Swedish Actuarial Education

Transcription

1 Erik Alm Hannover Life Re Sweden Annual Meeting Helsinki, February 28 20

2 Disclaimer The information provided in this presentation does in no way whatsoever constitute legal, accounting, tax or other professional advice. While Hannover Rückversicherung AG has endeavoured to include in this presentation information it believes to be reliable, complete and up-to-date, the company does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such information. Therefore, in no case whatsoever will Hannover Rückversicherung AG and its affiliate companies or employees be liable to anyone for any decision made or action taken in conjunction with the information in this presentation or for any related damages. Hannover Rückversicherung AG. All rights reserved. Hannover Re is the registered service mark of Hannover Rückversicherung AG.

3 Agenda International Education Requirements The

4 International Actuarial Organisations Groupe Consultatif Actuariel Europeén (GC) European 30 member associations Including Sweden and Finland International Actuarial Association (IAA) International 63 member associations Including Sweden and Finland

5 Groupe Consultatif Actuarial education requirements Core Syllabus Ten subjects Many topics per subject A discussion on changes is ongoing just now Should number of ECTS per subject be defined?

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7 GC education requirements Preliminary stage Mathematics Probability and Statistics Stochastic Processes Economics Accounting and Financial reporting Formal assessment May be examined before the actuarial education programme

8 Groupe Consultatif Actuarial education requirements. Mathematics Aim: To provide a grounding in mathematical techniques to support the understanding of the other subjects and to provide an understanding of mathematical modelling. (a) Functions, equations and inequalities (b) Differential and integral calculus (c) Differential equations (d) Sequences and series (e) Linear algebra (f) Introductory measure theory (g) Difference equations (h) Fourier analysis (i) Numerical analysis

9 GC education requirements Preliminary stage Computing Structures and Legislative Instruments of the European Union Communication Skills Language Skills No formal assessment May be integrated in the education of other subjects

10 GC education requirements Actuarial Foundation Stage Financial Mathematics Survival Models Contingencies Risk mathematics Finance and financial markets Formal assessment

11 GC education requirements Generalised Applications Stage Life Insurance General Insurance Pension Living benefits Formal assessment

12 GC education requirements Country specific and specialist stage Country specific items Specialist items

13 IAA education requirements Financial Mathematics Probability and Mathematical Statistics Economics Accounting Modelling Statistical Methods Actuarial Mathematics Investment and Asset Analysis Actuarial Risk Management Professionalism

14 IAA education requirements Specialities Modelling Would normally be integrated in other subjects rather than separate subject Actuarial Mathematics Does not specify life or non-life, one is enough Follows US standard Professionalism Will be added to GC Syllabus

15 Requirements for membership University exam Bachelor Master Civil Engineer 60 ECTS Mathematics (basic) 60 ECTS Mathematical Statistics (basic) 30 ECTS Mathematics of Mathematical Statistics or close subjects (advanced)

16 Requirements for full membership (Diploma) University exam Bachelor Master Civil Engineer 60 ECTS Mathematics (basic) 60 ECTS Mathematical Statistics (basic) 30 ECTS Mathematics of Mathematical Statistics or close subjects (advanced) 60 ECTS Actuarial/Insurance subjects

17 Requirements for full membership (Diploma) (cont) University exam Actuarial programme Language Able to understand Swedish insurance regulation Able to read Swedish and English actuarial literature Able to write actuarial reports in Swedish or English A thesis At least 00 hours Could be bachelor or master thesis if relevant Will be presented orally to the education committee Three years of actuarial experience One year Swedish experience One year after studies Professionalism course

18 Decision on full membership Examination Committee Looks at each application Evaluates studies against requirements Often complicated Foreign studies Technology vs university Old exams Double counting Gives recommendation to the board The board decides (in line with recommendation)

19 Stockholm University Actuarial Programme Blocks of 7.5 ECP each Life insurance part I Life insurance part II Non-life reserving Non-life pricing General law Insurance law Insurance accounting Financial mathematics Economics

20 Stockholm University Actuarial Programme Close cooperation with the university Observer in the Education Committee Many subjects taught by actuaries Courses follow syllabus

21 Literature (examples) Andersson, Gunnar, Livförsäkringsmatematik I In Swedish Alm, Andersson, von Bahr, Martin-Löf, Livförsäkringsmatematik II Partly in English, partly Swedish Ohlsson, Johansson, Non-Life Insurance Pricing with Generalized Linear Models In English

22 Professionalism One day seminar Mainly case study discussions Some presentations The legal environment The Code of Conduct The disciplinary scheme No exam, active participation in discussions is enough Should maybe first obligatory CPD Participate every tenth year??

23 Continuous Professional Development Not obligatory in our association We have a policy Follows the policy of the GC Recommends CPD

24 CPD Why not obligatory? Very complicated to administer complete tracking Or just random checking Some associations have build up a very complicated system for tracking CPD Relevant? All seminars are not relevant for all actuaries Much relevant CPD is hard to measure Signing a list of attendees does not mean that you have learnt anything (or even actually attended) Is obligatory CPD used to finance the association by making seminars semi-obligatory? Has listening to this speech improved the actuarial competence of the listeners?? Code of conduct requirements You should only accept assignment that you are competent to handle

25 CPD Obligatory Maybe professionalism Maybe every ten years

26 Requirements to become appointed actuary Set by our regulator Studies comparable to the present syllabus of Svenska Aktuarieföreningen, or Studies comparable to the present syllabus of IAA Some exemptions are made We do not have enough actuaries who have studied the present syllabus Often temporary Often connected to a study plan Sometimes depending on type of assignment Sometime depending on the person Easier for very experienced actuaries to get an exemption Present appointed actuaries could stay at their assignments But would have to fulfil the rules if changing appointment

27 CERA Certified Enterprise Risk Analyst In principle an add-on to the actuarial education Good back ground for CRO (Chief Risk Officer) Organised through a cooperation between a number of actuarial associations Has an official syllabus Intention to have a qualification that is recognised globally Sweden is a founding member

28 CERA Our activities We cooperate with the Royal Institute of Technology Some existing courses (22.5 credits) in financial mathematics and risk management fulfil part of the CERA syllabus. A new course (7.5 credits) in more practical ERM (Enterprise Risk Management) has been developed to fill the gaps. The course will be set up so that it can be taken over one year on a part time basis (50%), and will be open to both existing students at the Royal Institute of Technology and external students who are already in employment We have not yet ascertained if the proposed course covers the CERA syllabus adequately, but the hope is that it should cover enough of the syllabus to be CERA compliant. Over and above this, the association needs to set up procedures around the qualification to comply with the required governance

29 Thank you for your attention