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20 Our members, 20 20 our focus 21
2 | President &
Contents CEO statement
4 | Our member focus
6 | Setting the pace
10 | Actuaries leading the way
14 | New horizons, greater impact
18 | An evolving learning journey
22 | Honing your skills
26 | Thinking bigger
30 | A global outlook
34 | Looking ahead
36 | Where our members’ fee are spent
38 | A year in numbers
1
2 IFOA Moving forward 2020/2021
As 2020 began, not even the most prescient among us could
have predicted how world events would unfold during the
course of the year. As we take time to reflect on what has
been accomplished over the last 12 months, we begin with
our appreciation to you: our members, volunteers, employees
and colleagues. Thank you for the effort and energy you have
dedicated to the IFoA, and one another, during such an historic
moment in all our lives.
As we were developing our five-year strategy with the theme of Tan Suee Chieh
‘repositioning the profession’, we could not have imagined just how President
transformational the year would prove to be for us and others.
Despite the challenges that Covid-19 brought with it, and the rapid action
that was required to ensure we continued to support our members (online
events and examinations became our ‘new normal’, nearly overnight) the
vision we set out a year ago has held fast, and our shared adaptability,
curiosity and judgment have come to the fore. We have been able to turn
our attention with even sharper clarity towards what is required for us to
truly embed and deliver on our purpose – ‘to be the voice of actuaries,
and to support, develop and be the voice of our members’ – in a way that
rings true to all who engage with the IFoA.
Our colleagues demonstrated exceptional commitment in 2020, and
You are heard
continue to do so – we have made excellent progress in understanding
what our members value, and we are working in earnest to deliver upon it.
and you
In our change efforts, we are determined to place relevance and
engagement alongside compliance and standards, speed and
responsiveness next to reverence for process, and celebration of
are valued
excellence and diversity above conformity.
We are delighted that our employee engagement scores have shown
significant gains. Our member net engagement scores have yet to
respond to the changes we are making, but that makes us even more
determined to move the dial this year.
We know progress must not just be about process; it must be truly felt.
Throughout this annual report, we aim to show you that you are heard,
you are valued, and that there is more good to come.
We hope you will enjoy remembering and reflecting along with us.
And of course, we look forward to your voices helping to shape
and guide the IFoA in a meaningful way in the years to come.
Stephen Mann
Chief Executive Officer
3
4 IFOA Moving forward 2020/2021
Our members,
our focus
We know that the IFoA exists to serve our
members, and that our organisation will be
measured and held accountable against the
experience our members have when they
interact with us.
This year we have spent time developing our
propositions, to ensure that we remain focused
on the things our members value most.
These are our core propositions to our members:
•A
premium qualification and the right to
use designations
•C
areer benefits (lifelong learning, networking,
broader domains and employers)
• Good value
• Easy to do business with
•B
eing part of a vibrant community
at every stage of career and life
•S
hared investment in the public interest,
and ‘doing good’ through upholding high
standards and helping to address society’s
biggest challenges as a trusted thought leader
These propositions will act as our focus. Everything
we do in service to our members will be held up
and measured against them.
5
6 IFOA Moving forward 2020/2021
Setting
the pace
Understanding what our members
value drives everything we do
In 2018 Hearing from our members firsthand In March 2020, as many of the world’s Our second session of online examinations Almost 11,000 candidates sat exams
we sent out our is fundamental to our work; it is only businesses were closing their doors and took place in September. This time during this session and the online
first all-member through understanding what matters people in the UK were instructed to work we were able to offer the full portfolio platform continued to perform well.
survey in most to our members and what is from home, we moved the majority of our of subjects alongside a number of This rapid digitisation demonstrated our
seven years. important to them that we can deliver examinations online over a period of just improvements to the student experience. commitment to supporting our student
on our commitment to make the IFoA nine working days. This was implemented For example, we were able to offer members through this difficult period. At
Since then we a truly progressive, modern and with a delay of only two weeks in the a candidate support helpline during the same time, we were able to deliver
have continued member-centric organisation. examination timetable. examinations to assist individuals who tangible improvements to our offer, and
to survey our experienced difficulties with their own IT an examination experience that meets the
members In their feedback, members repeatedly This programme of rapid digitisation systems. In response to feedback, we also needs of our modern global membership.
annually. emphasise that modernising and ensured 7,000 candidates could sit the made changes to the online examination Continued
improving their member experience online examinations, without any impact platform so that candidates could be But it was not just our examinations that overleaf >>>
is critical to their perceptions of value. on performance or standards (as noted provided with evidence of successful underwent radical change.
