Skill sets for Practising Certificate holders
Our members perform a number of important roles for which they need to hold one of our Practising Certificates (PC)
These roles are:
- Scheme Actuary to a pension scheme
- Actuary providing an Actuarial Opinion on the technical reserves of a Lloyd's Syndicate
- Chief Actuary covering one of: Life, non-Life without Lloyd's, and non-Life with Lloyd's
- Actuarial Function Holder of a life insurance company
- With-Profits Actuary of a with-profits life insurance fund
Find out more about the PC regime
We have produced a framework of skill sets to help our members identify the skills, knowledge and competencies which will enable them to carry out these roles effectively
The framework will also provide a reference tool to guide CPD planning.
As well as providing a useful guide for current Practising Certificate Holders, the framework may assist other actuaries working towards an approved role to identify areas for development.
The framework is also intended to help users of actuarial services understand the skill set they can reasonably expect of the actuaries they employ.
The Framework is intended to reflect the skills that actuaries with approved roles should ideally, rather than must have, and not all of the skills will be relevant to every actuary or put to use in every actuarial activity
The Framework is not intended as an exhaustive list of every skill an actuary might need to discharge his or her duties, but instead reflects many of the personal competencies, areas of knowledge and technical skills that actuaries working in regulatory approved roles rely on to provide advice and meet the wider expectations of the stakeholders which they serve.
The Framework has been developed by the IFoA with input from current actuaries as well as the users of actuarial advice, such as Board members and regulatory bodies