Derek Cribb rings in the new year with some changes to the IFoAs qualification structure
A very happy new year to all our members. At the IFoA, we are starting the new year with some exciting changes to our qualification offering.
Fellowship remains our flagship credential, being the gold standard in actuarial qualifications. We now also have the Certified Actuarial Analyst, which is uniquely placed as the only technical financial qualification based on actuarial techniques. This has led us to consider the relevance of our Associate level, and what we can do to make it more attractive as a destination qualification both in and outside the UK.
At present, of the 15 examinations needed to be a Fellow, 12 are required for the Associate level. We are rebalancing the requirements by moving two subjects, CA2 (model documentation, analysis and reporting) and CA3 (communications), from Associate to Fellowship with effect from 1 July 2015. While still a premium qualification, this move is more consistent with the approach that the International Actuarial Association (IAA) is recommending as the global standard for qualified actuaries. With a broad actuarial skill set, we see great opportunities for actuaries qualified as Associates not just in traditional areas but also in applying those skills more widely within businesses, particularly across the financial services sector.
To demonstrate the high standards expected of Associates, we will introduce a requirement to undertake a work-based project covering communication skills and model documentation. The existing requirements for one year of work-based skills and passes in our relevant professionalism tests will remain. This approach will ensure that the standard of the Associate qualification is maintained when benchmarked against the offerings of other actuarial qualifying bodies. The work-based project approach will also act as a trial. If successful, this approach may later be used more widely as part of the qualification process.
Council will be refreshing the IFoA's strategy in 2015/16, and this work will feed into the review of education. We will also be looking at our education provision for qualified members at all stages of their careers. If you have any thoughts on this, we would be delighted to hear from you.
To get involved with our education strategy review, please email Trevor Watkins, director of education, at [email protected]
Derek Cribb is the chief executive of the Institute and Faculty of Actuaries