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The value of membership “It is a great privilege to be part of a professional
The value of membership “It is a great privilege to be part of a professional

The value of membership

The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body
The value of membership “It is a great privilege to be part of a professional body

“It is a great privilege to be part of a professional body that has a long tradition of maintaining high standards but is also adapting to an evolving global environment”

2015

Contents

Welcome introduction Our members What you told us

1

2

3

1. Professional recognition

4

2. Regulation

5

3. Employability

6

4. Community

7

5. Research and knowledge

8

6. Support

9

7. Promotion and policy development

10

Income and expenditure

11

The quote on the cover is from Gerald Mafunda, Associate, South Africa

Welcome

As a member of the IFoA you are part of a vibrant global community, which means you will be supported no matter what stage of your career you are at. Your qualification is globally respected and recognised, opening doors for you wherever you are in the world. The commitment you make to the highest standard of professionalism, ethics and continuing professional development and training provides assurance to your employers, colleagues, clients and the public.

This brochure contains feedback from you, our members, whether you are a recently joined student or a highly experienced actuary. It highlights what you value about being a member, from the intangible, such as being part of a highly esteemed profession, to the more practical, such as study material, regulatory guidance and original research. It also tells you about the other benefits you get, helping you to make the most of your membership.

An ever-changing business environment presents opportunities for actuaries to solve new problems. Your training and experience puts you in a prime position to take advantage of these opportunities.

It’s a time of exciting possibilities for the profession. Let’s embrace them.

possibilities for the profession. Let’s embrace them. Derek Cribb Chief Executive, Institute and Faculty of

Derek Cribb Chief Executive, Institute and Faculty of Actuaries

Cribb Chief Executive, Institute and Faculty of Actuaries Memoria Lewis Membership Director, Institute and Faculty of

Memoria Lewis Membership Director, Institute and Faculty of Actuaries

Our members

Brief snapshot of 2014 membership

Age and gender

>26,000 >12,000 72% 31% 38% members fully qualified of members actuaries of members are under
>26,000
>12,000
72%
31%
38%
members
fully qualified
of members
actuaries
of members are
under the age of 40
are women
of student members
are women
Membership by location
44%
12% India
58%
26% India
of members work
outside the UK
7% China and
South-East Asia
of student members
are outside the UK
5% China and
South-East Asia
56%
9% Africa
42%
11% Africa
of members work
in the UK
9% Europe
of students
are in the UK
9% Europe
7% Rest of the World

7% Rest of the World

2
2

What you told us

1. Professional recognition

‘On a professional level, membership of the IFoA is valued very highly – it has effectively opened doors for me to find actuarial employment in different countries. I look to the IFoA as a model for professionalism and integrity.’

Shriram Mulgund, Life Member, Canada

2. Regulation

“Our very good relationships with regulators have been critical to the continued public confidence that the profession enjoys. In a changing world, a key attribute of the profession is the integrity that we bring to the various fields that we are involved in”

Gerald Mafunda, Associate, South Africa

3. Employability

“I am very impressed as a newly qualified actuary with the focus on continued learning throughout your career as a top priority. It also seems that the exams built up all the skills needed and are being reviewed to keep pace with skills needed in today’s workplace, for example communications exam developments”

Louise Hunter, Fellow, UK

4. Community

“I have found this very valuable for networking and have even been able to find employment from volunteering opportunities within the IFoA. It is also very self-satisfying and a great learning opportunity in other sectors of the profession”

Kudzai Chigiji, Student, South Africa

5. Research and knowledge

“I have benefited greatly from serving on working parties, learning from actuaries with different perspectives and diverse commercial experiences. There’s a real sense of achievement when we’ve produced a ground-breaking paper that makes it into print and influences practice for the better.”

Andrew Smith, Honorary Fellow, UK

6. Support

“Support services at the IFoA are not just considerate and encouraging, they also have a long-term focus. This is most crucial because it provides a much needed sense of acceptance, security, loyalty and life long continuous improvement.”

Syed Danish Ali, Student, Pakistan

7. Promotion and policy development

“Without the IFoA driving this, we wouldn’t be seeking new opportunities for actuaries and driving our profession forward”

Taahira Hussain, Student, UK

1. Professional recognition

Status. Prestige. International mobility. You have a status which is internationally recognised and highly regarded by employers. See the world with the type of job that can take you anywhere.

Status

Being an actuary is more than a job – it’s an identity. You are part of a profession that is highly respected, withinthe financial community and the broader business world.

