international developments in actuarial …actuaries.org/fund/panama/daykin_en.pdfinternational...
TRANSCRIPT
![Page 1: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/1.jpg)
INTERNATIONAL DEVELOPMENTS IN ACTUARIAL
EDUCATIONChris Daykin
Chairman, Education CommitteeEuropean Actuarial Consultative Group
![Page 2: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/2.jpg)
ROUTES TO ACTUARIAL EDUCATION
• exams offered by a professional body• university education• professional exams allowing for exemptions• university education + professional exams• university education + experience• post-graduate specialist programs
![Page 3: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/3.jpg)
EUROPEAN ACTUARIAL CONSULTATIVE GROUP
• Consultative Group established in 1978• mutual recognition agreement in 1992• Education Committee established in 1992• core syllabus adopted in 1998• endorsement by member associations in 2001• implementation by 2005• further evolution planned
![Page 4: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/4.jpg)
EDUCATIONAL APPROACH
Assn. runs own exams GR, I, LV, NL, UKUniv. + assn. exams CH, D, ES, LV, NLUniversities alone B, DK, E, F, I, P, SLUniv. credits for assn. exams CH, D, ES, NL, UK Other exams not accepted CA, D, E, IRL, HR, LV,
NL, P, SFGovt. has responsibility DK, F, GR, HR, I, SF, SLOther system CA,HR,IRL,LV,LT,S,SL
![Page 5: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/5.jpg)
INTERNATIONAL ACTUARIAL ASSOCIATION (IAA)
• new constitution in June 1998• adoption of core syllabus and guidelines• applies for students starting from 2005 onwards• requirement for Full Member Associations• transitional arrangements permitted
![Page 6: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/6.jpg)
PURPOSES OF GUIDELINES AND SYLLABUS
• to help establish new education systems• for reviewing existing education systems• to underpin bilateral mutual recognition• for accreditation as Full Members of IAA
![Page 7: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/7.jpg)
NATURE OF GUIDELINES AND SYLLABUS
• not prescriptive for associations• leaves structure of actuarial education open• emphasis and packaging may differ• additional requirements permitted• overall balance of depth and breadth• indicative reading provides guidance
![Page 8: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/8.jpg)
IAA CORE SYLLABUS - 1
• financial mathematics• probability and mathematical statistics• economics• accounting• modelling• statistical methods
![Page 9: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/9.jpg)
IAA CORE SYLLABUS - 2
• actuarial mathematics * life insurance * general insurance * pensions * health care
• investment and asset management• principles of actuarial management• professionalism
![Page 10: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/10.jpg)
IAA PROCESS
• still under discussion• self-certification the first step• audit by subcommittee of Education Committee• difficulty of defining depth• challenge of specialist qualifications
![Page 11: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/11.jpg)
STRATEGIC REVIEWS
• IAA Syllabus and Guidelines (by 2005)• Groupe Consultatif Core Syllabus (by 2005)• Faculty and Institute of Actuaries (for 2005)• Society of Actuaries (with CAS) (for 2005)• Institute of Actuaries of Australia (Parts 2/3)• Joint Education Task Force 2005
![Page 12: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/12.jpg)
Genera
lIn
sura
nce
CountrySpecific
Technical
Application
Pensions
GeneralInvestment
Fina
nce
Health
Banking
Busin
ess
Lead
er
Life
Research
Analyst
Risk
Compl
ianc
eSuper-Tech
nician
Education
CapitalProjects
Generalist- Modern
Generalist
- Traditional
International
Soci
alSe
curi
ty
Gov
ernm
ent
Applications
Core
Technical
Core
Pre-entryKnowledge
![Page 13: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/13.jpg)
CORE TECHNICAL (F&IoA)
Financial MathematicsFinance and Financial ReportingProbability and Mathematical StatisticsModelsContingenciesStatistical MethodsEconomicsFinancial Economics+ Business Awareness Module (non-examined)
![Page 14: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/14.jpg)
CORE APPLICATIONS
• broad education in actuarial applications• taught and assessed by real practical examples
and courses• exam on assets and investments• exam on liabilities and asset/liability issues• modelling course• communications paper
![Page 15: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/15.jpg)
CORE APPLICATIONS (F&IoA)ACTUARIAL CONTROL CYCLE (IAAust)
ASSOCIATESHIP COURSE (SoA)PRINCIPLES OF ACTUARIAL MANAGEMENT (IAA)
