Society responds to IFoA consultation on Qualification Framework (incl. Chartered Actuary designation)

The Society’s Council has responded to the recent Institute and Faculty of Actuaries consultation on changes to its Qualification Framework, including a proposal to introduce a new “Chartered Actuary” designation.

Council discussed the proposals several times. A sub-group of Council met with Clifford Friend, IFoA Director of Engagement and Learning, who also presented at a Society members’ meeting. There was a lively discussion at the members’ meeting and a straw poll at the end showed that approximately 50% of members present were in favour of the Chartered Actuary proposal.

Council is also broadly supportive of this proposal, though it has concerns about the length of work experience required and about the positioning of Fellowship in the consultation documents. Council does not support the proposal that a student must meet the Chartered Actuary requirements in full before being allowed to take the Fellowship exams; Council considers this to be unnecessary and counter-productive. For insights into Council’s views and the rationale for them, we encourage you to read the submission, which is available below.