Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Not a Presidential Address An Amble...

Melville Jessup WeaverA Towers Perrin/Tillinghast Affiliate

Not a Presidential Address

An Amble Through the Actuarial Countryside

Dick JessupNew Zealand Society of Actuaries Conference

Rotorua NZ

13-15 November 2002


Origins and explanations

Starting point Unease about education The Rowell quotation

Other matters The articles The title


Puff puff

What is an actuary? Split personality Enjoys aura of mystery Craving for better recognition Inflated views of a small, narrow,

specialised craft Walter Merriks comments on Visions

and Values


Puff puff

Vision statements and other nonsense Joan of Arc or Dr Livingstone Actuary of the Millenium? “Making Financial Sense of the Future”

Too glib, too general and not literally true (Shucksmith)

Image statement and card


Where were the actuaries?

Mis-selling Pensions industry Demutualisations The Equitable


Education

The Rowell quote:“The newly qualified actuary must be young. He should emerge stimulated by his course of training and examination, not exhausted by a long drawn out struggle; alive and alert enough to wish to contribute by his further studies to the vitality of the profession”. (A H Rowell - Presidential Address 1946)


Education

A H Bailey - Opening address by the President 1881:“An actuary should be a man of general culture, with a knowledge both of books and men, and the more he has of both the better”.

Education reviews:? 1944, Usherwood 1958,Skerman 1967, etc


Education

The outcomes: Skurfield 1991 - Dismal picture Peter Clark - End of term report - “Peter

stressed the need to reduce the time to qualify and it is pleasing that for the last two years the median time to qualification has fallen to five years.”


Education

Possible reasons: Retention of aura of mystery and

inaccessibility A new approach is needed


Other matters

The appointed actuary - a cosy arrangement which has failed

Actuarial audits CPD - not needed by employers or

clients Standards and Guidance Notes Public interest - pretentious Wider fields - back to education

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