ACTUARIAL EDUCATION FOR THE 21ST CENTURY
C. D. Daykin
Government Actuary of the United Kingdom
Abstract. This paper is a contribution to the current discussion about future
developments in actuarial education. The actuarial examination systems
administered by the Society of Actuaries, the Casualty Actuarial Society, the
Faculty and Institute of Actuaries and the Institute of Actuaries of Australia have
recently been reviewed, with new structures brought into place in 2005. The
International Actuarial Association is going through the final stages of accrediting
actuarial organizations as Full Members of the IAA, according to whether they meet
the education requirements of the IAA Core Syllabus and Guidelines. The Review of
the Actuarial Profession in the UK by Sir Derek Morris proposed further
fundamental changes to both initial and continuing education, to broaden the
scope and impact of the profession and to provide better assurances of quality for
the public. The World Bank has identified the need for actuarial education and for
strengthening the actuarial profession as key ingredients to assure the stable
development of insurance and pensions in many developing countries. Some of the
implications of these many different strands for the future of actuarial education
are explored and discussed.
Key-words: actuarial education; continuing education; broadening the profession,
professional competence, core syllabus, accreditation.
Actuarial education is at the heart of the profession. It is an essential requirement
for a profession that it maintains the level and quality of knowledge of its members.
Part of this is the initial process of qualification, leading to accreditation and
recognition as an actuary. Part is concerned with maintaining the level of
knowledge and relevance throughout professional life.
The International Actuarial Association (IAA) insists on Full Member Associations
having an education requirement for being recognized as a