Have you ever wondered how actuarial science developed into the globally recognised profession it is today?
The history of the Institute and Faculty of Actuaries (IFoA) stretches back more than 175 years. Over that time, actuarial education, professional standards and examination methods have continued to evolve.
Here are some of the important milestones that helped shape the modern actuarial profession.
1848 – The Institute of Actuaries Is Founded
The Institute of Actuaries was founded in London in 1848.
Its purpose included improving actuarial practice, creating professional standards and promoting the development of actuarial knowledge.
This marked an important step towards establishing actuarial science as an organised profession.
1850 – Professional Examinations Begin
From 1850, Fellowship status could be achieved by passing a series of professional examinations.
This formal examination system helped establish high standards of technical knowledge and professional competence.
The idea of rigorous professional examinations remains central to actuarial qualification today.
1856 – The Faculty of Actuaries Is Established
In 1856, Scottish actuaries established the Faculty of Actuaries in Edinburgh.
For more than 150 years, the Institute of Actuaries and Faculty of Actuaries operated as separate professional organisations while contributing to the development of actuarial science in the UK and internationally.
2010 – Formation of the Modern IFoA
A major milestone came in 2010, when members of the Institute of Actuaries and Faculty of Actuaries voted to merge.
The two organisations came together to form the Institute and Faculty of Actuaries (IFoA).
The modern IFoA officially came into being on 1 August 2010 and today represents actuarial professionals and students around the world.
2019 – A Modernised Actuarial Curriculum
The Curriculum 2019 structure introduced the subject groups familiar to actuarial students today.
These include:
- CS – Actuarial Statistics
- CM – Actuarial Mathematics
- CB – Business
- CP – Core Practices
- SP – Specialist Principles
- SA – Specialist Advanced
The revised curriculum placed greater emphasis on modern actuarial modelling, data analysis, business understanding and professional development.
2020 – IFoA Exams Move Online
The COVID-19 pandemic created major challenges for professional examinations worldwide.
In 2020, the IFoA moved its examinations online, allowing thousands of students to continue progressing with their actuarial qualifications.
The transition represented one of the biggest changes in the delivery of IFoA examinations and demonstrated how quickly the profession could adapt to changing circumstances.
An Evolving Global Profession
From professional examinations in the nineteenth century to modern online assessments and data-driven actuarial work, the profession has continuously evolved.
Today, actuaries work across areas including:
- Insurance
- Pensions
- Investments
- Risk management
- Banking
- Healthcare
- Data analytics
- Climate and sustainability risks
The tools and technologies may have changed, but the profession continues to be built around the same core principles:
Professional Knowledge + Analytical Thinking + Risk Management + Judgement
Final Thoughts
The history of the IFoA reflects more than just changes in examinations or organisational structures.
It shows how the actuarial profession has continuously adapted to new risks, new technologies and changing financial environments while maintaining strong professional standards.
From the formation of the Institute of Actuaries in 1848 to today's globally connected actuarial profession, each milestone has contributed to shaping the role actuaries play in managing uncertainty and supporting better financial decisions.
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