This year we took great strides in by the Board of Examiners). Our post- submission of their examination script,
this area. While many of these exam feedback survey also received alleviating any worries that their hard
developments were in progress the highest response, with 97% of work had not been received by the IFoA
anyway, the emergence of Covid-19 candidates reporting that the online examinations team.
dramatically accelerated our ongoing examination platform was easy to use.
programme of value enhancement. Those sitting the online examinations
also appreciated the opportunity to
continue with their qualification while
other major associations were cancelling
their examinations.
7
8 IFOA Moving forward 2020/2021
Whatever your career stage,
our events provide a wide range
of opportunities to support your
career development.
An exciting programme of events Easier interactions
The IFoA events When all in-person events had to be Our online events offering proved We know that being easy to do business In addition to these high-level
programme is cancelled due to the pandemic this unique immensely popular with our members with is an important part of our member changes, we also began a programme
one of the largest and highly prized programme of content all around the globe. The easy accessibility experience and that having modern, of immediate improvements to our
sources of original was swiftly reconfigured into a valuable to content is something that that they responsive systems enables this. day-to-day processes and systems to
actuarial content range of online webinars. have asked us to continue to provide ensure we can provide the high standard
in the world, with post pandemic. With the outbreak of the pandemic, of service and support that members
more than 100 Within the first month ten face-to-face we dramatically accelerated our tell us would improve their member
events each year. events and four spring conferences had By responding with agility and working in ongoing programme of technology experience. Processes have been digitised,
been converted into over 40 webinars. collaboration with our volunteers, we kept enhancement. This will provide a future- enabling members to self-serve to a far-
This was achieved due to meaningful our focus on fulfilling our commitment to proofed technology platform and a greater degree, thereby delivering a more
collaboration between our Events Team, our members’ learning. We are proud to new ecology of systems that will enable modern organisation and greater member
Communities Team, and our various have been able to continue delivering a us to make key improvements to our satisfaction.
practice areas volunteers, who worked diverse event programme throughout this members’ experience, offer greater
together to adapt and deliver the content unprecedented period. insight into trends and behaviours Notable examples implemented during
in an online format for our members. across the membership, and provide a the year include a new paperless online
significant boost to internal operational admissions process, online exemptions
effectiveness. search and application, online personal
and professional development final
But we’re not just making improvements declaration, online Affiliate applications,
for the long-term. and back-office streamlining of subject-
access-request processing.
9
10 IFOA Moving forward 2020/2021
Actuaries
leading
the way Actuary
The value of experts attends SAGE
Actuaries have Recognising the grave threat that Covid-19 At the same time, the Covid-19 Actuaries In April 2020 the Continuous Mortality In July 2020 an ARG and CMI volunteer,
always been willing posed – not just to individuals and Response Group (ARG) was already Investigation (CMI) began publishing Stuart McDonald, was asked to attend
to provide their societies but also to financial systems – responding. Comprising actuaries, weekly, rather than quarterly, mortality the UK government’s Scientific Advisory
expertise and the IFoA Covid-19 Action Taskforce (ICAT) epidemiologists and longevity specialists, analysis, looking at excess deaths through Group for Emergencies (SAGE) meetings.
