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Fellows FAQ – Chartered Actuary proposal

What is the rationale for doing this?

Following discussions with our stakeholders, 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.

Fellowship will remain the IFoA's most senior qualification and membership category and any new Student member will be required to complete the CAct qualification before taking any further examinations towards Fellowship. Transitional arrangements will apply to current Student members and those who meet the CAct standard can, if they wish, transfer to this membership category.

What changes are being proposed?

  1. The level of Fellowship would remain unchanged
  2. 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
  3. This initial qualification would be established around the current IFoA Associate level
  4. The qualification would be re-titled 'Chartered Actuary' (CAct) 
  5. 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
  6. 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.
  7. 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.

Why are you making it easier 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.

This proposal will also align the IFoA with the international market where an increasingly large proportion of our members operate, and will become the formal initial qualification for fully qualified actuaries who will possess 'core actuarial competencies'.

Are you devaluing the status of Fellows?

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.

What impact will this have on my subscriptions?

The Fellowship subscription will continue to be set in the usual way by Council. We will review 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.

Can I be a Fellow and a Chartered Actuary?

Yes. If you have qualified as a Fellow you will also be entitled to call yourself a Chartered Actuary, subject to conditions associated with use of CAct.

What impact will this have on my CPD requirements?

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.

What’s the point in Fellowship status?

Actuarial employers have fed back to us that there will always be a demand for the high levels of specialism demonstrated by our Fellows; particularly in established areas of actuarial employment such as pensions and insurance.  However, they also need a more flexible qualification framework, which ensures that their employees are working to the level that is needed for the roles that they are undertaking.

Certain roles within the actuarial industry will always require the specialist knowledge of Fellows. Working as a Fellow within the market will showcase your knowledge and experience and will retain the reputation of having achieved a ‘gold standard’ qualification. Fellows will have the broad skill-set of a Chartered Actuary/Associate but they will also have the specialist skills and experience required for their role.

Do these changes mean that the IFoA is losing its distinctiveness?

On the contrary, the re-positioned Associateship (with the badge of Chartered Actuary) will retain all the features of a high quality, globally recognised qualification that the external world associates with the IFoA.

Is this driven by international concerns?

No, it is externally driven. It 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.

Does this impact on reserved roles that have been defined in legislation?

No. Fellows undertaking reserved roles will still need to obtain a Practising Certificate in the UK, and in accordance with relevant legislation where applicable around the world.

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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E.g., 22/10/2019
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Events calendar

  • CAA Global Event, South Africa

    Sandton Convention Centre, 161 Maude St, Sandown, Sandton, 2196, South Africa
    22 October 2019

    Spaces available

    CAA Global warmly invites you to join us for a networking reception at the ASSA lounge, with the opportunity to meet Ben Kemp, Director, CAA Global, Mike Mcdougall, CEO of ASSA, and Marjorie Ngwenya, Past President of the IFoA.

  • KSS Event – GAD: the 100 year life (Edinburgh)

    KPMG  Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    22 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • KSS Event – Equity Release Mortgages: The Irish Experience

    Room CM S.01 (Second floor, Colin Maclaurin Building, building 22 on the campus map.) Campus maps can be found at https://www.hw.ac.uk/uk/edinburgh/map.htm
    23 October 2019

    Spaces available

    This is a co-branded KSS/Heriot-Watt University event.  Equity release mortgages (ERMs), also called lifetime mortgages, have played an increasing role in generating income for retired home-owners.  As new liquidity rules have reduced the supply of bank lending, so insurers have stepped in, encouraged by generous regulatory treatment for annuity writers.

  • KSS event – GAD: the 100 year life (Glasgow)

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    24 October 2019

    Spaces available

    The Government Actuary’s Department (GAD) marks its centenary this year. George Russell, formerly Deputy Government Actuary, who currently heads up GAD’s Edinburgh office, leading on GAD support to the devolved administrations in Scotland and Northern Ireland, will outline GAD’s development over that period and its range of work today. Having just “celebrated” his 25th anniversary of joining GAD, George will also reflect on some of the challenges and opportunities of advising at the interface of the actuarial and the political worlds.

  • Sessional Meeting - Autonomous Vehicles and impacts on the wider insurance industry

    Staple Inn, High Holborn, London WC1V 7QJ         
    28 October 2019

    Spaces available

    The Sessional Meeting is now fully booked.

    Please click here to register on the waiting list.

    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

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    30 October 2019

    Spaces available

    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.

