- The program’s goal is to develop a new generation of actuaries and equip them with the skills needed for the insurance industry.
- Registration for the second round is open until September 7th . Applicants will then undergo personal interviews with an examination committee led by FRA Chairman.
- The first round of the Diploma successfully graduated 15 students: 12 completed Path 1, and three from Path 2 passed the Financial Mathematics exam of the Society of Actuaries (SOA).
Dr. Mohamed Farid – FRA Chairman:
- The professional diploma is designed to qualify and graduate professional actuaries, thereby boosting the efficiency and competitiveness of the insurance sector.
Alaa El-Zoheiry, Chairman of the Insurance Federation of Egypt:
- The Insurance Federation of Egypt is dedicated to enhance professional competencies and expertise as part of a comprehensive strategy to elevate the insurance market’s performance.
Dr. Hossam Kabbani, Executive Director of Engineering and Science Services (ESS) – The American University in Cairo,
- AUC’s collaboration with FRA and IFE is creating new avenues for professional development.
- AUC places great importance on enhancing Egypt’s educational system to achieve the economic and social development goals.
Building upon FRA’s strategic vision to enhance the role of the non-banking financial sector within the national economy, the American University in Cairo (AUC), in partnership with the Insurance Federation of Egypt (IFE), announces the opening of registration for the Second Round of the Actuarial Science Diploma.
This program is a key component of a broader initiative to facilitate access to non-banking financial services while simultaneously elevating the professional competencies of individuals across various financial markets. This collaboration underscores FRA’s commitment to supply the insurance sector with highly qualified and expertly trained professionals in this critical field.
Opening of registration for Second Round of the Actuarial Science Diploma is a continuation of the collaboration protocol signed in late 2023 between the American University in Cairo (AUC) and the Insurance Federation of Egypt (IFE). This program, under the auspices of the Financial Regulatory Authority (FRA), was launched to address the shortage of qualified actuaries in the Egyptian market. By offering this program, the partners are actively working to qualify and develop new batches of actuaries to work in the insurance sector. This initiative is vital, as the current number of actuaries in Egypt does not align with the market’s size and FRA’s ambitious goals to increase the insurance sector’s contribution to the national economy.
This step is expected to significantly support the stability and growth of Egypt’s insurance industry, directly contributing to the government’s economic and social development plans. The Insurance Federation of Egypt (IFE), African Reinsurance Corporation and the Policyholders Protection Fund jointly fund the program.
Under the signed protocol, the American University in Cairo has developed a curriculum that adheres to the latest international academic and professional standards. The first round, which graduated in the first quarter of 2025, achieved impressive results: 12 students successfully completed (Path 1) designed for those without an actuarial background and three students from (Path 2) passed their first exam and officially registered with the Society of Actuaries (SOA).
New applicants will undergo placement tests to assess their technical skills and English language proficiency. Registration for the program is open until September 7, 2025. Following the registration period, a Committee led by Dr. Mohamed Farid, FRA Chairman will conduct personal interviews. The Committee will include representatives from FRA, the Insurance Federation and the American University.
Dr. Mohamed Farid, FRA Chairman emphasized the Authority’s ongoing commitment to develop the capabilities of professionals across all sectors. He highlighted that the cooperation protocol between the Insurance Federation and the American University in Cairo was signed specifically to address the shortage of qualified actuaries in Egypt’s insurance market. The diploma aims to train recent graduates with relevant academic backgrounds to join the workforce, thereby increasing the number of qualified actuaries and supporting the growth of this vital sector for the entire Egyptian economy.
Dr. Farid affirmed that this partnership is an optimal model for developing and implementing a professional diploma in this crucial field. The program is designed to enhance the efficiency and competitiveness of the Egyptian insurance sector by providing insurance companies with highly specialized personnel.
Additionally, FRA Chairman emphasized that the actuarial profession plays a key role in achieving the goals of the Egyptian insurance industry, especially in considering the necessary technical and mathematical foundations for pricing insurance products in various insurance branches and activities. This ensures the protection of policyholders’ rights and enhances the financial stability of companies operating in the insurance market.
Alaa El-Zoheiry, Chairman of the Insurance Federation of Egypt, affirmed the Federation’s commitment to enhance professional competencies and develop a skilled workforce. He explained that this is a key component of a broad strategy designed to elevate performance standards within the Egyptian insurance market. He specified that the Federation is actively addressing the professional gap in this field through the implementation of specialized academic and training programs.
El-Zoheiry highlighted the AUC diploma as a cornerstone of the Federation’s plan for skills development. The program, he noted, was specifically designed to align with the highest global standards in the insurance field, ensuring that participants acquire tangible, practical experience. This initiative is rooted in the belief that investing in human capital is the fundamental basis for achieving sustainable development within the insurance sector.
Furthermore, he stressed on the Federation’s belief that strengthening actuarial capabilities will directly increase the regional and global competitiveness of Egyptian companies. He concluded by expressing his hope that this partnership will result in a remarkable surge in the number and expertise of actuarial professionals in the coming years, thereby positively influencing the growth of the insurance industry and its overall contribution to the nation’s GDP and economic development.
On the other hand, Dr. Hossam Kabbani, Executive Director of Engineering and Science Services (ESS) – The American University in Cairo, stated that the University places great importance on raising the efficiency of the educational process in Egypt in various fields to support the Egyptian government’s plans for sustainable economic and social development.
Dr. Kabbani extended his sincere appreciation to FRA and the Insurance Federation of Egypt for their relentless efforts. He noted that by offering the first professional diploma in actuarial science, they are directly tackling the significant shortage of actuaries in the market, a crucial step toward meeting the Authority’s objective of boosting the insurance sector’s contribution to the nation’s GDP.
He added that the collaboration between the American University in Cairo (AUC), the Insurance Federation of Egypt and the Financial Regulatory Authority (FRA) is creating new avenues for professional development in the insurance industry. This partnership is designed to enhance the skills of professionals and support the national economy. Additionally, he pointed out that the AUC’s Engineering and Science Services Unit will work with the Insurance Federation to launch preparatory courses to help actuaries pass international exams, adding significant value to the growth of both the insurance sector and the broader national economy.
The program offers two distinct paths to cater to different professional backgrounds and goals. The Actuarial Science Diploma (Path 1) is designed for individuals who do not have a prior specialization in the field, such as graduates of mathematics, physics and statistics. This path provides students with the foundational knowledge and practical skills needed to enter the market and start their careers. It also prepares them for future international professional accreditation.
On the other hand, the SOA Preparatory Courses (Path 2) is designed for professionals already working in the financial and insurance sectors. This path helps them advance their careers and earn the Fellow of the Society of Actuaries (FSA), a globally recognized credential.
It is designed to help participants meet the requirements of the international society. Through specialized training and hands-on exercises, the program enables professionals to accelerate their career progression and gain international recognition. This, in turn, enhances their opportunities for promotion and for working at a regional and international level.
Registration is now open for those interested in joining the diploma. Please visit the following link to register https://www.aspd-ifeegypt.com/
Last modified: August 31, 2025