The current education system of DAV with its examination regulations was introduced on 1 January 2018. The main objectives of the education system are to teach currently relevant mathematical knowledge and methods as well as non-mathematical knowledge concerning the professional work of an actuary. Another important aspect of the education system is the compliance with international standards, especially the Mutual Recognition Agreement (MRA) with the Actuarial Association of Europe (AAE) and the accreditation by the International Actuarial Association (IAA).
The precondition to start education to qualify as an actuary DAV is a degree in mathematics from a German university (Diploma or Bachelor / Master with at least 120 ECTS in mathematical courses). The necessary mathematical degree can be substituted by an equivalent degree, e.g. a degree in business mathematics, statistics or physics. Otherwise a preliminary examination in mathematics is required to be admitted to the education system. Additionally a basic understanding of stochastic needs to be proven by a confirmation of the university. Otherwise a second preliminary examination in stochastic is necessary to be admitted to the education system. The final decision on the admission to the education system is made by an admission board.
In order to qualify as an actuary DAV it is necessary to take ten different examinations and two mandatory courses. The examinations can be divided into the areas of basic knowledge and specialist knowledge.
In the area of basic knowledge the examinations are
Economic and Legal Environment,
Financial Mathematics and Risk Assessment ,
Modelling and ERM,
Additionally the mandatory courses in "Communications" and "Professionalism" need to be completed.
Supplementary four examinations in the area of specialist knowledge have to be chosen in order to complete the education as an actuary DAV.
Two of the four examinations in the area of specialist knowledge need to be selected from the following seven specialisations
Life Insurance I and II (two exams) or
Health Insurance I and II (two exams) or
Pensions I and II (two exams) or
Casualty Insurance I and II (two exams) or
Finance I and II (two exams) or
Building Society Savings I and II (two exams) or
Enterprise Risk Management I and II / CERA Modules A and B (two exams).
Besides the two examinations in the chosen specialisation another two examinations need to be taken in the area of specialist knowledge. These additional examinations can be selected from the mentioned above specialisations and the new area of specialist knowledge
To register for the four exams in the area of specialist knowledge, all of the exams in the area of basic knowledge as well as the mandatory courses preparing the examinations in the area of special knowledge need to be completed.
To become a member of DAV three years of actuarial work experience are necessary, of which at least two years must have been gained in the selected area of special knowledge.
For the examinations in the area of basic knowledge exemptions are possible if an equivalent examinations has been taken at university. University professors can apply at DAV to become professors of trust. A professor of trust is permitted to certify that a university course is equivalent to a DAV examination. All three years a professor of trust is obligated to document for the examination board of DAV that a certificated course is really equivalent to a DAV exam. The documentation has to include the lecture notes and exams written in the past. After three years a professor of trust needs to be appointed again.
All examinations in the area of specialist knowledge can only be taken at DAV. There are no exemptions for university courses.
If you have any questions regarding the DAV qualification please contact:
Anne Wegeneranne.firstname.lastname@example.org+49 221/912 554-221
Interesting information concerning the education system of DAV are also presented during the
31st International Congress of Actuaries 2018. You can find the presentation here:
New DAV Education Scheme
Become an actuaryMembership informationInternational involvement
Annual meetingsAutumn meetingsICA 2018
Practice areasThe European ActuaryEuropean Actuarial Journal