Who are the IFoA? Find out who the Institute and Faculty of Actuaries are, what they do and the qualifications you need to become an actuary…
Also, find out how the IFoA supports their members through every stage of their career journeys.
The IFoA is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based in the UK and internationally.
The IFoA has over 32,000 members worldwide, with 16,000 Student members and 45 partner universities.
Support for IFoA members
The IFoA supports actuaries at every stage of their careers so they have the skills, knowledge and experience to achieve their professional goals in an evolving global business environment. The IFoA also works closely with actuarial employers to deliver opportunities across a growing range of non-traditional sectors.
Benefits of IFoA membership
As a member of the IFoA you will benefit from:
- Education and career development through the qualification structure and Continuing Professional Development (CPD) opportunities.
- National and international recognition of your qualifications.
- Influence through the promotion of the work of actuaries and analysts to business, government and the public.
- Assurance of public trust in the profession through our regulatory regime of ethical and technical standards.
- An international community of actuarial professionals sharing best practice, support and innovation.
- An extensive range of resources to support you while you study.
Find out more about the benefits of IFoA membership via their website.
Joining the Institute and Faculty of Actuaries
There are a number of different types of IFoA membership that reflect different levels of qualification and progression through the actuarial profession, including:
You can begin your exams either by becoming a student member of the IFoA or by taking one of our non-member exams. You will however, need to be a student member before you can apply for any exemptions.
To qualify as an Associate and a Fellow of the IFoA you will need to pass examinations and achieve a satisfactory level of work-related competencies.
Certified Actuarial Analyst
The Certified Actuarial Analyst is a qualification offered by CAA Global, a joint venture between the IFoA and the Society of Actuaries (SOA) in the USA.
CAA is an internationally recognised professional qualification, providing technical and professional skills. It provides an alternative route to a career in financial services. The qualification takes an average of 2-3 years to complete and you can study and sit exams almost anywhere in the world while continuing to work.
CAA provides a pathway into professional analyst roles and students wanting to develop technical and analyst skills.
Chartered Enterprise Risk Actuary Qualification (CERA)
With the increasingly complex and changing business environment, organisations are seeking enterprise risk management professionals to join their teams.
To obtain the CERA qualification, students need to qualify as an Associate or Fellow, complete the specialist principles subject in Enterprise Risk Management (SP9) and attend a CERA seminar.
Personal and Professional Development (PPD)
To work effectively as an actuary, you will be required to develop your work based skills through the IFoA Personal and Professional Development (PPD) scheme. This is completed while you are a student member, as part of your journey to qualify as an actuary.
This scheme is designed for you to:
- Apply your learning in the practical environment
- Learn to work within a professional and ethical framework
- Take opportunity to reflect on your learning and personalise continuing development
New student members are required to complete 2 years of PPD to qualify as an Associate, and a further one year to qualify as a Fellow.
Continuing Professional Development (CPD)
Your learning and development continues after you qualify as an Associate or Fellow. All Associate and Fellows who are in work and are fully regulated by the IFoA, are required to demonstrate participation in Continuing Professional Development (CPD).
By taking part in the IFoA CPD scheme, you show commitment to lifelong learning and development and maintaining your professional and technical skills in the actuarial field.