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					ACTUARIAL SCIENCE
making financial sense of the future
1 WHAT IS AN ACTUARY

2 THE EDUCATION STRATEGY

3 THE UNIVERSITY ROUTE
1 WHAT IS AN ACTUARY?

        P l a y Vi d e o
1 WHAT IS AN ACTUARY?

  An Actuary provides Commercial
  and Financial Advice on the
  L o n g - Te r m M a n a g e m e n t o f
  Financial Assets and Liabilities
An Actuary is a specialist who has
good levels of knowledge and current
skills in Financial Mathematics,
Statistics, and Economics.
Actuaries are quantitative risk
professionals who:

 Analyse the past
 Model the future
 Assess the risk involved
 Communicate what the results mean
Actuaries make financial
   sense of the future
The UK Actuarial Profession body:
 Institute and Faculty of Actuaries

 ◦ It organises educational activities and
   advises government
 ◦ It promotes research
 ◦ It has a statutory role as a regulator
 ◦ It is a worldwide profession
Key areas of actuarial practice

 Life assurance
 Pensions
 General insurance
 Finance, investment, and risk
  management
 Health and care
The profession has changed in recent years -
 to reflect the broadening range of
  areas in which actuaries will work
  in the future
 to acknowledge the increasing
  globalisation of the profession
 to enhance business skills
The profession controls its own entry
through its education strategy, which
includes a major and rigorous series of
examinations
Students of the profession take these exams
over several years
Success leads to:

 Fellowship of the profession
 A qualification which is internationally
  recognised and respected
 Responsible and well-paid positions
 Eventually very senior positions
How big is the UK profession?
Fellows 8900 Students 8600
                          (approx, at 30.9.07)

About 500 new Fellows qualify each year – it
is a growing profession
And the proportion of females is increasing –
34% of actuarial students are female
Worldwide there are about 40,000 actuaries

The world as it is now needs 80,000
actuaries
The greatest needs are countries in which the
financial services sector is expanding rapidly
e.g. China, Malaysia
Most student actuaries start with
maths/statistics degrees but the proportion
with actuarial maths/science degrees is
increasing.
From which English universities?
   City, LSE, Kent, Warwick, Oxford,
   Nottingham, Cambridge
From which Scottish universities?
   Heriot-Watt
From which Welsh universities?
   Swansea

           *entrants with undergraduate degrees only *
Actuarial work is:

 Interesting and varied
 Important to us all
 Highly respected
 International
 Well paid
    Starting Salary between £25k-35k and newly qualified actuaries in
    insurance companies typically earn somewhere between £42k-60k.
    Many successful actuaries earn over £100,000 a year. (Jan 2008)
2 THE EDUCATION STRATEGY
New exam structure started in 2005
– now in sixth year of operation
Students have to complete 11 exams
and attend and pass three 2-day courses
+ complete some work experience
Four examination stages
  Core Technical (8 exams, 1 course)
  Core Applications (1 exam, 2 courses)
  Specialist Technical
    choose 2 subjects
  Specialist Applications
    choose 1 subject - country specific
Core Technical Stage
- designed to give students a solid grounding in the
key actuarial techniques
• CT1:   Financial Mathematics
• CT2:   Finance and Financial Reporting
• CT3:   Probability and Mathematical Statistics
• CT4:   Models
• CT5:   Contingencies
• CT6:   Statistical Methods
• CT7:   Business Economics
• CT8:   Financial Economics
Core Applications Stage
 -designed to teach students actuarial concepts across
 a range of subject areas, and how to apply them in
 both familiar and unfamiliar situations

  •CA1: Actuarial Risk Assessment
Specialist Technical
•   ST1:   Health and Care
•   ST2:   Life Insurance
•   ST3:   General Insurance
•   ST4:   Pensions and other benefits
•   ST5:   Finance and Investment A
•   ST6:   Finance and Investment B
•   ST7:   General Insurance: Reserving
           and Capital Modelling
•   ST8:   General Insurance: Pricing
•   ST9:   Enterprise Risk Management
Specialist Applications
•   SA1:   Health and Care
•   SA2:   Life Insurance
•   SA3:   General Insurance
•   SA4:   Pensions and other benefits
•   SA5:   Finance
•   SA6:   Investment
3 THE UNIVERSITY ROUTE
Most entrants to the profession are
graduates - employers favour students with
numerate degrees.

More and more students are taking degrees
in actuarial science, either undergraduate or
postgraduate.
The profession is very well developed and
mature in the UK so many students decide
to study in the UK.
Several UK departments and many
academic staff have very close links with
the professional bodies
Actuarial studies as part of a degree
subject were introduced to the UK in the
mid-1960’s.

A principal benefit of taking an actuarial
degree course is the availability of
EXEMPTIONS
from some of the professional exams
(dependent on reaching an appropriate standard in
the relevant University exams)

This is a very important and attractive arrangement
for both students and the University departments
- students can jump up the qualifications ladder
relatively quickly
- departments attract bright and committed students
new exemption arrangements are now
in place
        ACCREDITATION
        of complete courses
      (and block exemptions)
Play Video
Swansea University actuarial degree
courses have already been awarded
   FULL ACCREDITATION

Exemption from Core Technical Stage
Subjects: CT1, CT3, CT4, CT5, CT6
Swansea University
(University of Wales) offers:
BSc Actuarial Studies
BSc Actuarial Studies with Accounting
BSc Actuarial Studies with a Year Abroad

Contact: Dr A D Mayer, University of Wales, School of Business and
Economics, Singleton Park, Swansea SA2 8PP
email: a.d.mayer@swansea.ac.uk
Success rates - the value of doing a good
actuarial degree course
                          (data from mid-90s)

   % of trainee actuaries without an
actuarial degree who eventually qualify
            is around 40%
% of trainee actuaries with an
actuarial degree and all, or almost
all, the possible exemptions who
eventually qualify is around
                              80%
   Main information source
UK actuarial profession’s website
     www.actuaries.org.uk
Swiss Re Gherkin
For more info, please contact:


South East Asia Representative for
ICWS and Swansea University:

Mr. Sebastian Chong
Future Excellent Educational Placement Services
Unit 1.88, 1st Floor Kompleks Asia City,
Jalan Asia City, Asia City 88000
Kota Kinabalu, Sabah, Malaysia
Tel: (+6) 0149556328
Email: sebastian.chong.fexcellent@gmail.com

				
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posted:9/6/2011
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