Prestige

Employers view the IFoA as a respected and reputable global actuarial body, with many seeing it as the “gold standard” in the profession.

many seeing it as the “gold standard” in the profession. International mobility Our qualifications are highly

International mobility

Our qualifications are highly regarded internationally. Being connected to the IFoA will create opportunities for you to find employment all over the world.

No.1

Being an actuary was ranked as the top job of 2015 by Careercast.com

No.1 Being an actuary was ranked as the top job of 2015 by Careercast.com

110

110 Members represented in 110 countries worldwide

Members represented in 110 countries worldwide

“Enormous respect is accorded to members. It gives me great pride to be a Fellow”

Azim Mithani, Fellow, Malaysia

Benefits

Membership of a respected and reputable actuarial body

Globally recognised professional qualification

High education standards

2. Regulation

Credibility. Integrity. Assurance. Our regulatory activities enhance your reputation and that of the wider profession in line with our Royal Charter public interest obligations.

Credibility

Being a regulated professional creates a personal brand for you as an expert that is internationally recognised.

We ensure that the regulatory requirements we ask you to meet are consistent, targeted and proportionate, by representing your interests with our oversight body, the Financial Reporting Council. We also represent our members’ interests internationally with co-regulators and standard setting bodies, for example in our work with the International Actuarial Association and the Actuarial Association of Europe.

You can help ensure our standards are fit for purpose, proportionate and forward-thinking by getting involved in consultations or by volunteering for one of the many regulatory committees and working parties that contribute to the work of our Regulation Board.

Integrity

Our regulatory framework supports your commitment to make informed, sound judgements on the ethical issues that arise in your work. Adhering to our code of conduct demonstrates the integrity of our profession in the eyes of the public.

90%

of members

surveyed value

regulation

41%

of members view regulation as very valuable

90% of members surveyed value regulation 41% of members view regulation as very valuable
90% of members surveyed value regulation 41% of members view regulation as very valuable

Assurance

Employers, users of actuarial services and the wider public value the reassurance our standards provide.

Stand out as a professional who not only has the skill, expertise and training required to do your job, but who is willing to stand up and be counted by measuring yourself against the Actuaries’ Code and our internationally recognised ethical and technical standards, set within the wider regulatory environment in which you work.

“Without regulation we would lack credibility as a profession”

D.S, 400 Club member, UK

Benefits

Recognisable standard of reputational excellence

Ethical standards

Practising Certificates

Continuing Professional Development and Professional Skills Training (CPD Scheme)

Professional Skills Training films

Professional Skills Training facilitation packs and train-the- trainer sessions for in-house use

Regulatory newsletter

Quality Assurance Scheme

Regulation case study

Brandon Horwitz, Fellow of the IFoA for 7 years, talks about what he values about his membership and why he feels the professional requirements placed on a member are important.

“I became an actuary because out of all the people I met working in different professions in my last years of school, I was most taken with the actuary who I met who loved his job and felt every day brought interesting new challenges - sounded great to me!

In my current role I am responsible for HSBC’s retail financial advice service which provides financial planning advice to our customers, helping to meet their needs to protect their families, plan for retirement and grow their wealth.

What I value most about my membership with the IFoA is being part of an organisation which supports me to grow technically and professionally. I especially value the CPD, networking opportunities and the high value of being able to describe myself as a qualified and practicing actuary, which I do to signal my credibility and technical qualifications as well as to demonstrate the value of our profession in the many fields where we operate.”

of our profession in the many fields where we operate.” Brandon Horwitz Fellow, IFoA “I feel

Brandon Horwitz

Fellow, IFoA

“I feel that the professional requirements placed on a member are essential and act as a key benefit of being part of a chartered professional organisation. I also place high value on being accountable, not only to my employer, but also to my professional body, which brings with it rights (e.g. help and advice) and responsibilities (e.g. upholding our reputation as actuaries and behaving with integrity).”

(e.g. help and advice) and responsibilities (e.g. upholding our reputation as actuaries and behaving with integrity).”

3. Employability

Rewards. Growth. Professionalism. We support your commitment to lifelong learning and development, allowing you to enjoy a rewarding and successful career.

Rewards

Obtaining a qualification from the IFoA sets you apart, helps you to secure employment and is the building block of a career with high earning potential. The rigour around our syllabus helps you develop a more holistic/broader way of thinking and approaching problem solving.

