You are here

Guinea Pig

The Institute and Faculty of Actuaries (IFoA) appoint appropriate individuals to review proposed exam papers and associated marking schemes, referred to as Guinea Pig 1’s (GP1).  We are seeking to increase our bank of GP1’s which we draw upon each year to undertake this review.

GP1s are appointed by the IFoA to help maintain the standards of the IFoA.

Current vacancies

We have now finished recruitment for Guniea Pigs for the 2022 paper setting. You can register an expression of interest for the 2023 paper setting below.

Future vacancies: register your interest

Complete the expression of interest form

Task Specification

Background

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 32,000 of which over 51% are student members. 47% of our membership and 66% of our students are based outside the UK, reflecting the increasingly global nature of actuarial practice.

The IFoA qualifications comprise of a number of modules and related assessment subjects.

GP1s are engaged to review, comment and provide feedback to the IFoA on new assessment material and are a vital part of the exam process.

GP1s are expected to:

  • take part in a conference call to discuss specific considerations to be made during the review of your allocated subject materials (if necessary)
  • review all reference material provided, including but not limited to -  core reading, syllabus, Guinea Pig (GP) handbook and instructions from the setting team in advance of receiving you assigned exam paper
  • keep confidential all documents received and take measures to keep all documentation linked to the examination secure at all times
  • review the first draft examination material checking all aspects of the document in accordance with the process requirements as set out in the GP Handbook
  • submit an ‘honest  attempt of the exam paper, sat in true exam conditions – no access to reference material – supervision is not required
  • provide constructive comments in the feedback form provided
  • review the marking schedule after you have submitted your completed attempt
  • compare your answers with the marking schedule to analyse any potential issues, highlighting potential problems in both the exam paper and marking schedule
  • complete all documentation and return by agreed deadline
  • be available if required to discuss comments with the Chief Examiner.

Person Specification

The GP1 will be someone who:

  • is qualified as an Associate or Fellow no longer than 2 years since their last exam sitting. In the case of an Associate member – In this scenario the person would only be able to perform the role of GP for subjects which they have already been examined and passed.
  • have passed all the required examination for Associate or Fellow and is yet to transfer their status.
  • has a sound knowledge of the chosen subject area and is able to consider the needs of our students with cultural and language differences
  • has good time management skills and works well to tight deadlines
  • has good attention to detail

Tenure

GP1s are appointed to the bank for up to two years following the date that their last exam to qualify was passed. For non-members the tenure will be up to a maximum of two years or lapse if they become a student member of the IFoA, whichever is sooner.

Time Commitment

The main volume of GP work takes place during the end of September / beginning of October each year.

GP1’s will need to allocate time to prepare and this will vary for each individual.  Core Reading will be provided in advance and will need to be reviewed with particular attention to areas which are less familiar.

You should allow between 10 and 12 hours to complete the task. A week is given to complete and return your feedback.

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’.

Additional Information

The IFoA delivery team is made up of IFoA Executive staff and our volunteer community.  Every individual who supports the IFoA, is valued, and are recognised, as part of our volunteer community and works in partnership with the IFoA Executive staff to deliver our strategy and Royal Charter, in line with our values 

At the IFoA the term “volunteer” includes volunteers (members and non-members: lay), Office Holders, and Self Employed Contractors (paid roles).

Volunteering provides you with a wide range of opportunities.  With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s Governance Manual and Volunteer Information Pack (VIP).  Please view our ‘what you need to know’ webpages before offering to provide support.  The key elements will be highlighted to you as part of your contract for services with the IFoA.

 

Filter or search events

Start date
E.g., 20/01/2022
End date
E.g., 20/01/2022

Events calendar

  • Spaces available

    Over recent months there has been a sharp rise in M&A activity involving British businesses, with interest from overseas, domestic buyers and Private Equity investors.  

  • Spaces available

    Frank Redington is recognised as one of the most influential actuaries of all time. In this talk, Craig will review some of Redington's most important ideas. He will identify the consistent actuarial principles that form a common thread across the contributions Redington made to a broad range of actuarial fields, and will highlight the ongoing relevance of Redington's thinking to 21st century actuarial practice.

  • Spaces available

    The IFoA Mental Health working party look back over their week of blogs and podcasts considering all aspects of the relationship between mental health and life insurance. The expert panel spans adviser, underwriter and actuarial experience and they  explore triggers for purchasing insurance relating to mental health, the various routes to insurance and how these may be more suited to different people depending on their conditions and preferences, the products and processes involved in purchasing these as well as what claims and support are available to policyholders and how to access them.

  • Spaces available

    Part of the 'Finance in the Public Interest 2022' webinar series. If it was ever okay to consider your business in isolation from its surroundings, today it most definitely is not. Thinking about business within its surrounding system is now a necessity. The question we seek to discuss is: How should we prescribe the boundaries in which we consider problems to enable us to create better products and more resilient companies and systems?

  • Spaces available

    What will happen to DC pension savers who see life annuities as poor VFM but still want an income for life?  Pooled annuity funds could offer them a decent lifetime income while reducing significantly the complex choices and risk inherent in income drawdown.  They could be the next generation of CDC pension schemes, slotting into the existing DC framework as a post-retirement option.