John Taylor, Past President of the IFoA (2019-2020), tells us why he is convinced that Chartered Actuary is the right move for the actuarial profession.
I’m a non-executive director with a number of roles, including as an External Member on the Bank of England’s Prudential Regulation Committee. My executive career was predominantly spent leading proposition and distribution divisions for product providers. I was President of the IFoA in 2019/20.
I first came across the concept not long after I was elected to Council in 2016. Having had the chance to listen to a wide variety of views and reflect on them over a period of time, I became convinced that the Chartered Actuary designation would benefit our profession greatly.
Chartered Actuary status will play a role in attracting graduates into the profession who would prefer to work in wider fields, such as data science. Every industry is being inundated by data and most don’t have the expertise to deal with it. As a result, there is growing demand for professionals who can deal with that data, as exhibited by the increasing number of data scientists. An employer who’s looking for a professional who can combine an understanding of data with commercial acumen might seek out a Chartered Actuary.
The IFoA has spoken to many employers, both over the years and very recently, and this has never been raised as an issue. Fellowship would remain a requirement for many roles in insurance and pensions, should Chartered Actuary designations be adopted, and we’re certainly aware of no appetite for lower standards in these areas. The IFoA’s employer stakeholders are generally supportive of the proposal to move to Chartered status simply because it is a well-recognised designation globally.
Speaking as a Fellow myself, I don’t foresee the move to Chartered Actuary will undermine existing Fellows; those employers who need and value Fellows will continue to do so. Moreover, as the profession becomes more attractive to new graduates, I expect many existing Fellows will benefit from being part of a profession that remains vibrant and dynamic.
The actuarial profession is highly regarded within our traditional domains, but it’s not well known outside of those. Actuarial pioneers in wider fields have proven there is increasing demand for actuaries. Initiatives like Chartered Actuary can only help strengthen the brand of the profession in these new areas.
