By George Wang, FCIA, Chair of the Practice Development Council
Following several months of consultation and collaboration, the Practice Development Council (PDC) presented its two-year, three-prong strategy to the CIA Board with approval. In no order of importance, the PDC sets out to:
- raise the profile of actuaries;
- promote predictive modelling in the profession; and
- enhance leadership skills and training opportunities for actuaries.
These three strategies are crucial to the development of the profession and the next generation of actuaries.
Working in tandem to support the mandate identified in the CIA’s current strategic plan, the PDC’s work will look at ways the Institute can help practicing and aspiring actuaries expand beyond traditional bounds and practices.
This requires stepping outside of our current comfort zone to better understand our business and come up with a curriculum that makes sense for the evolving needs of today’s actuaries.
“We’re changing direction,” explains George Wang, PDC Chair, “not giving up what we’ve done in the past, rather focusing on increasing the visibility of actuaries, highlighting new areas of emerging practice – such as investment consulting for capital accumulation plans (CAP) and predictive modelling – and developing skill-building leadership opportunities for future actuaries. But this requires stepping outside of our current comfort zone to better understand our business and come up with a curriculum that makes sense for the evolving needs of today’s actuaries.”
To begin, the PDC has designated three subgroups to analyze and develop action items and next steps for each strategy. Shortly after, the PDC will begin rolling out activities (interviewing specific actuaries, exploring non-traditional practice areas, collaborating with third parties, etc.).
The goal is to have an action plan to support these strategies by December 31, 2020, and a road map to execute them by March 31, 2021.
“We’re not just talking 30,000 feet up ideas anymore,” says Wang, “It’s about bringing a different set of values to the table and looking at new and innovative ways to make membership worthwhile.”
The PDC will continue to provide regular updates on its progress and what these changes mean for you as an actuary and CIA member.
This article originally appeared in the CIA (e)Bulletin.
