Associates of the IFoA will have sufficient technical understanding to solve all but the most demanding financial and risk management problems
They will typically be employed in the following areas: pensions, life and general insurance, investment, corporate finance, risk management and healthcare. It is essential that they have the communication skills that will enable them to communicate fundamental actuarial ideas and arguments to others outside the profession in a way that takes account of the needs of the audience.
Associates will also have sufficient knowledge of the broad commercial and financial environment to understand the immediate implications of their work for their client or employer.
However, they will not have the depth of knowledge in a specialist subject possessed by a Fellow.
An Associate cannot undertake reserved actuarial roles in the UK and many other countries but may be recognised as a fully qualified actuary in some other jurisdictions (subject to local experience requirements) and will work to the highest professional and ethical standards.
Fellows of the IFoA will have a wide technical understanding of the following areas: pensions, life and general insurance, investment, corporate finance, enterprise risk management, healthcare; and a deep technical understanding of at least one of them
In a broad range of business and financial contexts, Fellows have the skill set to enable them to analyse the needs of a client or employer and identify an optimal solution
If the solution is within their own area of expertise they can provide comprehensive professional advice. Where they have identified the need for additional expertise, they can interpret the advice of other experts and synthesize an appropriate solution.
Fellows will work to the highest professional and ethical standards and can fulfil all the statutory responsibilities of an actuary worldwide and undertake actuarial reserved roles (subject to professional practicing certificate requirements) and will be recognised as a fully qualified actuary in most other jurisdictions (subject to local experience requirements).
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