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Actuarial education

Actuarial education. Rob Dorrington Professor of Actuarial Science. Overview. Routes University-specific Response to 2005 South African Qualification Examinations Problems. Routes. Self study (traditional, part-time)

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Actuarial education

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  1. Actuarial education Rob Dorrington Professor of Actuarial Science

  2. Overview • Routes • University-specific • Response to 2005 • South African Qualification Examinations • Problems

  3. Routes • Self study (traditional, part-time) • Postgraduate (occasionally some students go to UK to complete the examinations) • No degree (very few these days) • Virtually all through the Institute and Faculty of Actuaries in the UK • University specific • All fashioned on the UK curriculum

  4. University-specific • Undergraduate • Subjects covered by general university courses: Statistics, Economics, Financial Accounting(?) Financial Economics(?), Stochastic modelling (?) • Specialist subjects: Financial Mathematics, Survival Models, Life and Pensions Maths, Risk Stats and Modelling • Exemptions determined by external/independent examiners (in SA usually require 60%+) • Exemptions only as part of degree, and once degree completed

  5. University-specific • Undergraute (Contd) • Most SA degrees have major in Mathematical Statistics and two years of Mathematics • UCT BBusSc also has: two years Economics and business courses (e.g. Law, HRM, marketing, etc) • Postgraduate • Preparation/training on 300 series subjects • Exemptions courses offered by only two universities • Maximum exemptions allowed per university is 3 out of 4 (5 from this year) subjects • Must be part of a degree/diploma and only awarded after completion of degree/diploma

  6. Likely response to the 2005 education strategy • Can only speak for UCT • Still much uncertainty about future developments • Core Technical • All CT subjects except CT4 (Models) map 1-1 onto existing undergraduate courses • Will replace 103 and 104 with CT4 (possibly as a full course over a year, depending on size) • Assuming the “business awareness module” is provided for, in the case of the BBusSc students, by passes in a combination of courses such as: Thinking About Business, Human Resource Management, Business Law, Marketing, and Business Strategy

  7. Likely response to the 2005 education strategy • Core Applications • CA1 (Core Applications Concepts - i.e. assets, liabilities and asset-liability modelling): Need further clarity on what this entails but probably cover by expanding our existing 301 course • CA2 (Modelling): Waiting to see what this entails - possibly work in AIDS modelling? • CA3 (Communications): Use our existing exemption course

  8. Likely response to the 2005 education strategy • Specialist Technical • ST2 to ST4 (Life, General and Pensions) already covered as exemption courses • We have been offering courses in health care financing so will decide whether we want to offer ST1 (Health can Care) • Need to decide if we want to employ someone to offer ST5 and/or ST6 (Finance and Investment A and/or B). Fits in with our degree in Quantitative Finance. • However, may need to limit offerings since not enough students to support all (students need only 2 subjects) • May discuss specialization with other Us

  9. Likely response to the 2005 education strategy • Specialist Applications • Currently don’t offer this level of subjects • S A qualification (UK vs SA) • Could expand any or all of our current subjects to offer ST course • Not enough students to support the whole suite • Not exemption, and many changes, so unlikely to rush into this, unless much support from the industry/profession

  10. South African Qualification Examinations • From this year SA to offer South African equivalents of the 400 series subjects - the ‘Fellowship’ examination. • Syllabi and Core Reading has been prepared by South African Actuaries (in consultation with UK bodies and structured on the UK syllabi) on Investments, Life, Pension and General • Examination jointly between SA and UK. Students awarded FIA or FFA. • Exemptions not to be awarded • Only offering once a year, in September • Only Wits currently offering courses (UCT still considering)

  11. Problems • Frequent changes (every 5-10 years) • Need up to three years to phase new subjects into a four year degree • Usually won’t allow exemptions from new subjects for a number of year • Reluctance to recognize university examination • Insistence on closed book examinations as the only form of assessment encourages (forces?) a great deal of rote learning • Cost of correspondence material (priced in £) and membership and examination fees while sitting exams

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