THE WORSHIPFUL COMPANY OF ACTUARIES
Actuaries apply financial and statistical theory to solve business problems. These typically involve analysing future financial events, especially when the amount of a future payment, or its timing, is uncertain. A lot of actuarial work is risk management, assessing how likely an event may be and the costs associated with it.
Understanding how businesses operate, how legislation may impact and how financial economics can affect values are all vital skills for an actuary. What differentiates actuaries is their core mathematical, economic and statistical understanding and their ability to advise on holistic solutions for real financial problems.
Innovate here; Succeed anywhere
The Company seeks to extend recognition, within the City of London and beyond, of the Actuarial Profession and a greater understanding of how actuaries can help all businesses – and so creating wealth for the economy. The Company also seeks to support the Institute & Faculty of Actuaries in the UK wherever it can to promote the work of actuaries in fields outside the traditional ones of pensions and life assurance. The actuarial profession has a strategic objective to speak up on relevant matters of public interest and to raise awareness of the work of actuaries and the value they add to society.
The Company supports the educational work of the Actuarial Profession in providing high quality qualifications for students and lifelong education for qualified actuaries, through the provision of bursaries, prizes and university lectures. In addition, it works to promote high quality mathematics education in schools, and is currently sponsoring a major study into the teaching of mathematics, which aims to answer two specific questions. First to what extent does studying advanced mathematics develop general thinking abilities? Secondly how can mathematics teaching and assessment be structured to maximise the development of such thinking skills? The questions are timely given the policy debates about whether mathematics should be compulsory in schools until 18. The goal of the sponsored Fellowship is to produce a book which will have a substantial impact on policy and practice on mathematical education in the UK. The Company, in conjunction with the profession, is currently sending out volunteer actuaries to help with regular two-week teaching stints for the actuarial degree programme in Kumasi, Ghana. In this young actuaries are generous with their time and their employers generous in covering travel expenses.
Facts and Figures
In 2014 there were 26,668 members of the UK Profession, 45% qualified, 52% students with 57% of those students based outside of the UK, and 31% female. 57% work in the UK, 9% in Europe and 34% in the rest of the world. 55% of active actuaries are in insurance firms and 45% in consulting and other firms.
Areas of Financial Services Expertise
- Accounting in financial services firms for assets and liabilities, revenues and profit for regulatory, statutory and economic accounts and to support mergers and acquisitions.
- Assessment of the financial health of pension funds and the insurance of all risks including reinsurance and capital needs.
- Legal documents supporting financial services transactions, particularly with regard to appropriate corporate structures.
- The Actuarial Profession in the UK provides a comprehensive offering to its members globally, and plays a prominent role in international actuarial organisations. It takes a proportionate approach to member regulation internationally and relies on and supports members to meet local requirements in their own country.
- The International Actuarial Association (IAA), exists to encourage the development of a global profession, acknowledged as technically competent and professionally reliable, to ensure that the public interest is served in all members states. The IAA has 66 Full and 30 Associate Members; local actuarial associations around the world need encouragement to become Full members of the IAA.
- The local actuarial associations in Turkey, Kazakhstan, Tanzania and Uganda are Associate Members of the IAA; UAE, Saudi Arabia, Bahrain, Uruguay, Tunisia, Algeria and Vietnam have no local actuarial association.
Contact Adrian Waddingham CBE at firstname.lastname@example.org