Institute of Actuaries
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The Institute of Actuaries is one of the two professional bodies representing actuaries in the United Kingdom. The Institute is based in England, while the other body, the Faculty of Actuaries, is based in Scotland. While the Institute and Faculty of actuaries are separate institutions, they work very closely together, and the professional qualifications and professional standards for actuaries are identical in each of them.
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[edit] Establishment of the Institute of Actuaries
The actuaries of a number of life assurance companies established the Institute of Actuaries in London on the 8th of July 1848. The Institute of Actuaries is the oldest actuarial professional body in the world.
In July 1884, the Institute of Actuaries was granted a Royal Charter. The Royal Charter confirmed the Institute's role and the right to confer qualifications, i.e. the Fellow of the Institute of Actuaries (FIA). Since then there has been an underpinning concept of professional behaviour and the implicit right, or even duty, to discipline members who did not conduct themselves appropriately.
The Institute's slogan is "Making financial sense of the future."
[edit] Examinations
An actuarial qualification from the Institute of Actuaries consists of a combination of the completion of various examinations and courses. The examinations are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). Study material for the examinations is usually obtained through the official bookshop of the Institute of Actuaries [1] or through the Actuarial Education Company (ActEd) [2], a subsidiary of BPP Actuarial Education Ltd.
In addition to examinations and courses, it is required that the candidate both complete at least three years work as an actuary and be at least 23 years of age, for one to qualify as a “Fellow of the Institute of Actuaries” (FIA) [3] .
[edit] Core Examinations
The Core Technical section consists of the 8 exams and a “Business Awareness Module,” CT9. These are usually first sat by a candidate and include the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These are also the most common exams for which candidates may get exemptions. While these are the first exams, candidates coming from a less mathematical background often find these more difficult than the later ones due to the mathematical theory content. Topics covered include annuities, stochastic modelling, time series, and triangles.
The Core Applications section consists of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This includes the communications model, CA3, which tests the candidate on their ability to communicate complex actuarial concepts to others.
[edit] Specialist Examinations
The Specialist Technical section represents the first time the candidate has a choice of which exams to take. The candidate chooses two from the various actuarial specialist subjects i.e. Health and Care, Life Insurance, General Insurance, Pensions, Finance or Investments and further technical knowledge on said subjects is attained.
The Specialist Applications section allows the candidate to choose one area for which they take the SA paper and attain full Fellowship; leading to many referring to this as the “Fellowship paper.” However, as the rules on the ordering of examinations are relaxed, this examination may be taken before taking some earlier examinations resulting in candidates qualifying on other papers.
[edit] List of Examinations
[edit] Core Technical Stage
- CT1 - Financial Mathematics
- CT2 - Finance and Financial Reporting
- CT3 - Probability and Mathematical Statistics
- CT4 - Models
- CT5 - Contingencies
- CT6 - Statistical Methods
- CT7 - Economics
- CT8 - Financial Economics
- CT9 - Business Awareness Module
[edit] Core Applications Stage
- CA1 - Core Applications Concepts
- CA2 - Modelling
- CA3 - Communications
[edit] Specialist Technical Stage
- ST0 - Alternative Specialist Technical
- ST1 - Health and Care Specialist Technical
- ST2 - Life Insurance Specialist Technical
- ST3 - General Insurance Specialist Technical
- ST4 - Pensions and other Benefits Specialist Technical
- ST5 - Finance and Investment Specialist Technical A
- ST6 - Finance and Investment Specialist Technical B
[edit] Specialist Applications Stage
- SA0 - Research Dissertation Specialist Applications
- SA1 - Health and Care Specialist Applications
- SA2 - Life Insurance Specialist Applications
- SA3 - General Insurance Specialist Applications
- SA4 - Pensions and other Benefits Specialist Applications
- SA5 - Finance Specialist Applications
- SA6 - Investment Specialist Applications
[edit] UK Practice Modules
For students working in the UK only
- P0 - Generic UK Practice Half Module
- P1 - Health and Care
- P2 - Life Insurance
- P3 - General Insurance
- P4 - Pensions
- P5 - Finance
- P6 - Investment
[edit] University-based examinations
A student may choose to complete an accredited actuarial science degree at an undergraduate or at a postgraduate level through a number of recognised universities. Successful students may offer proof of having covered the topics whilst at university and students may be granted exemptions from certain professional examinations from the Institute of Actuaries.
Depending on the University, a different number of courses may be recognised for exemption. The examinations and the exemption pass level for the examinations is usually externalised by members of the Institute and/or Faculty of Actuaries.
Naturally, the quality of the courses and lecturing at these universities are a determinant as to whether the course is recognised by the Institute of Actuaries.
Most universities offering actuarial science courses also require the student in addition to complete various other related topics, including statistics, mathematics, applied mathematics, economics and acoounting for recognition of an actuarial degree.
Upon completion of the university degree, students would then complete all remaining examinations through the Institute of Actuaries to qualify as an actuary and become a Fellow of the Institute of Actuaries(FIA).
[edit] Membership Categories
In total there are approximately 15700 members of the Institute of Actuaries falling into the following categories. [4]
- Student actuaries are members of the Institute who are taking exams;
- Associates are members who have completed both the CT and CA subjects and have completed one year's worth of relevant work-based skills experience;
- Affiliates are members of the Institute of Actuaries who are kept up-to-date with the developments within the Actuarial Profession through publications and affiliates are able to participate in meetings, research and conferences;
- Fellows are full members of the Institute who have met the training demands by both completing all the examinations and meeting the work experience requirements. Fellows have the right to call themselves 'Actuaries'. There are about 7500 fellows of the Institute of Actuaries.
