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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

 

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.