IAI Accreditation Program no text

IAI Accreditation Program: Scaling the Actuarial Landscape with Trust and Inclusivity

It fills us with an immense pride, deep sense of responsibility and professional probity to introduce the transformative IAI Accreditation Program. A remarkable initiative exclusively designed for a holistic growth in actuarial education and profession. The objective of Accreditation programme is to nurture and enable a university/ institution curate courses with existing syllabi which has been mapped to that of IAI or the IAI syllabus itself! This allows the flexibility for institutions to innovate in both programme content and assessment methods, including coursework, also allowing for the programme to include aspects of actuarial research. This innovative program not only aligns with the core objectives of the Institution, but also serves as a driving force in strengthening the Actuarial Science realm.

Institute of Actuaries was established under the Actuaries Act 2006 for regulation of profession in India. One of the objects of the Institute is to promote the status of Actuarial Profession.

The Goals of Accreditation: At the heart of the IAI Accreditation Program lie its pivotal objectives:

1. To achieve better quality education by diverting the focus from passing exams to an approach that places greater emphasis on the education.
2. The University/Institute program are taught by people skilled in subject matter of early examinations.
3. Increased ability to attract the best and brightest candidates to the actuarial profession.
4. Enhanced relationship between IAI and respective Universities/Institution.
5. Travel time through the examinations may be reduced.

The IAI Accreditation Program gets inclusive and is now open to diverse institutions:

Category A:  Universities and Educational Institutions offering Actuarial Science courses and allied courses can choose the mode of control mechanism for Core level subjects.

Accreditation framework:

1. Exemptions for Aligned Programs: Exemptions for examinations aligned with Undergraduate, Postgraduate, and Diploma programs related to Actuarial Science and allied subjects. 
2. Guidance and Standardization: Program extends guidance to standardize relevant educational courses to align seamlessly with IAI syllabus objectives.
3. Enhancing Infrastructure: We're resolute towards augmenting and maintaining academic and physical infrastructure of exceptional quality.
4. Elevating Examination Quality: Our commitment involves upgrading and maintaining examination processes to ensure unparalleled quality.
5. Creating Centres of Excellence: We're actively engaged in developing Actuarial Centres of Excellence within institutions, designed to serve as cornerstone of guidance and support to actuarial candidates.
6. Undertaking Research Projects: The program propels us forward in undertaking impactful research projects within Actuarial Science and its related areas.

Who can Apply: 

Universities and Educational Institutions offering Actuarial Science courses and allied courses can choose the mode of control mechanism for core level subjects.

To qualify, institutions should offer relevant courses, maintain a minimum number of student members, and adhere to specified criteria.

Navigating the Accreditation Assessment Model for Category A Institutions:

The IAI's Accreditation Assessment Model offers accredited institutions the flexibility to choose the assessment approach that best suits their needs while maintaining rigorous evaluation standards. This model ensures a balance between institutional autonomy and centralized assessment processes, ultimately contributing to the quality of actuarial education.

Subject-wise Control Mechanism:

Institutions have the flexibility to determine the assessment model for each subject based on their preferences and requirements. The following matrix outlines the available options:

Subject	Assessment Model
CS1	Institution Control or IAI Control
CB1	Institution Control or IAI Control
CB2	Institution Control or IAI Control
CB3	Institution Control or IAI Control
CS2	IAI Control
CM1	IAI Control
CM2	IAI Control

Institution Control:

Under this mechanism, institutions follow the Accreditation Assessment Framework approved by the council. Evaluation involves preliminary screening and onsite visits to review pedagogy, question papers, and assessments. Institutions meeting accreditation criteria may conduct examinations independently, subject to periodic reviews by the IAI.

IAI Control:

Centralized assessment processes are managed by the IAI, ensuring standardized evaluation procedures across accredited institutions. An internal expert group is responsible for question paper setting, answer script marking, and result finalization. This approach provides institutions with support for academic enhancement and ensures the integrity of the examination process.

• Benefits for IAI Control Institutions:

  Accredited institutions have access to a range of support services, including reference books, faculty training, and adjunct faculty onboarding. Leveraging IAI Subject Matter Experts for accreditation programs further enhances academic quality and ensures alignment with industry standards.

Our accreditation process is divided into two stages - Onboarding and Exemptions.

Stage 1: Onboarding

1. Application Submission: Submit completed applications and supporting documentation, click here to access the application, Institution may choose the mode of control mechanism i.e., Institution or IAI control.
2. Preliminary Screening: IAI shall perform initial screening and any additional information, shall be sought if required. If University/Institution passes the initial screening test, then IAI shall arrange for site visit to verify the information supplied in the application.

Stage 2: Accreditation & Exemptions

Upon successful completion of Stage 1, institutions proceed to Stage 2, where they continue with the Accreditation & Exemptions process. This stage involves a detailed assessment of the institution's program and potential granting of exemptions for specific subjects.

• Formal Request: Institutions that qualify from Stage 1 submit formal requests for subject exemptions, outlining the specific subjects for which exemptions are sought.

