The value of membership

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 1
Our members 2
What you told us... 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.

Its a time of exciting possibilities for the profession. Lets embrace them.

Derek Cribb Memoria Lewis

Chief Executive, Membership Director,
Institute and Faculty of Actuaries Institute and Faculty of Actuaries

1
Our members
Brief snapshot of 2014 membership

Age and gender

>26,000 >12,000 72% 31% 38%

members fully qualified of members are of members of student members
actuaries under the age of 40 are women are women

Membership by location

44% 12% India

58% 26% India
of members work 7% China and of student members
outside the UK South-East Asia are outside the UK
5% China and
South-East Asia
56% 9% Africa
42% 11% Africa
of members work 9% Europe of students
in the UK are in the UK
9% Europe
7% Rest of the World
7% Rest of the World

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
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

2. Regulation 7. Promotion and policy development

Our very good relationships with regulators have been critical Without the IFoA driving this, we wouldnt be seeking new
to the continued public confidence that the profession enjoys. opportunities for actuaries and driving our profession forward
In a changing world, a key attribute of the profession is the Taahira Hussain, Student, UK
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 todays
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. Theres a real sense of
achievement when weve produced a ground-breaking
paper that makes it into print and influences practice
for the better.
Andrew Smith, Honorary Fellow, UK

3
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 Prestige International mobility

Being an actuary is more than a job
its an identity. You are part of a
profession that is highly respected,
withinthe financial community and
the broader business world.
Employers view the IFoA as a respected Our qualifications are highly regarded
and reputable global actuarial body, with internationally. Being connected to the
many seeing it as the gold standard in IFoA will create opportunities for you to
the profession. find employment all over the world.

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

110
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 Globally recognised professional High education standards
reputable actuarial body qualification

4
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 Integrity Assurance

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 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.
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

90%
our oversight body, the Financial measuring yourself against the Actuaries
Reporting Council. We also represent Code and our internationally recognised
our members interests internationally ethical and technical standards, set
with co-regulators and standard setting of members within the wider regulatory environment
bodies, for example in our work with the surveyed value in which you work.
regulation
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
41%
of members
view regulation as
consultations or by volunteering for one
very valuable
of the many regulatory committees and
working parties that contribute to the
work of our Regulation Board.

Without regulation we would lack credibility as a profession

D.S, 400 Club member, UK

Benefits
Recognisable standard of Continuing Professional Development Professional Skills Training
reputational excellence and Professional Skills Training (CPD facilitation packs and train-the-
Ethical standards Scheme) trainer sessions for in-house use

Practising Certificates Professional Skills Training films Regulatory newsletter

Quality Assurance Scheme

5
 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!
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.

In my current role I am responsible for

HSBCs 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 Brandon Horwitz
their wealth. 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).

6
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
It is more than the syllabus,
it is the critical thinking
and analysis
Cathy Lyn, Fellow, Jamaica
Benefits
Online CPD events
Major conferences
Masterclasses
One day sessions on specific
technical themes
7
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
Additional qualifications
(Chartered Enterprise Risk Actuary)
Professionalism courses
Volunteering opportunities
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
members have attended face-to-face
professionalism training events
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.
Benefits
Face-to-face networking events
Sessional events live and online
Forums and discussion groups
Regional member societies
8
Belonging Common ground
Being part of a small profession means Exchange ideas on current issues and
that having suitable opportunities to developments in the market place, enjoy
build a community is invaluable. stimulating discussions and connect
with other like-minded professionals
With over two-thirds of our UK members by joining one of our Member Interest
based outside London, and 44% of all Groups. All members, with a common
members based outside the UK, a key interest, are welcome to join a group or
priority is to provide local support, establish a new one.
whether virtually or on the ground. Our
regional societies and groups provide a
>3,500
range of locally-based events, allowing
you to engage with others in your local
area and discuss issues of interest.
volunteers currently participating globally
>200
regional events during the
>18,000
2014/2015 sessional year
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
Member Interest Groups (MIGs) Access to members lounges
New Qualifier events International Actuarial Association
Volunteering opportunities (IAA) membership
Volunteer recognition parties
 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 husbands 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
The Gulf Actuarial Society event on 11 May 2015 (from left to right) Ruan van Rensburg, Mark Cockroft,
Actuarial Society (GAS) was to create Nick Salter, Catherine Love Soper, Trevor Watkins, Shivash Bhagaloo
a network with other actuaries in the
wider GCC region to ensure I was not
By all working together via the GAS, The GAS is very honoured to be
too professionally isolated.
rather than solely treating each other receiving so much support from
To my delight, I was overwhelmed by as competitors, I believe the GAS the IFoA. These events will not only
the enthusiasm of local actuaries in the should serve to raise the profile of both help members to keep up their
GCC region for such an initiative. the IFoA, and actuaries in general, in CPD requirements, thereby raising
I now work with a wonderful the region. standards in the GCC, but should also
committee of six other actuaries (one promote the profession to potential
The other key benefit of our society new IFoA recruits here too.
from each of the GCC countries) who
is that we hope to hold two or three
are all fully supportive of the GAS.
member events each year, providing
There are around 100 members of both technical and professionalism
the IFoA in the GCC but never before CPD. We were extremely lucky to have
have they been linked together by a Derek Cribb, CEO of the IFoA launch
regional society. the first GAS event last November in
Dubai and a Presidential visit for our
The primary purpose of the new second member event in May.
GAS was to increase the sense of
community in the region, which I
believe is very important for any
profession.

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.

9
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.
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
10
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
more than 1000 volunteers on the Practice
Area Boards representing your interests
>80
member-led research
working parties
Longevity Bulletin
Programme of research events
Member-led 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
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.
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 Accessibility Member support

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.
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
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

93%
Asia, providing content in traditional
and simplified Chinese, as well as particular subject, as well as providing
English and helps to raise the profile general advice on developing your
of volunteers of our profession among prospective exam technique.
surveyed felt the employers.

90%
Volunteer Induction
Pack was a useful
resource for volunteers

of students who
had received exam
counselling said they
I joined the IFoA about three years ago, and have witnessed the remarkable would recommend the
improvement in resources, member engagement and support. I am very service to a friend or colleague
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

Benefits
Exam counselling (offered face-to- Volunteer Induction Pack Resource-rich website with
face and via Skype) Professional Support Service restricted members only area
Regional member societies Guidance booklets China microsite

11
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 Promotion Reputation

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
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
individual items of media coverage in 2014
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

43%
Of the 38 consultations responded to,
actuaries with public policy makers and the IFoAs impact can be
opinion formers. seen in 80% of final
increase on previous reports published
We regularly respond to public policy

80%
years figure of 350
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. Finding opportunities to influence public affairs is critical
for the development of the profession and for us to

70
Stakeholder engagement activities held on
remain relevant and valuable beyond private sector affairs.
Educating others about how we can add value is critical.
members behalf in the 2014/2015
sessional year 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 and Resource and environment
to support our four public policy priority issues. This enables us to have a
themes: Ageing population, Future of stronger voice in public debate.
investment policy, Regulatory policy

12
Income and expenditure
Income for 2014/2015

Total income for 2014/2015 24m

Membership subscriptions 45%

2% Regulation
1% Other income

14% Post qualification

courses and events

Education 38%

Expenditure for 2014/2015

Total expenditure for 2014/2015 25.6m

13% Regulation

Membership services* 27% 2% Research and knowledge

2% 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.

13
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
7th 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
1st 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

www.actuaries.org.uk
2015 Institute and Faculty of Actuaries