Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • August 2016
08

Are we too technical?

Open-access content Monday 1st August 2016 — updated 5.50pm, Wednesday 29th April 2020

When Lord Morris was reviewing the profession, I wrote to him.


When Lord Morris was reviewing the profession, I wrote to him. I explained that in my career there would have been little or no difference in my saying "I qualified as an actuary" rather than "I am an actuary". That career was as a manager in insurance, where actuarial knowledge made decision-making easier. So be careful in what you require of members in future and for CPD.

Now we seem to be developing as a technical and advisory profession rather than one in which we develop people for senior managerial roles. The exams have become more technical. The proportion of members working in consultancy has grown substantially.

We will be lesser and have less influence if we concentrate on technical skills and not on the decision-making they facilitate. Surely we will contribute more to society if we use our skills to implement change rather than advise others to do so. While the James Brook article in the July edition of The Actuary (bit.ly/29T3XBG) is on the right lines, I suspect not enough readers will find it relevant and more will look closely at the IFoA's research proposals.


Ian Reynolds

11 July 2016

This article appeared in our August 2016 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

A cashless society

The way we buy our morning coffee in Starbucks by touching the pad with our credit card, and the way that Uber allows us to call for a taxi and pay for it electronically, tells us that we are moving ever closer to a cashless society, one without note and coin.
Monday 1st August 2016
Open-access content
134

Think tank calls for better understanding of how to improve pensioners' financial skills

There is not enough evidence of what actually works to help older people improve their financial capability and reduce the risk of scams, the International Longevity Centre UK (ILC-UK) has concluded in a recent report.
Wednesday 17th August 2016
Open-access content
hurricane

Economic growth not enough to compensate for climate change damage, research shows

Growth in the economy will not be able to counterbalance the damage caused by the effects of climate change, according to a report published by the Potsdam Institute for Climate Impact Research.
Friday 19th August 2016
Open-access content

Demand for actuaries sees biggest growth in insurance sector

The number of jobs for actuaries has experienced the biggest increase in the insurance sector in the past 12 months, according to a report produced by HFG and Vacancysoft.
Tuesday 23rd August 2016
Open-access content

They can't believe it's not gutter

They can't believe it's not gutter
Monday 1st August 2016
Open-access content

In memorium: Mr Naresh Thanawala

In memorium: Mr Naresh Thanawala
Monday 1st August 2016
Open-access content

Latest from August 2016

wfh

Treasury announces plans for £500 tax-free pensions advice allowance

Savers will be able to take up to £500 out of their pensions tax-free to put towards the cost of financial advice from April 2017, economic secretary to the Treasury Simon Kirby has said.
Wednesday 31st August 2016
Open-access content
tailored

Decisions under pension freedoms should be made simpler, says IFoA

More should be done to simplify the decision-making process for consumers accessing pension freedoms, the Institute and Faculty of Actuaries (IFoA) said today.
Wednesday 31st August 2016
Open-access content
13

Ros Altmann 'horrified' by BoE economist's opinion on pensions

Consumer champion Ros Altmann has criticised Bank of England chief economist Andy Haldane for not appreciating the pension as a savings vehicle.
Tuesday 30th August 2016
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from missing_standfirst

news in brief

March news in brief

Paper: A Cashless Society in 2019 Cash is under pressure. A tense 2018 led to a tumultuous 2019: Facebook's announcement of plans to launch its Libra cryptocurrency with a consortium of companies united all regulators against the project.
Friday 28th February 2020
Open-access content
2

Forging new paths

The Terminator is coming!  At least that's one potential vision of the future, invoked by Boris Johnson at the UN last year while he speculated about artificial intelligence (AI). We can certainly debate how realistic that vision is, and what the possible timescales might be.
Friday 28th February 2020
Open-access content
2

Expert advice

This edition of the magazine focuses on data science and its applications, which will be a recurring theme for the IFoA.
Friday 28th February 2020
Open-access content

Latest from 08

2

Now is the time

Derek Cribb welcomes the new Council members and says that the EU referendum result provides opportunities for actuaries
Monday 1st August 2016
Open-access content
2

Leaving a sustainable inheritance

The game-changing EU referendum has highlighted the important issue of intergenerational fairness, says Colin Wilson
Monday 1st August 2016
Open-access content
2

A graceful Brexit

It’s time for actuaries to step forward and take a lead role in managing the ‘bruncertainty’ risks, says editor Richard Purcell
Monday 1st August 2016
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Capital & Reserving, Nearly Newly

London (Greater)
Depending on experience
Reference
149031

Reserving Actuary

Dublin
Competitive
Reference
149027

Senior Analyst - Actuarial and Funding Risk

England, London
£60000 - £65000 per annum + bonus + benefits
Reference
149029
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