© 2010 The Actuarial Profession www.actuaries.org.uk

Dr Trevor Watkins, Director of EducationInstitute and Faculty of Actuaries

Chinese Actuarial Network Launch Event2 December 2011

CANUK – Launch Event

Structure of talk

1. Background to the qualification process

2. Membership numbers and locations

3. Issues for CANUK

4. Discussion and questions

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3

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

© 2010 The Actuarial Profession www.actuaries.org.uk

Size of System – April 2011 Session

• 26 exams of which students need 15 to qualify

• 11,256 entries from 7,622 students (out of 10,000 registered students)

• 135 exam centres in 69 countries used (from a total of 182 centres)

• 80 volunteer Examiners who set papers in teams

• 160 volunteer Markers involved in double blind marking each paper

• 338 passed exams to qualify as Fellows

• 29 attained CERA via ST9 (ERM)

• 80 non-members passed CT1 (Financial Mathematics) (out of 211 sitting)

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How we examine fitness for purpose

• Core Technical – 9 subjects inc 2 day Business Awareness course (with on-line version for overseas)

• Core Applications – 3 subjects inc 2 day Modelling course (with on-line version for overseas) and a Communications module

• Specialist Technical – 2 from 8 subjects

• Specialist Applications – 1 from 6 subjects

• Alternative routes at ST and SA level

• UK Practice Modules

• 3 years’ experience + Work Based Skills (Learning Log)

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Standards

• Principles

(i) candidates have equal likelihood of passing at each diet and with each marker

(ii) standards are maintained

– over time

– between alternative routes

• Skill sets

– qualifications on entry

– development of knowledge and skills

– defining abilities at qualification as Associate and Fellow using skill sets

– post qualification skill development – CPD / Professionalism requirements

• Governance

– Actuaries Code

– links to PREC6

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Working with Universities – Accreditation

• Currently 14 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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Membership Composition

8

69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 100

5000

10000

15000

20000

25000

FACULTY & INSTITUTE TOTAL MEMBERSHIP ( active and retired )

(in 1994 there were about 700 who were retired )ALL STUDENTS

ASSOC & AFFIL

ALL FELLOWS (exc Honorary)

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Fellows across the globe

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UK , 5034, 70%

IRELAND; 529

OTHER EU; 244

OTHER EUROPE; 1

SOUTH AFRICA; 698

CANADA; 72

USA; 175

AUSTRALIA & NZ; 328

INDIA; 67

OTHER COUNTRIES; 594 ALL FELLOWSEMPLOYMENT BY COUNTRY

(as at May 2010)(Active only, no Associates)

TOTAL 8420

Membership in South East Asia

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Hong Kong PRC Singapore Malaysia

Fellow 60 42 48 23

Student 71 330 195 195

Issues for CANUK - Background

• Current IFA links in China

- universities

- employers

- CAA

• New strategy – next moves

- university accreditation

- links with employers

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Issues for CANUK – Student Support

• Understanding student needs

- Chinese students in the UK

- Chinese students in China

• Mentoring for later subjects

• Need for more exam centres

• Work permits

• Language support – discursive subjects

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Issues for CANUK – Fellows

• CPD events in China

• Developing links with employers in China

• Links with Chinese universities

• Building a support network

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Questions or comments?

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