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The Institute and Faculty of Actuaries
Wen Li FIA
Lead Representative in Asia
July 2013
About the IFoA
• The Institute of Actuaries was formed in 1848 in London
and the Faculty of Actuaries was formed in 1856 in
Scotland, both under Royal Charter
• The Institute and Faculty of Actuaries merged to become
one on 1 August 2010
• The Institute and Faculty of Actuaries (IFoA) is the UK's
only chartered professional body dedicated to educating,
developing and regulating actuaries based both in the UK
and internationally
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Our logo explained
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•
The armorial bearings are based on a shield bearing a wavy line to
reflect on the mathematical curves used by actuaries in their analysis
and understanding of future financial out turns
•
The hour glasses depict the sands of time and are an allusion to the
study by actuaries of the impact of uncertainties on future events
•
The shield is supported by two owls which represent wisdom
•
The ground is strewn with English roses and Scottish thistles in
reference to the former London and Edinburgh-based professional
bodies
•
The armorial bearings are topped with a woolsack (again with the
mathematically wavy line), which is a recall of the trade in wool at Staple
Inn, where the profession has its headquarters.
At a glance
• Over 24,000 members
• Over 12,000 are fully qualified actuaries (around 60 in China)
• Over 41% of members are based outside the UK
• 48% of members are students
• 70% of members are under 40 years old
• Our webinars have attracted 2,804 delegates over 330 registered
sites
• Over 13,000 fans on Facebook
• Over 600 fans on Weibo
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5 Year Strategy
• Education
• Regulation
• Member Support
• Public Affairs
• Learned Society and Thought Leadership
• International
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Education
• Routes to fellowship:
- ERM
- Life
- General Insurance
- Health and care
- Pensions
- Investment
- Finance
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Education
• Routes to qualifying:
- passing 15 subjects with required work base skills
- Exams are application based rather than bookwork
- In the early days most students qualified while working
- Since “Morris Review”, high quality universities around
the world are accredited with exemptions from the IFoA
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President’s comments
Extracts from the President’s comments:
The IFoA is an international organisation with members spread far
and wide, and a professional heritage that dates back over 160
years. With all that talent and experience, and our commitment to
working in the public interest, we can help our members and our
stakeholders grapple with many of the key issues that are
relevant as the world changes. Most of all, I want our members
and volunteers to be proud to be associated with the IFoA.
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Our vision
We will serve the public interest by ensuring that where there is
uncertainty of future financial outcomes, actuaries are trusted and
sort after for their valued analysis and authority.
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Thank you.
Questions?
Comments?