Actuaries usually have mathematical or statistical education. However, besides strong mathematical background it is essential to have knowledge in business related areas such as economics, finance, accounting and law. Qualified actuaries typically belong to one or more professional bodies, which safeguard the quality of their members‘ actuarial work through strict educational requirements, both initial and continuing, promulgation of a code of ethical conduct and actuarial standards of practice.
In Lithuania such professional body uniting actuaries is the Lithuanian Actuarial Society (LAS). Qualification requirements for LAS members are discussed in the new members’ acceptance procedure. Most of the requirements are covered by Financial and Insurance Mathematics bachelor and master programs offered by the Faculty of Mathematics and Informatics in Vilnius University. Students can also specialise in insurance mathematics by choosing the Applied Mathematics program offered by the Faculty of Mathematics and Natural Sciences in Kaunas University of Technology.
Although most of LAS members have university education in mathematics with actuarial specialisation it is not the only way of becoming an actuary. Another way is taking the exams of the Institute and Faculty of Actuaries. Students study and prepare for the exams individually and take the exams twice a year at the chosen examination centre. One examination centre in hosted by Faculty of Mathematics and Informatics at Vilnius University (Naugarduko st. 24) and coordinated by doc. dr. Ričardas Kudžma. By finishing these exams students also become members of the UK Actuarial Profession which has a wide international recognition. Actuarial qualification can also be developed by attending European Actuarial Academy’s seminars.