Table of Contents

Associate in Insurance Accounting and Finance (AIAF): Overview

By

Julia Kagan

Updated January 21, 2026

Reviewed by

Amy Soricelli

Fact checked by

Michael Logan

Key Takeaways

The Associate in Insurance Accounting and Finance (AIAF) is given to professionals who receive in-depth training for the preparation of financial statements for insurers.
Candidates for the AIAF designation must complete five courses and exams.
Materials and exams cost between $235-$425 and $250-$400, respectively.
AIAF is one of over two dozen designations offered by The Institutes.

Investopedia Answers

What Is the Associate in Insurance Accounting and Finance (AIAF)?

The Associate in Insurance Accounting and Finance (AIAF) is a professional designation that indicates insurance industry professionals who fully understand how to prepare financial statements for companies in the insurance industry. AIAF candidates must complete five courses and pass their corresponding exams. The program is designed for accounting and finance staff, business managers, agents, and brokers The designation is awarded by The Institutes.

Overview of the AIAF Designation

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).

Essential Courses and Costs for AIAF Certification

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.

Exploring Other Professional Designations in Insurance

The Associate in Insurance Accounting and Finance (AIAF) is one of about two dozen professional designations The Institutes offers for professionals in the insurance industry. Its other 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.

The Bottom Line

The Associate in Insurance Accounting and Finance (AIAF) is a professional designation that certifies skills in preparing financial statements for the insurance industry. Candidates must complete five courses and exams, which cover insurer accounting management, risk and capital management, and related topics. The program is designed to be completed within 12 to 18 months.
The AIAF is one of many professional designations offered by The Institutes for the insurance industry, each catering to different areas of expertise.

Article Sources

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The Institutes. "Associate in Insurance Accounting and Finance (AIAF)." Accessed March 28, 2021.
National Association of Insurance Commissioners. "Statutory Accounting Principles." Accessed March 28, 2021.
The Institutes. "Designations." Accessed March 28, 2021.
Financial Industry Regulatory Authority. "Chartered Mutual Fund Counselor (CMFC)." Accessed March 28, 2021.
Financial Industry Regulatory Authority. "Certified Financial Planner (CFP)." Accessed March 28, 2021.

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