10% more

Independent research carried out by Oliver James’ Hong Kong office, indicates that IFoA qualified actuaries are able to earn around 10% more than the average actuary qualifying today in the Asian market over the course of their career

able to earn around 10% more than the average actuary qualifying today in the Asian market

“It is more than the syllabus, it is the critical thinking and analysis”

Cathy Lyn, Fellow, Jamaica

Growth

To maintain a competitive edge and be effective, committing to keeping your skills and knowledge up-to-date is vital. We support your growth by providing you with:

all the latest thinking, opinions and ideas via our conferences, events, publications and research, many of which are available to view online at your convenience

suitable opportunities to volunteer, allowing you to gain valuable experience, broaden your knowledge and develop new skills, both personally and professionally

a series of masterclasses, developed through consultation with employers to help you develop the skills required to progress to leadership roles. Topics include communications, presentation techniques and managing difficult conversations.

>800hrs

of CPD content delivered via our conferences and events in the 2014/2015 sessional year

Professionalism

Our CPD Scheme helps you to reflect on and maintain your knowledge, skills and competence, thereby safeguarding the public, your employer and your career. Professionalism skills are closely connected to the attributes required to progress to leadership roles. Regularly updated Professional Skills training material can be accessed online. You can benefit from group discussion by attending a face-to-face professionalism event, and you can also facilitate your own event in-house, or at a local regional actuarial association.

>73,000

viewings of our Professional Skills Training videos on our website during the 2014/20/15 CPD year

>4,000
>4,000

members have attended face-to-face professionalism training events

Benefits

Online CPD events

Major conferences

Masterclasses

One day sessions on specific technical themes

Additional qualifications (Chartered Enterprise Risk Actuary)

Professionalism courses

Volunteering opportunities

Personal and professional development

Networking

Access to mentors in some regions

4. Community

Connected. Belonging. Common ground. You have access to a vibrant global community which will support your development and encourage you to share ideas and advice.

Connected

We provide you with the necessary infrastructure, resources and opportunities to build and enjoy a strong and active network, connecting you with members in 110 countries around the world. You can connect by:

getting involved in IFoA activities through volunteering

joining one of our regional societies (or starting your own)

making contact with one of our actuary representatives (for members based in China and South-East Asia)

attending one of our events

following us on social media – LinkedIn, Twitter, Facebook and Weibo

joining one of our practice specific or regional online communities.

Networking with other actuaries in the industry is the ideal vehicle for learning more about broader aspects of the industry and helping you maintain your marketability.

Belonging

Being part of a small profession means that having suitable opportunities to build a community is invaluable.

With over two-thirds of our UK members based outside London, and 44% of all members based outside the UK, a key priority is to provide local support, whether virtually or on the ground. Our regional societies and groups provide a range of locally-based events, allowing you to engage with others in your local area and discuss issues of interest.

>200

regional events during the 2014/2015 sessional year

>200 regional events during the 2014/2015 sessional year

Common ground

Exchange ideas on current issues and developments in the market place, enjoy stimulating discussions and connect with other like-minded professionals by joining one of our Member Interest Groups. All members, with a common interest, are welcome to join a group or establish a new one.

>3,500

volunteers currently participating globally

>3,500 volunteers currently participating globally

>18,000

>18,000 followers on Facebook and >2,500 on Weibo

followers on Facebook and >2,500 on Weibo

“The actuarial community and so many of the connections that I value are down to the activities of the profession”

Dick Rae, Fellow, UK

Benefits

Face-to-face networking events

Sessional events “live” and online

Forums and discussion groups

Regional member societies

Member Interest Groups (MIGs)

New Qualifier events

Volunteering opportunities

Volunteer recognition parties

Access to members’ lounges

International Actuarial Association (IAA) membership

Community case study

Catherine Love Soper, recent Omani expatriate and Fellow of the IFoA for six years, talks about her experiences setting up the new Gulf Actuarial Society (GAS)

“Six months ago we emigrated to Oman (primarily for my husband’s job) however there are only a handful of actuaries, and actuarial opportunities, here as the financial services sector in Oman is in its infancy. So part of my drive to establish the new Gulf Actuarial Society (GAS) was to create a network with other actuaries in the wider GCC region to ensure I was not too professionally isolated.

To my delight, I was overwhelmed by the enthusiasm of local actuaries in the GCC region for such an initiative. I now work with a wonderful committee of six other actuaries (one from each of the GCC countries) who are all fully supportive of the GAS.

There are around 100 members of the IFoA in the GCC but never before have they been “linked” together by a regional society.

The primary purpose of the new GAS was to increase the sense of community in the region, which I believe is very important for any profession.

which I believe is very important for any profession. The Gulf Actuarial Society event on 11

The Gulf Actuarial Society event on 11 May 2015 (from left to right) Ruan van Rensburg, Mark Cockroft, Nick Salter, Catherine Love Soper, Trevor Watkins, Shivash Bhagaloo

By all working together via the GAS, rather than solely treating each other as competitors, I believe the GAS should serve to raise the profile of both the IFoA, and actuaries in general, in the region.

