Requirements For Obtaining The AFE Designation Financial / Rating Analyst

There are five types of requirements for obtaining the AFE designation. They are:

  1. Membership requirements

    Be a member in good standing in the Society of Financial Examiners.
  2. Work-related experience requirements

    Be an insurance department employee or self-employed with a contract for services directly with an insurance department and have two years of continuous, responsible insurance department experience as a financial examiner, financial analyst or rating analyst.
  3. Education requirements

    Have a bachelors degree in accounting from an accredited college or university;

    or

    Have a bachelors degree from an accredited college or university consisting of the following AFE requirements: the successful completion of college level courses or the demonstrable equivalent in Accounting Fundamentals (6 semester hours), Finance or Economics (3 semester hours), Business Law (3 hours) and Accounting/Finance/Business Law or Actuarial (9 semester hours). The three (3) semester hours of Business Law requirement may be met through the successful completion of the college level law courses offered by LOMA, CPCU, or CLU.
  4. Examination requirements

    In addition, the applicant must receive a passing grade in the following examinations:

    (AFE1) Life and Health Insurance Fundamentals
    (AFE2) Property and Liability Insurance Fundamentals
    (AFE3) Life and Health Insurance Accounting
    (AFE4) Property and Liability Insurance Accounting
  5. Application approval requirements

    Be approved by the Membership Committee and the Board of Governors or Executive Committee of the Society of Financial Examiners as meeting all the requirements to be eligible to hold the designation.