In November 2022, IFoA Fellow and Associate members will be asked to vote on adapting the designation of Chartered Actuary, rebranding the title of qualified actuaries.
IFoA having a royal charter unlike any other actuarial body around the globe, to differentiate its qualified members from other Societies. Institute’s members proposed the title of Chartered Actuary for the qualified members of IFoA.
It will give recognition to the qualified members, like other professions such as Solicitors, Accountants and Engineers.
Actuaries have been dominantly working in the Insurance and Pension Sectors. With the changing world, it is exposed to new challenges. To widen the reach of the actuarial work and to help the qualified actuary enter into other sectors with ease, the new title will be beneficial.
For a Fellow actuary, they can use the title, FIA C.Act or if they are a faculty member of the IFoA, FFA C.Act. or just FIA or FFA.
For an Associate actuary, they can use the name, AIA C.Act or if they are a faculty member of the IFoA, AFA C.Act. or just AIA or AFA.
Further IFoA has proposed to allow members to choose whether they will use the Chartered Actuary title or not.
Further, they proposed that there will not be any changes in the examination and qualification process.
In May 2022, the IFoA got the Agreement in Principle from the Privy Council. In June 2022, the IFoA council approved a voting by the qualified members over adaptation of the title. After affirmative voting in November 2022, IFoA will seek formal approval from the Privy Council and in the year 2023, qualified members can expect to receive the Chartered tag.