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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.

 

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Spaces available

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

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    In this webinar, we will discuss how cause-of-death data from the Office for National Statistics can help us to understand how inequalities arise at the all-cause level. The key to understanding mortality inequality is to think about the chain that connects risk factors, relative risks, and cause-of-death mortality through to all-cause mortality.

  • Spaces available

    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.