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A Career As An Actuary

A Career As An Actuary. By Alan Tan, AIA. A Career As An Actuary. Entry Requirements math-related university degree eg mathematics, statistics, engineering, actuarial science, computer science Question: which discipline best-equip us for entry into the A Career As An Actuary?.

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A Career As An Actuary

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  1. A Career As An Actuary By Alan Tan, AIA

  2. A Career As An Actuary Entry Requirements • math-related university degree • eg mathematics, statistics, engineering, actuarial science, computer science Question: • which discipline best-equip us for entry into the A Career As An Actuary?

  3. A Career As An Actuary Example: AIA Home Office Actuarial Team • 15 qualified actuaries math degree : 3 engineering degree : 1 economics degree : 1 statistics degree : 1 actuarial science degree : 9

  4. A Career As An Actuary Actuarial AssociationRegistered No. of Qualify Actuary • ASHK 245 as at Dec 2004 • SOA 10,388 as at Nov 2004 • IA 7,052 as at 2003 • IAA 1,277 as at 2003 • 中国保险行业协会精算工作委员会 50 as at 2004 (SAC)

  5. A Career As An Actuary Multi-discipline Profession • daily work involves actuarial skills statistical technique evaluation of marketing aspects of product design computer system projects investment decisions underwriting & medical knowledge

  6. A Career As An Actuary Choice of Exam. Body • Institute of Actuaries, UK • Institute of Actuaries, Australia • Society of Actuaries, USA

  7. A Career As An Actuary Choice of Exam. Body • recognition by regulators - all are recognised in HK • relevance to employers - US GAAP for US-listed companies • relevance to future regulatory developments - Australian MOS & Canadian PPM are more forward-looking methods

  8. A Career As An Actuary Choice of Career Track • Life insurance company individual life group life pension • General insurance company • Consultancy

  9. A Career As An Actuary Choice of Career Track Question: • which career track is most suitable for me?

  10. A Career As An Actuary A Career in Consultancy • entry level : a lot of number crunching • involve in 1 project at a time (less need to manage multiple project and multi-task) • higher frequency of travelling • more emphasis on presentation (both written & oral) • less familiar with actual working of an insurance company • higher level : ability to maintain client-relationship & to generate business is important • more opportunity for M&A projects • outgoting personality

  11. A Career As An Actuary A Career in a Life Office • entry level : a lot of number crunching • involve in multiple tasks at a time (need to manage multiple project and multi-task) • lower frequency of travelling • more emphasis on programming / system skills • chance to interface with marketing / agency mgt / life office operations • higher level : natural path to senior life office mgt • more opportunity to see a project from start to finish • ability / willingness to tend to details

  12. A Career As An Actuary Areas that Actuaries works in AIA: • AIA H.O. Actuarial • AIA(B) Actuarial • Asia Pacific Life Operations • Nan Shan Life Insurance Co., Ltd. • AIA China Division

  13. A Career As An Actuary A Career in AIA HO Actuarial • best of both worlds of consultancy and life office • comprehensive exposure to entire range of life actuarial functions • involvement in variety of actuarial and non-actuarial projects • ample opportunity for short-term or long-term posting overseas • occasional M&A projects

  14. A Career As An Actuary Typical Career Path total yrs job title exam. Passes 0 - 4 actuarial associate 0 - 25% 4 - 7 managerial position 25 - 50% 8 + corporate officers 75 - 100% 15 + Appointed Actuary Fellow 20 + CFO Fellow

  15. A Career As An Actuary Responsibilities of an Appointed Actuary • long-term solvency of the company - your decisions today will impact even 30-50 years later - different assumptions on projections often produce very diverse results - great need to exercise judgment / draw from experience - need breadth of knowledge to discharge duties • safeguard money of millions of policyholders • balance objectives of shareholder & policyholders • responsibility to the regulator • answerable to the Board of Directors

  16. A Career As An Actuary What do employers look for? • Actuarial graduates - clear understanding of basic actuarial concepts - ability to explain such concepts in layman’s terms • Other graduates - clear analytical mind - ability to think / talk through a problem step-by-step with guidance • Career aspirations & mobility (?) • Broad range of interests / current issue awareness • Initiative

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