a Career as an Actuary

A Career As An Actuary By Erwin C J De Smet Actuarial Recruitment Consultant PeopleSearch Ltd.

A Career As An Actuary
Entry Requirements
math-related university degree
eg mathematics, statistics, engineering, actuarial science, computer science
Question:
which discipline best-equip us for entry into the A Career As An Actuary?

Multi-discipline Profession
daily work involves
actuarial skills
statistical technique
evaluation of marketing aspects of product design
computer system projects
investment decisions
underwriting & medical knowledge

Choice of Exam. Body
Institute of Actuaries, UK
Institute of Actuaries, Australia
Society of Actuaries, USA

Choice of Exam. Body
recognition by regulators
- all are recognised in HK
relevance to employers
- US GAAP for US-listed companies
relevance to future regulatory developments
- Australian MOS & Canadian PPM are more forward-looking methods

Choice of Career Track
Life insurance company
individual life
group life
pension
General insurance company
Consultancy

Choice of Career Track
Question:
which career track is most suitable for me?

A Career in Consultancy
entry level : a lot of number crunching
involve in 1 project at a time (less need to manage multiple project and multi-task)
higher frequency of travelling
more emphasis on presentation (both written & oral)
less familiar with actual working of an insurance company
higher level : ability to maintain client-relationship & to generate business is important
more opportunity for M&A projects
outgoting personality

A Career in a Life Office
entry level : a lot of number crunching
involve in multiple tasks at a time (need to manage multiple project and multi-task)
lower frequency of travelling
more emphasis on programming / system skills
chance to interface with marketing / agency mgt / life office operations
higher level : natural path to senior life office mgt
more opportunity to see a project from start to finish
ability / willingness to tend to details

Typical Career Path
total yrs job title exam. Passes
0 - 4 actuarial associate 0 - 25%
4 - 7 managerial position 25 - 50%
8 + corporate officers 75 - 100%
15 + Appointed Actuary Fellow
20 + CFO Fellow

Responsibilities of an Appointed Actuary
long-term solvency of the company
- your decisions today will impact even 30-50 years later
- different assumptions on projections often produce very diverse results
- great need to exercise judgment / draw from experience
- need breadth of knowledge to discharge duties
safeguard money of millions of policyholders
balance objectives of shareholder & policyholders
responsibility to the regulator
answerable to the Board of Directors

What do employers look for?
Actuarial graduates
- clear understanding of basic actuarial concepts
- ability to explain such concepts in layman’s terms
Other graduates
- clear analytical mind
- ability to think / talk through a problem step-by-step with guidance
Career aspirations & mobility (?)
Broad range of interests / current issue awareness
Initiative

a Career as an Actuary

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