Securing the future : from professionalism to professionalization

Mickey Lowther, Afrique Du Sud

Although the financial professions have always been subject to public criticism, recent times have seen increasing challenges to the actuarial profession worldwide. To assist national actuarial associations to deal with these challenges, the authors present the concept of professionalization, which is that all occupations have an evolving number and quality of professional aspects. It is submitted that by sorting these aspects into cognitive, normative and organisational strands, national actuarial associations may decide rigorously, explicitly and consensually on the positioning of their professional mission.The authors argue further that, in order to achieve that mission, actuaries who are members of a national actuarial association must know, implement and review all the aspects of that mission. To this end, lifelong professional learning (as opposed to a single stand-alone professionalism course at the time of qualifying) must be a formal, planned aspect of an actuary’s education.
Date: 29 May - Time: 14:30 to 16:00 - Room: 243
Theme: 2.A. The responsibility of the actuary