assistance in the was rapidly assembled during the spring ARG committed to working together its mortality monitor. The value of this
public interest, of 2020 to provide insights and modelling quickly, meaningfully and thoughtfully. work was recognised with frequent Stuart’s participation arose following
and this year they on different facets of the pandemic – from Its purpose was to educate, inform and references in national and trade media. correspondence between the IFoA’s
were quick to offer pensions and investments, to health and influence actuaries, as well as other The CMI also published accelerated President, Tan Suee Chieh, and Sir Patrick
their services in longevity. audiences, on the many aspects of the analysis of annuitant mortality during Vallance (the UK government’s Chief
response to the pandemic where it could add value and the first half of 2020, and set out its Scientific Adviser) and Professor Chris
pandemic. Across the world, actuaries were quick clarity. In recognition of its work, the initial thoughts on setting mortality and Whitty (the Chief Medical Officer for Continued
to respond to ICAT’s call for volunteers group was named winner of the Judges’ morbidity assumptions in light of England). We wanted to demonstrate how overleaf >>>
and in its first month it recruited over 580 Award for contribution to the industry in the pandemic. the actuarial skill set could support the
volunteers to its ranks and formed over 80 the Insurance ERM 2021 awards. government’s management of the virus and
workstreams. To date, ICAT has produced add a new dimension to SAGE’s advice.
over 140 outputs, enabling a deeper
understanding of the pandemic and Stuart provided expert input on the issue
its consequences. of excess deaths in a paper presented
by the Department for Health and Social
Care, the Office for National Statistics and
the Government Actuary’s Department.
11
12 IFOA Moving forward 2020/2021
We want our members to
feel part of a vibrant community
of actuaries, wherever they are
based in the world.
Actuaries helping others The value of volunteering
In August 2020 The Foundation’s core mission is We are proud of the impressive start the Despite the pandemic, our member Over 4,000
we launched the ‘Actuaries supporting others’ and just six Foundation has made. It embodies those volunteers still found countless ways to members
IFoA Foundation, months after the launch the new charity qualities that are at the core of the IFoA: continue contributing during the last year. volunteered in the
bringing together has been so generously supported by our advancing the value of the actuarial skill From joining working parties and practice last year and we are
the IFoA’s previous members and the wider community that it set, offering educational advantages to boards, to volunteering to work as immensely grateful
charities. is already starting to make this mission a students who may otherwise not have Career Ambassadors and on The Actuary to each and every
reality. Several grant-giving programmes them, and developing the actuaries of magazine (to give just a few examples), one of them.
are already live. These include global tomorrow – wherever they may be. our members proved once again their
education grants for actuarial students in commitment to working in the public
financial hardship, a range of educational interest and promoting the profession.
and research prizes and awards, and a
partnership with the Actuarial Association
of East Africa to support actuarial
students in that region.
13
14 IFOA Moving forward 2020/2021
New
horizons,
greater
impact
Staying current Changing and adapting
Technology, Confronted with these emerging issues, But what does the actuary of the Vision — Change is rapid and inevitable: Mindsets — Those qualities that are
innovation, the the IFoA must also adapt so that we future look like and what qualities will be industries, professions and societies are fundamental to the actuarial skill set –
100-year life – remain relevant, current and ready to needed to transition to this new world? evolving, and the actuarial skill set must analytical, careful, cautious – must now
these are just meet these challenges. While the existing qualifications and skill be applied to areas where actuaries have go hand-in-hand with a confidence
some of the issues set will remain intrinsic to the profession, not traditionally worked. Through their and willingness to be adaptable,
that society, and That’s why, in September 2020, we we are keenly aware that they will not skills and abilities, actuaries can play a bold and to speak out.
the actuarial launched our new five-year strategy. It be sufficient alone for the 21st century part in shaping a fairer, more equitable
profession, must focuses on three main areas: broadening actuary. world. Domains — Actuaries are increasingly
grapple with. our relevance, helping to shape the lending their skill sets to a variety of
profession’s future, and attracting That’s why, to support our strategy, we Skill sets — As new areas and professions outside of traditional roles.
new talent. have developed our Vision, Skill sets, technologies emerge and digitalisation We have already embedded a number Continued
Mindsets and Domain (VSMD) agenda. gathers pace, we need to ensure the of new developments into our learning overleaf >>>
This encompasses tthose attributes that actuaries of the future are equipped and curriculum, such as our data science
actuaries will need in order to engage with the skills, qualifications and lifelong certificate, our banking lifelong learning,
successfully with the future. learning they need to succeed in these and our increased focus on sustainability.
contemporary and diverse fields.