  • Joint IFoA/SAS Cyber Risk Presentation and Roundtable Discussion, Singapore

    Peach Garden, OCBC Centre, Level 33 (access via West Lobby), 65 Chulia Street, Singapore 049513
    31 October 2019

    Spaces available

    Organised by IFoA GI Asia International Working Group and SAS Emerging Risk Working Group, this session titled "Addressing Cyber Risks Portfolio Accumulation and Methodologies to Qualify and Quantify Losses" is aimed at raising cyber awareness within the actuarial community, encouraging discussion and collaboration to address new challenges from this emerging frontier.

    Speakers: Peter Hacker, International Cyber Security Expert and Thought Leader

  • Hot Topics in Health and Care: Networking and Drinks

    Staple Inn, 4 High Holborn, London WC1V 6DR
    4 November 2019

    Spaces available

    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.

  • SIAS Event: Introduction to the Mortality Research Steering Committee (MRSC)

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    5 November 2019

    Spaces available

    The MRSC is responsible for guiding the profession’s research in the areas of longevity, mortality and morbidity such that it is recognised as a thought leader in this area. It has recently been reviewing what the priorities and have identified 6 areas that we believe are the most important areas of research that should be the current focus and these are:

  • Spaces available

    On behalf of the International Actuarial Association’s (IAA) Banking Working Group, the Actuarial Society of South Africa’s (ASSA) Banking Committee and the Institute and Faculty of Actuaries’ (IFoA) Banking Member Interest Group, you are invited to participate in the upcoming webinar entitled Career opportunities in Banking: Retail and Group Risk.

    The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking, we have three actuaries sharing their experiences:

  • IFoA CPD Co-ordinators' Briefing

    Staple Inn Hall, High Holborn London WC1V 7QJ
    7 November 2019

    Spaces available

    The theme of this year’s annual briefing is: Lifelong Learning – providing continuous development for our members.

    This event is primarily for volunteer CPD Co-ordinators, who attend to represent their organisation. CPD Co-ordinators play a key role in effective engagement between organisations who employ our members and the Institute and Faculty of Actuaries (IFOA).

  • The challenges for AI in Autonomous driving – Professor Andrew Blake

    Royal College of Physicians of Edinburgh, 11 Queen Street, Edinburgh, EH2 1JQ
    11 November 2019

    Spaces available

    In conjunction with the Scottish Board and supporting the IFoA’s focus on data science.

    The IFoA’s Scottish Board have arranged for UK pioneer in Computer Vision and Machine Intelligence, Professor Andrew Blake to speak to delegates on the subject of AI in Autonomous driving. This lecture will focus on safety-critical operation and the computation of risk.  

  • Autumn Pension Seminar

    Grand Connaught Rooms, 61-65 Great Queen St, Holborn, London WC2B 5DA
    13 November 2019

    Spaces available

    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.

  • KSS event: How is Scotland’s population changing and what are the implications?

    Barnett Waddingham, 163 West George Street, Glasgow, G2 2JJ
    14 November 2019

    Spaces available

    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.
  • Professional Skills Training - Edinburgh (14 November 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    14 November 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Life Conference 2019

    The Convention Centre Dublin, Spencer Dock, North Wall Quay, Dublin 1
    20-22 November 2019
    Spaces available

    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.

  • Professional Skills Training - London (20 November 2019)

    Staple Inn Hall, High Holborn London WC1V 7Q
    20 November 2019

    Spaces available

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • ARC Workshop: Modelling Socio-Economic Differences in English Mortality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 December 2019

    Spaces available

    Purpose
    The workshop will give participants detailed insights into how a large and detailed dataset can be used to assess levels of mortality inequality in England, using a number of novel statistical methods. We will also address the question: are regional variations in mortality real or imaginary?

  • Professional Skills Training - Edinburgh (3 December 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    3 December 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS Event: Discount Rates are Flawed

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    3 December 2019

    Spaces available

    This talk will be given by Jon Spain who, as far back as 1983, has been working independently, trying to bring “long-term” back to UK actuarial thinking. His current focus is on discount rates (see discrate.com).

  • A Holistic Study into Cash flow Driven Investment

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    4 December 2019

    Spaces available

    Given that Cashflow Driven Investment strategy has attracted growing interests from pension funds and insurers at the backdrop of current market conditions and clients’ circumstances, the objective of this event is to gather thought leaders from asset managers, banks and insurers to offer attendees their perspectives and insights on main aspects of consideration when adopting this strategy.

  • Professional Skills Training - London (10 December 2019)

    Staple Inn, High Holborn, London WC1V 7QJ  
    10 December 2019

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Behavioural Finance Research Launch- 14 January 2020

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR
    14 January 2020

    Fully booked.

    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 Tuesday 14th 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.

    This event is now full. Please register for the waiting list.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Professional Skills Training - London (16 January 2020)

    Staple Inn, High Holborn, London WC1V 7QJ
    16 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - Edinburgh (23 January 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    23 January 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    No tot be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.