Investment Risk Actuary (IRA) Designation

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 IRA 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 investment risk mapping, modeling, measurement and management, subject to the approval of IAVFA's Investment Risk Actuary (IRA) Committee; or

  • Submit 10 economic analyses in the field of investment 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 investment 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 IRA 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 Investment Risk Actuary (IRA) certification program, which includes 42 hours. Successful completion of the fifth module means successful completion of the module exam and submission of an Investment Risk Actuary (IRA) 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 investment 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 IRA Designation Application (PDF); and

 

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

 

6. Successfully complete an interview with IAVFA's Investment Risk Actuary (IRA) Committee, where the applicant must be able to demonstrate substantial knowledge of theory, methodologies, and practices in the field of investment 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 IRA Designation Application (PDF); and

 

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

 

5. Successfully complete the Investment Risk Actuary (IRA) 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 an Investment Risk Actuary (IRA) report*.

 

*Investment  Risk Actuary (IRA) report

An Investment  Risk Actuary (CRA) report may be used for regulatory purposes (in accordance with Galai 2, Basel II/III for Banls, 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 an Investment Risk Actuary (IRA) report:

  • Development, implementation and validation of investment risk VaR (component, marginal, incremental, portfolio) for Basel II/III or Solvency II compliance;

  • Development, implementation and validation of Surplus at Risk for pension funds.

 

IAVFA Membership Application (PDF)

 

IRA Designation Application (PDF)

 

Reference Letter Forms (PDF)

 

Proper Usage of the IRA Designation

 

IRA Certification Program

 

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Qualifications for the Investment Risk Actuary (IRA) Designation

The Investment Risk Actuary (IRA) designation is awarded by the Israel Association of Valuators and Financial Actuaries (IAVFA), and is the Israeli recognized benchmark professional designation for those who measure investment risk. The IRA designation ensures that Certified IRAs have mastered the critical knowledge, skills and abilities necessary to perform investment risk mapping, modeling, measurement and management.

The Israel Association of Valuators and Financial Actuaries (IAVFA) is a professional organization, an institution for professional training and a body which specializes in placing professional employees in the financial sector in Israel. IAVFA strives to voluntarily regulate the professions of valuation and financial actuarial science in Israel, both by setting pre-qualification requirements, ethical principles for practitioners in these professions, and by training and certifying quality professionals for these professions. IAVFA provides both placement services in order to integrate its credentialed members in leading positions within the Israeli labor market, and mediation services between valuation consumers and valuation specialists.