educating the actuaries of the future · 2014. 6. 20. · –e.g. compound interest, statistics,...
TRANSCRIPT
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Dr Trevor Watkins
Director of Education
16 June 2014
Educating the Actuaries of the Future
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Education role in 3 parts
• Preparing qualified actuaries who are ‘fit for purpose’
– Recruit appropriate ‘share of talent’
– Qualify the right people
• Maintaining standards
– Benchmarking – against Society of Actuaries (US)
– Leading international qualification – half new trainees from overseas
• Developing system for the future
– Develop syllabus with wide consultation
– Appropriate skill sets
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Student numbers by country
Country Number
UK 5920
India 2970
Ireland 675
RSA 544
Kenya 423
PR China 354
Malaysia 261
Singapore 260
Zimbabwe 186
Hong Kong 103
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Assessments • Work-related skills
– Work-Based Skills (WBS)
• Examination subjects
– 9 Core Technical (CT)
– 3 Core Applications (CA)
– 2 Specialist Technical (ST)
– 1 Specialist Application (SA)
• Including practical exams
– Business awareness (CT9)
– Model documentation, analysis and reporting (CA2)
– Communications (CA3)
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Written Exams – Core Topics
• All of the following:
• Core Technical: CT1 – CT8
– Technical actuarial tools
– e.g. compound interest, statistics, accounts, economics, life
contingencies
• Core Applications: CA1
– Actuarial Risk Management
– Application of business concepts including investment/assets, life and
general insurance, and pensions
– Focus on risk management techniques
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Written Exams – Specialist Topics
Subject Specialist
Technical
TWO of:
Specialist
Applications
ONE of:
Practice
Module
ONE of:
Health & Care ST1 SA1 P1
Life Insurance ST2 SA2 P2
General Insurance ST7, ST8 SA3 P3
Pensions ST4 SA4 P4
Finance n/a SA5 P5
Investment ST5 SA6 P6
Derivatives ST6 n/a n/a
Risk Management ST9 n/a n/a
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
A global community –
September 2013 Session
• 26 exams of which students need 15 to qualify
• 12,516 entries from 9,289 students (out of 13,127 registered
students)
• 168 exam centres in 81 countries
• 100 volunteer Examiners who set papers in teams
• 185 volunteer Markers involved in double blind marking each paper
• 354 entered ST9 (ERM) for CERA award
• 623entered CT1 as non-members
• 229 qualified as Fellows
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Written Exams – Tips for success
• Before the exam:
– Plan study time – use of study leave
– Study course fully – in good time!
– Know and understand the material
– Do practice questions
• ActEd assignments – get them marked
• Past exam papers
• During the exam:
– Time management/planning
– Use sub-headings, bullet points for ‘wordy’ questions
– Answer the specific question asked
– Don’t panic!
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Written Exams – Support network • Peer Group
– Study groups, peer pressure, website forum
• Employer
– Study allowance, study mentor
• Tuition provider: ActEd
– Enhanced material, assignments, tutorials, revision material, mock
exams
• Friends and family
– Practice your communication skills on non-actuaries!
• Institute and Faculty of Actuaries
– Examination counselling, appeals, general enquiries
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Working with Universities – Accreditation
• Currently 17 Accredited Universities
• Broader range of courses now available, including part-time
and distance learning courses
• Equivalence – more scope for universities’ expertise in
teaching, learning and assessment
• Monitoring – by Independent Examiners, Staff Actuaries,
employers, students
• Tracking of subsequent progress with Profession’s exams
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
Work Based Skills (WBS) - Aims
• Interaction between theory and practice
• Commercial environment
• Professionalism & ethics
• Communication
• Management skills
• Public need for competence
• Continuing development
• Reflection and self-assessment
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
WBS – Learning logs
• Examples on website www.actuaries.org.uk
• Answer work-related questions ~ 1,000 words
• Questions relate to the following skills:
– Technical, judgement, professional/ethical, communication,
commercial, IT, management
• 12 questions overall, over 3 years
• Submit to Registry in Oxford
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
WBS – Sample questions
• Technical
– Describe something you have worked on that required the use of data.
How did you validate the data?
• Professional
– Describe a case you have encountered which raised ethical concerns in
your mind. How did you approach the resulting professional issues and
how were any difficulties resolved?
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
What do employers want?
– A good academic record – usually a maths A level at Grade B or A, and a 2:1 at degree level
– Work experience/internships
– 47% of employers say that “it would be unlikely” that they would hire a candidate if they had no work experience (doesn’t have to be actuarial) *High Fliers research, 2012
– Good communication skills
– IT skills
– An interest in business/relevant industry knowledge
– Commitment to the exams and your career
– Enthusiasm
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Colour palette for PowerPoint presentations
Dark blue
R17 G52 B88
Gold
R217 G171 B22
Mid blue
R64 G150 B184
Secondary colour palette
Primary colour palette
Light grey
R220 G221 B217
Pea green
R121 G163 B42
Forest green
R0 G132 B82
Bottle green
R17 G179 B162
Cyan
R0 G156 B200
Light blue
R124 G179 B225
Violet
R128 G118 B207
Purple
R143 G70 B147
Fuscia
R233 G69 B140
Red
R200 G30 B69
Orange
R238 G116 29
Dark grey
R63 G69 B72
The future
• Should the syllabus be more specialised or more broad based?
• Should there be more focus on the UK or be more global?
• What should the balance be between technical and softer skills?
• What is the role of university provision going forward?
• Should we move away from traditional exams to more open book or
coursework based assessment?
• Should assessments be hand-written or computer based?
• How can we develop further online delivery securely and accurately?
• What will be the impact of the Analyst qualification?