• Appointment of Independent Examiner: The IAI appoints an Independent Examiner to examine the University course and carry out subject mapping against IAI study material to identify the gaps in the course structure.

• Course Structure Evaluation: If there are deficiencies/ inconsistencies in the course structure, the Independent Examiner collaborates with the institution to develop a revised structure aligned with the IAI syllabus.

• Faculty Interaction: The Independent Examiner interacts with faculty members to understand the curriculum and teaching methodologies, especially for subjects where exemptions are sought.

• Review of Examination Materials: Examination scripts, passing grades, and historical mark distributions for relevant courses are reviewed to assess the rigor and quality of assessment and decision on the par threshold.

• Recommendations to IAI: Based on assessment, the Independent Examiner submits comprehensive recommendations to the IAI, including:

  • Course mapping with IAI syllabus.

  • Suggestions for changes in the course structure to closely align with IAI syllabus.

  • Recommendations on question paper formats, indicative solutions, and answer script standards.

  • Evaluation of faculty standards and potential support from the IAI.

• Mapping and Evaluation: Syllabus objectives for exempted subjects are meticulously mapped to ensure alignment with the IAI syllabus. Independent Examiners remain collaboratively assigned to the institution to oversee the delivery of the program and the exemption recommendation process.

• Assessment: Question papers, faculty qualifications, and other crucial parameters are thoroughly evaluated to ensure adherence to accreditation standards.

The Stage 2 process is exclusively designed to ensure institutions maintain high academic standards and alignment with the IAI syllabus, ultimately contributing to the enhancement of actuarial education and practice. Post qualification in both the stages, a MoU is signed between the IAI and the respective Institution.

Accreditation Renewal:

1. The Accreditation Renewal will follow the same methodology as Initial Accreditation.

2. Accreditation shall be for the period of maximum three (3) years. Six months before the expiry of accreditation, the revised assessment report will be screened by the respective authority for granting Re-Accreditation. Once the report is approved by the committee/group, the re-accreditation will be granted for a tenure of three years.

Accredited Institutions:

Sr No.	Institution Name	Program Name	Exemptions*
1	IIRM	PGDM Actuarial Science (AY 2024-25)	CS1, CB2
2	IIRM	Post Graduate Diploma in Actuarial Science (AY 2024-25)	CS1, CS2, CB1, CB2, CB3, CM1, CM2
3	Bishop Heber College	MSc Actuarial Science (AY 2024-25)	CS1, CB1
4	R A Podar College	BCom in Actuarial Studies (AY 2024-25)	CS1, CS2, CB1, CB2, CB3, CM1, CM2
5	Mar Athanasius College	MSc Actuarial Science (AY 2024-25)	CS1

*Subject to Conditions

Important Documents:

1. Annexures:
   1. Annexure 1 - Accreditation form_Category A Institution Version 2
   2. Annexure 2 - Preliminary screening criteria

Category B: Institutions listed under Higher Education, Government of India, with courses mapping to the IAI curriculum.[Details to be updated soon ]

Category C:  Esteemed Professional Bodies like ICAI, ICWAI, and ICSI.

Category C

S. No	Institution Name	Program/Module Name	Exam Pass in Institute	IAI Paper Exemption
1	ICAI	CA Qualification path	Intermediate Paper 1: Accounting Intermediate Paper 6 - Section A: Financial Management	CB1 - Business Finance
			Foundation Paper 4 Business Economics	CB2 - Business Economics
			CA Articleship complete	CB3 - Business Management
			Qualified CA	SP0 - Alternative Specialist Principle
		Qualified CA + Diploma in Insurance and Risk management	Qualified CA + Diploma in Insurance and Risk management	CP3 - Communications Practice
2	ICMAI	CMA Qualification path	Intermediate Paper 11 – Financial Management and Business Data Analytics - Section A Final Paper 14 - Strategic Financial Management - Section A	CB1 - Business Finance
3	ICSI	CS Qualification path	Executive Programme: Group 1: Corporate Accounting and Financial Management: Part II – Financial Management Professional Programme: Group 2: Strategic Management and Corporate Finance: Part II - Corporate Finance Professional Programme: Group 1: Environmental, Social and Governance (ESG) - Principles and Practices	CB1 - Business Finance
4	Insurance Institute of India (III)	Fellow/ Associate member	Fellow/ Associate member	CB3 - Business Management

Procedure for availing exemptions:

1. Students must apply for IAI Student Membership using the link below:
   • ACET Route: https://member.actuariesindia.org/admission
   • NON-ACET Route: https://member.actuariesindia.org/admission/non-acet/registration
2. Upon enrollment as an IAI student member, you are cleared to apply for exemption through IAI member login ID.
3.   Exemption fees:

Sr.No	Subject name	Fees
1	CB1 - Business Finance	Rs. 3,000
2	CB2 - Business Economics	Rs. 3,000
3	CB3 - Business Management	Rs. 3,000
4	CP3 - Communications Practice	Rs. 8,000
5	SP0 - Alternative Specialist Principle	Rs. 6,000

 

Important Note:  IAI shall periodically update the approved-mapped subjects/ programs and validity on its website.