A pioneering mentoring scheme has been designed to address a lack of gender diversity at senior levels of the actuarial profession, with support from the Institute and faculty of Actuaries (IFoA).
Research by the institute reveals that non-retiring female actuaries leave the profession 13 years earlier than their male counterparts, typically at the ages of 40 and 53 respectively.
The mentoring scheme, set to launch in September this year, aims to retain female actuaries through ongoing career advice and guidance, with the support of both employers and actuaries.
"The IFoA is committed to promoting diversity and inclusion across the actuarial profession," IFoA former president, Nick Salter, said. "We are delighted to support this new mentoring scheme, which aims to provide connections, inspiration and education across our sector."
"This programme is a positive and practical opportunity to help female actuaries to achieve their full potential as they progress through their careers."
The scheme will be sponsored by Pension Insurance Corporation, and run by specialist mentoring consultancy Moving Ahead, matching 50 senior mentors with recently and nearly qualified female actuaries.
Ten mentee spaces are reserved for those either returning to work after maternity leave, on a career break looking for work, or are employed by smaller firms, while all others places will be offered to employers of actuaries.
The mentoring pairs will meet every four to six weeks, and attend a series of innovative, high-impact networking events to support the nine-month-long process, ending in May 2018, with an option to extend by six months.
"We are delighted to be working with the IFoA and Moving Ahead on this important initiative," Pension Insurance Corporation CEO, Tracey Blackwell, said.
"As an employer of actuaries, we're very keen to help resolve the issue faced by the actuarial profession of females leaving the profession much earlier than their male counterparts."
"This long-term initiative should widen the overall talent pool available for all employers of actuaries and ultimately increase the number of female actuaries in senior, and leadership, roles."
The scheme supports HM Treasury's Women in Finance Charter, and employers of actuaries are invited to a showcase event at Pension Insurance Corporation on 5 July.
To find out more information about the scheme and showcase event, click here