Career breaks can be a wonderful opportunity, however, planning for them can also be a daunting experience – especially in a field where the sharpness of your practice is so crucial, where change is a constant and where competition is intensifying.
Career breaks take many forms: sabbaticals for study or travel, parental leave, illness, care roles, or unemployment, perhaps following redundancy.
Here is how actuaries can make their IFoA membership work for them in these situations:
Please ensure that you keep your contact details up to date during your absence so that you do not miss any important communications from us.
Reduced subscription fees
If your income during the subscription year falls below the threshold for your membership status, you can apply for reduced rate IFoA membership subscription.
Reduced CPD requirements
If you have been, or anticipate being out of work for a period of time, you may be eligible for an exemption to the full requirement of CPD. The exemption will be dependent on your CPD category and the length of your absence. Find out more about CPD exemptions.
Retaining your Practising Certificate
As a certificate holder, if you have been, or anticipate being out of work for a few months, you will need to demonstrate at least three months relevant technical experience in the 18 months to your application date. This could be before or after (or both) the career break (providing the period(s) fall within 18 months of the application date). When facing a career break, it is important to work with your employer to plan a programme of reserved-type work to support renewal of your certificate. Please contact email@example.com for guidance.
Keeping up to date
While you are away from paid work, you should ensure that you keep up to date with the profession. IFoA membership offers many ways to do this: events, The Actuary, and our journals and research publications.
IFoA membership opens up many networking opportunities. You can build your network and enhance your lifelong learning through engagement in volunteer roles and with our professional communities. Your perspective will be valued – so get involved!
“In 2012 after a career break to bring up my young daughter, I was ready to go back to work. The best advice I was given was from a senior actuary who suggested I join an IFoA working party and make new, valuable contacts that way. I had to build up my network and do something to raise my profile. I needed to engage with the profession.”
Carole Ryden FIA
IFoA Buddy System
Through the IFoA Buddy System you can get in touch with other members for independent peer support.
Actuarial Mentoring Programme
The IFoA support the Actuarial Mentoring Programme (AMP). On your return to work, this scheme might be able to help you. Designed initially to help retain female actuaries within the profession, the programme is now also open to male actuaries experiencing a career transition.
For those who have been out of work for a while, many of the larger employers of actuaries offer Reconnection programmes. Here are a few of them:
You might also like
Filter or search events
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.
Retail banking is going through a period of substantial change as it moves into the digital age. Banks have large amounts of data about their customers and about their risks. Open data application programming interface (APIs) and data science are enabling banks to use their data to offer innovative and sometimes personalised services. Data science is also adding value in risk areas such as fraud detection and cyber security. At the same time, the move to online banking is making it easier for firms including fintechs to enter banking without having to establish branch networks.
Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.
Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year
The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Covid-19 has required an urgent and cross-practice initiative to facilitate the extensive impact this pandemic has across all industries. IFoA members have been keen to contribute in a different way, so we developed the IFoA Covid-19 Action Taskforce [ICAT] to coordinate our effort, with a more efficient governance.
We have over 500 volunteers and countless topics which we have amalgamated into 93 workstreams.