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ACTUARIAL FORUM OVERVIEW OF GLOBAL DEVELOPMENTS IN ACTUARIAL EDUCATION

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ACTUARIAL FORUM OVERVIEW OF GLOBAL DEVELOPMENTS IN ACTUARIAL EDUCATION
ACTUARIAL FORUM
XIAMEN, CHINA
25-26 APRIL 2002
OVERVIEW OF GLOBAL
DEVELOPMENTS IN ACTUARIAL
EDUCATION
EDWARD J LEVAY
PRESIDENT IAA
ACTUARIAL FORUM
XIAMEN, CHINA
25-26 APRIL 2002
“ EDUCATION.
EDUCATION.
EDUCATION.
Then, now and in the future
’’
ANTHONY CHARLES LYNTON
‘Tony’ BLAIR
PRIME MINISTER - UNITED KINGDOM
Labour Conference 2000
HISTORY OF THE ACTUARIAL
PROFESSION
ƒ A profession in evolution
ƒ 259 years ago first fund established on actuarial principles
Scottish Ministers’ Widows’ Fund (est. 1743)
ƒ Profession established 154 years ago in the UK - 1848
Started with Life Assurance and Pensions schemes
ƒ 45 years ago - General Insurance adopted into the association
ƒ 14 years ago - Investments & Financial Solutions adopted into
the association
Professor Hans Bühlmann – ‘the actuary of the third kind’
ƒ Current interests & concerns – healthcare & ‘wider fields’
E J LEVAY
25 APRIL 2002 : 3
INTERNATIONAL ACTUARIAL
ASSOCIATION
ƒ Founded 1895: Comité Permanent des Congrès d’actuaires
Association of individual actuaries
Scientific focus, including congresses
ƒ 1957 ASTIN Section: Actuarial Studies in Non-Life
Insurance
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1988 AFIR Section: Actuarial Approach to Financial Risk
1995 IFAA: International Forum of Actuarial Associations
1998 The New IAA: Actuarial Association of Associations
1999 IACA Section: International Association of
E J LEVAY
Consulting Actuaries (founded 1968)
25 APRIL 2002 : 4
ORGANISATIONAL
STRUCTURE OF THE IAA
E J LEVAY
25 APRIL 2002 : 5
IAA COMMITTEES
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Accreditation
Advice & Assistance
Public Statements
Social Security
Insurance Regulation
Individual Members
ƒ Nominations
ƒ Education
ƒ Audit
ƒ Professionalism
ƒ Executive
ƒ Supranational
ƒ IASC Insurance Accounting Standards
ƒ IASC Employee Benefits Accounting Standard
(IASC: International Accounting Standards Committee)
E J LEVAY
25 APRIL 2002 : 6
IAA EDUCATIONAL COMMITTEE
APPROVED DECISIONS
ƒ Education & Accreditation
ƒ determining whether IAA Education Guidelines and
standards are implemented by member associations
ƒ Periodic Review of IAA Syllabus Guidelines
ƒ Globalisation of Education Systems
ƒ achieve common syllabus and common assessment
practices
ƒ Ensure that Member Associations are Adhering
to Guidelines
E J LEVAY
25 APRIL 2002 : 7
IAA EDUCATIONAL COMMITTEE
APPROVED DECISIONS
ƒ Provide a consultative forum for associations
developing their education system
ƒ Build & Maintain Referential Databases
ƒ encourage the dissemination of promising extensions of
actuarial practice beyond IAA Guidelines
ƒ accessible to member associations and emphasising
CPD requirements
ƒ Facilitated CPD exchange of information
ƒ between countries of member associations
E J LEVAY
25 APRIL 2002 : 8
IAA CORE SYLLABUS
ƒ To be implemented by 2005
ƒ Financial Mathematics
ƒ Probability and Mathematical Statistics
ƒ Economics
ƒ Accounting
ƒ Modelling
ƒ Statistical Methods
ƒ Actuarial Mathematics – life, general insurance,
pensions & health-care
ƒ Investment and Asset Management
ƒ Principles of Actuarial Management
ƒ Professionalism
E J LEVAY
25 APRIL 2002 : 9
WHO ARE WE, AS ACTUARIES?
ƒ Professionals in a discipline which values
ability, flexibility, and adaptation.
ƒ ‘Not’ pure mathematicians, statisticians,
economists, etc.
We are a combination of all of these
E J LEVAY
25 APRIL 2002 : 10
FUTURE DIRECTIONS:
A NEW TYPE OF ACTUARY
ƒ Combining actuarial skills with the subjects of:
ƒ Medicine
ƒ Engineering
ƒ Genetics
ƒ Operational risk …
The MULTIDISICIPLINARY ACTUARY
E J LEVAY
25 APRIL 2002 : 11
NEW FIELDS FOR THE
MULTIDISCIPLINARY ACTUARY
E J LEVAY
25 APRIL 2002 : 12
NATURAL DISASTERS,
ENVIRONMENT & WEATHER
Tornados
Pollution
Earthquakes
Avalanches
Hurricanes
Floods
Volcanic eruptions
E J LEVAY
25 APRIL 2002 : 13
CURRENT PROFESSIONAL
DEVELOPMENT REQUIREMENTS
Continuing Professional Development
(CPD) in the UK
The American Continuing Education
Requirements
E J LEVAY
25 APRIL 2002 : 14
CONTINUING PROFESSIONAL
DEVELOPMENT IN THE UK
ƒ Requirements:
ƒ 15 hours of formal CPD per year
ƒ 52 hours of informal CPD
ƒ Mandatory for those requiring Practising
Certificates
(From: The Faculty and Institute of Actuaries CPD Handbook 2000/2001)
E J LEVAY
25 APRIL 2002 : 15
FORMAL CPD
E J LEVAY
25 APRIL 2002 : 16
INFORMAL CPD
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E J LEVAY
Reading
Informal research
Non-assessed study
Training on company-specific systems
Tutoring
Service on non-technical committees
Conference organising
25 APRIL 2002 : 17
AMERICAN CONTINUING
EDUCATION REQUIREMENTS
ƒ Requirements of any actuary giving a
‘Prescribed Statement of Actuarial Opinion’
ƒ Must be relevant to the area in which the
actuary is qualified
ƒ Divided into organised activities and informal
activities
ƒ A minimum of 12 hours per year
E J LEVAY
25 APRIL 2002 : 18
“LET’S MAKE THE FUTURE OF
OUR PROFESSION”
ƒ Promoting and raising the profile of the profession
to attract more new members and continue it’s
expansion.
ƒ How can this be achieved?
ƒ Presentations, Seminars, Lectures and
Educational Courses & Programmes in
Secondary Schools, Colleges and Universities.
“Get them young, get them interested ”
E J LEVAY
25 APRIL 2002 : 19
THE FUTURE
ƒ Innovation
ƒ Adaptation
ƒ Extend to a broader horizon
ƒ The horizon is almost unlimited
E J LEVAY
25 APRIL 2002 : 20
BACK TO THE FUTURE
ƒ “ What most impresses people today is the
wide range of Leonardo’s talent and
achievements. He turned his attention to many
subjects and mastered nearly all. His
inventiveness, versatility, and wide-ranging
intellectual curiosity have made Leonardo a
symbol of the Renaissance spirit.”
ƒ World Book Encyclopaedia 1999, entry on
Leonardo da Vinci, emphasis added
E J LEVAY
25 APRIL 2002 : 21
ACTUARIAL FORUM
XIAMEN, CHINA
25-26 APRIL 2002
THANK YOU FOR YOUR
ATTENTION
EDWARD J LEVAY
PRESIDENT IAA
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