The other key benefit of our society is that we hope to hold two or three member events each year, providing both technical and professionalism CPD. We were extremely lucky to have Derek Cribb, CEO of the IFoA launch the first GAS event last November in Dubai and a Presidential visit for our second member event in May.

The GAS is very honoured to be receiving so much support from the IFoA. These events will not only help members to keep up their CPD requirements, thereby raising standards in the GCC, but should also promote the profession to potential new IFoA recruits here too.”

the profession to potential new IFoA recruits here too.” “One of the aspects I value the

“One of the aspects I value the most about my membership with the IFoA is being part of a like-minded community regardless of where you are in the world.”

5. Research and Knowledge

Insightful. Inspiring. Informed. You have free access to key information and knowledge through our high quality focused publications and journals, and online services and events.

Insightful

Our extensive research programme brings you the latest findings in actuarial science.

To support our aim as a learned society, we commission strategic areas of research that advance actuarial science, vital for ensuring a healthy future for the profession. Research is shared and discussed - primarily through our programme of events, including sessional research events, residential conferences and local regional events around the world. It is also disseminated via our publications: British Actuarial Journal, Annals of Actuarial Science and the Longevity Bulletin.

You can view recordings of our sessional meetings online, free of charge.

Inspiring

You can work with the best in the world to find solutions to the challenges facing the actuarial community. Contribute to research relevant to your career by joining one of our member-led research working parties.

>1,000
>1,000

more than 1000 volunteers on the Practice Area Boards representing your interests

>80

member-led research

working parties

>80 member-led research working parties

Informed

Being informed and improving your knowledge is vital to your career. Stay up-to-date with all the latest industry news and read thought-provoking features and opinions in your member magazine. Sign up to receive our e-newsletters and receive regular tailored content delivered conveniently to your inbox. The End of Session report will keep you up-to-date with all the work that our volunteer Practice Area Boards are doing on your behalf.

~100

~100 ebooks now available, including many recommended titles for our examinations

ebooks now available, including many recommended titles for our examinations

Our library resources and bookstore can aid studying and support you if you are involved with research projects. Thousands of journal papers and eBooks can be accessed online anytime with the IFoA eLibrary.

“The excellent service I have received from the libraries has been a great help for my research and work”

Per Linnemann, Affiliate, Denmark

Benefits

Member magazine

E-newsletters

British Actuarial Journal

Annals of Actuarial Science

Longevity Bulletin

Programme of research events

Member-led working parties

Resource rich website with restricted members’ only area

Library Services

Online bookstore

6. Support

Equivalence. Accessibility. Member support. Whatever stage you are in your career, no matter where in the world you are based, we are here to support you.

Equivalence

Our aim is to provide an equivalent service to you, wherever you are based in the world. We are:

developing and providing more online services – meaning you have more ways to learn and more ways to access events

producing more tailored communications – that you can select according to need, interest and geographical location

increasing local support with more regional events and actuary representatives in some regions outside the UK.

93%

of volunteers surveyed felt the Volunteer Induction Pack was a useful resource for volunteers

93% of volunteers surveyed felt the Volunteer Induction Pack was a useful resource for volunteers

Accessibility

We will be making it easier for you to access our services on the go and our new website will adapt automatically to your desktop, tablet and mobile.

We will make improvements to our online learning and assessment facilities by incorporating new features such as single sign on, meaning that you only have to log on to the website once to access everything you need. It will also be easier for you to claim CPD for what you have watched or listened to, because the system will automatically transfer you to your CPD record.

Our new China Microsite supports members in China and South-East Asia, providing content in traditional and simplified Chinese, as well as English and helps to raise the profile of our profession among prospective employers.

“I joined the IFoA about three years ago, and have witnessed the remarkable improvement in resources, member engagement and support. I am very proud to be a member of this organisation, and keen to be involved in its continued growth and development going forward”

Nikki Edwards, Student, UK

Member support

Our Membership and Education Services teams can help you with enquiries relating to membership, CPD, exams, exemptions and our qualifications

Our Professional Support Service provides guidance on ethical and technical enquiries that may arise in your day-to-day actuarial work. You can also access a range of guidance material via our website

Our Volunteer Induction Pack is a useful resource designed to support you with your volunteer activities for the IFoA

Our Exam Counselling Service can help you improve your performance on a particular subject, as well as providing general advice on developing your exam technique.

