Championing the actuarial profession in a changing world
The actuarial profession is entering a period of continuous change and growth; driven by an ever-more diverse and globalised marketplace combined with the rapid pace of technological change.
We believe that now is the time to ensure our members have the skills, qualifications and support they need to fully grasp the opportunities of this new professional landscape. So the IFoA has embarked on a proactive programme of activity to update the education we offer, the regulation we provide and the global communities we support. Driving and guiding this programme of activity is the passion and pride of our members and their commitment to ensuring the sustainability of the actuarial profession.
Over the past year, I have been privileged to be able to listen to, consult on and discuss the way the profession is evolving with members at all stages of their careers. I have listened to students who are just starting out on their journey to becoming qualified actuaries and analysts. I have also heard from IFoA Fellows with decades of experience gained at the highest levels of our industry. One thing comes through loud and clear from these discussions: members feel enormous pride in being actuaries and belonging to our global actuarial community.
Charles Cowling, Council Member, IFoA
What the future holds for the profession
Getting fit for the future
We're meeting the challenges of this period of transformation head on with a programme of innovation and evolution.
Our goal is to build on the great pride and passion our members feel in their profession, whilst ensuring we are flexible and responsive to the changing needs of employers, governments and societies world-wide. By doing this our goal is to ensure that actuaries remain at the heart of modern business practice for years to come.
We have already laid the foundations for a globally relevant qualification framework in the introduction of Curriculum 2019; ensuring the qualifications of our members will be valued wherever they work. We are introducing innovations in regulation such as the newly globally launched QAS programme as well as providing a host of lifelong learning and engagement opportunities for our members, no matter where they are on their actuarial journey.
Most recently we updated our qualification framework, positioning Associateship as the initial destination for students before becoming a Fellow – if that is their ultimate aim. Those who are currently studying will not be affected by this change, although if they would like to gain the Associate qualification before working to Fellowship they will be able to do so.
Listening to our members
In early 2018 we began consulting with our members about proposals to re-brand the IFoA Associateship qualification as Chartered Actuary.
You can find details about the Chartered Actuary consultation here.
What you told us
There was particularly strong support for all the proposals from employers, industry bodies, other national actuarial associations, as well as from Students and Associates.
However, 60% of Fellows responding through the online survey expressed concerns about the proposition for the Chartered Actuary title change.
A number of respondents also had reservations about the proposal to require all future student members to become Associates before embarking on further advanced examinations towards Fellowship.
These responses from the consultation have been heard and have played a decisive role in helping us to shape the future of our qualifications.
What we did as a result
The IFoA Council has come to three decisions following member feedback:
The IFoA recognises more clearly Associates as fully qualified actuaries and will position the qualification in line with the International Actuarial Association’s (IAA) global standard.
Any new students embarking on their studies under Curriculum 2019 will be required to reach Associateship before proceeding to Fellowship if that is their preferred route. However, because of significant feedback received during the consultation, students will be able to sit some of their advanced examinations pre-Associateship if they choose to do so.
We will continue to consider the designation Chartered Actuary (CAct) as a rebranding of our Associateship (fully qualified actuary) member grade, but undertake to clarify Council’s thinking on the competencies of CAct and CAct/ FIA/FFA and directly address the concerns expressed by Fellows.
Fit for the future news
Moving with the times
IHelena Ingram, Matt Saker, Michael Crawford and Louise Pryor talk to Chris Seekings about how the profession is evolving and share their thoughts on the IFoA’s plans for a ‘Chartered Actuary’ qualification.
A profession fit for the future
IFoA Council Member Charles Cowling describes how the actuarial profession is moving forward, with recent initiatives at the IFoA helping to ensure it maintains its relevance and sustainability.
To be, or not to be, chartered?
Chartered status is widely recognised as a mark of professional competency and is awarded to individuals by Chartered professional bodies and learned societies.
IFoA Council Member Edwin Sheaf offers a brief overview of Chartered professionals. View the Chartered Professional article here
Pride, leadership and looking to the future
Filter or search events
The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.
Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.
The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.
The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
Presented by Louise Pryor
Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.
The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.
Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments.
For more information on the FRG please visit this webpage.
Presenter: Rahul Verma
Presenter Matt Modisett
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.