Banking Education for Actuaries

Actuaries have long been involved in banking but there is little material to support actuaries looking to enter this field. Recent regulatory and market changes have highlighted the career opportunities that currently exist for actuaries within the world of banking.

This aim of this working party is to investigate the educational topics and explore the delivery mechanisms that would best serve the needs of actuaries looking to pursue a career within the banking sector. It is hoped that by equipping actuaries with specific banking knowledge they will have greater confidence to pursue their career ambitions in this sector.

With the introduction of IFRS 9, the regulatory need for banks to produce ICAAP reports, the emergence of challenger banks, and the use of big data by banks, banking has emerged as a promising field for actuaries. Actuarial associations worldwide have started offering a specialized paper on banking within their educational framework for members.

In the Institute & Faculty of Actuaries (IFoA) there is currently a finance and investment (F&I) paper that briefly covers banking within the syllabus. However, in the interest of members and market needs there seems to be a need for more specific actuarial education for actuaries looking to enter the field of banking. Hence, the Banking Member Interest Group (MIG) has set up a Working Party to investigate and explore this opportunity.