Polish Actuarial Credentials: Everything You Need to Know
I began my Polish actuarial journey last year, passing one exam with eight more ahead. When I started, I had no idea how to become an actuary in Poland, but I've since gathered valuable insights. If you're considering this path or simply curious about how the system works here, this post is for you.
Studying for actuarial exams is just one part of becoming an actuary, not only in Poland but anywhere. Sometimes, navigating all the laws and requirements can feel overwhelming.
It took me some time to understand how actuarial exams are organized in Poland and what additional steps are needed before applying for actuarial credentials. Now, I feel confident enough to share some useful information that might help you on your journey.
Let’s start with a quick introduction to the actuarial profession in Poland.
Actuaries in Poland
According to the definition provided by the Polish Society of Actuaries:
Under the applicable Act on Insurance and Reinsurance Activities, an actuary is an individual performing tasks in the fields of insurance mathematics, finance, and statistics, who is registered in the actuaries' register maintained by the supervisory authority for the insurance market.
As mentioned in a previous blog post, Poland had only 445 licensed actuaries as of October 28, 2024, according to the register maintained by the Polish Financial Supervision Commission.
Image 1. Register of Actuaries (Rejestr Aktuariuszy) in Poland, maintained by the Polish Financial Supervision Commission (KNF).
This is primarily due to the rigorous examination process which I’ll cover in this post.
However, I believe it’s also because actuarial science is a relatively unknown profession in Poland. Additionally, the insurance industry here is less developed compared to countries like the United States, resulting in lower demand for actuaries.
Where do they work?
Actuaries in Poland, as in other countries, work mainly in financial institutions, especially insurance companies.
According to Article 67 of the Polish Act on Insurance and Reinsurance Activities:
The person supervising the actuarial function in an insurance or reinsurance company may only be an actuary.
Therefore, this is a field where actuaries are undoubtedly needed.
How to become an actuary in Poland?
One part of the process is passing the actuarial exams. The next involves meeting additional requirements and providing statements, such as a declaration of no criminal record. I’ll describe both parts in more detail later in this post.
Once you’ve passed all the exams and fulfilled the other requirements, you can apply for entry into the register of actuaries for a fee of PLN 10 (as of 02/28/2025).
Image 2. A view of the Palace of Culture and Science in Warsaw as you leave Warsaw Central Train Station on my way to the Polish actuarial exams in May 2024.
Polish Actuarial Exams
In this section, I will answer a few questions I searched for answers to when I started pursuing an actuarial career in Poland. If you have any additional questions, please leave them in the comments below. I will look into them and do my best to help!
How many exams?
Currently, in Poland, there are nine actuarial exams. You can take them in any order. They are:
1. Financial Mathematics
Classical Theory of Interest Rates (Simple, Compound, and Continuous Interest),
General Models of Cash Flows and Valuation (Annuities, Debt Repayment, Bond Analysis),
Term Structure of Interest Rates,
Securities and Derivatives,
Binomial Model,
Black-Scholes Model and Valuation of Stock Derivatives (Call and Put Options),
Basics of Stochastic Calculus and Its Applications,
Stochastic Models of Interest Rates (Vasicek Model, CIR, LIBOR)
2. Life Insurance Mathematics
Concepts of Mortality Probability,
Survival, and Life Expectancy,
Multistate Models,
Life Tables,
Calculation of Insurance Premiums in Continuous and Discrete Models for Life Insurance,
Calculation of Technical Reserves for Life Insurance
3. Property and Casualty Insurance Mathematics
Individual and Collective Risk Models,
Calculation of Insurance Premiums and Risk Measures in Individual and Collective Risk Models,
Bonus-Malus System,
Calculation of Technical Reserves,
Loss Triangles, and Chain-Ladder Method,
Frequency and Severity of Claims,
Compound and Mixture Distributions
4. Probability and Statistics
Concept of Probability and Its Properties,
Random Variables and Their Characteristics (Cumulative Distributions, Probability Distributions, Moments, Moment-Generating Functions),
Classical and Bayesian Estimation Methods and Their Properties,
Correlation and Regression Analysis,
Hypothesis Testing,
Confidence Intervals,
Basics of Stochastic Process Theory (Markov Chains, Markov Processes, Poisson Processes, Brownian Motion)
5. Modelling
Dependency Models,
Solvency Capital Requirement,
VaR, and Other Risk Measures,
Diversification Effect and Aggregation Methods,
Model Selection,
Calibration and Validation,
Sensitivity Analysis and Stress Testing
6. Insurance and Tax Law
Insurance Law Regulations and Reinsurance Activity,
Insurance Contracts,
Mandatory Insurance,
Insurance Supervision Principles,
Financial Supervision of Insurance Companies,
Taxation of Insurance Premiums and Benefits
7. Accounting and Financial Reporting in an Insurance Company
Key Principles of Accounting,
Financial Accounting of Insurance Companies According to the Accounting Act and International Accounting Standards (IAS),
Valuation of Assets and Liabilities,
Revenue and Expense Recognition,
Financial Reporting for Solvency Purposes,
Preparation of Solvency and Financial Condition Reports for Insurance Companies
8. Insurance Company Risk Management
Basic Risk Management Methods and Processes in Insurance Companies,
Capital Management and Risk Appetite,
Solvency II System - Minimum Capital Requirement and Internal Models,
Types of Risks in Insurance Operations,
Reinsurance as a Risk Management Method,
Actuarial Tariffs in Life and Non-Life Insurance
9. Economics
Demand and Supply,
Market Equilibrium, and Elasticities,
Business Operations and Organization - Revenues,
Costs, Profits, Losses,
Perfect Competition,
Monopoly,
Oligopoly,
Risk and Decision-Making Under Uncertainty,
Keynesian Model of Aggregate Demand,
Fiscal Policy and IS-LM Model
How are they structured and graded?
There are three distinct ways in which Polish actuarial exams are structured and graded.
1. Financial Mathematics, Life Insurance Mathematics, Property and Casualty Insurance Mathematics, Probability and Statistics, Economics
10 multiple-choice questions
100 minutes to solve
3 points for correct answer
0 points for no answer
-2 points for a wrong answer
to pass you have to have a minimum of 13 points
2. Insurance and Tax Law, and Accounting and Financial Reporting in an Insurance Company
40 multiple-choice questions
60 minutes to solve
3 points for correct answer
0 points for no answer
-2 points for a wrong answer
to pass you have to have a minimum of 60 points
3. Modelling, and Insurance Company Risk Management
10 multiple-choice and open questions
120 minutes to solve
0-5 points for the answer, without partial points
to pass you have to have a minimum of 28 points
How much time to pass them?
You have ten years to pass all the Polish actuarial exams. Time starts counting once you pass the first exam.
How often are they organized?
Exams are organized at least twice a year. However, exam sessions have been held three times a year in recent years.
How much do they cost?
In Poland, when you want to take an actuarial exam, you don't pay for individual exams but an entire exam day session. Exams are organized in two-day slots, with four exams on one day and five on the second day.
The fee is 350 PLN (as of 02/28/2025) per exam day.
This means that if you attend just one exam, you pay 350 PLN per exam day, but if you take multiple exams, the cost per exam decreases.
How difficult are they?
The difficulty of a given exam depends on the exam itself and the person responsible for creating the exam problems.
One of the most difficult exams is said to be Financial Mathematics.
On the other hand, Insurance and Tax Law, as well as Accounting and Financial Reporting in an Insurance Company, are considered easier to pass.
Where are they held?
Exam sessions have recently been organized at Niedźwiedzia 6E, in the Office of the Polish Financial Supervision Commission.
Other Requirements
After you pass all the exams, now you should also acquire some additional papers. Some of them you can complete during your exams journey.
They are:
higher education diploma
a statement on performing activities in the field of insurance, financial, and statistical mathematics, under the supervision of an actuary for at least one year, signed by an actuary entered in the Polish register of Actuaries
declaration of having full legal capacity
declaration of having full public rights
declaration of no criminal record, and in particular not to be legally convicted of an intentional crime against the credibility of documents, a crime against property, or a fiscal crime
Summary
To sum up, actuarial science is not one of the most popular professions in Poland. The number of registered actuaries speaks volumes. However, insurance companies need actuaries to oversee actuarial operations in their businesses.
To become an actuary in Poland, you must first pass nine actuarial exams. You have a total of ten years to complete all the exams. Some are more difficult than others, but you can take them in any order. Exam sessions are organized at least twice a year in Warsaw.
The cost of attending one exam day session is 350 PLN. This means that if you take multiple exams in one session, the cost per exam decreases.
Besides passing the exams, an aspiring actuary must also have a higher education degree, at least one year of work experience under a registered actuary, and provide other required statements and declarations, such as a declaration of full public rights.
I hope this post provides some helpful information. As mentioned, if you have any additional questions regarding the Polish actuarial credential, let me know in the comments, and I will try to answer. You can also email me or reach out via LinkedIn!