Marketing the Actuarial Profession

Abstract

This paper was born over a year ago in Autumn 1983 when I proposed a thorough discussion of the whole current image of the actuarial profession. The reasons I gave then were: ( a ) There were a number of current debates affecting our livelihood into which there had been little official input from the profession, the pensions debate at the time being an example. ( b ) There had been no effective response to specific attacks on us by other professions; judges for example, or by the financial media. ( c ) A number of actuaries in major positions reported a disturbing lack of knowledge of the profession among prospective new recruits, combined with a view that the profession is becoming a less attractive career option. ( d ) We live in a changing world where the role of all the professions is being brought under public scrutiny, with the need to justify the quality and relevance of the services available. Other professions are taking very positive action to communicate an image and a role, this affects us directly as well as indirectly. ( e ) There has been no comprehensive paper or related discussion within the profession before, arising not least from a feeling that it was not needed, as we are small and safe, secure within the wider financial and professional system.