Actuarial Agony with Jen & Jean
01 September, 2007
With the profession’s relaunch of the associateship qualification, you may now be able to call yourself an actuary even if you have not passed all 15 exams.Excuse me? What on earth are you talking about?Why, the attainment of the status as an associate of the Faculty or Institute of Actuaries, of course! Ah… how do I know if I’m eligible?You are eligible for such a status if you have met all the following requirements:u passed all the CT and CA exams;u attended a one-day professionalism event (which is the first day of the two-day professionalism event for fellows);u if you joined the profession after 1 July 2004, completed one year’s work-based skills, answering four questions under the four key dimensions of communications, commercial, practical application of actuarial skills, and professional and ethical.Is this a recognised qualification outside the UK?Yes, the associateship meets the minimum requirements of being an actuary in many countries of the world, and is therefore an internationally recognised qualification.Sounds good so far… but do I get letters after my name?You do indeed. As an associate you can use the initials AFA (Faculty) or AIA (Institute) and call yourself an actuary ‘with the full blessing of the profession’.Won’t this dilute the value of the fellowship?The profession doesn’t seem to think so. The associateship is supposed to be a more generalist qualification appropriate for the diverse roles within the financial sector, while the fellowship still retains its role for people wishing to specialise.Why has the profession chosen to relaunch the associateship? And what do you mean ‘relaunch’?Well, the class of associate has always existed, and this relaunch is as part of the profession’s strategic response to the Morris review. The profession is aiming to raise the profile and provide recognition of the skills of the profession’s associates to cope with the increase in demand for diverse roles within the financial sector. How many students currently qualify to be associates?Currently there are approximately 1,000 worldwide. If you’re one of these people, you should have had a letter from the profession inviting you to become an associate. There is also now an extra pass list following the release of exam results which will list those people eligible to become an associate.Fantastic – where can I get further information?Contact karen.brocklesby@actuaries.org.uk for details on how to apply.Also, check out the article on the associateship in March’s issue of The Actuary, at www.the-actuary.org.uk/pdfs/07_03_05.pdf
