The Institute of Actuaries was one of the two professional bodies which represented
actuaries in the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
. The institute was based in England, while the other body, the
Faculty of Actuaries, was based in
Scotland
Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ...
. While the Institute and Faculty of Actuaries were separate institutions, they worked very closely together, and their professional qualifications and actuarial standards were identical. On 25 May 2010, voting members of the institute who took part in a ballot voted to merge the institute with the faculty, thus creating the
Institute and Faculty of Actuaries, which came into being on 1 August 2010. The Institute of Actuaries ceased to exist on that date.
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 was the oldest actuarial professional body in the world.
In July 1884, the Institute of Actuaries was granted a
royal charter
A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, bu ...
. 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.
Examinations
An actuarial qualification from the Institute of Actuaries consisted of a combination of the completion of various examinations and courses. The examinations were 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
[Bookshop]
The Official Actuarial Bookshop
or through
The Actuarial Education Company (ActEd)
''The'' () is a grammatical article in English, denoting persons or things that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in E ...
,
[ActE]
The Actuarial Education Company
/ref> a subsidiary of BPP Actuarial Education Ltd.
In addition to examinations and courses, it was 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) [Becoming a student]
Core Examinations
The Core Technical section consisted of the 8 exams and a “Business Awareness Module,” CT9. These were usually first sat by a candidate and included the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues. These were also the most common exams for which candidates may get exemptions. While these were 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 economics.
The Core Applications section consisted of two exams and a modeling course, CA2, that focus on the application of concepts learned, especially to insurance companies. This included the communications model, CA3, which tested the candidate on their ability to communicate complex actuarial concepts to others.
Specialist Examinations
The Specialist Technical section represented the first time the candidate had a choice of which exams to take. The candidate chose 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 allowed 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 were relaxed, this examination may be taken before taking some earlier examinations resulting in candidates qualifying on other papers.
List of Examinations
The following list will be replaced by a new curriculum structure from 31 December 2018.
Core Technical Stage
* CT1 – Financial Mathematics
* CT2 – Finance and Financial Reporting
* CT3 – Probability and Mathematical Statistics
* CT4 – Models
* CT5 – Life Contingencies
* CT6 – Statistical Models
* CT7 – Business Economics
* CT8 – Financial Economics
* CT9 – Business Awareness
Core Applications Stage
* CA1 – Actuarial Risk Management
* CA2 – Model Documentation, Analysis and Reporting
* CP3 – Communication Practice
Specialist Technical Stage
* 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
* ST7 – General Insurance – Reserving and Capital Modelling Specialist Technical
* ST8 – General Insurance – Pricing Specialist Technical
* ST9 – Enterprise Risk Management Specialist Technical
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
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
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 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 and Faculty 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 accounting 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
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset man ...
and become a Fellow of the Institute of Actuaries (FIA).
Membership Categories
In total there were approximately 15700 members of the Institute of Actuaries falling into the following categories. [Membership data]
Actuarial Profession, Faculty and Institute of Actuaries
* Affiliates were non-actuary 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;
* Student actuaries were members of the institute who are taking exams but have not attained the rank of Associate;
* Associates were members who had completed the CT and CA stages of exams and have completed one year's worth of relevant work-based skills experience. There were about 500 Associates in the institute. They bear the letters AIA after their names;
* Fellows were "fully qualified" members of the institute who had met the training demands by both completing all the examinations and meeting the work experience requirements. Fellows and Associates have the right to describe themselves as an actuary. There were about 9500 Fellows in the institute. They bear the letters FIA after their names;
* Honorary Fellows were voted on by the Council if it feels are 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.
Criticism
Following the near collapse of the Equitable Life Assurance Society
The Equitable Life Assurance Society (Equitable Life), founded in 1762, is a life insurance company in the United Kingdom. The world's oldest mutual insurer, it pioneered age-based premiums based on mortality rate, laying "the framework for sci ...
, the government commissioned Derek Morris Derek Morris may refer to:
*Sir Derek Morris (academic), Provost of Oriel College, Oxford
*Derek Morris (ice hockey) (born 1978), Canadian ice hockey defenceman
*Derek Morris (jockey), 1990s UK and Irish based steeplechase rider in Adonis Juvenile ...
, the former head of the Competition Commission, to look into the failings of the actuarial profession and make recommendations for reform (2005). His report highlighted concerns about the process by which the profession had sought to keep its syllabus and teaching materials up to date, about the way that ‘entrenched commercial interests’ had hindered the development of the institute's education policy, referring to 'an insularity that constrained the extent and effectiveness of input from academics, other professions and those in wider fields of practice'.
The Review proposed a regime of independent oversight of the institute's regulation of the profession by the Financial Reporting Council.[https://www.frc.org.uk/actuaries/oversight-of-the-actuarial-profession/morris-review]
Presidents of the Institute of Actuaries
* 1848–1860 John Finlaison
John Finlaison (1783–1860) was a Scottish civil servant, government actuary and the first president of the Institute of Actuaries.
