’s degree. Actuaries are experts primarily in insurance and pensions.

FPSC President & CEO Cary List CA, CFP says: “That actuaries are seeking ways to pursue CFP certification to complement their professional practice, is a welcomed acknowledgement of the unique set of competencies required in the professional practice of financial planning.” He adds: “FPSC’s APC Policy recognizes the rigorous and complementary nature of the educational paths of allied professions.”

Holders of the FCIA who wish to apply to write the CFP Examination, next held in November should visit FPSC’s web site at www.cfp-ca.org for further details about the APC policy.