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About me

The Actuarial Profession David Alexander Fellow of the Actuarial Society of Hong Kong www.actuaries.org.hk. About me. Current role: Life Manager Hong Kong & Macau, Swiss Re Life & Health FIA (Fellow of the Institute of Actuaries UK), FASHK Studied Mathematics at Warwick Univ, UK

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About me

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  1. The Actuarial ProfessionDavid AlexanderFellow of the Actuarial Society of Hong Kongwww.actuaries.org.hk

  2. About me • Current role: Life Manager Hong Kong & Macau, Swiss Re Life & Health • FIA (Fellow of the Institute of Actuaries UK), FASHK • Studied Mathematics at Warwick Univ, UK • Has worked in the UK and Hong Kong

  3. Should I become an Actuary?

  4. Actuarial training is seen as a highly attractive career in finance.

  5. What does an actuary do? • Communicate complex financial issues in an understandable way! • Actuaries apply their mathematical and financial expertise and knowledge in the business world.

  6. Where do actuaries work? • Insurance Companies (Life & General) • Consultancies (Actuarial, Management, Accountancy, etc) • Investment and Banking • Government Service • Other e.g. Healthcare, Capital Projects • Universities

  7. 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

  8. 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

  9. Actuarial Societies around the World • USA - The Society of Actuaries • www.soa.org • UK - The Faculty & Institute of Actuaries • www.actuaries.org.uk • Australia - The Institute of Actuaries of Australia • www.actuaries.asn.au • Other Countries • Many countries have an actuarial association • Very few have a full examination system • IAA - The International Actuarial Association • www.actuaries.org

  10. The Actuarial Profession has all that an attractive profession should have: • Professional qualification • Autonomy and responsibility • Variety and flexibility of opportunities • Excellent pay • It’s a well respected profession • Internationally recognised qualification

  11. Excellent Pay: • Graduate entry salaries are offered between HK$12-15,000 per month, according to the sector and location of the position. • Student actuaries often get promotions and salary increases as they pass the exams. • A 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.

  12. Actuaries In Hong Kong - Estella Chiu • Chief Actuary, HSBC Life • FCIA, FSA, FASHK • President of the ASHK • Actuarial Science at Univ of Western Ontario • Worked in • Canada • Hong Kong

  13. Actuaries In Hong Kong - Dr Chan • Associate Professor of Actuarial Science, HKU • FSA, FASHK • BBA Accounting, Chinese University of HK • Worked in • Canada • Singapore • Hong Kong

  14. Actuaries In Hong Kong - K C Chan • Alternative Distribution Officer, Taiwan Prudential Assurance Co. • FCIA, FSA, FASHK • BSc Electrical Engineering, Univ of Hong Kong • Worked in • Canada • Singapore • Hong Kong • Taiwan • Japan

  15. Internationally recognised qualification: • There are many overseas opportunities

  16. Geographical Distribution of UK Fellows

  17. England, Scotland France, Spain, Belgium, Holland, Germany, Switzerland, Hungary US, Canada Brazil Israel Hong Kong, Mainland China, Taiwan, Macau Japan, Singapore Australia India A Chance to Travel on Business – Personal Experience

  18. Actuaries are experts in assessing the financial impact of tomorrow’s uncertain events by: • analysing the past • modelling the future • assessing the risks involved • communicating what the results mean in financial terms...and human terms • deciding the appropriate course of action to implement or recommend

  19. Some Examples • Setting investment strategy • Buying a life insurance company • Developing a pensions strategy

  20. Setting Investment Strategy Scenario - You are an actuary advising a life insurance company where to invest its assets of HKD1000m • ensure solvency • maximise policyholder return • practical solution

  21. Setting Investment Strategy - Considerations • What proportion to invest in bonds, equities, property and cash? • Consider • What are the company’s liabilities (currency and duration) • What risk appetite does the company have • What regulations are there on investment • What are their competitors doing • What is the risk of insolvency for any chosen strategy

  22. 2. Buying another life insurance company • Reasons for purchase? • What are you buying? • Type of purchase – hostile/agreed? • What timescale is involved? • How much are buyers prepared to pay?

  23. Buying another life insurance company • Value future profit streams to shareholders • Embedded Value • Add the Value of future new business • Appraisal Value

  24. Buying another life insurance company • Communicate the results • Separate values for different components • No right answer • Price is what someone is willing to pay • Similar deals provide a good check • Iterative process

  25. 3. Developing a pensions strategy • understanding the client’s objectives • understanding the organisation • understanding legislation • assumptions and analysis • judgement and imagination • communication

  26. Communication, communication, communication!!! • Meet with company contacts • Attend board meeting • Present recommendation to the Trustees • Write reports for the company / board • Prepare announcements for employees • Develop illustrative modellers for members • Attend employee roadshows • …

  27. Becoming an Actuary • How do I become an Actuary?

  28. What do employers look for? • a good academic record • not only maths/actuarial science graduates! • good communicators • IT skills • language skills • an interest in business • commitment / staying power • enthusiasm

  29. Qualification Routes

  30. Minimum Entry Requirements • Good school results especially in Mathematics • University Degree preferably in a science subject (Mathematics, Economics, Statistics, Engineering etc or Actuarial Science)

  31. Examination Syllabus • Technical Examinations (similar for all actuarial associations around the world) • Practical Examinations (different for each country) • Specialist Examination • Communications Paper

  32. Study Support Structured • Correspondence Courses • Study Leave • Company Tutorials Informal • Work Experience • Colleagues • Actuarial Society Presentations • Reading other actuarial research, magazines etc

  33. Where can I find out more? • Your careers advisor • Via the Actuarial Websites • Careers information packs • Web-sites • Careers Guides • Employers’ web-sites • Work experience / summer placements • Careers Expo!

  34. Why do I enjoy it? • It’s interesting • It’s challenging • It’s different all the time • It’s satisfying • … and it pays well! • … and I still have time to enjoy life outside work!

  35. Time to enjoy life outside work… • Peter Eliot ( B&W Deloitte actuarial student) street lugeing in his spare time in San Francisco.

  36. Any Questions for our Panel?www.actuaries.org.hk

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