John was born under the name Finlayson, however, was better known under the name of Finlaison.
Early life
J ...
(1783–1860)
* 1860–1867 Charles Jellicoe (1804–1882)
* 1867–1870 Samuel Brown Samuel Brown may refer to:
* Samuel Brown (Royal Navy officer) (1776–1852), English pioneer suspension bridge engineer and inventor
* Samuel Brown (engineer) (died 1849), English inventor of early internal combustion engine
* Samuel Brown (Wisco ...
(1812–1875)
* 1870–1872 William Barwick Hodge
William is a masculine given name of Norman French origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 276. It became very popular in the English language after the Norman conques ...
(1802–1885)
* 1872–1875 Robert Tucker (1815–1875)
* 1875–1878 John Hill Williams
John is a common English name and surname:
* John (given name)
* John (surname)
John may also refer to:
New Testament
Works
* Gospel of John, a title often shortened to John
* First Epistle of John, often shortened to 1 John
* Second E ...
(1814–1887)
* 1878–1882 Arthur Hutcheson Bailey
Arthur is a common male given name of Brythonic origin. Its popularity derives from it being the name of the legendary hero King Arthur. The etymology is disputed. It may derive from the Celtic ''Artos'' meaning “Bear”. Another theory, more wi ...
(1823–1912)
* 1882–1886 Thomas Bond Sprague
Thomas Bond Sprague FRSE FFA FIA LLD (29 March 1830 – 29 November 1920) was a British actuary, barrister and amateur mathematician who was the only person to have been President of both the Institute of Actuaries (1882–1886) in London a ...
MA LLD (1830–1920)
* 1886–1888 Archibald Day (1830–1904)
* 1888–1890 William Sutton MA (1842–1898)
* 1890–1892 Benjamin Newbatt
Benjamin ( he, ''Bīnyāmīn''; "Son of (the) right") blue letter bible: https://www.blueletterbible.org/lexicon/h3225/kjv/wlc/0-1/ H3225 - yāmîn - Strong's Hebrew Lexicon (kjv) was the last of the two sons of Jacob and Rachel (Jacob's thir ...
(1834–1896)
* 1892–1894 Augustus Hendrik
Caesar Augustus (born Gaius Octavius; 23 September 63 BC – 19 August AD 14), also known as Octavian, was the first Roman emperor; he reigned from 27 BC until his death in AD 14. He is known for being the founder of the Roman Pri ...
(1834–1905)
* 1894–1896 Alexander John Finlaison
Alexander is a male given name. The most prominent bearer of the name is Alexander the Great, the king of the Ancient Greek kingdom of Macedonia who created one of the largest empires in ancient history.
Variants listed here are Aleksandar, Al ...
CB (1840–1900)
* 1896–1898 Thomas Emley Young BA FRAS (1843–1933)
* 1898–1900 Henry William Manly
Henry may refer to:
People
*Henry (given name)
*Henry (surname)
* Henry Lau, Canadian singer and musician who performs under the mononym Henry
Royalty
* Portuguese royalty
** King-Cardinal Henry, King of Portugal
** Henry, Count of Portugal, ...
(1844–1914)
* 1900–1902 Charles Daniel Higham
Charles is a masculine given name predominantly found in English and French speaking countries. It is from the French form ''Charles'' of the Proto-Germanic name (in runic alphabet) or ''*karilaz'' (in Latin alphabet), whose meaning was " ...
(1849–1935)
* 1902–1904 William Hughes (1839–1912)
* 1904–1906 Henry Cocburn
Henry may refer to:
People
*Henry (given name)
*Henry (surname)
* Henry Lau, Canadian singer and musician who performs under the mononym Henry
Royalty
* Portuguese royalty
** King-Cardinal Henry, King of Portugal
** Henry, Count of Portugal, ...
(1848–1936)
* 1906–1908 Frank Bertrand Wyatt
Frank or Franks may refer to:
People
* Frank (given name)
* Frank (surname)
* Franks (surname)
* Franks, a medieval Germanic people
* Frank, a term in the Muslim world for all western Europeans, particularly during the Crusades - see Farang
Curre ...
(1853–1929)
* 1908–1910 Sir George Francis Hardy
Sir George Francis Hardy (14 December 1855 – 5 October 1914) was a British actuary, Egyptologist and amateur astronomer. He became a Fellow of the Royal Astronomical Society in 1877 and was President of the Institute of Actuaries from 1908 to ...
KCB (1855–1914)
* 1910–1912 Sir Gerald Hemmington Ryan, 1st Baronet
''Sir'' is a formal honorific address in English for men, derived from Sire in the High Middle Ages. Both are derived from the old French "Sieur" (Lord), brought to England by the French-speaking Normans, and which now exist in French only as p ...
