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Fit for the Future

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Championing the actuarial profession in a changing world

The actuarial profession is entering a period of continuous change and growth; driven by an ever-more diverse and globalised marketplace combined with the rapid pace of technological change.

We believe that now is the time to ensure our members have the skills, qualifications and support they need to fully grasp the opportunities of this new professional landscape. So the IFoA has embarked on a proactive programme of activity to update the education we offer, the regulation we provide and the global communities we support. Driving and guiding this programme of activity is the passion and pride of our members and their commitment to ensuring the sustainability of the actuarial profession.

Over the past year, I have been privileged to be able to listen to, consult on and discuss the way the profession is evolving with members at all stages of their careers. I have listened to students who are just starting out on their journey to becoming qualified actuaries and analysts. I have also heard from IFoA Fellows with decades of experience gained at the highest levels of our industry. One thing comes through loud and clear from these discussions: members feel enormous pride in being actuaries and belonging to our global actuarial community.

Charles Cowling, Council Member, IFoA

 

What the future holds for the profession

Getting fit for the futureEducation strategy image

We're meeting the challenges of this period of transformation head on with a programme of innovation and evolution.

Our goal is to build on the great pride and passion our members feel in their profession, whilst ensuring we are flexible and responsive to the changing needs of employers, governments and societies world-wide. By doing this our goal is to ensure that actuaries remain at the heart of modern business practice for years to come.

We have already laid the foundations for a globally relevant qualification framework in the introduction of Curriculum 2019; ensuring the qualifications of our members will be valued wherever they work. We are introducing innovations in regulation such as the newly globally launched QAS programme as well as providing a host of lifelong learning and engagement opportunities for our members, no matter where they are on their actuarial journey.

Most recently we updated our qualification framework, positioning Associateship as the initial destination for students before becoming a Fellow – if that is their ultimate aim.  Those who are currently studying will not be affected by this change, although if they would like to gain the Associate qualification before working to Fellowship they will be able to do so.

Finally, we consulted on the rebranding of the IFoA Associateship qualification as 'Chartered Actuary', to ensure the proper value was attached to the qualification and that employers can quickly identify the skills they need - without compromising on standards.

 

Listening to our members

In early 2018 we began consulting with our members about proposals to re-brand the IFoA Associateship qualification as Chartered Actuary.

You can find details about the Chartered Actuary consultation here.

Image showing statistics from the consultation

What you told us

There was particularly strong support for all the proposals from employers, industry bodies, other national actuarial associations, as well as from Students and Associates.

However, 60% of Fellows responding through the online survey expressed concerns about the proposition for the Chartered Actuary title change.

A number of respondents also had reservations about the proposal to require all future student members to become Associates before embarking on further advanced examinations towards Fellowship.

These responses from the consultation have been heard and have played a decisive role in helping us to shape the future of our qualifications.

What we did as a result

The IFoA Council has come to three decisions following member feedback:

  • The IFoA recognises more clearly Associates as fully qualified actuaries and will position the qualification in line with the International Actuarial Association’s (IAA) global standard.

  • Any new students embarking on their studies under Curriculum 2019 will be required to reach Associateship before proceeding to Fellowship if that is their preferred route. However, because of significant feedback received during the consultation, students will be able to sit some of their advanced examinations pre-Associateship if they choose to do so.

  • We will continue to consider the designation Chartered Actuary (CAct) as a rebranding of our Associateship (fully qualified actuary) member grade, but undertake to clarify Council’s thinking on the competencies of CAct and CAct/ FIA/FFA and directly address the concerns expressed by Fellows.

 

Fit for the future news

Moving with the times

IHelena Ingram, Matt Saker, Michael Crawford and Louise Pryor talk to Chris Seekings about how the profession is evolving and share their thoughts on the IFoA’s plans for a ‘Chartered Actuary’ qualification.

View the article here

 

A profession fit for the future

IFoA Council Member Charles Cowling describes how the actuarial profession is moving forward, with recent initiatives at the IFoA helping to ensure it maintains its relevance and sustainability.

View the fit for the future article here

 

To be, or not to be, chartered?

Chartered status is widely recognised as a mark of professional competency and is awarded to individuals by Chartered professional bodies and learned societies.

IFoA Council Member Edwin Sheaf offers a brief overview of Chartered professionals. View the Chartered Professional article here

Pride, leadership and looking to the future

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Events calendar

  • China New Year Member Event and Thank-you Party for Volunteers (Beijing & Shanghai & Shenzhen)

    Beijing Chinese address: 北京瑞吉酒店 记者俱乐部酒吧,朝阳区建国门外大街21号 English address: Press Club Bar, St Regis Hotel Beijing, No. 21 Jianguomenwai Street, Chaoyang District, Beijing Shanghai Chinese address:布朗石西班牙餐厅酒吧(96广场店),东方路796号九六广场1楼130单元 English address: Brownstone Tapas & Lounge (96 Plaza),  96 Plaza, F1, Room 130, No. 796 Dongfang Road Shenzhen Chinese address: 稻亭日本料理(购物公园店), 深圳市民田路购物公园北2楼206号 English address: Daoting Japanese Cuisine (Shopping Park), Room 206, No. 2 North  Building, Shopping Park, Mintian Road, Shenzhen
    22 January 2019 - 25 January 2019

    Spaces available

    The IFoA Beijing Office would like to invite our members in the region to join the New Year Member Event and Thank-you Party for Volunteers, to thank all our members and volunteers, to congratulate all the new qualifiers in the 2018 September exam session, and to celebrate the New Year and the Spring Festival! Food and drinks will be served. The IFoA CEO Mr Derek Cribb will also join the Beijing and Shanghai events.