- Honorary Fellows are voted on by the Council as whom they feel appears to be able to render assistance in promoting the objects of the Institute and who is not professionally engaged in practice as an actuary.
[edit] Presidents of the Institute of Actuaries
- 1848-1860 John FINLAISON (1783-1860)
- 1860-1867 Charles JELLICOE (1804-1882)
- 1867-1870 Samuel BROWN (1812-1875)
- 1870-1872 William Barwick HODGE (1802-1885)
- 1872-1875 Robert TUCKER (1815-1875)
- 1875-1878 John Hill WILLIAMS (1814-1887)
- 1878-1882 Arthur Hutcheson BAILEY (1823-1912)
- 1882-1886 Thomas Bond SPRAGUE MA LLD (1830-1920)
- 1886-1888 Archibald DAY (1830-1904)
- 1888-1890 William SUTTON MA (1842-1898)
- 1890-1892 Benjamin NEWBATT (1834-1896)
- 1892-1894 Augustus HENDRIKS (1834-1905)
- 1894-1896 Alexander John FINLAISON CB (1840-1900)
- 1896-1898 Thomas Emley YOUNG BA FRAS (1843-1933)
- 1898-1900 Henry William MANLY (1844-1914)
- 1900-1902 Charles Daniel HIGHAM (1849-1935)
- 1902-1904 William HUGHES (1839-1912)
- 1904-1906 Henry COCKBURN (1848-1936)
- 1906-1908 Frank Bertrand WYATT (1853-1929)
- 1908-1910 Sir George Francis HARDY KCB (1855-1914)
- 1910-1912 Sir Gerald Hemmington RYAN Bt (1861-1937)
- 1912-1914 Frederick SCHOOLING (1851-1937)
- 1914-1916 Ernest WOODS (1855-1932)
- 1916-1918 Samuel George WARNER (1858-1928)
- 1918-1920 Geoffrey MARKS CBE (1865-1938)
- 1920-1922 Sir Alfred William WATSON KCB (1870-1936)
- 1922-1924 William Peyton PHELPS MA (1865-1942)
- 1924-1926 Arthur Digby BESANT BA (1869-1960)
- 1926-1928 Sir Joseph BURN KBE (1871-1950)
- 1928-1930 Abraham LEVINE MA (1870-1949)
- 1930-1932 Harold Moltke TROUNCER MA (1871-1948)
- 1932-1934 Sir William Palin ELDERTON KBE PhD (Oslo) (1877-1962)
- 1934-1936 Charles Ronald Vawdrey COUTTS (1876-1938)
- 1936-1938 Henry BROWN MA (1876-1943)
- 1938-1940 Henry John Percy OAKLEY MC (1878-1942)
- 1940-1942 William PENMAN MBE (1880-1970)
- 1942-1944 Henry Edward MELVILLE (1883-1976)
- 1944-1946 Reginald Claud SIMMONDS (1888-1969)
- 1946-1948 Sir Andrew Herrick ROWELL MA (1890-1973)
- 1948-1950 Sir George Henry MADDEX KBE (1895-1982)
- 1950-1952 Frederick August Andrew MENZLER CBE BSc (1888-1968)
- 1952-1954 Walter Frank GARDNER CBE (1900-1983)
- 1954-1956 John Farrant BUNFORD MA (1901-1992)
- 1956-1958 Charles Florestan WOOD (1905-1979)
- 1958-1960 Frank Mitchell REDINGTON MA (1906-1984)
- 1960-1962 John Henry GUNLAKE CBE (1905-1990)
- 1962-1964 Kenneth Ascough USHERWOOD CBE MA (1904-1988)
- 1964-1966 Sir Herbert TETLEY KBE CB MA (1908-1999)
- 1966-1968 Bernard BENJAMIN PhD (1910-2002)
- 1968-1970 James Basil Holmes PEGLER TD BA (1912-1992)
- 1970-1972 Ronald Sidney SKERMAN CBE BA (1914-2002)
- 1972-1974 Geoffrey HEYWOOD MBE BA
- 1974-1976 Gordon Vernon BAYLEY CBE (1920-2004)
- 1976-1978 Charles Michael O’BRIEN MA
- 1978-1980 Peter Edward MOODY CBE (1918-2004)
- 1980-1982 Antony Robin Napier RATCLIFF
- 1982-1984 Colin Stewart Sinclair LYON MA
- 1984-1986 Peter Gerald MOORE PhD DSc
- 1986-1988 Marshall Hayward FIELD CBE
- 1988-1990 Roger David CORLEY CBE BSc
- 1990-1992 Hugh Hedley SCURFIELD MA
- 1992-1994 Leonard John MARTIN CBE
- 1994-1996 Christopher David DAYKIN CB MA
- 1996-1998 Duncan George Robin FERGUSON MA
- 1998-2000 Paul Noel THORNTON MA
- 2000-2002 Peter Nigel Stuckey CLARK MA (1947-2006)
- 2002-2004 Jeremy GOFORD MA
- 2004-2006 Michael POMERY
- 2006-2008 Nicholas John DUMBRECK
[edit] See also
- Actuary
- Staple Inn - the Institute's headquarters in London, which date from the 16th century.
[edit] Notes and references
- ^ Bookshop, The Official Actuarial Bookshop
- ^ Acted The Actuarial Education Company
- ^ Becoming a student, Actuarial Profession, Faculty and Institute of Actuaries, 2006-06-11
- ^ Membership data, Actuarial Profession, Faculty and Institute of Actuaries
