Why I support the chartered actuary designation

As a global actuarial profession we are at the point of inflection, where if we don’t adapt to the changing world, we face the threat of becoming irrelevant. It may be argued that we are behind the curve in terms of responding to the needs of several areas where actuaries can make an input and drive positive change, using data for good.

I believe that the Chartered Actuary designation will be a key part of achieving this necessary adaptation, as it clarifies the status of both qualifications. Fellowship is widely known and understood within the traditional areas, but Associateship is an equally relevant qualification for those who may not have an interest in the established specialisation routes. With the proposed changes, there is no impact on the pathway to qualification and the qualification process remains the same as before.

In my view the Chartered Actuary designation caters for the appropriate positioning of the profession as:

• one that can serve markets where the AIA/FIA designations are not fully understood or acknowledged, enabling IFoA-qualified actuaries to better represent themselves. Chartered status is already well established as a mark of quality among many other professions such as surveyors, insurers, architects, engineers and accountants. The IFoA’s Council believes that extending the Chartered designation to actuaries will increase the recognition of the level of qualification actuaries have achieved and the standards they work to in these jurisdictions.
• one that continues to allow the current status of Fellowship to be acknowledged in fields where specialisation is a key requirement. While Associateship has long conferred a generalist qualification, Fellowship is, and will remain, a gold standard qualification. Indeed, we will continue to explore and establish new paths to fellowship as fields are established, as with the recently established banking qualification path. Fellow IFoA members will be designated Chartered Actuary (Fellow) using the post-nominals: FIA C.Act/FFA C.Act, or if they prefer the FIA/FFA as it currently stands.
• one that can support actuaries going into non-traditional areas where the current designations are not well appreciated – this has been successfully tried and tested with the CERA global certification. Actuaries have benefited from having a Chartered designation, where applicable, in addition to Fellowship or as a stand-alone.

We would therefore have the best of both worlds. From my perspective the risks posed by not implementing the change far outweigh the comfort we may have in leaving things are they are. I trust that IFoA members can appreciate and support the proposed change and allow the profession to catch up to getting future ready. The IFoA team is committed to stewarding this journey forward with the support of the membership via the upcoming vote. Vote yes.

Learn more about Chartered Actuary

If you're an IFoA Associate or Fellow, check your inbox for an email from CES to vote for Chartered Actuary today. To find out more about the proposed designation, including Q&As with our CEO and president, visit Chartered Actuary: 2022 Member Vote.