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FAQs

What is the Chartered Enterprise Risk Analyst (CERA) credential?

The Chartered Enterprise Risk Analyst (CERA) credential is an international credential encompassing the most comprehensive and rigorous demonstration of enterprise risk management (ERM) expertise available.

The CERA credential stems from the same rigorous process through which actuaries earn other credentials, the Fellow of the Society of Actuaries (FSA) and Associate of the Society of Actuaries (ASA).

Developed in response to the evolving complexity of the marketplace, it reflects the need of businesses to better manage enterprise risk amid growing volatility around the globe.

What are the benefits of receiving the CERA credential?

The Chartered Enterprise Risk Analyst (CERA) credential training does not stop with mathematics and financial engineering. A CERA learns how to apply both qualitative and quantitative insights to enterprise risk management (ERM), receiving the most comprehensive and rigorous credential in the rapidly emerging field.

CERAs have the knowledge and skill set to be able to contribute on a higher level in a broad range of industries. CERAs play more diverse roles at organizations of all kinds—giving them greater exposure to the C-Suite and leadership, and empowering them to become a more highly valued resource for a company.

In addition to the high recognition of actuarial credentials among employers in insurance, reinsurance and consulting markets, a CERA is a member of a professional organization with an impeccable code of ethics, professional standards, integrity, education requirements and discipline.

What is the CERA credential process?

The Chartered Enterprise Risk Analyst (CERA) credential takes an estimated three to four years to complete, and includes a rigorous curriculum of five examinations, e-Learning modules, validation of previous educational experiences and a professionalism seminar. The CERA credential curriculum includes the topics of probability, financial mathematics, micro/macro economics, corporate finance, construction and evaluation of actuarial models, fundamentals of actuarial practice, including the actuarial control cycle, and enterprise risk management.

How does the CERA credential differ from the FSA or ASA credential?

For Fellows of the Society of Actuaries (FSA) and Associates of the Society of Actuaries (ASA), the Chartered Enterprise Risk Analyst (CERA) credential offers another avenue of opportunity, added competitive edge and professional growth. As new roles in enterprise risk management (ERM) continue to develop, actuaries are becoming leaders in the practice, by providing a 360-degree view of an organization's risk profile.

For those currently on the FSA pathway, what additional requirements are needed to achieve the CERA credential?

The new structure of the fellowship exams (effective July 1, 2013) will provide a means for candidates in all tracks to obtain the CERA credential along with their FSA by completing only two additional exam hours. Candidates seeking this option will choose the four-hour ERM exam in place of the two-hour track exam in their track. They will also need to choose the ERM module as one of their FSA modules. The Corporate Finance and ERM track already requires the ERM exam and ERM module, so candidates completing that track will automatically receive both the CERA and FSA.

How is the CERA credential different from the CFA charter?

A CERA displays knowledge in mathematics and financial engineering just like some of the other business professionals, but a CERA differs in that they also have unique insight in enterprise risk management (ERM)—empowering them to play a leading role in solving the complex business and financial challenges businesses face around the globe.

A CERA does not solely focus on capital management, but on how operational risk, investment risk and strategic risk collectively impact an organization. Therefore, a CERA is qualified for such strategic and leadership positions as risk analyst, risk manager or chief risk officer.

What industries offer the most opportunities from the CERA credential?

A CERA is trained to model future events by converting data into information that leads to strategic decisions, so the credential may be applied to many areas where actuaries are increasingly contributing, such as broader financial services, energy, transportation, manufacturing and healthcare, as well as insurance and human resources/benefits consulting.

What is Enterprise Risk Management (ERM)?

Enterprise risk management (ERM) is the process of coordinated risk management that places a greater emphasis on cooperation among departments to manage the organization�s full range of risks as a whole. Enterprise risk management offers a framework for effectively managing uncertainty, responding to risk and harnessing opportunities as they arise.

What is the Society of Actuaries (SOA)?

The Society of Actuaries (SOA) is an educational, research and professional organization dedicated to serving the public and its members. The SOA�s mission is to advance actuarial knowledge and improve decision making to benefit society. The SOA enhances the ability of actuaries to be trusted financial and business advisors on problems involving uncertain future events. To learn more, visit SOA.org.


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