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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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Events calendar

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session 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.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

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

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

  • 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.

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Spaces available

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.