Chartered Enterprise Risk Analyst (CERA) Gulf Insurance Institute
  • Duration: 30 Months

Course details

The Society of Actuaries (SOA) is the largest professional organization dedicated to serving 22,000 actuarial members and the public in the United States, Canada and worldwide. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. The GULF INSURANCE INSTITUTE is a centre for SOA exams for practitioners in the region. We are also conducting preparatory classes for those who want to study for the Society’s qualification programmes.


A Chartered Enterprise Risk Analyst (CERA) of the Society of Actuaries has demonstrated knowledge in the identification, measurement and management of risk within risk–bearing enterprises. The CERA has also completed a professionalism course covering the professional code of conduct and the importance of adherence to recognized standards of practice. 

CERAs who have the Application for Admission as an Associate approved by the SOA Board of Directors will be granted membership as an Associate.


The C.E.R.A qualification is recommended for professionals who work or are aspiring to work as enterprise risk managers or actuaries with financial institutions such as banks, insurance companies, and actuarial firms, rating agencies and audit firms and financial services regulators.

Trainees should have a strong academic background with a university degree in mathematics, statistics, finance and/or economics. This degree should meet VEE requirements of the SOA. (see below)


Requirements for the qualification include

passing the following five examinations detailed below

completing two e-Learning modules:

  • Fundamentals of Actuarial Practice (FAP)
  • Enterprise Risk Management (ERM)

validation of educational experiences outside the SOA Education system (VEE)*

  • Economics
  • Corporate Finance

Attending the Associateship Professionalism Course (APC)

VEE: Validation by Educational Experience - Candidate must show that subject has been sufficiently covered by university or other coursework The VEE topics are not prerequisites for the preliminary exams and may be fulfilled independently of the exam process


GII offers this tuition programme for graduates working in a risk related profession to obtain this top qualification. The programme covers tuition for the four preliminary examinations of the qualification and the ERM examination. Trainees should complete the e-learning modules on their own initiative.

The tuition programme will be structured into 20 seminars of 3 days duration each over 30 months covering a total of 360 hours of in-class interaction. The seminars will be scheduled approximately six weeks apart. Each seminar will be for three days from Saturday to Monday, six hours per day and will be held at GII Centre, Seef, Bahrain. Each seminar will cover a major learning objective or topic within the syllabus.

The programme will be delivered and moderated by GII full time lecturer supplemented with visiting lecturers with particular specializations where required. Trainees are expected to do the required private study hours in between each meeting. At the end of each seminar, the trainees will be given an assignment to complete. The grades obtained in these assignments will be used as feedback to the sponsor and/or employer.

In between seminars, the candidates will be supported by on GII’s e-learning portal which will include interaction with the course moderator and tutor, additional reading resources, a topic forum for discussion with tutor moderation and practice exams.

Trainees will be able to schedule their online examinations at GII Centre when they visit for the seminars.




The syllabus for the Probability Exam develops the candidate’s knowledge of the fundamental probability tools for quantitatively assessing risk. The application of these tools to problems encountered in actuarial science is emphasized. A thorough command of the supporting calculus is assumed. Additionally, a very basic knowledge of insurance and risk management is assumed.


The Probability Exam is a three–hour multiple–choice examination. It is called Exam P by the Society of Actuaries and Exam 1 by the Casualty Actuarial Society. The Probability Exam is offered via computer–based testing (CBT).



The syllabus for Exam FM develops the candidate's understanding of the fundamental concepts of financial mathematics, and how those concepts are applied in calculating present and accumulated values for various streams of cash flows as a basis for future use in: reserving, valuation, pricing, asset/liability management, investment income, capital budgeting and valuing contingent cash flows. The candidate will also be given an introduction to financial instruments, including derivatives, and the concept of no–arbitrage as it relates to financial mathematics. A basic knowledge of calculus and an introductory knowledge of probability is assumed


Exam FM is a three–hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 2. Exam FM is offered via computerbased testing (CBT).



The syllabus for Exam MFE develops the candidate's knowledge of the theoretical basis of certain actuarial models and the application of those models to insurance and other financial risks. A thorough knowledge of calculus, probability and interest theory is assumed. Knowledge of risk management at the level of Exam 1/P is also assumed. In addition, for Exam MFE/3F, candidates are assumed to be familiar with the earlier chapters of the McDonald text, which are in the syllabus of Exam 2/FM


The Models for Financial Economics (MFE) Exam is a three hour multiplechoice examination. Exam MFE is offered via computer-based testing (CBT). It is called Exam MFE by the Society of Actuaries and Exam 3F by the CAS.



The syllabus provides an introduction to modeling and covers important actuarial methods that are useful in modeling. A thorough knowledge of calculus and probability is assumed. The candidate will be introduced to useful frequency and severity models beyond those covered in Exam M. The candidate will be required to understand the steps involved in the modeling process and how to carry out these steps in solving business problems. The candidate should be able to:

  1. analyze data from an application in a business context;
  2. determine a suitable model including parameter values; and
  3. provide measures of confidence for decisions based upon the model.


Exam C is a three and a half hour multiple–choice examination and is identical to Casualty Actuarial Society (CAS) Exam 4. Exam C is offered via computer– based testing (CBT).



The syllabus for this examination covers key topics in enterprise risk management. The candidate will learn to understand, identity, analyze, measure, manage and allocate risk using models and metrics.


The exam duration is 4 hrs in one session. A read-through time of 15 minutes will be given prior to the start of the exam.

Course Location

About Gulf Insurance Institute

The We_They is a joint venture set up by leading insurance corporations across the MENA region who share a commitment towards the development of human resources for the insurance and risk management industry. We aim to become the leading professional centre for insurance, financial planning and risk management academia in the Middle East. We provide a qualification framework that is region specific and internationally accredited, and we promote the highest standards of professional conduct in the industry across the Middle East.

Membership is open to all inpiduals pursuing an insurance, risk management or related fincancial services career in the region. GII takes the form of a Bahraini closed joint stock company and it was officially incorporated in  in Bahrain and licensed as a Management and Business Training Institute by the Directorate of Training Institutes Affairs. 

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