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.