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The Actuary The magazine of the Institute & Faculty of Actuaries

Member-led research: £50,000 to boost working parties

The Management Board has approved £50,000 to boost member-led research. The Profession sees member-led research as important to the future development of actuarial thought, with it often acting as the platform for future initiatives or CPD.

The current economic climate has sometimes made it more difficult for members to progress working party research as fast as they would wish, needing to focus efforts on employers’ priorities rather than on volunteer activities for the Profession. The additional funds will supplement the more modest funds already available to support member-led research available through the Member Support Executive Committee (MSEC).

Practice area executive committees and member interest groups (MIGs) are being encouraged to inform any research working parties in their areas about the additional funds that are now available and investigate whether the projects would benefit in some way. Any bids for funding should be made via the practice area or MIG managers and should have the support of the relevant practice area executive committee or MIG committee. These will be then submitted to the Member Support Executive Committee (MSEC) for consideration.

The information that is required is given on the current website www.actuaries.org.uk/knowledge/research/applying_for_funding. Funding is limited and MSEC may not be able to approve all applications made.

Priority will be given to bids where it is clear that the additional funding will have a material effect on the project, perhaps with a longer time horizon of more than a few months, and provide some thought leadership material/opportunities.

The funding will be open for the whole of the budget year to February 2011 and new proposals can be considered at any MSEC meeting. The help requested for member-led research can be of different forms, for example:
>> To fund a researcher for a short period (3-6 months, say) to undertake some data collection or analysis, a survey of current practice or of existing material, or to synthesise the existing research already undertaken by the working party
>> To fund some additional administrative help such as organising meetings, writing up notes or organising events
>> To fund travel to meetings for academics or retired members who might not otherwise be able to take a full part in the research
>> To fund a survey of relevant thoughtleaders, members of the public, or other organisations.

For further information contact Ruth Loseby ruth.loseby@actuaries.org.uk