Since then there has been an underpinning concept of professional behaviour and the implicit right, or even duty, to discipline members who did not conduct themselves appropriately.
In addition to examinations and courses, it was required that the candidate both complete at least three years work as an actuary and be at least 23 years of age, for one to qualify as a “Fellow of the Institute of Actuaries” (FIA) [3] The Core Technical section consisted of the 8 exams and a “Business Awareness Module,” CT9.
These were usually first sat by a candidate and included the underlying mathematics involved in actuarial work as well as an introduction to financial and economic issues.
Topics covered include annuities, stochastic modelling, time series, and economics.
The Specialist Technical section represented the first time the candidate had a choice of which exams to take.
His report highlighted concerns about the process by which the profession had sought to keep its syllabus and teaching materials up to date, about the way that ‘entrenched commercial interests’ had hindered the development of the institute's education policy, referring to 'an insularity that constrained the extent and effectiveness of input from academics, other professions and those in wider fields of practice'.
[5] The Review proposed a regime of independent oversight of the institute's regulation of the profession by the Financial Reporting Council.