But what does VSMD mean in practice?
1516 IFOA Moving forward 2020/2021
We want our members to have
confidence that we are acting on
their feedback and delivering on
our commitments.
Propositions Purpose and values
Our members Our member propositions, as outlined on The propositions help to bring focus To ensure we set out on this journey Our purpose
are central to page 4, articulate how we will deliver and definition to our strategy and VSMD together, and that there is a shared To be the voice of actuaries, and
everything we do. on those things our members have told us agenda. Along with our member pledge, understanding of the path we are on, we to support, develop and be the voice
That’s why in 2020 are most important to them – from launched in March 2020, they set out the recently launched our new Purpose and of our members
we developed our boosting the value of our qualification criteria and standards against which the Values statement. This sets out the values
set of member to ensuring we act as a voice for all IFoA will be judged. we expect our employees to embody Our values
propositions. actuaries, wherever they may be. They in their day-to-day work so we can be • Member-focused
These will be used provide a road map of priorities that sure we are offering members the best • Action-oriented
as our benchmark set our direction and path, and against possible service in all our interactions • Forward- and outward-looking
to ensure that which members will be able to measure with them. Our renewed purpose and • Team-driven
everything we do our progress. values represent the energy, dynamism
is in service to our and member-centric values that are at
membership. the heart of our modern, forward-thinking
organisation.
1718 IFOA Moving forward 2020/2021
An
evolving
learning
journey
A qualification to be proud of Lifelong learning
We know that A common thread in our members’ In January 2021, following a high-level We know that learning doesn’t stop In September 2020 we began
the IFoA’s feedback is the value of the IFoA’s strategic review of our complete learning once our members qualify. That’s why development of a post-Associateship
qualifications actuarial qualifications and lifelong offer, we launched our three-year lifelong learning is an essential part of study pathway in banking. In parallel,
are held in high learning – and the prestige that Learning Change Programme. Building the IFoA’s strategy. we introduced banking into our pre-
esteem. these carry. on our VSMD agenda (pages 14-15), Associateship curriculum, as well as
the initial elements of the programme In April 2020, as part of our commitment launching a lifelong learning microsite
But while our members and their will focus on enhancing professional to lifelong learning, we launched our containing webinars, a set of career case
employers hold our qualifications in high learning throughout our membership, Certificate in Data Science. To date, 300 studies, a comprehensive curated reading
regard, they are aware that the profession improving our pre-qualification members have joined the programme, list and recommendations for relevant
is changing and evolving. Recent years curriculum, modernising our approaches with 269 having successfully completed courses and related resources.
have seen the emergence of non- to assessment, and evolving our learning the credential. Feedback has been Continued
traditional areas, the increasing profile of offer in response to external market overwhelmingly positive, with over 80% Aware of the major role our members will overleaf >>>
data science, and greater competition for drivers. of the members who have taken part play in climate risk and sustainability, we
roles. We know our members expect us to confirming that the Certificate has helped also began introducing climate-related
keep pace with these business needs and We are excited by these first steps them develop a better understanding case studies and resource materials
we take this responsibility seriously. towards rejuvenating and broadening our of this field, as well as giving them the across all subjects in our pre-qualification
qualifications and learning offer. It will confidence to contribute to data-science curriculum. In addition, we launched a
equip members with the modern, flexible projects in their everyday professional set of lifelong learning webpages related
skill set they need, and empower them to work. to sustainability, including sustainability
succeed in both traditional and emerging guides to support members in their
environments. But we didn’t stop there. individual professional domains, and
signposting to a range of resources
related to climate change.
1920 IFOA Moving forward 2020/2021
Our prestigious qualifications are
recognised across the world and are in
demand from businesses, governments
and organisations.
