Cyprus enjoys one of the highest numbers of Actuarial professionals per capita in the world. While still small in absolute numbers, the CAA has been steadily growing to more than 100 members. Local CAA members are extremely active in national as well as international activities, organising conferences and presenting papers on actuarial practices through their employers or the association. On the international stage, many participate in conferences and are committee members for international associations such as the AAE.
The last few years have seen an increase in demand for Actuaries and the Actuarial skillset across the world, particularly in Cyprus, given that all local insurers implemented Solvency II and IFRS 17.
Starting the journey towards becoming an actuary can be intimidating but there is a lot of support. Most Cyprus actuarial employers offer internships to help introduce prospective actuary candidates to the profession. Moreover, trainee positions are available to graduates that allow them to gain valuable actuarial work experience and simultaneously enable them to study for their actuarial exams. It is common for employers to pay for their trainees’ exam fees and allow frequent study leaves.
There are various paths that can be taken for someone to become an actuary. In order for someone to be recognized as a Student / Associate / Fellow Actuary by the CAA, they must be recognised by the AAE or an equivalent organisation like the IFoA (based in the UK) or SOA (based in the USA).
The CAA has significantly advanced the actuarial profession in Cyprus, becoming a key advisor to the government and an active participant in international actuarial organizations. The future of the actuarial profession in Cyprus certainly looks promising with CAA’s ongoing involvement in major regulatory and accounting standard developments, as it continuously strengthens the potential for unlocking new skills in the actuarial space and enhancing its role both locally and internationally.