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Not a Presidential Address

Not a Presidential Address. An Amble Through the Actuarial Countryside. Dick Jessup New Zealand Society of Actuaries Conference Rotorua NZ 13-15 November 2002. Origins and explanations. Starting point Unease about education The Rowell quotation Other matters The articles The title.

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Not a Presidential Address

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  1. Not a Presidential Address An Amble Through the Actuarial Countryside Dick Jessup New Zealand Society of Actuaries Conference Rotorua NZ 13-15 November 2002 Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  2. Origins and explanations • Starting point • Unease about education • The Rowell quotation • Other matters • The articles • The title Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  3. Puff puff • What is an actuary? • Split personality • Enjoys aura of mystery • Craving for better recognition • Inflated views of a small, narrow, specialised craft • Walter Merriks comments on Visions and Values Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  4. Puff puff • Vision statements and other nonsense • Joan of Arc or Dr Livingstone • Actuary of the Millenium? • “Making Financial Sense of the Future” • Too glib, too general and not literally true (Shucksmith) • Image statement and card Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  5. Where were the actuaries? • Mis-selling • Pensions industry • Demutualisations • The Equitable Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  6. Education • The Rowell quote: “The newly qualified actuary must be young. He should emerge stimulated by his course of training and examination, not exhausted by a long drawn out struggle; alive and alert enough to wish to contribute by his further studies to the vitality of the profession”. (A H Rowell - Presidential Address 1946) Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  7. Education • A H Bailey - Opening address by the President 1881: “An actuary should be a man of general culture, with a knowledge both of books and men, and the more he has of both the better”. • Education reviews: ? 1944, Usherwood 1958,Skerman 1967, etc Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  8. Education • The outcomes: • Skurfield 1991 - Dismal picture • Peter Clark - End of term report - “Peter stressed the need to reduce the time to qualify and it is pleasing that for the last two years the median time to qualification has fallen to five years.” Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  9. Education • Possible reasons: • Retention of aura of mystery and inaccessibility • A new approach is needed Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

  10. Other matters • The appointed actuary - a cosy arrangement which has failed • Actuarial audits • CPD - not needed by employers or clients • Standards and Guidance Notes • Public interest - pretentious • Wider fields - back to education Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate

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