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Employers FAQ – Chartered Actuary proposal

How will this proposal affect how you recruit within our organisation?

Following discussions with actuarial employers and other industry representatives, we understand that there will always be a demand for the Fellowship qualification and regulated specialist professionals. However, we now know that employers need a more flexible qualification framework, which ensures that employees are working to the level that is needed for the roles that they are undertaking.

The Chartered Actuary/Associate will be an initial general qualification, aligned with the global standard for a qualified actuary, which (if required) could be built upon to achieve any required level of further skills and knowledge.

The Fellowship will have the same core skills at the Chartered Actuary/Associate but then further exams and experience needed for professionals to gain their specialist skills.

Why should my staff carry on to Fellowship?

The specialism that is associated with Fellowship may be a desired competency that your business requires, especially if there is a requirement in legislation to hold a Practising Certificate.

What will happen to my existing employees who are Fellows?

Nothing. Fellows remain fully qualified and regulated members of the IFoA. Fellowship will remain the IFoA's most senior qualification and membership category.

Does this change CPD requirements?

No. CPD requirements remain an important feature of our regulatory environment that helps to 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.

Will it make it easier/quicker for my employees to qualify?

We are not making it easier to qualify. The proposal will help to reduce the time it takes to qualify with core generalist actuarial skills, but we are not reducing the rigour of our examinations.

Will this change the quality of the people we recruit?

Absolutely not. The IFoA prides itself on the quality of its qualifications and the quality of the actuaries it accredits. These proposed changes will not change this focus on quality, but reinforce it.  It will enable us to attract a broader range of graduates to the profession. Employers will have more flexibility and options to ensure their staff have the right level of qualification to suit the role.

Are the entry requirements to the profession going to change?

No. The entry requirements will remain unchanged.

How does this fit with the Certified Actuarial Analyst (CAA)?

The CAA is a completely separate qualification.  However, for those who qualify as CAAs and wish to continue with their actuarial studies, the IFoA will be building a bridge to enable them to transfer over to the Chartered Actuary track.

Are Chartered Actuaries generalists or specialist?

The Chartered Actuary will become the formal exit qualification for fully qualified generalist actuaries who will possess 'core actuarial competencies'.

Will specialists still be available?

Yes. The ability to specialise as a Fellow will still remain.

Are you expecting a different type of actuary to be produced as a result of this?

Yes. We understand that there will always be demand for the high levels of specialism demonstrated by Fellows; particularly in established areas of actuarial employment such as pensions and insurance. 

Yet in order to remain relevant and broaden the profession, the IFoA needs a qualification framework that responds to the changing needs of industry. We must develop actuaries with a broad generalist skill-set who can adapt to a wide range of corporate roles, as well as actuaries who have a deeply specialist skill-set to fulfil highly regulated roles.

We believe that the proposals will change actuaries into more general, relevant and more agile professionals who will better fit the needs of your company and the wider industry.

Where can I find out more?

A dedicated email address (consultation@actuaries.org.uk) 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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Events calendar

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.

  • Spaces available

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

  • Spaces available

    This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.

    The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.

  • Spaces available

    The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.

    Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).

    In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members.  Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Social Care Agenda

    11 October 2022

    Spaces available

    Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.

  • GIRO Conference 2022

    ACC Liverpool  
    21 November 2022 - 23 November 2022
    Spaces available

    We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.

  • Life Conference 2022

    ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP
    23 November 2022 - 25 November 2022
    Spaces available

    Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.