As it nears the end of its first financial year, we take a look at the impact the IFoA Foundation is already making
The IFoA Foundation wouldn’t exist without our generous donors and partners, and we wouldn’t have a purpose without the inspiring actuaries who come to us for support from all over the world. As we head into the fourth quarter of the Foundation’s first financial year, we reflect on what we have achieved so far by sharing the stories of visionary actuaries who have shown commitment to our cause and the real-life difference this is making to early-career actuaries who are breaking into the profession.
Bhargaw Buddhdev is a founding patron of the Foundation. He recently explained his motivations for getting involved: “I have proudly used the initials FIA since I qualified. I have really enjoyed my work, which has allowed me to help many clients in relation to their pension provision. I remember the IFoA motto by Bacon: ‘Every man is a debtor to his profession’, and for many years I have been an IFoA volunteer, giving my time to different committees. I have now retired and, to express my gratitude, I have gifted a lump sum to the Foundation.
“The Foundation helped me move a step closer to achieving my dreams and I will forever be grateful for that”
“I share the Foundation’s aim of giving bursaries and grants to those studying the actuarial examinations and others in financial hardship, as well as rewarding excellence. The Foundation aims to help not just those in the UK (my current home) but also new students from India (my spiritual home) as well as Africa (the continent of my birth and youth). I am delighted to support the IFoA Foundation.”
Breaking down barriers
Actuarial students are a key target group for the IFoA Foundation; we recognise the many challenges and barriers faced when entering the profession, particularly by those who are financially disadvantaged. Innocent Dzinoreva (above) told us about the difficulties of being an actuarial student, and the difference that the Foundation’s support is making: “Although studying actuarial science is extremely difficult, I believe the only obstacle between my career and l is funding. I’m in dire need of financial assistance towards my tuition fees. Tertiary education is highly expensive and it’s tough pulling through without assistance or a bursary scheme. My short-term goal is graduating. With the help of the Foundation, this is highly possible. I will thus focus on graduating with flying colours and preparing for the entry-level job.
“In the near future l will finally be able to close poverty doors and open new opportunities to other students in the same situation. I never thought l would progress to my second year of study. The Foundation helped me move a step closer to achieving my dreams and l will forever be grateful for that.
Please keep up the good work of making a better world and creating opportunities.”
With programmes launched in the UK, China and South-East Asia, and Africa, and planning under way for activity in India, the Foundation is fulfilling its commitment to increasing access into and inclusion within the profession.
Actuaries such as Bhargaw will enable the Foundation to continue delivering impact on a global scale. For example, through our partnership with the Actuarial Academy of East Africa (AAEA), we are addressing the shortage of actuaries in the region, which has just 10% of the estimated number required. Mukami Njeru, director of the AAEA, said: “We are really pleased to partner with the Foundation to transform the Academy to an e-learning model. We plan to reach students in seven countries and achieve the pool of 700+ qualified actuaries required for the region, improving actuarial education in East Africa and on the continent.”
Dr Patrick Poon, principal philanthropist of the China and South East Scholarship Fund, said: “The China and South-East Asia Fund aims to provide bursaries to actuarial students in the region. I hope this initiative will go some way to make IFoA programmes even more accessible to students in their early careers and enhance the IFoA’s presence in this region.”
Kartina Tahir Thomson, chair of the IFoA Foundation, said: “It has been a tremendous year with real momentum towards our goals, thanks to valued supporters who share our passion for unlocking the power of the profession for positive, transformational change in our global society.”
Our remaining target for this financial year until the end of June is £15,000. If you would like
to join those who have already committed their support and get behind our mission of #ActuariesSupportingOthers, please contact the Foundation’s general manager Belinda Dee
at [email protected]