Actuarial education

Centre for Actuarial Research

Actuarial education

Rob DorringtonProfessor of Actuarial Science

Centre forActuarial Research

Overview

Routes University-specific Response to 2005 South African Qualification Examinations Problems


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


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


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


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



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



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



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


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)


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

Actuarial education

Documents

Transcript of Actuarial education