Actuaries define ‘actuary’

The Institute of Actuaries of Australia will raise its associate qualification level and permit associates to use the title of ‘actuary’ to better meet international actuarial standards and to reflect the widening scope of actuary work in Australia. The change will take effect within three years.

The institute previously allowed only those with the highest professional qualification, the fellowship, to use the title of ‘actuary’.

For 30 years there was no international ‘actuary’ standard for actuaries and nearly all who were qualified as fellows and allowed to use the title worked in the fields of life insurance and superannuation. The international standards of education and professional training have since evolved to create an international actuary standard.

The president of the institute, Greg Martin, said actuaries were now working across a wider field of work, including financial planning, risk management, investment, banking, environment and insurance.

“This change in our association qualification and broader use of the title ‘actuary’ will allow our members to more clearly articulate who and what they are, to compete domestically and globally, and it will also help the institute better serve its members.”

The institute’s fellowship qualification will still be required for specialist statutory actuarial roles in Australia and other jurisdictions with the same qualification.