(1861–1937)
* 1912–1914 Frederick Schooling Frederick may refer to:
People
* Frederick (given name), the name
Nobility
Anhalt-Harzgerode
*Frederick, Prince of Anhalt-Harzgerode (1613–1670)
Austria
* Frederick I, Duke of Austria (Babenberg), Duke of Austria from 1195 to 1198
* Frederic ...
(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
William is a masculine given name of Norman French origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 276. It became very popular in the English language after the Norman conques ...
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
''Sir'' is a formal honorific address in English for men, derived from Sire in the High Middle Ages. Both are derived from the old French "Sieur" (Lord), brought to England by the French-speaking Normans, and which now exist in French only as ...
MA (1890–1973)
* 1948–1950 Sir George Henry Maddex
''Sir'' is a formal honorific address in English for men, derived from Sire in the High Middle Ages. Both are derived from the old French "Sieur" (Lord), brought to England by the French-speaking Normans, and which now exist in French only as p ...
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
Kenneth is an English given name and surname. The name is an Anglicised form of two entirely different Gaelic personal names: ''Cainnech'' and '' Cináed''. The modern Gaelic form of ''Cainnech'' is ''Coinneach''; the name was derived from a byn ...
CBE MA (1904–1988)
* 1964–1966 Sir Herbert Tetley KBE CB MA (1908–1999)
* 1966–1968 Bernard Benjamin
Bernard Benjamin (8 March 1910 – 15 May 2002) was a noted British health statistician, actuary and demographer. He was author or co-author of at least six books and over 100 papers in learned journals.
He was born in London and studied physi ...
PhD (1910–2002)
* 1968–1970 James Basil Holmes Pegler
James is a common English language surname and given name:
*James (name), the typically masculine first name James
* James (surname), various people with the last name James
James or James City may also refer to:
People
* King James (disambigua ...
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
Peter may refer to:
People
* List of people named Peter, a list of people and fictional characters with the given name
* Peter (given name)
** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church
* Peter (surname), a sur ...
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
Roger is a given name, usually masculine, and a surname. The given name is derived from the Old French personal names ' and '. These names are of Germanic origin, derived from the elements ', ''χrōþi'' ("fame", "renown", "honour") and ', ' ( ...
CBE BSc
* 1990–1992 Hugh Hedley Scurfield
Hugh Scurfield was an English actuary of considerable note. He was born on 9 December 1935 in the County of Durham, England; the third of four children to William Russell Scurfield and Elizabeth Morton Scurfield (née Hedley). He graduated from He ...
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
Paul may refer to:
*Paul (given name), a given name (includes a list of people with that name)
* Paul (surname), a list of people
People
Christianity
*Paul the Apostle (AD c.5–c.64/65), also known as Saul of Tarsus or Saint Paul, early Chri ...
MA
* 2000–2002 Peter Nigel Stuckey Clark
Peter may refer to:
People
* List of people named Peter, a list of people and fictional characters with the given name
* Peter (given name)
** Saint Peter (died 60s), apostle of Jesus, leader of the early Christian Church
* Peter (surname), a sur ...
MA (1947–2006)
* 2002–2004 Jeremy Goford
Jeremy may refer to:
* Jeremy (given name), a given name
* Jérémy, a French given name
* ''Jeremy'' (film), a 1973 film
* "Jeremy" (song), a song by Pearl Jam
* Jeremy (snail), a left-coiled garden snail that died in 2017
* ''Jeremy'', a 1919 ...
MA
* 2004–2006 Michael Pomery
* 2006–2008 Nicholas John Dumbreck
Nicholas is a male given name and a surname.
The Eastern Orthodox Church, the Roman Catholic Church, and the Anglican Churches celebrate Saint Nicholas every year on December 6, which is the name day for "Nicholas". In Greece, the name and its ...
* 2008–2010 Nigel Masters
Nigel ( ) is an English masculine given name.
The English ''Nigel'' is commonly found in records dating from the Middle Ages; however, it was not used much before being revived by 19th-century antiquarians. For instance, Walter Scott published ...
* 2010–2011 Ronald Bowie
* 2011–2012 Jane Curtis
Jane may refer to:
* Jane (given name), a feminine given name
* Jane (surname), related to the given name
Film and television
* ''Jane'' (1915 film), a silent comedy film directed by Frank Lloyd
* ''Jane'' (2016 film), a South Korean drama fil ...
* 2012–2013 Philip Scott
See also
* Actuary
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset man ...
* List of learned societies
This is a partial list of learned societies, grouped by country.
International
European
Argentina
Armenia
Australia
Austria
Bangladesh
Belgium
Brazil
Canada
China
Czech Republic
Finland
France
* The 5 ''académies'' of ...
* Staple Inn – the institute's headquarters in London, which date from the 16th century.
Notes and references
External links
*
Article – the Institute of Actuaries
{{DEFAULTSORT:Institute Of Actuaries
1848 establishments in England
Organisations based in England with royal patronage
Organizations established in 1848
Organizations disestablished in 2010
Actuarial associations
2010 disestablishments in England