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Ensuring we’re fit for the future

Marjorie Ngwenya

Council has been considering the ever increasing pace of change in the actuarial profession and how we can best support you.

We have engaged with actuarial employers and other stakeholders who advised us that, in order to keep up with these challenges, we need to create a more contemporary, relevant qualification framework: one that ensures qualifiers are equipped to meet the changing priorities of employers and remain fit for the future. As a result of these conversations, we have developed a proposal that will have the explicit aim of improving the long-term employability of those who qualify as actuaries through the IFoA. Council now wishes to seek your views on, and test your appetite for, the changes suggested.

The central feature of the proposal is a newly titled qualification - ‘Chartered Actuary’ (CAct). This new qualification would map closely to the current IFoA Associate level and bring it in line with the new International Actuarial Association (IAA) syllabus. It would become the initial qualification for any professional IFoA actuary, and would enable students to qualify more quickly as a generalist whilst continuing to maintain the high quality associated with the IFoA. The IFoA Fellowship would be retained as the recognised ‘gold standard’ for specialist actuaries.

Council wishes to hear your views on this proposal, so we are initiating a consultation which will run until 28 February 2018.  This consultation will give you the opportunity to hear directly from those who have been developing the proposal. It will enable you to share your personal views, as well as views from the perspective of the company you work for and the wider industry. This will help us to refine the proposal so that it’s responding directly to the needs of our membership.

You can share your views through the consultation survey or you can email us directly. I will also be hosting two webinars on 11 December at 9.00 and 17.00 (GMT), which you can register for here.  

I look forward to hearing your thoughts on the proposal contained in this consultation document.

Marjorie's signature

Marjorie Ngwenya, President, Institute and Faculty of Actuaries

 

News from the consultation

To be, or not to be, chartered?

IFoA Council Member Edwin Sheaf offers a brief overview of Chartered professionals. View the article here
 

 

Consultation package

Download the full consultation document and read our FAQ documents:

Complete the online survey questionnaire

Please contact consultation@actuaries.org.uk if you require any further information.

Consultation meetings

We would be delighted to speak or meet with you, your team and your regional society to talk about the proposal and to answer any questions you may have. If you would like to organise a meeting, please contact consultation@actuaries.org.uk with any dates/times that are suitable and we will respond to you within five working days.

Qualification framework member consultation: webinar

A recording of our webinar on the 11 December with Marjorie Ngwenya, President, Derek Cribb, CEO, Charles Cowling, Chair of the Qualification Framework Task and Finish Group and Clifford Friend, Director of Engagement and Learning. We invited our members to ask questions about the Chartered Actuary proposal.

Qualification framework member consultation: introduction 

Marjorie Ngwenya, President of the Institute and Faculty of Actuaries discusses the environment in which our members are currently working and how we, as the IFoA have been advised to respond to those changes.

Qualification framework member consultation: the proposal 

Marjorie Ngwenya, President of the Institute and Faculty of Actuaries discusses the seven key features of the proposed changes to the qualification framework and how you can send us your thoughts on the proposal.   

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    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.

  • Spaces available

    The role of actuaries within the health sector varies considerably from one country to another, due to differences in the local evolution of health systems and the funding models for health services. 

  • Spaces available

    This paper outlines key frameworks for reserving validation and techniques employed. Many companies lack an embedded reserve validation framework and validation is viewed as piecemeal and unstructured.  The paper outlines a case study demonstrating how successful machine learning techniques will become and then goes on to discuss implications.  The paper explores common validation approaches and their role in enhancing governance and confidence.

  • 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.
     

  • Spaces available

    The IFoA Policy Briefing 'Can we help consumers avoid running out of money in retirement' examined the benefits of blending a lifetime annuity with income drawdown. Panellists, including providers and advisers, will look at the market practicalities of taking the actuarial theory through into the core advice propositions used by IFAs and Fund Managers. They will share a number of practical issues such as investment consequences before and after retirement and the level of annuity that is appropriate and answer questions from the audience.

  • Speech from the Governor of the Bank of England, Andrew Bailey

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    1 December 2021

    The IFoA is pleased to be hosting the Governor of the Bank of England, Andrew Bailey, to deliver a speech on delivering policyholder protection in insurance regulation.

    The speech will be presented to an in-person audience, and simultaneously live-streamed, at 14.00 on Wednesday 1st December.

  • The Many Faces of Bias

    2 December 2021

    Spaces available

    This webinar looks at the many types of biases, both conscious and unconscious and the impacts they can have in the workplace.  Raising our own awareness and understanding of the issues can help us avoid the pitfalls of unconscious bias in particular.  We’ve all heard the phrase ‘office banter’ but are we sure that’s how those on the receiving end perceive it and is it ok to go along with it?

  • Spaces available

    Actuaries need to take action now - but how?  With a focus on climate change, this session will provide informed insight to enable you to improve your knowledge and understanding of the issues involved, demonstrate how it will impact advice to your clients, and highlight prospective opportunities for actuaries within pensions and wider fields.

  • Spaces available

    Pension scams have become more prevalent as a result of the pandemic, and Trustees have increased responsibilities to protect members, which means that actuaries need to be in a position to provide advice in this area. Our specialist panel will include a professional trustee, an IFA and head administrator, two of whom are members of PASA.

  • Spaces available

    The Covid-19 pandemic creates a challenge for actuaries analysing experience data that includes mortality shocks.  To address this we present a methodology for modelling portfolio mortality data that offers local flexibility in the time dimension.  The approach permits the identification of seasonal variation, mortality shocks, and late-reported deaths.  The methodology also allows actuaries to measure portfolio-specific mortality improvements.  Results are given for a mature annuity portfolio in the UK

  • Spaces available

    In this webinar, the authors of the 2021 Brian Hey prize winning paper present a new deep learning model called the LocalGLMnet. While deep learning models lead to very competitive regression models, often outperforming classical statistical models such as generalized linear models, the disadvantage is that deep learning solutions are difficult to interpret and explain, and variable selection is not easily possible.

  • Spaces available

    The dominant underwriting approach is a mix between rule-based engines and traditional underwriting. Applications are first assessed by automated rule-based engines which typically are capable of processing only simple applications. The remaining applications are reviewed by underwriters or referred to the reinsurers. This research aims to construct predictive machine learning models for complicated applications that cannot be processed by rule-based engines.

  • Spaces available

    With the Pension Schemes Act 2021 requiring a long term strategy from Trustees and sponsors, choosing a pensions endgame strategy has become even more critical. However, it is important that the endgame options available are adequately assessed before choosing one. With an ever-increasing array of creative and innovative options available, this decision may not be straightforward.