  • KSS Event: How to be a High-Frequency Trader

    KPMG   Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    24 January 2019

    Spaces available

    This talk, which is based on interviews with 78 high-frequency traders (and other relevant people, such as those who supply them with information links), will ‘open the black box’ of HFT. The speaker will examine the main internal divide within HFT: between algorithms, trading groups and firms that specialise in ‘making’ (adding bids or offers to order books that cannot be executed immediately) and those that specialise in ‘taking’ (entering orders that can be executed immediately). 

  • Professional Skills Training event - Jointly organised by the IFoA and the Society of Actuaries of Thailand (SOAT)

    Ocean Life Insurance PCL, Meeting room 1, 24th Floor, 170/74-83 Ocean Tower 1 Building, Rachadapisek Road, Klongtoey, Bangkok 10110, Thailand We would like to thank Ocean Life Insurance PLC for sponsoring the venue  
    30 January 2019

    Spaces available

    Jointly organised by the IFoA and SOAT, this session held in Bangkok is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions. 

  • ARC Event on Periodical Payment Orders

    Staple Inn, High Holborn, London WC1V 7QJ
    20 February 2019

    Spaces available

    The IFoA’s Actuarial Research Centre (ARC) is convening a research event on the subject of Periodical Payment Orders (PPOs) in late February 2019.

  • IFRS17 Workshop, 21 February

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    21 February 2019

    Spaces available

    IFoA Logo for EventsThe Life Board and Life Lifelong Learning Sub-committee are running this half-day workshop on IFRS 17.

    They will provide a detailed understanding of the key concepts of the standard, as well as discuss how implementation will impact people, process and systems.  They will also share views on how the new standard will change the way insurers are viewed in the market, and share perspectives from within and outside of the profession.

     

  • Highlights of the Life Conference 2018 - London

    Ect Venues, 200 Aldersgate, St. Pauls, London EC1A 4HD
    5 March 2019

    Spaces available

    This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee are reviewing session feedback and will be putting together a high quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

  • Life and F&I One Day Workshop

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    11 March 2019

    Spaces available

    This is a cross practice life and F&I event offering high quality CPD in a series of presentations with time for Q&A after each, suitable for Life actuaries and those in finance and investments roles.

  • Sessional Meeting: Investment risk for long term investors - risk measurement approaches

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    18 March 2019

    Spaces available

    The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.

  • Highlights of the Life Conference 2018 - Edinburgh

    Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS
    19 March 2019

    Spaces available

    This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee are reviewing session feedback and will be putting together a high quality technical programme featuring the best sessions from the Life Conference 2018.  Book now to ensure your place.

  • Professional Skills Training - London (19 March 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    19 March 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 2018/2019.  This 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.

  • KSS event - FinTech and The Actuarial Profession

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    20 March 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

  • Professional Skills Training - Edinburgh (26 March 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    26 March 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 2018/2019.  This 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 (16 April 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    16 April 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 2018/2019.  This 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.

    Video case studies will be selected from the IFoA’s 20187/19 online content which covers a range of topics under an overarching theme of “Getting it right!”

  • Professional Skills Training - Edinburgh (30 April 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    30 April 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 2018/2019.  This 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 2019, Chengdu

    Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu 
    9 May 2019 - 10 May 2019

    Spaces available

    SAVE THE DATE

    The annual IFoA Asia conference is scheduled for 09 - 10 May 2019 in Chengdu, China.

  • CILA 2019

    30 Euston Square, London NW1 2FB
    14 May 2019

    Spaces available

    CILA is one of the pre-eminent events in the annual Life calendar. This event is one of the most popular in the Life area, often drawing over 200 delegates.  

  • Professional Skills Training - London (16 May 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    16 May 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 2018/2019.  This 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 Research Event - Saving for Retirement: Rules of Thumb

    Staple Inn Hall, High Holborn London WC1V 7QJ
    20 May 2019

    Spaces available

    How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it. Discussing whether we have got it right is a valuable debate, touching on the anticipated level of retirement benefits, the required fund at retirement to achieve those benefits and how our conclusions fit with automatic enrolment. It is also closely related to the PLSA’s development of Retirement Income Targets.

  • Professional Skills Training - London (12 June 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    12 June 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 2018/2019.  This 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.

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Spaces available

    CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry. 

  • Professional Skills Training - London (25 June 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    25 June 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 2018/2019. This 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.