You are here

Other associations FAQ – Chartered Actuary proposal

Why are you doing this?

The Associate level is widely regarded around the globe as a fully qualified actuary. For the majority of those qualifying with the IFoA, they have not taken Associateship and instead continued to Fellowship. The proposed change to the qualification framework will see the Associate re-positioned and re-branded as the formal initial qualification, rather than the Fellowship.

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, enabling IFoA actuaries to compete on a level playing field.

We engaged with actuarial employers and other stakeholders who advised us that, in order to keep up with the challenges in the market, 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.

How will the re-positioned Associateship be recognised?

It will meet the core International Actuarial Association standard for qualified actuaries. As such, it will be recognised around the world.

How will this help with the promotion of the global actuarial brand?

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. As such it supports consistency in the global brand of actuaries.

What is the impact on the Certified Actuarial Analyst (CAA)?

It will not have an impact. The CAA is a completely separate qualification targeted at a different market and is distinct from the formal actuarial qualification track.

Is this the first step towards the global qualification of actuaries?

No. The desire for a consistent level of qualification is not new to the actuarial profession, which has collaborated historically through Mutual Recognition Agreements, and through qualifications such as CERA and the CAA.

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.

Filter or search events

Start date
E.g., 01/10/2020
End date
E.g., 01/10/2020

Events calendar

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.