The Future of Risk Credentials: CERA
Actuaries are movers and shakers, constantly evolving to match the pace of our ever-changing business environment. The Chartered Enterprise Risk Analyst (CERA) credential accurately reflects such actuarial evolution—from helping the world better understand risk to leading an organization’s risk strategies using the framework of enterprise risk management (ERM). This is the first new credential developed by the SOA since 1949, and was developed in response to the need for highly skilled professionals in the growing field of ERM. The CERA credential is arguably the most comprehensive demonstration of enterprise-wide risk management expertise available today. As aptly described on the newly enhanced CERA Web site, “CERAs don’t merely speak to what we can lose; they focus on what we can gain.”
In order to meet current and future risk management needs in the marketplace, the CERA credential curriculum was developed to include the theoretical, practical and professional groundwork of ERM, while furthering the understanding of and training in actuarial approaches to risk. The CERA credential exam can be completed through self-study and does not require specific university coursework and major. While a degree in business or math is helpful, all other majors including economics, liberal arts, finance, etc., are equally applicable.
The CERA credential helps actuaries apply their qualitative and quantitative insights on risk to numerous industries including broader financial services, energy, transportation, manufacturing, healthcare, insurance and human resources consulting.
Mike McLaughlin, FSA, CERA, FIA, MAAA, and global leader of actuarial and insurance solutions at Deloitte Consulting LLC, accurately sums up the benefits of the CERA when he says, “The CERA credential has the best traditions and disciplines of actuarial science, plus broader applications around enterprise risk management.”
One emerging role that is a strong fit for those with the unique training offered by the CERA credential is that of the chief risk officer. Because of the credential's focus on the unexpected and emerging risks and the impact on the bottom-line, it is a natural fit for those tasked with managing risks on a national/global level.
Your resource for learning more about the credential is the newly enhanced CERA Web site. The site offers an overview of the certification alongside a myriad of tools and resources such as the CERA exam outline and the ‘Meet a CERA’ section. This section is regularly updated to feature one of the 144 CERA professionals, highlighting their experiences and the certification. The site also provides answers to frequently asked questions and outlines the benefits of attaining the certification, including those outlined above.
The CERA is the future of risk credentials and fosters the vision of actuaries as 21st century thought leaders by building on the profession’s technical competencies and enhancing communication, business and other technical skills.