90%

of students who had received exam counselling said they would recommend the service to a friend or colleague

90% of students who had received exam counselling said they would recommend the service to a

Benefits

Exam counselling (offered face-to- face and via Skype)

Regional member societies

Volunteer Induction Pack

Professional Support Service

Guidance booklets

Resource-rich website with restricted members’ only area

China microsite

7. Promotion and policy development

Impact. Promotion. Reputation. As a Royal Chartered professional body we actively seek opportunities for actuaries to contribute to public policy debates. This ensures that actuaries continue to be sought after for their valuable contribution based on their insight, unique perspective and thought leadership.

Impact

The contribution actuaries make to business and public policy is considerable. In order to secure a healthy future for the profession and fulfill the aims of our Royal Charter, we actively promote areas in which actuaries can make a valuable contribution to society. We do this by identifying opportunities to engage with key stakeholders, such as regulators and policymakers, and we actively promote research undertaken by actuaries with public policy makers and opinion formers.

We regularly respond to public policy consultations, working in partnership with our volunteers who provide the necessary technical expertise. All members have the opportunity to volunteer and make an impact on public affairs and policy decisions.

70

70 Stakeholder engagement activities held on members’ behalf in the 2014/2015 sessional year

Stakeholder engagement activities held on members’ behalf in the 2014/2015 sessional year

Promotion

We proactively promote the relevance and value of actuarial training, and the skill set and expert knowledge that actuaries bring to businesses and society in both traditional and non-traditional areas.

>500

>500 individual items of media coverage in 2014 43% increase on previous year’s figure of 350

individual items of media coverage in 2014

43%

increase on previous year’s figure of 350

>500 individual items of media coverage in 2014 43% increase on previous year’s figure of 350

Reputation

You are a member of a learned society whose reputation is held in high regard by governments, regulators and employers. Our priority is to enhance and protect that reputation for your benefit and that of the public interest.

38 Of the 38 consultations responded to, the IFoA’s impact can be seen in 80%
38
Of the 38 consultations responded to,
the IFoA’s impact can be
seen in 80% of final
reports published
80%

“Finding opportunities to influence public affairs is critical for the development of the profession and for us to remain relevant and valuable beyond private sector affairs. Educating others about how we can add value is critical.”

Kudzai Chigiji, Student, South Africa

Benefits

Representing your interests globally

Opportunities for you to get involved and influence policy

A series of policy statements produced to support our four public policy priority themes: Ageing population, Future of investment policy, Regulatory policy

and Resource and environment issues. This enables us to have a stronger voice in public debate.

Income and expenditure

Income for 2014/2015

Total income for 2014/2015 £24m

Income for 2014/2015 Total income for 2014/2015 £24m Membership subscriptions 4 5 % Education 3 8

Membership subscriptions 45%

Education 38%

2%

1%

14%

Regulation

Other income

Post qualification courses and events

Expenditure for 2014/2015

Total expenditure for 2014/2015 £25.6m

13%
13%

2%

Regulation

2%

Membership services* 27%

Research and knowledge

Project expenditure

19%

Governance and promotion**

Education 37%

Full accounts are available in the annual report.

* Member services includes:

Events, post qualification courses, volunteer support (including member-led research), communications and digital development, support for regional committees

** Governance and promotion includes:

Public affairs activities, running costs of Management Board and Council, IAA and FRC Levy, Presidential team.

We would love to hear your feedback, experiences and thoughts on your member benefits. Please
We would love to hear your feedback, experiences and thoughts on your member benefits. Please

We would love to hear your feedback, experiences and thoughts on your member benefits. Please email Memoria Lewis, Membership Director at: memoria.lewis@actuaries.org.uk

London

7 th Floor · Holborn Gate · 326-330 High Holborn · London · WC1V 7PP Tel: +44 (0) 20 7632 2100 · Fax: +44 (0) 20 7632 2111

Edinburgh

Level 2 · Exchange Crescent · 7 Conference Square · Edinburgh · EH3 8RA Tel: +44 (0) 131 240 1300 · Fax: +44 (0) 131 240 1313

Oxford

1 st Floor · Park Central · 40/41 Park End Street · Oxford · OX1 1JD Tel: +44 (0) 1865 268 200 · Fax: +44 (0) 1865 268 211

Beijing

6/F · Tower 2 · Prosper Centre · 5 Guanghua Road · Chaoyang District · Beijing China 100020 Tel: +86 (10) 8573 1522

Hong Kong

2202 Tower Two · Lippo Centre · 89 Queensway · Hong Kong Tel: +11 (0) 852 2147 9418

Singapore

163 Tras Street · #07-05 Lian Huat Building · Singapore 079024 Tel: +65 (0) 6717 2955

© 2015 Institute and Faculty of Actuaries