The Actuarial Profession David Alexander Fellow of the Actuarial Society of Hong Kong About me ■ Current role: Life Manager Hong Kong & Macau, Swiss Re Life & Health ■ FIA (Fellow of the Institute of Actuaries UK), FASHK ■ Studied Mathematics at Warwick Univ, UK ■ Has worked in the UK and Hong Kong ■ Should I become an Actuary? ■ Actuarial training is seen as a highly attractive career in finance What does an actuary do? ■ Communicate complex financial issues in an understandable way! ■ Actuaries apply their mathematical and financial expertise and knowledge in the business world Where actuaries work? ■ Insurance Companies (Life & General) ■ Consultancies (Actuarial, Management, Accountancy, etc) ■ Investment and Banking ■ Government Service ■ Other e.g Healthcare, Capital Projects ■ Universities The Actuarial Society of Hong Kong - Mission • To increase the value to the community of the actuarial profession • To encourage the study of actuarial science • To uphold standards of professional conduct • To regulate the practice by its members • To discuss and comment on the actuarial aspects of public, social and economic topics • To consider the actuarial aspects of legislation The Actuarial Society of Hong Kong • 205 Fellows • 91 Associates • 145 Students • www.actuaries.org.hk • Students study the examinations of the actuarial bodies of: • USA • UK • Australia Actuarial Societies around the World ■ USA - The Society of Actuaries ■ www.soa.org ■ UK - The Faculty & Institute of Actuaries ■ www.actuaries.org.uk ■ Australia - The Institute of Actuaries of Australia ■ www.actuaries.asn.au ■ Other Countries ■ Many countries have an actuarial association ■ Very few have a full examination system ■ IAA - The International Actuarial Association ■ www.actuaries.org Buying another life insurance company ■ Reasons for purchase? ■ What are you buying? ■ Type of purchase – hostile/agreed? ■ What timescale is involved? ■ How much are buyers prepared to pay? Buying another life insurance company ■ Value future profit streams to shareholders ■ Embedded Value ■ Add the Value of future new business ■ Appraisal Value Buying another life insurance company ■ Communicate the results ■ Separate values for different components ■ No right answer ■ Price is what someone is willing to pay ■ Similar deals provide a good check ■ Iterative process Developing a pensions strategy ■ understanding the client’s objectives ■ understanding the organisation ■ understanding legislation ■ assumptions and analysis ■ judgement and imagination ■ communication Communication, communication, communication!!! ■ Meet with company contacts ■ Attend board meeting ■ Present recommendation to the Trustees ■ Write reports for the company / board ■ Prepare announcements for employees ■ Develop illustrative modellers for members ■ Attend employee roadshows ■… Becoming an Actuary ■ How I become an Actuary? What employers look for? ■ a good academic record ■ not only maths/actuarial science graduates! ■ good communicators ■ IT skills ■ language skills ■ an interest in business ■ commitment / staying power ■ enthusiasm Qualification Routes F F A /F IA /F S A /F IA A FASH K P a r t - t im e s t u d y C o rre s p o n d e n c e C o u rs e s P a r t - t im e S t u d y C o rre s p o n d e n c e C o u rs e s A c t u a r ia l S c ie n c e D ip lo m a U n iv e r s it y D e g r e e U n iv e r s it y D e g r e e Minimum Entry Requirements ■ Good school results especially in Mathematics ■ University Degree preferably in a science subject (Mathematics, Economics, Statistics, Engineering etc or Actuarial Science) Examination Syllabus ■ Technical Examinations (similar for all actuarial associations around the world) ■ Practical Examinations (different for each country) ■ Specialist Examination ■ Communications Paper Study Support Structured ■ Correspondence Courses ■ Study Leave ■ Company Tutorials Informal ■ Work Experience ■ Colleagues ■ Actuarial Society Presentations ■ Reading other actuarial research, magazines etc Where can I find out more? ■ Your careers advisor ■ Via the Actuarial Websites ■ Careers information packs ■ Web-sites ■ Careers Guides ■ Employers’ web-sites ■ Work experience / summer placements ■ Careers Expo! Why I enjoy it? ■ It’s interesting ■ It’s challenging ■ It’s different all the time ■ It’s satisfying ■ … and it pays well! ■ … and I still have time to enjoy life outside work! Time to enjoy life outside work… ■ Peter Eliot ( B&W Deloitte actuarial student) street lugeing in his spare time in San Francisco Any Questions for our Panel? ... Actuarial Societies around the World ■ USA - The Society of Actuaries ■ www.soa.org ■ UK - The Faculty & Institute of Actuaries ■ www.actuaries.org.uk ■ Australia - The Institute of Actuaries of Australia... Kong - Estella Chiu ■ Chief Actuary, HSBC Life ■ FCIA, FSA, FASHK ■ President of the ASHK ■ Actuarial Science at Univ of Western Ontario ■ Worked in ■ Canada ■ Hong Kong Actuaries In Hong Kong -. .. Qualification Routes F F A /F IA /F S A /F IA A FASH K P a r t - t im e s t u d y C o rre s p o n d e n c e C o u rs e s P a r t - t im e S t u d y C o rre s p o n d e n c e C o u rs e s A c t