Michael Tripp explains why he is saying Vote ‘Yes’ to Chartered Actuary!
Actuaries set high standards, work in the public interest and are incredibly well respected. We live in a time of change – turbulence on many fronts. At a time like this we can, through our objectivity and analysis, contribute to a better future. But how do people know that they can trust us? One of our challenges is that currently anyone can call themselves an actuary – whatever their background, ability or intent there is no limit on who can use the word.
Almost 175 years ago, the Institute of Actuaries was formed, with the Faculty of Actuaries forming in 1856. In 1868 the Faculty was given its Royal Charter. Sixteen years later the Institute also gained that status. Being a Royal Chartered body gives us stability, strength and directs our values. We have come a long way, adapting and growing our scientific and industry bases. That said, staying firm to our roots is vital.
Over the years the knowledge base of an actuary has evolved. It now includes more modelling, financial engineering, data science and broader business management awareness than ever before. The foundation of what an actuary needs to know currently matches our core principles and core practices exam syllabuses.
So now the time is ripe – let us make sure we describe ourselves in a way that ensures people who use our services know that they are getting the genuine article. Adopting the term ‘Chartered Actuary’ will tell our stakeholders exactly what we are. ‘Chartered’ says that we are subject to a Royal Charter with high standards of excellence and behaviour. ‘Actuary’ tells the world around us that we have a defined and tested knowledge base. It says that the person able to describe themselves as a Chartered Actuary has appropriate knowledge, works to high-quality standards, is motivated in the public interest and, above all, can be trusted. This description, as well as being precise and protected, can then only be used by a member of the IFoA with the relevant minimum exam credentials (defined as being either an Associate or a Fellow).
That’s why I’m saying Vote ‘Yes’ to Chartered Actuary!
