Why are you proposing changes to the qualification framework?
Council has been considering the ever increasing pace of change in the actuarial profession and how we can best support you.
We 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.
What changes are being proposed?
The key features of the proposed framework would be:
- The level of Fellowship would remain unchanged
- Qualification as a recognised actuarial professional would focus initially on the generalist actuarial skills which are developed in the core part of our current and future Curriculum 2019
- This initial qualification would be established around the current IFoA Associate level
- The qualification would be re-titled 'Chartered Actuary' (CAct)
- The curriculum for CAct would be aligned to the new International Actuarial Association (IAA) syllabus to ensure it is globally recognised, with the additional requirement for one year’s supervised work-based Personal and Professional Development (PPD): this PPD requirement would be identical to that currently required for IFoA Associateship
- After the launch date of the proposed framework, any new Student member would be required to complete the CAct qualification before taking any further examinations towards Fellowship. Transitional arrangements will apply to current Student members. Those who meet the CAct standard can, if they wish, transfer to this membership category.
- Chartered Actuaries would use the post-nominal ‘CAct’, with members who subsequently qualify as Fellows entitled to use both their Fellowship and CAct post-nominals.
What does this proposal mean for me?
Under the proposed changes, existing Associates and those qualifying at Associate level will be able to refer to themselves as a Chartered Actuary or Associate. If you are an Associate already, or qualify as a Chartered Actuary, you will be formally recognised by the IFoA as a qualified actuary, and as such, will be subject to the regulatory regime of the IFoA as a Chartered Actuary.
Can I stay as an Associate?
Yes. Your formal membership status will be as an Associate, but the IFoA will use the brand name Chartered Actuary when referring to Associates.
What does this mean for my subscriptions?
The subscription rate for a CAct will be set by Council as part of its usual process. We will be reviewing the route to Fellowship in line with our Curriculum changes and development of the Chartered Actuary qualification. Any changes will be communicated to you as soon as possible.
What advantage does this give me?
It will bring your IFoA qualification into line with the global market for actuaries and the minimum competency standard for qualified actuaries being developed by the International Actuarial Association (IAA).
It will also give you a greater competitive advantage in a world where there is a surplus of related professional qualifications.
It will reinforce the relevance and quality of your IFoA qualification as it meets the changing needs of our members and their employers.
Are you reducing the quality of my qualification?
Absolutely not. IFoA qualifications are highly regarded as being market leading in terms of quality. The Chartered Actuary qualification and brand maintains the IFoA's commitment to producing globally recognised, relevant, high quality qualifications.
How does this compare internationally?
This will bring the IFoA qualification framework into line with the global market for actuaries and the minimum competency standard for qualified actuaries being developed by the International Actuarial Association.
Can I get a Practising Certificate?
The IFoA is currently reviewing the Practising Certificate regime and is considering a number of options. For the time being Fellowship will continue to be required in order to obtain an IFoA practising certificate.
Is the Fellowship still relevant to me?
It is clear from talking to businesses that there will always be a need for such specialists, but they also need highly competent generalists with a core actuarial skillset.
Depending on the requirements of your role and your own career development, the option to gain the Fellowship qualification is there for you and your employer to discuss.
What impact will this have on my CPD requirements?
CPD requirements remain an important feature of our regulatory environment that helps bring confidence in the work of actuaries. We will continue to review the specific CPD requirements to ensure that they remain appropriate, including to take account of these proposed changes.
What impact will this have on my voting rights?
Absolutely none at all: your voting will rights remain.
Where can I find out more?
A dedicated email address (email@example.com) has been set up where you can send us any questions you might have about the proposal. We will respond to any queries within five working days, and will refresh the FAQ section on the website regularly in light of queries received.
Please also spend some time giving us your feedback via our consultation survey.
We will also hold two interactive webinars during the consultation period on 11 December at 9.00 and 17.00 (GMT). You can register for the consultation webinars here.
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Presenter Matt Modisett
In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva.
An introductory session to help you get ahead with climate change.
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This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
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Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30
The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.
The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)
This event is now fully booked. Please click here to register for the wait list.
The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work.
Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.
This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.
This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.
Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.
The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:
- population statistics
- life expectancy
- changes in age structure
- birth and death rates, including causes of death statistics.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.
We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.