Associate in Insurance Accounting and Finance (AIAF)

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.

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:

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:

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.