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 (firstname.lastname@example.org) 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.