The Institute and Faculty of Actuaries (IFoA) is seeking to appoint appropriately experienced individuals to lead the assessment setting and marking of subjects of the IFoA qualification.
We encourage applications from a diverse range of potential candidates, in terms of, but not exclusively gender, age, disability and ethnicity, as well as reflecting the geographical spread and practice areas of our membership.
SP2 – Life Insurance Principles Closing date: Monday 13 December 2021
Applications will be processed upon receipt.
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The IFoA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based around the globe. We have a worldwide membership of over 30,000 of which over 50% are student members. 47% of our membership and 64% of our students are based outside the UK, reflecting the increasingly global nature of actuarial practice.
The IFoA Council sets the strategy, with Executive staff responsible for its execution. The Lifelong Learning Board is responsible for the oversight of delivery of specific aspects of this strategy related to the pre-qualification education of actuaries, and their continuing professional development and lifelong learning.
The IFoA qualifications comprise of a number of modules and related assessment subjects. The Board delegates the oversight and assessment of the qualification standards to the Board of Examiners with the Chief Examiner appointed for each assessment subject to execute this.
The Chief Examiner will be expected to:
- Provide overall leadership and management to the examining team ensuring it carries out its responsibilities in a proper and impartial manner and in accordance with IFoA governance
- Challenge, scrutinise and support team members to ensure that required assessment material (3 exam papers, associated marking schedules which identify the minimally competent candidate and exam plans) are delivered and signed off to the required standard and quality within the agreed deadlines
- Ensure that the secrecy of the exam papers is maintained
- Carry out script marking and moderation in line with IFoA regulations, policies and procedures
- Determine the subject pass mark and each candidate’s individual mark
- Prepare and submit the exam results and statistics, reports on the assessment and candidate performance, and candidate guidance (examiners’ report) to the required standard and within the agreed deadlines
- Support the recruitment and development of markers and examiners, participating in both the recruitment and induction processes and providing feedback after each session
- Work closely with the Module Lead to ensure the assessments relate to syllabus and module content
- Attend and where required chair a number of meetings related to the role including but not limited to module team meetings, exam paper scrutiny meetings, marking meetings, Board of Examiners meetings and Annual Examiners Meeting
- Lead the examining team in fostering a mutually respectful relationship with the Executive.
The Chief Examiner will report to the Board Officers of the Board of Examiners.
The Chief Examiner will be appointed for a period of three years. The tenure may be extended for a further three years by mutual agreement.
The IFoA will also consider alternative tenure lengths with individuals. These arrangements can be discussed on a case-by-case basis during the application process.
The syllabus is updated annually and signed off at Education Committee in January for the following year with the module content prepared for publishing on June 1 each year. Assessment materials are all signed off by the end of February for that year.
The role requires chairing at least one exam paper scrutiny meeting to ensure the assessment material is appropriate and will be delivered by the required deadlines. Participation can be via face to face meeting usually in London, by telephone or conference call. There will be a requirement to attend the annual examiners meeting, usually in March.
The role also requires chairing a marking meeting at the start of the marking process each session where markers can discuss and develop a shared understanding of the marking criteria. This will include comparing marks for a small sample of student scripts.
It is anticipated that the Chief Examiner will attend the Module review meeting to discuss and input into the syllabus and module content.
In addition to these meetings there will be follow up actions and communications with the examining team and executive staff along with editing and writing and signing off relevant material.
The total annual time commitment is around 200 hours.
This is a remunerated role and a fee will be paid
Mutually agreed services will be outlined in a ‘Schedule of services’ which will be provided to you on successful appointment. On successful completion of the services, you will be required to submit an invoice to the IFoA. The IFoA will provide you with a template invoice to use, and this invoice will be processed by a member of the IFoA’s Assessment team. If you wish to view the ‘Schedule of services’ and the applicable terms and conditions, prior to expressing interest in this role, please contact the Quality team. Please note that this role is classified as a ‘Self-Employed Contractor’.
Please also note that every individual who supports the IFoA, be that as a volunteer (member or non member), or in any other role, including as a self-employed contactor, works in partnership with the IFoA Executive staff to deliver our strategy and Royal Charter, in line with our values. We are extremely grateful to all who form part of this delivery team, collectively known as our volunteers and as such you will have access to volunteer resources, updates and communications in general. We hope that you find this helpful and valuable to you when delivering your role.
- Experience as an effective team leader
- In depth and up to date knowledge of the subject area
- Experience and knowledge of relevant exam setting and marking processes either within the IFoA or through another professional body or university
- Recognising the need to respect cultural and language differences during the setting process
- Understanding of the IFoA’s pre-qualification processes
- Understanding of the strategy of the IFoA, particularly its education strategy
- Strong and effective communication and interpersonal skills
- Ability to meet deadlines
- Attention to detail
- Access to, and familiarity with IT systems.
- An appreciation of the challenges facing professional bodies.
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