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The Actuary The magazine of the Institute & Faculty of Actuaries

CEO's: Going for a global gold

Derek Cribb explains why education is key to a universally successful future for the Profession

Ensuring that actuaries are equipped to carry out their roles successfully and confidently is at the heart of what we do. So the fact that education is one of the core themes of the Profession’s strategy will be no surprise.

Broadly, this means that we will maintain the gold standard of our qualification system by forging bonds with the best universities worldwide, by offering more accessible training, and by ensuring that our syllabus structure is appropriate on a global scale.

Our proposed analyst level qualification, covering most core technical subjects, will improve access to the profession. The qualification would be aimed at people working with actuaries who may need a level of technical actuarial knowledge, A-level entrants for whom university is not necessarily an attractive option, and candidates worldwide who may want a worthwhile qualification and member benefits without studying for full Fellowship. At present, market research is being carried out to ascertain likely demand levels, which will be followed by an analysis, to be presented to the Profession’s Council for decision in September.

As part of our international strategy of ‘proactive engagement’, we are accrediting universities with well-established actuarial programmes and high-calibre students. We have recently accredited three universities in south-east Asia – Hong Kong University, Chinese University of Hong Kong and Singapore’s Nanyang Technological University. Graduates with sufficiently high grades from these universities will be able to claim exemptions from some of our early exams. By building strong relationships with universities, we can better support students around the world and tailor our offerings to local markets.

We are taking steps to increase the accessibility and equivalence of member benefits such as training materials. In response to feedback, we have already introduced revision courses for later exam subjects for candidates based in India, and intend to run trials of these courses in China in the near future.

All this will ensure that our qualifications are flexible and responsive to the changing business landscape, enabling our members to achieve their full potential in their studies and working lives – not only today but in the future.
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