For those who have an equivalent designation:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of one of the following Certificates:

• Financial Risk Manager (FRM®) - Certified by the Global Association of Risk Professionals (GARP); or

• Professional Risk Manager (PRM®) - Certified by the Professional Risk Managers' International Association (PRMIA).

                                                                                             and 

2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full CRA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF)

 

For those who have a substantial experience:

Candidates from this group must meet all of the following conditions:

1. Be able to demonstrate with business references or attestations from current or previous employers and/or partners “substantial experience” in the field of credit risk mapping, modeling, measurement and management. For this purpose, substantial could mean:

• Submit a letter from an employer which confirms that the candidate worked for at least two years in the field of credit risk mapping, modeling, measurement and management, subject to the approval of IAVFA's Credit Risk Actuary (CRA) Committee; or

• Submit 10 economic analyses in the field of credit risk mapping, modeling, measurement and management, where the applicant’s role was significant enough to be referenced in those economic analyses or a signatory on the economic analyses; or

• Submit a book on credit risk mapping, modeling, measurement and management, where the applicant is the book's author.

                                                                                             and 

2. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full CRA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF); and

 

6. Successfully complete the fifth module (i.e., specialization module) of IAVFA's Credit Risk Actuary (CRA) certification program, which includes 42 hours. Successful completion of the fifth module means successful completion of the module exam and submission of a Credit Risk Actuary (CRA) report*.

 

For those who hold a Ph.D. in Finance/Economics or a DBA:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a Ph.D. in Finance/Economics or a Doctor of Business Administration (DBA) from an accredited institution of higher education

 

2. Submit 2 published papers on the subject of credit risk mapping, modeling, measurement and management, which were published in a refereed and an academic accredited journal, where the applicant is the papers' writer. 

 

​3. Submit a full IAVFA Membership Application (PDF); and

 

4. Submit a full CRA Designation Application (PDF); and

 

5. Submit three personal/business Reference Letter Forms (PDF)

 

6. Successfully complete an interview with IAVFA's Credit Risk Actuary (CRA) Committee, where the applicant must be able to demonstrate substantial knowledge of theory, methodologies, and practices in the field of credit risk mapping, modeling, measurement and management.

 

For Everyone else:

Candidates from this group must meet all of the following conditions:

1. Submit a copy of a financial B.A and/or M.A/M.B.A degree (i.e., economics, finance, management, accounting, or other business field) or B.Sc and/or M.Sc in Exact Sciences (mathematics, computer science, physics, chemistry and life sciences) or in Engineering Sciences from an accredited college or university; and

 

​2. Submit a full IAVFA Membership Application (PDF); and

 

3. Submit a full CRA Designation Application (PDF); and

 

4. Submit three personal/business Reference Letter Forms (PDF); and

 

5. Successfully complete the Credit Risk Actuary (CRA) Certification Program, which includes 240 academic hours divided into 5 modules (courses), 48 academic hours each and receiving a passing score on the submission of a Credit Risk Actuary (CRA) report*.

 

*Credit Risk Actuary (CRA) report

A Credit Risk Actuary (CRA) report may be used for regulatory purposes (in accordance with Galai 2, Basel II/III for Banks, Solvency II for insurance companies, Supervision Model for Israeli exchange traded notes companies, and Trading Platform for Israeli Forex companies) or for minimizing financial loss purposes.

 

Following are several examples for a Credit Risk Actuary (CRA) report:

• Development, implementation and validation of credit risk VaR (KMV or CreditMetrics) for Basel II/III or Solvency II compliance;

• Valuation of Credit Linked Note (CLN), Credit Default Swap (CDS) and Collateralized Debt Obligation (CDO/ CMO/ CBO/ CLO);

• Valuation of Total Return Swap (TRS) and Vulnerable Options;

• Valuing CVA and DVA;

• Economic opinion for assessing the solvency and financial strength of a company.

 

IAVFA Membership Application (PDF)

CRA Designation Application (PDF)

 

Reference Letter Forms (PDF)

 

Proper Usage of the CRA Designation

 

CRA Certification Program