Students
Before members We understand how important this stage We also took this opportunity to identify
engage on the is – which is why, following research into ways we can keep in touch with these
exam pathway, we the IFoA brand among young people, bright young students with important
know that their first we embarked on the first phase of our updates and relevant content. Our
experience of us redesign of the careers section of our changes were well received with our
will be when they website. focus group and we are excited about
are considering undertaking the second phase of the
their career options Our work to refresh these pages to redesign in the coming year.
generally and make them a more engaging experience
“In 2020 our ‘Count Me In’
finding out more included improving the overall journey We are delighted to see that our new “Our ‘Count Me In’ campaign
campaign won Best Equality,
about what it is to through the pages, providing clearer pages are already seeing an uplift in promotes diversity within the
Diversity or Inclusion Campaign
be an actuary. information about the path to becoming enquiries, with nearly 100 young people profession, particularly among
at the Memcom Membership
an actuary, and adding additional content making contact with us to find out more young people.”
Excellence Awards.”
such as blogs and quizzes to help young about a career in the actuarial profession.
people get a better idea of what it’s like to
be an actuary.
2122 IFOA Moving forward 2020/2021
Honing
your skills
Listening and learning Professionalism A common goal
Acting on member When members told us they found our Our new approach is tailored to the needs We are committed to supporting our In January 2021 we were delighted
feedback is central continuing professional development of our members, demonstrating one of the members in attaining the high levels to open up our Affiliate membership
to our relationship (CPD) scheme too burdensome and ways in which we are listening to feedback of professionalism that assure our to all professionals who work alongside
with our members. onerous we listened and, following a and modernising the profession. profession’s global reputation. actuaries or who have an interest in
pilot and consultation with our members, actuarial science.
our new CPD scheme came into effect That’s why we introduced a more flexible
on 1 September 2020. learning approach to our three-stage Affiliate membership offers tangible
professional skills training. We want benefits such as: digital access to our
Our new scheme takes a more modern to ensure that we continue to provide publications, including our monthly
approach to CPD. A broader range professionalism training at the right time membership magazine The Actuary;
of activities now count towards our in our members’ careers, and in more information about our events; and Continued
members’ CPD requirement, as long as depth, thereby better serving the IFoA’s the opportunity to contribute to our overleaf >>>
they have an identifiable learning outcome public interest objective. meetings, conferences and research
and address a learning need. The new projects. In particular, our Affiliate
scheme also requires members to take Our new approach means the content membership provides other professionals
part in reflective practice discussions, is more engaging and allows for a more with the opportunity to reach across
leading to more meaningful learning. flexible learning approach – members can disciplinary boundaries and associate
access it at their own convenience and themselves with an organisation and a
progress at their own pace. profession with a long-established record
of credibility.
2324 IFOA Moving forward 2020/2021
We uphold high standards of
regulation and integrity to ensure
we instil public confidence in
the profession.
Quality
Engaging with regulators Diversity Assurance Scheme
In addition to our diversity survey, a In 2020 we launched our QAS CPD
We know our We work closely with the Financial In advancing the actuarial profession working group comprising employees scheme for organisations holding the
members Reporting Council’s Actuarial Policy as a whole, we strive to represent and and member volunteers is being QAS accreditation, allowing accredited
sometimes feel team to ensure they are aware of the champion all perspectives, cultures and established to set our Diversity, organisations to put in place their
that regulation is practical implications of their regulation backgrounds. Equity and Inclusion strategy for the own outcomes-focused learning and
too onerous. At on our members. We also highlight next four years. development systems for their actuaries.
the IFoA we are where there are any issues with the But to do this, we know we have to This scheme has proved very popular,
in regular touch application of those standards, and monitor diversity and inclusion so that we In January 2021 a number of senior with 12 QAS organisations opting in so far.
with the regulators suggest more proportionate, relevant can understand whether our organisation volunteers and executive colleagues
and are proactive ways of approaching their role. is equally accessible to different also took part in a deep dive session on In May 2020 our first actuarial employer
on behalf of our communities – and to help us be sure diversity, equity and inclusion, focusing based in Malaysia, Nicholas Actuarial
membership. We also engage proactively with the we are delivering on our promise to be a on race and intersectional inclusion. Solutions, joined our QAS accreditation.
