This month we will be asking qualified members to vote on the proposal to introduce new designations for IFoA qualified actuaries – ‘Chartered Actuary (Associate)’ and ‘Chartered Actuary (Fellow)’.
In September I wrote about why I support this proposal and believe the new designations will have a positive impact on our status and success (bit.ly/3ENMc6I). The term ‘Chartered’ is used in other professions and is an untapped asset for the IFoA and our members. Use of the word ‘actuary’ is not currently protected, and Chartered designations will distinguish between IFoA actuaries and others who practise actuarial work, reflecting your status. This change will not have any impact on where the bar is set for Associate and Fellowship. Our qualifications’ rigour and quality will not change, so there is only upside in terms of enhanced nomenclature.
Employers have told us that rebranding as ‘Chartered Actuary’ will give our qualifications global appeal and broaden IFoA actuaries’ relevance across industries and sectors, encouraging non-traditional actuarial employers to use actuarial qualifications more flexibly in their businesses. This will enhance the employer proposition and enable us to attract a broader range of graduates.
As actuaries diversify into new sectors, we need to consolidate recognition outside our traditional spheres. We want to establish the title ‘actuary’ for our members more strongly in new sectors and highlight the relevance of our skills to employers’ changing needs.
More details can be found on our website, and I encourage you to vote in favour when voting goes live in mid-November.
I would like to finish by continuing my wellbeing theme. Society is increasingly competitive, and we are often told that ‘nice people finish last’. This mindset is not part of our natural biology and is driven by our environment. There are huge benefits in receiving warmth and compassion, but showing it to others also brings benefits for our own wellbeing. Why not introduce an act of kindness into your day? It can be a small thing, like paying a compliment, or something more significant. It’s hard to see a downside.
Matt Saker is the president of the Institute and Faculty of Actuaries