The Institute and Faculty of Actuaries (IFoA) has introduced a chartered actuary designation for its fellows and associates, establishing a legally protected title that sets apart fully qualified IFoA actuaries. A news release noted that this designation was adopted following a membership vote after a consultation in 2022, aiming to provide clarity in the profession by ensuring that only IFoA-qualified members may use the “chartered actuary” title.
The new designation seeks to enhance public trust in actuarial services, making it easier to distinguish between qualified IFoA actuaries and others who may not have met the same educational and professional standards. It also underscores the level of knowledge and professionalism held by IFoA members, who often hold responsibilities in areas such as financial planning, risk management, and advising on long-term business assets.
IFoA president Kartina Tahir Thomson explained that the designation represents the IFoA’s established standards of practice and ethics. “Chartered Actuary designation is a reflection of the extraordinarily high standards and the exceptional professional knowledge, ethics and practice adopted by fellow and associate members of the IFoA,” Thomson said. She noted that the step reinforces the IFoA’s efforts to maintain a recognised standard among its members.
For members, the new designation allows Fellows to use the title chartered actuary (Fellow), with post-nominals FIA C.Act or FFA C.Act, and Associates to use chartered actuary (Associate), with AIA C.Act or AFA C.Act. Members may still opt for the traditional fellow and associate titles if they prefer, as the IFoA works to familiarise employers and clients with the updated designation.
David Currie, chair of the IFoA Board, noted that the chartered status is intended to raise awareness about the role actuaries play. “Actuaries are highly qualified professionals who carry out incredibly important work, yet many people are unaware of what they do. Chartered actuary status is a way of increasing the profile of the actuarial profession and signifying to the people they work with that actuaries are trusted, capable and highly trained professionals,” Currie said.
Ben Kemp, interim CEO of the IFoA, described the chartered status as a milestone for actuarial professionals. “Similar to other industries where chartered status indicates that an individual has successfully completed rigorous education, training and testing, we want actuaries to receive this same level of recognition,” said Kemp.
The IFoA operates under a royal charter and serves as a regulatory and educational body for actuaries in the UK. Members play advisory roles in areas such as pension fund management, insurance, and risk assessment for business planning and public interest work.
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