UK regulators of the key industries in member-focused professional body. They were joined in August by a
which our members work – including second actuarial employer based in
the Prudential Regulation Authority, the In January 2021, to help us monitor Malaysia, AIA Malaysia. In February
Financial Conduct Authority, The Pensions the effectiveness of our diversity and 2021 we welcomed Kenbright Actuarial
Regulator and Lloyds – to inform their inclusion policies and processes, we and Financial Services to the QAS
work in terms of the actuarial perspective invited our members to take part in accredited community. This was the first
and to avoid duplication. Our engagement our first diversity monitoring survey, organisation to have its accreditation
involves regular one-to-one meetings with building a more complete picture of assessment carried out entirely remotely,
these regulators, as well as participation in our membership. with the assessment team based in the
the work of the Joint Forum on Actuarial UK and Kenbright based in Kenya.
Regulation, ensuring the voice of actuaries
is heard.
2526 IFOA Moving forward 2020/2021
Thinking
bigger
New approaches Campaigns
Innovative thinking, March 2020 began with the launch of The transfer of financial risk from Throughout last year we
evidence-led FinSTIC – the Financial Systems Thinking institutions to individuals, who are often gathered evidence about how this
debate, informed Innovation Centre – dedicated to unprepared to take on this role, is one of transfer is manifesting in practice,
discussion. Our bringing the benefits of systems thinking the most important and under-reported how it is affecting people, and what
commitment to to financial services. The community issues of our time. While it gives many can be done to help those who may be
thought leadership brings together a range of podcasts people the freedom to manage their own disadvantaged by the trend. Our interim
is making a and resources to guide people through finances as they see fit, the implications report was published in July 2020 and our
difference to some systems thinking, what it is and how it can of this ‘transfer’, and the impact on final report was published in April 2021.
of the key issues be applied to economic thinking. individuals, are only now beginning to
facing our be understood. We look forward to continuing to work
global society. But our innovative approach didn’t stop with stakeholders and interested parties Continued
there. As we moved into 2021 we were 2020 saw the launch of our major to implement the recommendations set overleaf >>>
delighted to introduce our new Thought ‘’The actuarial profession thought-leadership campaign – the Great out in our final report.
Leadership Series, kindly sponsored by has an important role to play in Risk Transfer – to explore and understand
Dr Patrick Sun Cheong Poon. The series addressing society’s wider social, this change in more detail.
seeks to reposition the IFoA at the centre economic and health issues.’’
of key societal issues, at the same time
Dr Patrick Poon
as engaging and inspiring our audience,
Sponsor, IFoA Thought
whether that is actuaries, politicians,
Leadership Series
regulators, academics or the public.
To date, the series has included our
Presidential Speaker Series and our
fortnight of events on ‘Actuarial
Innovation in the Covid-19 Era’.
2728 IFOA Moving forward 2020/2021
As thought leaders, the actuarial
profession is helping to address some
of society’s biggest challenges.
A range of significant outputs Thinking green Legislation
Our publications In the spring of 2020 we published the At the beginning of 2021 we published In August 2020 the IFoA was proud to In early 2020 we welcomed
are at the forefront first in our series of Inclusive Insurance Ethical and professional guidance on Data become a signatory to the Green Finance the introduction of the Pension
of our drive for Bulletins, Drivers of change. This brought Science. This provides invaluable guidance, Education Charter, developed by the Schemes Bill. This lays the legislative
thought leadership. together a range of influential voices – examples and case studies to help members Department of Business, Energy and framework for the creation of the
including Citizens Advice, Which? and understand how their professional Industrial Strategy, HM Treasury and the Pensions Dashboard, strengthens the
the Social Market Foundation – to requirements can relate to data science, and Green Finance Institute. By signing the powers of The Pensions Regulator, and
explore ways in which the insurance provides a practical perspective on how to Charter, we agree to integrate green allows the creation of collective defined
sector needs to evolve to ensure that navigate this area of work. finance into our work and to engage and contribution pensions. We also sponsored
everyone, including the most vulnerable, educate our members, demonstrating our an amendment to the Pension Schemes
is able to access insurance cover. 2020 saw the Actuarial Research Centre long-term commitment to this important Bill, reflecting our concerns, and those
(ARC) continue to form a number of issue. of our members, about the scope of The
Our Longevity Bulletin series is integral high-profile relationships with researchers Pensions Regulator’s new criminal powers
to our positioning as a thought leader, and institutions. within the Bill. The Pensions Schemes Act
as well as being highly regarded. In 2020 received Royal Assent in February 2021.
