Time to unbundle the services that actuarial organisations provide to their members?

I wrote an article asking what Institute and Faculty of Actuaries (IFoA) Fellows and Associates get for their large annual subscriptions (￡765 and ￡570 respectively): https://lnkd.in/eQX-xtsA.

I have done some more research and I continue to be staggered at how much the IFoA charge. The vast bulk of the money appears to be being spent by the IFoA on digital services (website, forums, online content, newsletters) and discipline/regulation/governance/other overheads.

Note: the split between the two largest items (discipline etc. and digital services) is unknown but totals some ￡590 after removing the estimated costs for the other services. (If I've missed any significant services, please let me know!)

The IFoA bundles all these services together which members are forced to pay on a take it or leave it basis.

The question which jumps out to me from this is: why should these services be bundled? Let's unbundle them as far as possible.

I suspect that these last two items would not have become as large as they seem to if there the IFoA had not effectively been in a near monopoly position for several decades.

I suspect that these last two items would not have become as large as they seem to if there the IFoA had not effectively been in a near monopoly position for several decades. (Yes, the Institute and Faculty were two separate organisations before 2010, but they didn't compete on price much, and worked very closely together from the mid nineties onwards).

Incidentally if my breakdown of their costs (but really charges to members) is wide of the mark, the IFoA are welcome to put me right. (My estimates come from an analysis of their annual reports, but these and the financial statements are not as transparent as I think they should be).

IFoA Fellows and Associates: are you ready to improve your membership experience? Join the waitlist to find out more and get a special offer:

https://scorecard.inqa.com/neworg-1

#actuaries #valueformoney #proportionateregulation