IFoA to adapt itself to global market changes

The Institute and Faculty of Actuaries (IFoA) is to release an updated strategy, in line with current and upcoming global changes.

Such changes are affecting the industries where actuaries currently work, as well as those where actuarial skills could be used in future, especially in terms of the growth of financial services in emerging markets, as actuaries are currently competing with other professions within the financial services market, and professionalism could be a key differentiator.

IFoA chief executive Derek Cribb said: “We are expanding our reach as quantitative risk experts into industries outside of our traditional ones of pensions and insurance and into more risk management, investment and financial industries and climate change for example. What is clear from research we’ve done is that the actuarial skill set is very relevant in non-traditional industries.”

The institution – which has 60% of its learners based outside the UK – recognises the importance of agility in a rapidly changing global environment and will be developing new accreditations in specific business areas where actuaries can provide value. The organisation will also be revitalising the Associate level of membership, which meets the requirements of the International Actuarial Association to work as an actuary around the world.

As well as this, the Institute will continue to invest in research through its volunteers and increasingly through externally funded programmes, as it will continue to develop relationships with leading academic and professional bodies around the world to contribute to the development of ground breaking actuarial science.

IFoA president Fiona Morrison said: “The quality and professionalism of actuaries is a key differentiator in some of the financial markets in which we operate and this is not something that we are changing. However, this new strategy will ensure that we maintain and broaden our relevance as a profession and that we continue to lead the development and promotion of actuarial expertise around the globe.”