we published two new issues – on Significant ARC outputs included the launch
pharmacology and the coronavirus. The of the MyLongevity app, which attracted
coronavirus issue looked at the pandemic over one million hits to its website within
from a number of perspectives, including three months of launch, and the final
the longer-term effects of Covid-19 on report of our Behavioural Finance research
survivors, and the impact of the disruption programme, which looked at pension-
to medical services on people with other trustee decision-making. We were delighted
health conditions. to see this research receive coverage in both
Professional Pensions and Pensions Age.
2930 IFOA Moving forward 2020/2021
A global
outlook
Engaging digitally International strategy Some highlights
Despite the unique While growing and developing our In June 2020 Council signed off our • Investment in India to provide full-time • In November 2020 the opening
challenges of the international markets is important to us, international approach. resource to engage and create a richer of The Actuarial Society of Kenya’s
pandemic, we our UK market still remains integral to member experience through developing Convention by IFoA President
were able to reach everything we do. Member value and global influence are a strong member community, and more Tan Suee Chieh, with Immediate
communities in at the heart of what we do. These help targeted local support for members Past President John Taylor participating
a digital space In 2020/21 we provided a series of town to guide our decision-making and focus, to prosper. on the panel on data science.
– these included halls, member-engagement initiatives and and provide a framework as we continue
our members, a six-month virtual employer-roadshow to shape how we offer more value to our • In September 2020 our first virtual • Over the course of the year, meetings
employers, led by our Chief Executive, Stephen Mann. members – wherever they are based. Asia Conference, attracting over 740 of our Europe, Middle East and Africa
local societies, attendees from 23 countries. team with members, universities,
universities, Here is a snapshot of some of our sister organisations and employers Continued
regulators and our activities over the last year. • 250 posts sent via our China social in countries ranging from Poland to overleaf >>>
wider networks. media accounts in 2020, with 77,621 Switzerland, Botswana to UAE.
views and more than 6,000 followers.
3132 IFOA Moving forward 2020/2021
We are an international organisation
with members in over 120 countries,
from Australia to Zimbabwe.
Member engagement Employer engagement Outcomes and impact
Town halls CEO virtual roadshows Over 80% of the identified actions Despite the pandemic, we
• Led by the Presidential Team, Council • We engaged with 36 employers across have been completed or are in continued to connect with our
members and Stephen Mann, we held 46 meetings, with 10 meetings focused progress including: global community, demonstrate
eight member town halls across India, on our UK employers. our commitment to growing the
Asia, Europe, the Middle East and Africa, • Partnering with key employers on a profession worldwide, and establish new
and two in the UK. These provided an • These represented over 8,000 members campaign to promote the benefits of relationships both in the UK and abroad.
overview of the IFoA’s strategy, our – a quarter of our total membership – and volunteering to organisations.
transformation agenda, and our were held across 16 countries including
response to Covid-19. the UK, India, China, Nigeria, South Africa, • Establishing a network of senior
Zimbabwe, Kenya, Romania, Switzerland, contacts at key employers, to
• Almost 10% of our members joined one Saudi Arabia, UAE, Thailand, Singapore support us as we transform our
of the live sessions, with many more and Malaysia. relationships to add more value.
viewing the recordings afterwards.
• Among those we engaged were two • Creating new feedback groups to
• Each town hall also featured Q&A CEOs, three CFOs, 11 Chief Actuaries, improve engagement with senior
sessions where members were able to 14 regional and business heads, and leaders within the profession (around
put their questions to the panel. 15 technical senior partners/directors. 90% of these in the UK) and some of
Following these roadshows, we committed our younger members (global).
to driving forward over 70 actions across
eight key themes, including Public Affairs/
Policy, Engagement, Customer Service,
Volunteering, Education and Regional
Engagement.
