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DEVELOPMENT AND CONTINUED EDUCATION OF ACTUARIES – A BRIEF SOUTH AFRICAN PERSPECTIVE

DEVELOPMENT AND CONTINUED EDUCATION OF ACTUARIES – A BRIEF SOUTH AFRICAN PERSPECTIVE. Grant Pote. AGENDA. Identification and formal education Work environment Professional Questions. Identification and initial education. Awareness Actuarial bursary programmes Rigorous selection process

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DEVELOPMENT AND CONTINUED EDUCATION OF ACTUARIES – A BRIEF SOUTH AFRICAN PERSPECTIVE

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  1. DEVELOPMENT AND CONTINUED EDUCATION OF ACTUARIES – A BRIEF SOUTH AFRICAN PERSPECTIVE Grant Pote

  2. AGENDA • Identification and formal education • Work environment • Professional • Questions

  3. Identification and initial education • Awareness • Actuarial bursary programmes • Rigorous selection process • Local university courses – geared towards professional examination exemptions • Support for bursary students

  4. Work environment • Support for examinations • Study leave • Exam awards • Exam costs • Technical and managerial training fast tracking • Job rotation • Job allocation • Salary reviews

  5. Typical areas of work • Traditional • Financial • Product development • Pension fund valuation • Consulting • Non traditional/non-technical • Projects eg retirement reform • Distribution economics • Asset management • Short-term insurance • Sales • General management

  6. Actuarial Society of South Africa • Started in 1948 • Membership for students and qualified actuaries • Management by a council with 6 operational boards • Education and CPD • Operations and finance • Professional matters • Communication and marketing • Human resources • International affairs • Practice committees support actuaries iro actuarial issues eg life assurance, investments • Ad hoc committees iro topical issues eg social security and retirement reform • 1,600 members (half qualified) • International convention in SA in 2010

  7. Professional support • Local CPD requirements • Governance • Actuarial convention (annual) • Lectures/updates/discussions • Development of local qualification with local content

  8. High level local qualification plans • Use of strong university system • Distance learning options • Model used in Australia, China • Education and CPD Board to make high-level policy decision • Exemptions given by the Actuarial Society for university & distance options • “Course Leader” system for tuition of Specialist Applications courses

  9. Professional skills • Challenges to professional authority (Equitable) • Image of business (corporate governance failures) • Image of profession • Reality of the business role of actuaries • Actuaries often applying toolkit of skills to new & unfamiliar areas

  10. Some issues to consider • Creating a body or aligning eg with SA • Developing local skills • Improving work environment • Social contribution • Marketing the profession • Governing the profession

  11. Asante sana

  12. Questions?

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