Non-retiring female actuaries leave the profession 13 years earlier than their male counterparts, the Institute and Faculty of Actuaries has found.

According to recent research by the IFoA, female actuaries depart from the profession at the ages of 40 and 53, resulting in far less diversity at senior levels in the actuarial profession, despite almost equal numbers of male and female junior actuaries.

To alter these inequalities in the actuarial profession, the IFoA is supporting a mentor scheme designed to improve diversity at senior levels of the actuarial profession. The scheme aims to retain female actuaries through ongoing career advice and support.

The scheme is also sponsored by the Pension Insurance Corporation and run by specialist mentoring consultancy Moving Ahead.

The consultancy will match 50 senior male and female mentors with newly or nearly qualified female actuaries, with all matches being cross-functional and inter-disciplinary.

The scheme will be formally launched in September 2017.

Former IFoA president and IFoA steering group chair Nick Salter said: “The IFoA is committed to promoting diversity and inclusion across the actuarial profession. We are delighted to support this new mentoring scheme which aims to provide connections, inspiration and education across our sector. This programme is a positive and practical opportunity to help female actuaries to achieve their full potential as they progress through their careers.”

PIC CEO Tracy Blackwell said: “We are delighted to be working with the Institute and Faculty of Actuaries and Moving Ahead on this important initiative. As an employer of actuaries, we’re very keen to help resolve the issue faced by the actuarial profession of females leaving the profession much earlier than their male counterparts… and ultimately increase the number of female actuaries in senior, and leadership, roles.”

The new scheme also supports HM Treasury’s Women in Finance Charter, which aims to achieve improved gender balance in a sector where men currently hold 77 per cent of board level and 86 per cent of executive committee level positions.

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