3334 IFOA Moving forward 2020/2021
The IFoA seeks ‘to be the
Looking
voice of actuaries, and to support,
develop and be the voice of
its members’.
ahead
Transforming the Repositioning Bringing to life our
membership experience the profession purpose and values
During 2021/22 As outlined in this report, our member As both a learned – and learning – society, Our new values will help us realise our
all our energies propositions will guide our steps during the IFoA will promote the habit of lifelong ambitions. By being member-focused,
will be channelled 2021/22 and beyond as we continue to learning among its members, especially action-oriented, forward- and outward-
into ‘shifting the transform the member experience. We in broader and adjacent domains. We looking, and team-driven, our volunteers
dial’ around what want our members, volunteers and other will continue to host innovative speakers, and colleagues will help us build the
our members say key stakeholders to benefit from the events and webinars, alongside pioneering culture that will carry the IFoA confidently
about us. We want opportunities the IFoA offers – and to thought-leadership campaigns and into the future.
people to become know they are valued and appreciated. publications, to demonstrate the role of
members of the actuaries in addressing some of society’s
IFoA not because biggest challenges. In addition, we will
they feel they accelerate our efforts to advance the
should do, profession by means of:
but because
they want to. • A refreshed, and evolving, curriculum
with global relevance
• A modernised, responsive assessment
experience and exam platform
• Improved self-regulation capabilities, so
members remain trusted to speak with
skill and integrity
• Doing our part to diversify the
profession through a renewed
commitment to equity, inclusion and
belonging, clearly articulated through
a refreshed IFoA diversity strategy.
3536 IFOA Moving forward 2020/2021
Where our members’
fees are spent
Professionalism
2% Journals
At the IFoA we are committed to providing transparency and value 2% Regulation
for money. This diagram illustrates where our members’ subscription
fees will be spent over the next 12 months.
3% Staple Inn
Member Communications
12% 4% Library
4% The Actuary Magazine
4%
IAA/AAE
12%
Any surplus 4%
Policy & Public Affairs
will allow us to deliver Communities Engagement
even greater improvements
5%
for our members in the
years to come.
12%
Governance
6%
Discipline 8% Research
11%
Member Support
11%
Events
This year we spent considerable time In March 2020, in light of the uncertainty
Member Support reshaping our finances to ensure we we faced, our financial outlook was
have a resilient, sustainable model going indicating a likely annual deficit,
forward – one that enables us to invest potentially of some significance.
in the future improvements our members However, with collective efforts across
Governance wish to see. Our overarching aim is to the organisation to respond decisively to
create a modest year-on-year surplus to the changing situation, we have turned
reinvest in member benefits. We have around the financial performance to
made good progress towards this aim. deliver a modest surplus of £600k.
3738 IFOA Moving forward 2020/2021
These are some of our facts
and figures for the financial
Members year 2020/21
32,662
A year in
Male membership Female membership
21,109 11,553
numbers 859 New qualifiers
Student membership
16,487
Nearly 23,000 exams sat
(Fellows and Associates) in 2020/21
Our membership is constantly changing.
Every year new students sign up to study,
exam entrants qualify, actuaries move
country or industry sector, and others
retire from practice. Members in 122 countries.
Our top five countries with
the most members are:
United Kingdom
India
Ireland
South Africa
China
39Offices
Beijing
14F China World Office 1 · 1 Jianwai
Avenue · Beijing · China 100004
Tel: +86 (10) 6535 0248
Edinburgh
Level 2 · Exchange Crescent · 7
Conference Square · Edinburgh · EH3 8RA
Tel: +44 (0) 131 240 1300
Hong Kong
1803 Tower One · Lippo Centre · 89
Queensway · Hong Kong
Tel: +852 2147 9418
London (registered office)
7th Floor · Holborn Gate · 326-330 High
Holborn · London · WC1V 7PP
Tel: +44 (0) 20 7632 2100
Oxford
1st Floor · Park Central · 40/41 Park End
Street · Oxford · OX1 1JD
Tel: +44 (0) 1865 268 200
Singapore
5 Shenton Way · UIC Building · #10-01 ·
Singapore 068808
Tel: +65 8778 1784
www.actuaries.org.uk
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