What is Associate in Insurance Accounting and Finance (AIAF)?
Associate in Insurance Accounting and Finance (AIAF) is a professional designation program to help accounting and finance staff, line of business managers, agents, and brokers learn the practices and principles of preparing financial statements for insurers. The designation is awarded by The Institutes.
- The Associate in Insurance Accounting and Finance (AIAF) is a professional designation to help accounting, finance, and other staff to learn how to prepare financial statements in the insurance industry.
- AIAF candidates must complete five courses and pass their corresponding exams. The designation can be completed in 12-18 months.
- The AIAF is one of about two dozen professional designations The Institutes offers for the insurance industry.
Understanding Associate in Insurance Accounting and Finance (AIAF)
The Associate in Insurance Accounting and Finance (AIAF) covers topic areas such as insurance information systems, accounting and regulations for property and liability insurers, and other related coursework. To obtain the AIAF designation, the candidate must complete five courses and pass an exam for each course.
Insurer financial statements are prepared to comply with regulations set by the National Association of Insurance Commissioners (NAIC).
AIAF Program Requirements
Candidates for the Associate in Insurance Accounting and Finance (AIAF) must complete the following courses:
- Insurer Accounting Management
- Insurer Risk and Capital Management
- Connecting the Business of Insurance Operations
- Impacting the Bottom Line of Insurance Financials
- Ethical Decision Making in Risk and Insurance
Materials cost $235 to $425 per course. Exams cost $250 to $400 each. All five courses can be completed in 12 to 18 months.
Insurance Industry Professional Designations
The Associate in Insurance Accounting and Finance (AIAF) is one of about two dozen professional designations The Institutes offers for the insurance industry. Its other professional designations include:
- Associate in Claims (AIC)
- Associate in Commercial Underwriting (AU)
- Associate in General Insurance (AINS)
- Associate in Risk Management (ARM)
- Associate in Insurance Data Analytics (AIDA)
- Chartered Property Casualty Underwriter (CPCU)
- Associate in Insurance Services (AIS)
- Associate in Management (AIM)
Professional designations have expanded in recent years, especially in financial services. While designations have long been an accepted part of the financial services establishment, the new wave of credentials has sewn confusion in the market.
A close analysis of many of these new designations reveals they require just a fraction of the coursework demanded by older certifications, such as the Certified Public Accountant (CPA) designation.
For example, the Chartered Mutual Fund Counselor (CMFC) designation can help advisors in the investment selection and management process (and will also likely sound impressive to clients). However, the coursework is nine modules and barely scratches the surface of the material covered by the more demanding Certified Financial Planner (CFP) designation.