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CERA - Chartered Enterprise Risk Actuary qualification

CERA, or the Chartered Enterprise Risk Actuary qualification, is a global risk management qualification which the Institute of Actuaries of India is accredited to award to members who meet certain criteria.

CERA Application Form

What CERA - qualified actuaries say

·         "It opens the door to a wider risk management role outside the traditional actuarial life and pensions roles"

·         "CERA is slightly different from the other subjects as involves more business knowledge and business experience and makes you stand out from the crowd and from other actuaries ..."

·         "If you look at the changes the EU is making ... there is a lot more focus on risk and risk management, so even in traditional areas we are having to think about a wider range of risks. "



CERA was first developed by the US Society of Actuaries which later joined with a group of other actuarial associations to sign the CERA Board Treaty in Hyderabad in November 2009. It was the first time that actuarial organisations had worked globally to offer a specialized professional credential.


Founded on the principles of actuarial science and incorporating all aspects of ERM, the CERA credential embodies the key elements of a global professional qualification: expertise, insight, creativity and integrity.

The Treaty represents a global commitment to lead and uphold best practice in risk management worldwide and strengthens international recognition of the actuarial profession"s expertise in the field of risk management. Co-signatories to the treaty include:

  • Institute of Actuaries of Australia
  • Canadian Institute of Actuaries
  • Actuarial Institute of Chinese Taipei
  • Institute of Actuaries of France
  • German Actuarial Society
  • Institute of Actuaries of India
  • Israel Association of Actuaries
  • Institute of Actuaries of Japan
  • Mexican Association of Actuaries
  • Actuarial Society of the Netherlands
  • Actuarial Society of South Africa
  • Swedish Society of Actuaries
  • Swiss Association of Actuaries
  • US Casualty Actuarial Society
  • US Society of Actuaries

All signatories to the Treaty use the acronym "CERA", but CERA variously translates as one of the following, according to the preference of the signatory body:

  • Chartered Enterprise Risk Analyst
  • Chartered Enterprise Risk Actuary
  • Certified Enterprise Risk Analyst
  • Certified Enterprise Risk Actuary

The Institute of Actuaries of India has chosen CERA to represent “Chartered Enterprise Risk Actuary”.

CERA"s dedicated website can be found at:


The purpose of the CERA designation is to promote actuaries in the field of ERM. The credential will identify actuaries who meet stringent education requirements in ERM and are governed by a strong code of professional conduct.

CERA is designed to equip actuaries to fulfil roles such as chief risk officer in fields such as insurance; reinsurance; consulting; energy; infrastructure; transport; manufacturing; technology; media; and healthcare.

Important it covers individual risk categories and how they interact with other risks. The qualification requires understanding of how to measure, model and manage risks and how economic capital can be best applied.

How to obtain the CERA qualification

The members of the Institute of Actuaries of India can be eligible to receive the CERA qualification in the following way:

  1. Become a fellow and have passed SP9 as one of your SP subjects for Fellowship or Fellow members not having SP9 as one of your SP subjects then pass SP9 as an   additional ST subject.
  2. Attend and successfully complete ERM seminar.

More Information on SP9 and ERM Seminar

1.      On SP9 Exam: IAI has an arrangement with the Institute and Faculty of Actuaries, UK (IFoA) for SP9.

         As per this arrangement the members who pass the UK exam     are treated as pass in IAI SP9 exam. The application for SP9 can be made to IAI as per the timelines set by IFoA.

2.      Currently, ERM Seminars offered by the Institute and Faculty of Actuaries, UK and The Institute of Actuaries of Australia are eligible for CERA qualification.

Should you have any queries, please contact:


Ms. Gauri Kothari, Head-Education and Examination

Tel: 022 62433338



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