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.
The Institute was formed in 1848 partly in response to the large number of Life Assurance companies that were failing. In 1884 the Institute of Actuaries was incorporated by a Royal Charter.
The Institute's slogan is making financial sense of the future.
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[edit] Membership Categories
In total there are approximately 15000 members of the Institute falling into the following categories.
- Student actuaries are members of the Institute who are taking exams. Once the exams are complete Students can become fellows.
- Fellows are full members of the Institute who have met the training demands, and have the right to call themselves 'actuaries'
- Associates
- Affiliates
[edit] Examinations
Qualification by the Institute consists of a combination of exams and courses. The exams can only be taken upon having officially joined the body, unlike many other countries where exams may be taken earlier; although a candidate may offer proof of having previously covered topics (usually while at University) in order to be exempt from taking certain subjects. The exams are split into four sections: Core Technical (CT), Core Applications (CA), Specialist Technical (ST), and Specialist Applications (SA). In addition to exams and courses, it is required that the candidate has spent at least three years working as an actuary, and be at least 23 years of age, for him or her to qualify as a “Fellow of the Institute of Actuaries” (FIA) (Faculty and Institute of Actuaries 2006).
[edit] Core exams
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. Upon successful completion of both the CT and CA subjects a candidate is said to be an “Associate of the (Institute/ Faculty) of Actuaries.”
[edit] Specialist exams
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 e.g. Life, Pensions, 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 exams are relaxed, this exam may be taken before taking some earlier exams resulting in candidates qualifying on other papers.
[edit] List of Exams
[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 Stage
- ST2 - Life Insurance. Specialist Technical
- SA2 - Life Insurance. Specialist Applications
- ST4 - Pensions and other benefits. Specialist Technical
- SA4 - Pensions and other benefits. Specialist Applications
- ST1 - Health and Care. Specialist Technical
- SA1 - Health and Care. Specialist Applications
- ST3 - General Insurance. Specialist Technical
- SA3 - General Insurance. Specialist Applications
- ST5 - Finance and Investment. Specialist Technical A
- ST6 - Finance and Investment. Specialist Technical B and Certificate in Derivatives
- SA5 - Finance. Specialist Applications
- SA6 - Investment. Specialist Applications
[edit] UK Practice Modules
- P0 - Generic UK Practice Half Module
- P1 - Health and Care
- P2 - Life Insurance
- P3 - General Insurance
- P4 - Pensions
- P5 - Finance
- P6 - Investment
[edit] Past Presidents
- 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 Nick Dumbreck
[edit] See also
- Actuary
- Staple Inn - the Institute's headquarters in London, which date from the 16th century.
[edit] References
^ Becoming a student. Actuarial Profession. Faculty and Institute of Actuaries (2006). Retrieved on 2006-06-11.
