It is a pivotal and exciting time at the IFoA. We have formed a joint venture with the Society of Actuaries to promote the Certified Actuarial Analyst, a gateway generalist qualification, on a global scale.
Within our increasingly global membership, half of the current student population is likely to qualify outside the UK. The Associate qualification is being refreshed to ensure its relevance to employers and candidates in all locations, recognising there is a global norm for this core level of qualification around which bodies throughout the world are coalescing.
In the words of the leadership of the Institute of Actuaries of India: "Like it or not, you are a global body." When both the employers of actuaries and future opportunities for the profession are global, this is a great place to be. We find ourselves with a chance to create new and energised business areas globally. We have a responsibility to make the most of this, for the benefit of both our members and the public interest.
In the past we have had the luxury of being a 'monopoly supplier' of actuaries in the pensions, life and general insurance markets, often into roles reserved for actuaries, and this being sufficient.
In an era of reducing numbers of reserved actuary roles in the UK, a mature market, and increased competition from other professions, this is no longer the case. We need to showcase the value actuarial qualifications can add in wider roles to existing employers, and to new employers both in the UK and in the global marketplace.
As actuarial markets have become globalised and more complex, so has our stakeholder map. We must become more sophisticated in how we interface externally. Building and maintaining excellent relationships is key to effective engagement with members, regulators, educators and influencers, and getting it right helps us reach our goal of being a leading professional body.
To continue to develop and nurture these alliances, we need to have dedicated expertise. Our new head of global markets development, Sarah Sim, joins us from the Association of Chartered Certified Accountants. She understands what is required to satisfy member needs on a global scale and how to develop the opportunities available to us. In the coming year we will build the capability within this new team to deliver our goals, as we progress the IFoA and its Charter objectives of promoting the profession and advancing actuarial science.
As a team, we are working on better understanding our stakeholders' needs so we can develop more structured and relevant offerings. On the back of our third successful IFoA Asia conference in Hong Kong, we are delighted to announce that we will be hosting our first ever Africa conference in Nairobi, Kenya, in early 2018.
The next IFoA Asia conference will be in Bangkok from the 10-11 May 2018. If you would like to support one of our forthcoming conferences, either as a volunteer, delegate or sponsor, then please contact [email protected]
Derek Cribb is the chief executive of the Institute and Faculty of Actuaries