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.
If your income during the subscription year falls below the threshold for your membership status, you can apply for reduced rate IFoA membership subscription.
If you have been, or anticipate being out of work for a period of time, you may be eligible to apply for Non-Practising status and be exempted from the requirements of the CPD Scheme. More information on Non-Practising status can be found here.
If you are a practising certificate holder and on a career break, you can renew your certificate within your normal renewal cycle. We would just ask that you detail any change in circumstances within section 2 of the application form.
However if you did or do not renew and wish to obtain a practising certificate again in the future, you will have to complete an initial application form.
Some exceptions do apply to this. For those who did or do not renew for reasons of ill health or parental leave, you can apply through the full renewal application process. You can access all relevant information on applying at practising certificates.
We would usually expect members in those circumstances to have held a practising certificate within the last 3 years. There is discretion to allow a longer period if reasonable in the circumstances. Members in that situation should contact our Practising Certificate Team to discuss their options at practising.certs@actuaries.org.uk.
We would be happy to help with any questions you may have regarding your practising certificate. We can be contacted at practising.certs@actuaries.org.uk.
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
Through the IFoA Buddy System you can get in touch with other members for independent peer support.
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: