Frequently asked questions about the Academy
- What is the Academy's purpose?
- What are the requirement for Academy membership?
- I already belong to another actuarial organization. Why should I join the Academy?
- What professional resources and publications are available to members?
- How does the Academy participate in the debate on public policy issues?
- How does the Academy maintain standards of professionalism for actuaries?
- How are Academy members who violate the profession's standards of conduct disciplined?
- What is the significance of the MAAA designation?
What is the Academy's purpose?
The American Academy of Actuaries, established in 1965, is the professional organization that represents and unites qualified actuaries from every practice area. It is the professionalism, public policy, and communication arm of the U.S. actuarial profession.
The Academy’s mission is to serve the public on behalf of the U.S. actuarial profession. To accomplish this, the Academy:
- Provides independent and objective actuarial information, analysis, and education for the formation of sound public policy;
- Proactively identifies and addresses issues on behalf of the public in matters where actuarial science provides a unique understanding;
- Increases the public’s understanding and recognition of the value of the actuarial profession;
- Facilitates and coordinates issues of common interest among the U.S.-based actuarial associations;
- Provides for the establishment, maintenance, and enforcement of high professional standards of actuarial qualification, practice, and conduct; and
- Coordinates the representation of the U.S. profession globally.
What are the requirements for Academy membership?
Visit the Applying for membership page
to find out about Academy membership requirements and get a membership
application.
I already belong to another actuarial organization. Why should I join the Academy?
ASPPA, the CAS, CCA, and the SOA rely on the Academy to lead the way in setting and enforcing high standards of professional conduct for their members and all practitioners in North America. By joining the Academy, you strengthen the profession's commitment to responsible and competent conduct, show your willingness to adhere to the Code of Professional Conduct, and have an opportunity to apply your skills outside the workplace to assist public policy decision-makers.
What professional resources and publications are available to members?
They include the following:
- The Actuarial Update. This award-winning newsmonthly highlights important professionalism and public policy news. It also provides a forum for members to share news about current professional issues and trends.
- Contingencies. Readers enjoy the trenchant opinions, diverse views, and engaging discussions featured in Contingencies, the magazine of the actuarial profession.
- The Enrolled Actuaries Report. A quarterly publication, the EAR focuses on issues, legislation, and regulation affecting pension practice and Academy efforts to advance sound pension policy.
- Inside the Academy. An electronic newsletter for Academy members that offers a quick summary of current Academy news, plus links to helpful online resources.
- Actuarial standards of practice define acceptable methods, techniques, and practices in actuarial work.
- Practice notes offer examples of current approaches to selected actuarial tasks in casualty, health and life practice.
- Qualification Standards for Prescribed Statement of Actuarial Opinion.
For a more comprehensive list of publications, vist the Publications page.
How does the Academy participate in the debate on public policy issues?
The major impetus behind the Academy's high-profile legislative participation on Capitol Hill and among the states is the work of our volunteers, all actuarial experts in their fields of practice. Our volunteers help us:
- prepare and present testimony for federal and state policymakers examining Social Security, Medicare, tax reform, environmental liability, and other far-reaching issues.
- comment on proposed regulations.
- work closely with state officials on pertinent insurance issues.
The Academy's skilled staff and senior health and pension fellows work with our volunteers to provide practical and timely information that is of value to our many audiences, including actuaries, regulators, news media, and legislators.
Our councils direct the Academy's public policy efforts. The casualty, financial reporting, health, life, pension, and professionalism councils ensure that Academy work products, public statements, and information are impartial and based on competent analysis.
How does the Academy maintain standards of professionalism for actuaries?
The Academy upholds the profession's standards with the support of the Actuarial Standards Board (ASB), the Actuarial Board for Counseling and Discipline (ABCD), and the Academy's Committee on Qualifications.
An independent entity working out of the Academy, the ASB directs the development of U.S. actuarial standards of practice (ASOPs) for the main practice areas (health, life, pension/employee benefits, and property/casualty) and promulgates these standards. Members of the Academy and members of ASPPA, the CAS, CCA, and the SOA, along with members of the Canadian Institute of Actuaries practicing in the United States, are bound by the standards.
Aside from developing ASOPs, the ASB amends, expands, and eliminates these standards to reflect changes in actuarial methods and techniques.
The ASB's operations are supported by Academy staff. Its operating expenses are jointly funded by its member organizations: the Academy, ASPPA, the CAS, CCA, and the SOA.
The ABCD is also an independent board that operates in a like manner. Its responsibilities include:
- providing guidance to practitioners
- offering actuaries and the public an avenue for reporting material grievances regarding the professional activities of actuaries
- investigating possible violations of the Code of Professional Conduct
- counseling members regarding their practices
- recommending to member organizations, when appropriate, courses of discipline for actuaries who violate standards of conduct
The Academy's Committee on Qualifications establishes qualification requirements for practitioners who issue "prescribed statements of actuarial opinion," as defined in the qualification standards. Its other duties include examining the minimum requirements necessary for members to perform certain actuarial functions.
How are Academy members who violate the profession's standards of conduct disciplined?
The types of discipline the Academy imposes for professional misconduct include public reprimand, suspension from membership, and expulsion from membership.
What is the significance of the MAAA designation?
An MAAA is a member of the American Academy of Actuaries. To many employers, clients, and government leaders, the MAAA designation denotes professionalism and credibility.
In 1966, the National Association of Insurance Commissioners adopted a resolution supporting recognized standards of actuarial competence and conduct and urging commissioners to support the Academy's efforts to gain official recognition. Most states now have regulations that recognize the MAAA designation as a qualification for signing insurance company annual statements.
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