Understanding risks - creating security

Actuaries are experts who use mathematical methods to assess financial uncertainties in the areas of insurance, pensions, investments and building society savings. They develop solutions for assessing and managing financial risks. To do this, they not only have to consider uncertain future cash flows over a very long term, but also always take into account the entire economic and regulatory environment of the providers of insurance and financial products. The job profile of actuaries therefore not only requires a clear understanding of figures, but also entails social responsibility.

The particularly emphasised statutory roles that they fulfil include the Responsible Actuary in life and health insurance, the independent actuarial trustee in life and health insurance and the actuarial function under Solvency II.

Building on a university degree in mathematics or a related course of study, membership of the DAV requires the completion of a demanding in-house training programme and at least three years of practical professional experience. In addition, actuaries undertake to observe the professional rules and regulations of the DAV.

We explain in detail which requirements must be met for training to become a DAV actuary and how the training programme works in detail. We also explain the additional training to become a “Pensions actuary” (IVS), a “Certified Enterprise Risk Actuary (CERA)” and a “Certified Actuarial Data Scientist (CADS)”.

A wide range of experience can already be gained during the course, whether in lectures on insurance and financial mathematics or in the numerous projects of the German Society of Insurance and Financial Mathematics (DGVFM), such as company visits or the internship programme, in order to find out whether the profession suits you.

In accordance with their qualifications, actuaries work primarily for insurance companies, pension funds and occupational pension schemes, banks and building societies, consulting and auditing companies, but also for individuals, associations, authorities, ministries and as expert witnesses in court.
 

Our members are best placed to explain how exciting the profession is and what prospects it offers:

On the Webpage “Fachinformationen / Magazine” under the membership magazine “DAV Journal” you will find various interviews with members on their professional backgrounds and their commitment to the association under the keyword “Ehrenamt”.

Membership of the DAV is based on completion of training to become a DAV actuary, which the association itself offers. The details of this training programme and the requirements for the additional training to become an

• “Pensions Actuary” (IVS),
• “Certified Actuarial Data Scientist (CADS)” and
• "Certified Enterprise Risk Actuary (CERA)"

can be found on their own subpages.

The IVS - Institut der Versicherungsmathematischen Sachverständigen für Altersversorgung e. V. (Institute of Pension Actuaries) -  founded in 1980 is the home of occupational pension scheme experts within the DAV and now has more than 850 members. Due to its unique expertise, the IVS and its members enjoy a high reputation far beyond the actuarial community. 
In order to use the title “IVS-certified pension actuary”, an additional qualification is required in addition to membership of the DAV. This can be acquired in the same way as the other additional actuarial qualifications with a total of four specific practical examinations in the area of pensions. 
 

The German Society for Actuarial and Financial Mathematics (DGVFM) is the specialist mathematical society for experts working in the fields of actuarial and financial mathematics and quantitative risk management in science and business in Germany. In addition to the DAV actuaries, its membership therefore also includes numerous university lecturers who are active in teaching and research at universities and universities of applied sciences in these areas.

The DGVFM association consists of ordinary members, junior members, honorary members and supporting members. Members of the DGVFM receive the publication “European Actuarial Journal”.

Here you will find an overview of the membership fees for the DAV and IVS as well as the DGVFM membership fee regulations.

Yes, a reduction in fees is possible in various cases - this information can also be found in the DAV and IVS contribution overview. An application for a fee reduction is also available online.

Actuaries who are full members of another European actuarial association but work professionally in Germany can acquire membership on the basis of recognition of their training by the DAV. This has been established by the Actuarial Association of Europe (AAE) in an agreement on the mutual recognition of training as an actuary.

In addition, the DAV and the South African Actuarial Association (ASSA) have signed a Mutual Recognition Agreement. This means that, since 2015, members of the DAV or the ASSA who wish to work in South Africa or Germany can become members of the other actuarial association without taking further examinations.

Further details are set out in the DAV recognition regulations.