• Stakeholders • General Environment• Investment and assets • Risk• Specifying the problem• Input validation• Developing the solution• Living with the solution• Monitoring/feedback • Professionalism
![Page 16: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/16.jpg)
KEY ELEMENTS
• meeting the needs of clients/customers• awareness of risk• consistency through pricing, valuation, etc• measurement of value, profit and return• holistic approach• based on principles rather than practice area• examples from a wide range of applications
![Page 17: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/17.jpg)
ASSOCIATESHIP (F&IoA)
Core Technical+ Core Applications+ Module 1 of Professionalism Course= Associate of Institute (or Faculty) of Actuaries
(AIA or AFA)
![Page 18: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/18.jpg)
SPECIALIST AREAS
• Life insurance• General insurance• Pensions and other benefits• Finance & Investment• Health & Care• others under consideration, e.g. social security
and enterprise risk management
![Page 19: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/19.jpg)
SPECIALIST LEVEL
• 2 specialist technical papers (ST)• 1 specialist application assessment in two parts • 1 or 2 STs may be in another speciality• dissertation as a possible alternative to one ST• other qualifications instead of one ST• structured work experience
![Page 20: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/20.jpg)
WORK EXPERIENCE
• practical application of knowledge• development of professionalism• mentored experience• development of work-based competencies• maintenance of lifelong learning log-book• start of Continuing Professional Development
![Page 21: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/21.jpg)
ASSOCIATESHIP (SoA)• Validated by educational experience
- Economics (E)- Corporate Finance (CF)- Applied Statistical Methods (AS)
• Validated by traditional actuarial examination- Probability (P)- Mathematics of Finance (MF)- Models for Quantifying Risk (M)- Construction and Evaluation of Risk Models (C)
• ASA Course – the Control Cycle
![Page 22: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/22.jpg)
MUTUAL RECOGNITION• IAA process may facilitate mutual recognition…• … but at “Associateship” level• bilateral agreements most likely• exam for exam credit in professional systems• university based systems may also be recognised• generally a need also for work experience…• …and process for testing local knowledge• could the IAA sponsor international exam system?
![Page 23: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/23.jpg)
CONTINUING PROFESSIONAL DEVELOPMENT (CPD)
• lifelong learning philosophy• need to maintain currency of knowledge• need for personal development and challenge• How formal does it need to be?• re-certification not yet on the agenda…• …but getting close in some countries
![Page 24: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/24.jpg)
A&A – DIPLOMA PROGRAM• F&IoA programs in central & eastern Europe• preliminary actuarial education• not necessarily sufficient for IAA accreditation…• … but may be a good start• needs to lead on to full actuarial education process• Basic Diploma Program (1 year)• Advanced Diploma Program (1 year)• Dissertation and defence (6 months)
![Page 25: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/25.jpg)
BASIC DIPLOMA PROGRAM
• Financial mathematics• Life insurance mathematics• Statistics and probability• Mathematics for non-life insurance• Economics and investment• Social security and private pension plans• Principles and practice of life insurance• Principles and practice of non-life insurance
![Page 26: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/26.jpg)
ADVANCED DIPLOMA PROGRAM
• Demography• Advanced actuarial mathematics• Investment and asset/liability management• Actuarial management of life insurance• Actuarial management of non-life insurance• Actuarial management of health insurance• Principles of accounting in local environment• Principles of law in local environment
![Page 27: INTERNATIONAL DEVELOPMENTS IN ACTUARIAL …actuaries.org/FUND/Panama/Daykin_EN.pdfINTERNATIONAL DEVELOPMENTS IN ACTUARIAL EDUCATION Chris Daykin Chairman, Education Committee European](https://reader030.vdocument.in/reader030/viewer/2022040300/5e69b2a9e24ae92fa706d539/html5/thumbnails/27.jpg)
HOW TO MOVE FORWARD?
• introducing new university programs• upgrading existing education…• …for those already working in the industry• some introductory diploma programs needed?• …or perhaps structured program of CPD• looking for funding partners (FIRST?, USAID?)• need to develop process within IAA