Improving learning and knowledge opportunities
Demand to qualify as an actuary continues to grow, evidenced by the increasing number of people coming into the profession each year.
The Profession is committed to offering an excellent and continuing education provision to ensure members develop their knowledge and
understanding throughout their careers.
The number of applications to sit the Profession's exams demonstrate a healthy interest from students
wanting to pursue an actuarial career. The number of students applying to sit exams in April 2009 was 11,818 compared with 10,421 for April 2008.
This represents a 13.4% increase. The number of applications to sit the core technical exams was particularly high, which reflects the increase in the
new students registering in the last year. Of the 7,250 students registering to sit the Profession's exams in April 2008, just under 4,000 (54%) did so online.
Developments for students
The Profession has continued to review and revise the content and delivery of exams and supporting materials to ensure they are relevant to business practice and provide students with the skills and knowledge that will enable them to make a valuable contribution to their employers. Some of these changes include:
- The core applications concepts subject has been renamed (core applications - actuarial risk management) and revised to reflect its emphasis on risk management.
- From 2010, the Profession will offer enterprise risk management as a specialist technical subject
- April 2010 will see the introduction of separate exams in pricing and reserving to replace the single general insurance specialist technical subject.
The three most popular universities for students to take their first degree before joining the profession were University of Warwick, Heriot-Watt University and City University.
- The content and delivery of the communications subject has been reviewed to equip students with the skills to become successful communicators in their careers.
- A successful pilot of distance learning options for the business awareness and model documentation analysis and reporting subjects will enable students based outside the UK and unable to attend a Profession-run event to attend a distance learning version of the exam.
- Students can now take the UK practice module online - enabling them to sit the exam in their office, at any time of year. In the past year 342 students applied to sit the exam online. Of these, 263 had completed the exam and 202 had passed the exam by February 2009.
University accreditations
The number of university courses accredited by the Profession doubled this year, from six to 12 universities. The universities which gained accreditation were: University of Oxford, University of Cambridge, Queens University Belfast, University of Manchester, University College Dublin and University of Waterloo (Canada) - the first international university to gain accreditation from the Profession.
Promotion of Associates
In June 2009, the Profession was due to hold its first ceremony to recognise the achievement of students gaining the Associate level of qualification.
The Associate qualification equips people with the skills to work in diverse roles within the financial sector and the ceremony will highlight the benefit and value of becoming an Associate. The Associate qualification is recognised internationally as meeting the minimum requirements to be an actuary in many countries.
Extending awareness of actuarial skills
The Profession opened its door to non-members for the first time in 2009, offering them the opportunity to take the financial mathematics (CT1) exam. The initiative aims to provide prospective actuaries and financial services staff with the opportunity to decide whether they would like to pursue actuarial studies, to prove their skills to employers, or to develop their numeracy skills. More than 70 non-members applied to sit the exam in April 2009.
Building relationships with school and university students
The Profession takes part in a range of careers activities with schools
and universities. For example, representatives of the Profession make around 100 visits to schools and 20-30 visits to university careers
fairs each year to introduce and explain an actuarial career to students. In addition, the Profession sponsors a number of mathematics
events for school students.
The UK Maths Trust Intermediate Maths Challenge is one of three maths challenges sponsored by the
Profession. The Intermediate Challenge is open to students in school year 11 and below in England, S4 and below in Scotland and year 12 and
below in Northern Ireland.
Students from across Scotland take part in Enterprising Mathematics in Scotland.
Some 258,950 students from 3,198 schools and colleges took part in the event in 2008.
The Profession
also sponsors Enterprising Mathematics in Scotland, organised by the Scottish Maths Council. In 2008, 51 schools/colleges and around
250 children aged between 14 and 16 took part in the event at the University of Strathclyde.
International Liaison
Many students who undertake the Profession's education and exams process are based overseas. During each of the two exam sessions held each year, centres are set up in 60 countries throughout Europe, Africa, Australasia, North America and South America to ensure international students have the opportunity to take the exams locally. Representatives of the Profession also travel to universities around the world to speak to students, meet members and award Fellowship certificates.
Institute President Nigel Masters presents a Fellowship Certificate to Ting Zhi during an official visit to the Shanghai University of Finance and Economics.
