The Institute and Faculty of Actuaries has a range of paid opportunities that both members and non-members can get involved in. We have opportunities for individuals starting out in their actuarial career, such as testing and providing feedback on exam papers; to more senior roles such as a Chief Examiner, who oversees the subject team and development of exam related materials or a partnership role such as Independent Examiner who ensures the quality of our partnership with universities meet the IFoA examination standards.
We have put together some FAQs to provide more information about:
“We would like to introduce ourselves, the team has five members who are responsible for numerous processes throughout the student journey.
“One of our biggest areas of responsibility is managing our self-employed contractors ensuring the recruitment, induction and training is delivered. We work closely with our colleagues in the Assessment Team to manage this process effectively and to ensure our supporters from around the globe are given an opportunity to get involved.
“We are keen to hear from individuals with the relevant skills and experience to take on a particular role. We welcome expressions of interest throughout the year, however we do have two main recruitment periods, December and May which is one of our busiest periods.”
The Quality Team
We are here to assist you with any questions you may have. Many newly qualified actuaries assist with the review of the examination papers by reviewing the content, grammar, and questions and assessing the length and difficulty, we call these positions Exam Test Candidates. The Exam Test Candidates play a very important role to ensure that the paper is fit for purpose.
These roles play a key part in the marking of our examinations, and therefore student members of the IFoA or other Actuarial Associations will not be considered for these positions. Once qualified and transferred as an Associate or Fellow then your application can be considered and we would love to hear from you.
The IFoA does not provide a laptop or computer, you should ensure that you have access to the equipment and that all material can remain confidential and secure. Stable Internet access is required to fulfill the IFoA Paid Opportunity roles.
All applicants will be required to undertake a test exercise. You will be asked to mark some sample scripts and be given adequate time to complete the task. All material will be made available using an online platform. All exercises will be reviewed and if successful you will receive a Letter of Engagement which sets out the terms of the role.
The majority of the student exam scripts and related material are delivered via a secure online platform. This means to access them you will need a reliable internet connection. You should have Microsoft Excel and Word as well as Adobe reader installed. Some marking is carried out using an eMarking platform, the technical requirements are within the task and person document.
We endeavor to allocate scripts to all available Markers in each session; we cannot, however, guarantee this as the number of available scripts is dependent on the number of student entries. We will always contact you for your own availability beforehand.
Script allocation will vary depending on the number of examination entries received. Usually, you will be asked to mark one ‘load’ a load is approximately 100 scripts.
The exam sessions are twice a year, in April and September. You will be contacted before each session to check your availability. Therefore, you would need to be available after the session if a Marker, Examiner and Chief Examiner and before the session if you are a Chief Examiner or Examiner as these roles are involved in the writing of the paper. The IFoA will usually allow up to 4 weeks post exam for marking of papers.
You can claim CPD hours for the marking/scrutiny meetings you are asked to attend. The Membership team are responsible for CPD hours and any queries should be directed to them.
The remuneration for each position varies depending on the role and work required. The fees are outlined in the Schedule of Service which is provided upon successful appointment. We understand that the fees paid do not reflect the market rate for Actuaries. We do however recognise the dedication and inspiration to help others on their journey as Actuaries.
Payment will be made once the session is complete; this is usually after the issue or results. Detailed information is available on the individual schedule of services for each position. You will however be provided with an invoice template to use.
Any payment received from the IFoA in relation to work undertaken should be declared as income, each individual’s tax arrangements vary and any advice should be sought from HMRC or your own tax adviser (from the country in which you reside). We are unable to give advice on tax issues.
Applicants will be asked to write a specimen question on the subject chosen; it may also be necessary to undertake a test marking exercise for those who have no marking experience.
The tenure of the position is usually 2-3 years, we will, however, discuss extensions to this with individuals at the time.
Exam Test Candidates do not automatically become Markers and should apply for available roles by completing the application form.
All available positions will always be advertised on the Paid Opportunities page, to become an Examiner, you should have already gained marking experience. The Examiners write the exam papers with a small team and they also undertake any review of marks awarded by the first two Markers.
The Quality Team deal with the recruitment of paid and some volunteer positions, they are the first point of contact during the recruitment process. The Quality Team work closely with the Assessment Team; both teams are based in Oxford.
The Assessment Team work closely with the examination teams for all subjects. They are responsible for the relationship between the IFoA and the subject teams. They allocate the number of scripts for marking and arrange the marking and scrutiny meetings.