The Actuarial Profession David Alexander Fellow of the Actuarial Society of Hong Kong

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  • The Actuarial Profession David Alexander Fellow of the Actuarial Society of Hong Kong www.actuaries.org.hk
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  • About me nCurrent role: Life Manager Hong Kong & Macau, Swiss Re Life & Health nFIA (Fellow of the Institute of Actuaries UK), FASHK nStudied Mathematics at Warwick Univ, UK nHas worked in the UK and Hong Kong
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  • n Should I become an Actuary?
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  • n Actuarial training is seen as a highly attractive career in finance.
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  • What does an actuary do? nCommunicate complex financial issues in an understandable way! nActuaries apply their mathematical and financial expertise and knowledge in the business world.
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  • Where do actuaries work? nInsurance Companies (Life & General) nConsultancies (Actuarial, Management, Accountancy, etc) nInvestment and Banking nGovernment Service nOther e.g. Healthcare, Capital Projects nUniversities
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  • The Actuarial Society of Hong Kong - Mission To increase the value to the community of the actuarial profession. To encourage the study of actuarial science To uphold standards of professional conduct To regulate the practice by its members To discuss and comment on the actuarial aspects of public, social and economic topics To consider the actuarial aspects of legislation
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  • The Actuarial Society of Hong Kong 205 Fellows 91 Associates 145 Students www.actuaries.org.hk Students study the examinations of the actuarial bodies of: USA UK Australia
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  • Actuarial Societies around the World nUSA - The Society of Actuaries nwww.soa.org nUK - The Faculty & Institute of Actuaries nwww.actuaries.org.uk nAustralia - The Institute of Actuaries of Australia nwww.actuaries.asn.au nOther Countries nMany countries have an actuarial association nVery few have a full examination system nIAA - The International Actuarial Association nwww.actuaries.org
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  • The Actuarial Profession has all that an attractive profession should have: nProfessional qualification nAutonomy and responsibility nVariety and flexibility of opportunities nExcellent pay nIts a well respected profession nInternationally recognised qualification
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  • Excellent Pay: nGraduate entry salaries are offered between HK$12-15,000 per month, according to the sector and location of the position. nStudent actuaries often get promotions and salary increases as they pass the exams. nA newly qualified actuary will earn in excess of HK$40,000pm, however senior actuaries can earn over HK$100 000pm+ depending on the job they do.
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  • Actuaries In Hong Kong - Estella Chiu nChief Actuary, HSBC Life nFCIA, FSA, FASHK nPresident of the ASHK nActuarial Science at Univ of Western Ontario nWorked in nCanada nHong Kong
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  • Actuaries In Hong Kong - Dr Chan nAssociate Professor of Actuarial Science, HKU nFSA, FASHK nBBA Accounting, Chinese University of HK nWorked in nCanada nSingapore nHong Kong
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  • Actuaries In Hong Kong - K C Chan nAlternative Distribution Officer, Taiwan Prudential Assurance Co. nFCIA, FSA, FASHK nBSc Electrical Engineering, Univ of Hong Kong nWorked in nCanada nSingapore nHong Kong nTaiwan nJapan
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  • Internationally recognised qualification: nThere are many overseas opportunities
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  • Geographical Distribution of UK Fellows
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  • A Chance to Travel on Business Personal Experience England, Scotland France, Spain, Belgium, Holland, Germany, Switzerland, Hungary US, Canada Brazil Israel Hong Kong, Mainland China, Taiwan, Macau Japan, Singapore Australia India
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  • Actuaries are experts in assessing the financial impact of tomorrows uncertain events by: nanalysing the past nmodelling the future nassessing the risks involved ncommunicating what the results mean in financial terms...and human terms ndeciding the appropriate course of action to implement or recommend
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  • Some Examples nSetting investment strategy nBuying a life insurance company nDeveloping a pensions strategy
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  • Setting Investment Strategy Scenario - You are an actuary advising a life insurance company where to invest its assets of HKD1000m nensure solvency nmaximise policyholder return npractical solution
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  • Setting Investment Strategy - Considerations nWhat proportion to invest in bonds, equities, property and cash? nConsider nWhat are the companys liabilities (currency and duration) nWhat risk appetite does the company have nWhat regulations are there on investment nWhat are their competitors doing nWhat is the risk of insolvency for any chosen strategy
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  • 2. Buying another life insurance company nReasons for purchase? nWhat are you buying? nType of purchase hostile/agreed? nWhat timescale is involved? nHow much are buyers prepared to pay?
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  • Buying another life insurance company nValue future profit streams to shareholders nEmbedded Value nAdd the Value of future new business nAppraisal Value
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  • Buying another life insurance company nCommunicate the results nSeparate values for different components nNo right answer nPrice is what someone is willing to pay nSimilar deals provide a good check nIterative process
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  • 3. Developing a pensions strategy nunderstanding the clients objectives nunderstanding the organisation nunderstanding legislation nassumptions and analysis njudgement and imagination ncommunication
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  • Communication, communication, communication!!! nMeet with company contacts nAttend board meeting nPresent recommendation to the Trustees nWrite reports for the company / board nPrepare announcements for employees nDevelop illustrative modellers for members nAttend employee roadshows n
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  • Becoming an Actuary nHow do I become an Actuary?
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  • What do employers look for? na good academic record nnot only maths/actuarial science graduates! ngood communicators nIT skills nlanguage skills nan interest in business ncommitment / staying power nenthusiasm
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  • Qualification Routes
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  • Minimum Entry Requirements nGood school results especially in Mathematics nUniversity Degree preferably in a science subject (Mathematics, Economics, Statistics, Engineering etc or Actuarial Science)
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  • Examination Syllabus nTechnical Examinations (similar for all actuarial associations around the world) nPractical Examinations (different for each country) nSpecialist Examination nCommunications Paper
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  • Study Support Structured nCorrespondence Courses nStudy Leave nCompany Tutorials Informal nWork Experience nColleagues nActuarial Society Presentations nReading other actuarial research, magazines etc
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  • Where can I find out more? nYour careers advisor nVia the Actuarial Websites nCareers information packs nWeb-sites nCareers Guides nEmployers web-sites nWork experience / summer placements nCareers Expo!
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  • Why do I enjoy it? nIts interesting nIts challenging nIts different all the time nIts satisfying n and it pays well! n and I still have time to enjoy life outside work!
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  • Time to enjoy life outside work nPeter Eliot ( B&W Deloitte actuarial student) street lugeing in his spare time in San Francisco.
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  • Any Questions for our Panel? www.actuaries.org.hk