The importance of the actuarial profession and the role it can play in growing the financial and professional services sector in Wales was highlighted by Economy Cabinet Secretary Ken Skates when he officially launched the Welsh Actuarial Society.
The Society will be the main focus for the sector in Wales and intends to build its own actuarial network in Wales. It provides a selection of professional development, social and networking activities for members of the Institute and Faculty of Actuaries (IFoA) and actuarial students living or working in Wales.
Speaking at the launch in Cardiff Mr Skates said:
“Financial and professional services companies create jobs that demand high skill levels and a key structural challenge is to ensure the availability of these high quality skills in the workforce. This is why the Welsh Actuarial Society and training such as the Finance, Risk and Investment Level 3 programme at Cardiff and Vale College is so important to us.“As the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally, the Institute and Faculty of Actuaries is a welcome addition to our financial and professional business community.“Developing the actuarial profession in Wales will raise its profile, help attract major financial companies to Wales and drive us up the value chain. I am also pleased that the Society is keen to support our plans to grow the financial and professional services sector.”
The Welsh Actuarial Society’s President, Gareth O’Callaghan, said:
“The launch of the society comes at a unique point for the Actuarial Profession here in Wales as it doesn’t just recognise the current strength of the local market; it shows to prospective companies and investors that that the skills, expertise, and culture they are looking for is already here, and that it is growing due to the aspirations of the Welsh Government and the training now offered in our further and higher education establishments. Such plans are a great positive for our area and we look forward to lending our support.”
The Cabinet Secretary outlined the Welsh Government’s plans to make Wales the most competitive region in the UK, outside of London, for financial and professional services and said the numbers of people employed in the sector continues to grow.
He added:
“The latest figures show the sector employs 160,000 people in Wales which represents an increase of almost 20,000 since 2011. Our growing reputation as a major location for financial services is underpinned by our highly skilled workforce and academic institutions.“Our eight universities and 16 colleges are helping to produce the next generation of talent to support ambitious and growing companies. Having this business ready stream of talent tailored to the fast evolving needs of the sector, particularly in technology, will be critical to achieving our vision.”
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