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ACTUARIAL EDUCATION in the universities

Learn about the actuarial education programs offered in Hungarian universities, including postgraduate diploma courses and graduate programs. Discover how to become an actuary in Hungary and the future of actuarial education in the country.

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ACTUARIAL EDUCATION in the universities

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  1. ACTUARIAL EDUCATION in the universities by Prof.dr. Erzsebet Kovacs Corvinus University of Budapest TAIEX Assistance - Moldova

  2. History and Membership Hungarian Actuarial Society (HAS) was established • in 1991by 36 founding members • 153 Ordinary members in 2008 • 71 fully and 82 partly qualified actuaries • 102 male and 51 female actuaries HAS is full member of the IAA and theGC TAIEX Assistance - Moldova

  3. HOW ONE BECOMES AN ACTUARY IN HUNGARY • Practice at a market player • Actuarial education or research • Apply for the HAS’s membership • No actuarial qualification required • Admittance by recommendation of two members • New member has to be involved in actuarial activity TAIEX Assistance - Moldova

  4. Roots of the Hungarian actuarial education • 1904: Hungarian Actuary Table was founded • 1920-1936: some lectures at Faculty of Economics Insurance mathematics, insurance law, accounting TAIEX Assistance - Moldova

  5. Restarted actuarial education Postgraduate Diploma Courses • Organized jointly by the Institute and Faculty of Actuaries and Budapest University of Economics • Two basic level courses in 1991/1992 and in 1993/1994 • One advanced level course in 1994/1995 • Diploma issued by the Budapest University of Economicsin 1999 for 21 Hungarian and 2 Croatian examinees TAIEX Assistance - Moldova

  6. Actuarial Education in HungaryPresent situation University-based education • Postgraduate Diploma Courses at CorvinusUniversity of Budapest (CUB) • Graduate programs • at CUB and • at the Eötvös Lorand University (ELTE) TAIEX Assistance - Moldova

  7. Postgraduate program at CUB 4 semesters, correspondence cources, tuition fee is paid Lectures are given in Hungarian or in English for foreign participants Actuarial education received whilst working as an actuary : about 90 Hungarians and 14 Romanian actuaries TAIEX Assistance - Moldova

  8. Summary of graduate programs ELTE Budapest • 1986- Special courses, 1990- Specialization 2004: Actuarial and Financial Matematics major University of Szeged • 1994- Social insurance • 1997- Introduction to insurance mathematics Technical University Budapest • 1999- Introduction to Life insurance University of Debrecen • 1999- Introduction to Insurance Mathematics TAIEX Assistance - Moldova

  9. from 1994 4 semesters Major 8 actuarial courses, higher no. of classes 17-25 students/year Minor 6 actuarial courses 45-55 studenst /year Graduate program at CUB: Actuarial major and minor TAIEX Assistance - Moldova

  10. Favourable Assessment 1) IAA Education Assessment „HAS fulfilled the requirements of IAA.” 2) Labour Market Actuaries are successfully employed in: Insurance companies, Pension funds, Supervisory Authority, Ministry of Finance, consulting firms: Deloitte, Hewitt, Mercer, WatsonWyatt This is a marketable profession in Hungary. TAIEX Assistance - Moldova

  11. Actuarial Education in HungaryFuture: Bologna type MSc • Introducing the Bologna system allows us to maintain the good quality of actuarial education • MSc in Actuarial and Financial Mathematics initiated by 5 Hungarian universities in 2006 • MSc has been accepted by the Accreditation Committe of the Hungarian Academy of Science TAIEX Assistance - Moldova

  12. Hungarian Master program starts in 2009 2 competitive and complementary majors • Actuarial • Quantitative Finance TAIEX Assistance - Moldova

  13. Structure of the Actuarial master program • Fully harmonized with the IAA requirements • Professors from 2 universities • Combined lectures at CUB&ELTE • Students apply for one university but will receive a joint diploma TAIEX Assistance - Moldova

  14. Basic courses – Semester 1 • Microeconomics • Macroeconomics • Finance • Probability Theory and Statistics • Functional Analysis • Differential equations TAIEX Assistance - Moldova

  15. Core courses – Semester 2 • Time series analysis • Investment analysis • Financial Econometrics • Stochastic processes • Multivariate statistical methods and modelling (SPSS) • Insurance and Insurance law • Life insurance TAIEX Assistance - Moldova

  16. Special courses – Semester 3-4 • Life contingencies • Health Insurance • Non-life insurance • Statistical methods in general insurance • Pension schemes • Accounting • Reserving and solvency • Profit testing (VIP) • Thesis TAIEX Assistance - Moldova

  17. Structure of MSc in Quantitative Finance • Common studies in Semester 1-2 • Different courses from Semester 3 • Financial Risk • Credit Risk • Option Pricing • Financial Mathematics • Interest rate modelling TAIEX Assistance - Moldova

  18. Why do we think it is highly important? • General development of the profession • Make widely and easily accessable for talented, ambitious Hungarian students • Continuing research, publishing books and articles in Hungarian language • Attracting non-Hungarian students from the neighbouring countries(lower costs, similar education system, strong background in Mathematics) TAIEX Assistance - Moldova

  19. More information? Mail: erzsebet.kovacs@uni-corvinus.hu Thank you for your attention! TAIEX Assistance - Moldova

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