Survey results

Who responded?

The survey had 1,477 respondents (6% of the membership). 46% of respondents were voting members. The remaining represent non-members, Students or Affiliates.

What did you tell us?

The proposals generated a lot of positive feedback and we received many questions. We considered all enquiries and have added many of the responses to the FAQ document.

60% of voting members who answered the question believed that the Certified Actuarial Analyst membership category met the Royal Charter obligation, bringing those who support actuaries into a sound regulatory framework, and 57% of members were “very likely” or “likely”  to vote in favour of the qualification.  Of those that responded, 15% were “unsure” and “19%” were “unlikely” or “very unlikely“ to vote in favour. Of those that responded, 90% of voting members said that they would take the time to vote for the qualification, regardless of whether they were in favour or against the proposals.

Comments in support of the proposal

A qualification in itself

“It is good to see that the Actuarial Analyst is a separate stream to Fellowship. This will hopefully reduce the perception that it is merely a part-qualification on the route to Fellowship, and make it an attractive career in itself.”

Although the Certified Actuarial Analyst would be a ‘stand-alone’ qualification, it was recognised that a link to Fellowship might be beneficial in the future: indeed many survey respondents noted the potential benefits of this. If there is demand from employers to develop a pathway between the two levels following a successful vote, we would look into developing a conversion course so that bright students could continue their studies.

Employees would feel more engaged

“I am supportive of the benefits of providing a professional qualification for this growing group of people who work in actuarial support roles but don't aspire to become qualified actuaries.  I think it will help them to gain a sense of professionalism and "self worth" while helping to raise standards through professional training and examination.”

Many respondents to the survey recognised how critical these support/technical roles are in actuarial teams. They are highly valued and their contribution deserves formal recognition.

A positive qualification for emerging markets

“It would really be of great help for developing countries that have very few actuaries and yet the insurance/financial industry needs the actuarial support of a Certified Actuarial Analyst. This would help bridge the lack of actuarial capacity in these industries.”

Industry research confirms that “there’s a clear appetite for this qualification in emerging markets, and enthusiasm is strong from employers and potential candidates” (Work Communications 2013). In addition, our discussions with employers in India and Kenya suggest that this qualification will provide candidates with a good foundation to build up the actuarial industry and raise awareness of the IFoA.  

Comments against the proposal

Content of the exams

“I appreciate the fact that this qualification has been tailored to be as generic as possible. However, I do feel that there is a massive gap in the market for a specific general insurance related qualification as well as a specific pensions/life related qualification. I also believe that the "computer-based assessment" approach to this qualification needs to be carefully marketed as the stereotypes of computer-based exams are that they are not as thorough as the written papers.”

The Education Committee who agreed the syllabuses believe that students taking the course will learn enough broad topics to give a solid understanding of actuarial work.

The syllabuses will be refined further if members vote in favour, but the proposed qualification has not been developed to produce experts in any specific area. Instead it is aimed at those who support actuaries in their work across many fields and will provide candidates with flexibility in their careers.

The use of Computer Based Assessment for the Certified Actuarial Analyst modules has been considered by the IFoA’s Qualifications Executive Committee, Education Committee and the Analyst Qualification Working Party. In particular the successful use of this method of assessment by other professional associations and organisations for high-stakes examinations has been noted. It is believed that Computer Based Assessment would provide the best solution for broadening access to the qualification worldwide and delivering consistent, rigorous and appropriately challenging assessments against the proposed syllabuses. Questions could be set in a variety of formats including free-form, multiple response and multiple choice.

Resourcing the qualification and employer support

“The issues around the cost of running the scheme need to be clearly mapped out as they represent the biggest potential draw-back for other members. Will other support to Fellowship path members be reduced to free up money to support the new scheme for example?”

This Certified Actuarial Analyst qualification model is designed to be self-sustaining. However, as the membership category and qualification are still at proposal stage the full resourcing structure has not been finalised. The IFoA is proud to deliver support to its members at all levels and the proposed qualification would be resourced adequately to ensure member satisfaction. Support offered to those on the Fellowship path will not be compromised.

Evidence base

“Despite the research showing other profession introducing similar categories to the Certified Actuarial Analyst, it does not imply the necessity for this profession to follow suit. I would find it more meaningful if the time devoted for the implementation of the new membership category could be replaced with strengthening and promoting the actuarial education.”

It is important to support and promote actuarial education at all levels, tailored to the emerging needs of a global actuarial market. The IFoA conducted research into the proposed qualification, by speaking to employers around the globe, existing students and Fellows, other professional bodies and the Financial Reporting Council (FRC). In addition, interviews were conducted for us by an external market research company, Work Communications. The market research was conducted in two forms: online surveys with students and other interested parties, and phone interviews with actuaries/employers in the UK/Ireland, Kenya and India. Other research was taken from a survey sent to employers. Supporting our own findings, the feedback from the external market research was especially positive outside the UK and Ireland, suggesting that the appetite for a formal technician qualification comes primarily from overseas markets. You can read the full report from Work Communications here.