The Presidential Address argues that, by acting in the public interest, the power of actuaries to benefit individuals financially can become a competitive advantage for the profession. This theme is explored by reference to professionalism being under threat, the negative impact of professional negligence claims, the need for unity in the profession, nationally and internationally, and the consequences for our education. The future of the profession will be brighter, and can be expansionist, if actuaries are recognised and valued for serving the public interest in the wider fields, but this will require effective public relations.

Actuaries should seek to understand the phenomenon of ‘professions’ because much of our working life is influenced by the belief that we are a ‘profession’. This paper considers various theories as to why professions exist — do they arise naturally to fulfil functions in society, or are they created by the efforts of the occupational groups which aspire to become professions? Professions are shaped by the society of which they are a part. Ongoing changes in society are affecting professions in general, and the actuarial profession in particular. The difficulties which the actuarial profession will face as it seeks to expand beyond its traditional territory are discussed. Finally the author speculates on what institutional forms might replace professions in the twenty-first century.