#Institute and Faculty of Actuaries (IFoA)

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How to Become an Actuary in Malaysia?

Education Pathway to Become a Professional Actuary in Malaysia Actuaries measure and manage risk. Basically an Actuary calculates the amount of premiums to charge to a policy holder using mathematical models based on statistical data from the past. Since we are not able to predict the future, the actuary has to use mathematical models to make projections as accurate as possible on the chances…

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The Great Risk Transfer Campaign

While England, Scotland and Wales are currently focussed on tomorrow’s elections, The IFoA (Institute and Faculty of Actuaries) have identified a major long term issue within the UK, Outside the private sector, a decreasing proportion of the working population have secure employment.  Pension plans are becoming overwhelmingly DC (defined contribution a.k.a. money purchase) instead of DB (defined benefit a.k.a. final salary).  This means that any poor investment performance reduces people’s retirement benefits instead of increasing employers’ contributions.  Risk is progressively being transferred from employer to worker.

We hear parts of the story from parts of the media, but only the IFoA appear to have grasped the overall issue.  Also it is amazing that the Labour Party and trades unions are not talking about “the great risk transfer”.  The IFoA’s main focus is on public information and education and they rightly feel that they have a significant role to play.  There’s more on https://www.theactuary.com/ifoa/2021/03/30/ifoa-campaign-great-risk-transfer?utm_source=Adestra&utm_medium=email&utm_term= where their former president John Taylor writes in The Actuary.

There is, however, part of the article with which I strongly disagree.  He supports CDC pension plans and writes as follows. 

“In collective defined contribution (CDC) pension schemes, members pool their retirement savings into a single fund and share the risks associated with investment performance and longevity.  This risk sharing allows the scheme to invest in assets with higher expected returns than individual DC schemes can.  Employer contributions are fixed, so pension levels will vary - and may be lower in some years.  However, risk sharing allows schemes to smooth market volatility and thus achieve fairly stable pension levels.”  “As part of the campaign, we are seeking government action to show employers that CDC schemes are an attractive alternative to DC schemes.”

Did you notice that John Taylor said that a CDC pension can actually reduce during payment?  It really can and this possibility must be spelt out very clearly in advance or there will be genuine grievances in future years.

The IFoA would do better to look at the Dynamic Pension system used by the Provident Mutual (now part of Aviva) in the 1990s and earlier.  Dynamic Pensions were with profit arrangements with annual bonuses based on investment performance and other factors.  There was no promise that the level of pensions would increase, but they could not actually fall.

(05/05/2021)

[scholarshipja]

UWI STUDENTS WIN NEW ACTUARIAL SCHOLARSHIPS FROM THE INSTITUTE AND FACULTY OF ACTUARIES FOUNDATION (IFOA). Trinidad & Tobago third-year students of the actuarial sciences programme at the Department of Mathematics and Statistics, Faculty of Science and Technology, at the UWI St Augustine Campus were awarded new actuarial scholarships from the Institute and Faculty of Actuaries Foundation (IFoA). Dana Reyes and Tyrese Clement have been awarded Fullerton-Long Caribbean actuarial scholarships by the Institute and Faculty of Actuaries (IFoA) Foundation. Both are third-year students of the actuarial sciences programme at the Department of Mathematics and Statistics, Faculty of Science and Technology, at the UWI St Augustine Campus. The pair were selected from a list of UWI’s most gifted and highest performing actuarial students. They each won actuarial scholarships worth US$2,150. The Fullerton-Long Caribbean Scholarship was set up by UK-based senior actuaries of Jamaican heritage, Andrew Long and Norbert Fullerton. Both are ambassadors of the IFoA Foundation and UWI alumni. Read about this opportunity on www.scholarshipjamaica.com or with LINK in @scholarshipjamaica bio👆🏾. #scholarshipjamaica #IFOA #InstituteandFacultyofActuaries #acturalscience #acturialscience #actuarialsciences #actuarialsciencescholarships #StAugustineCampus #uwischolarships (at ScholarshipJamaica.com) https://www.instagram.com/p/CYfDvKsOWUT/?utm_medium=tumblr

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Insurance firm bags UK’s IFoA Quality Assurance accreditation

Insurance firm bags UK’s IFoA Quality Assurance accreditation

By Rukayat Adeyemi Lagos, May 18, 2021 The Institute and Faculty of Actuaries (IFoA) has awarded a Quality Assurance Scheme accreditation to AIICO Insurance, making the firm the first in Nigeria to bag such feat. Mr Wycliffe Obutu, AIICO’s Chief Actuary, announced this in a statement on Tuesday in Lagos. IFOA is the UK’s only chartered professional body dedicated to educating, developing and…

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Britanicii ar trebui sa economiseasca lunar, cat timp sunt in campul muncii, 799 de lire sterline pentru a avea, la pensie, un venit decent Daca vor sa aiba un venit decent dupa ce se pensioneaza, britanicii trebuie sa economiseasca un sfert din castiguri, arata The Actuary, care citeaza un raport realizat de catre IFoA (the Institute and Faculty of Actuaries).

[qmcareers]

How to Become an Actuary

In this blog we’ll explore what an Actuary does, what skills they need and how to explore career options. Working as an Actuary is a rewarding challenge, which allows you to flex your mathematical, analytical and interpersonal skills.

What is an Actuary?

“An actuary evaluates, manages and advises on financial risks. They use their knowledge of business and economics, together with their understanding of probability theory, statistics and investment theory, to provide strategic, commercial and financial advice.

As an actuary, you’ll use financial and statistical theories to assess the likelihood of a particular event occurring and its possible financial costs.” (Prospects)

The day-to-day tasks will vary but can involve:

Meeting with potential or current clients

Presenting results and recommendations to clients & key stakeholders

Researching

Analysing data, utilising software or financial models

To hear from the experts, check out this video from the Institute and Faculty of Actuaries

What are the core skills I need to develop?

A great way to determine the skills you need to develop to be an Actuary is to research job descriptions, talk to Actuarial professionals at careers events or visit the institute (IFoA) website.

Most employers will look for the skills below when recruiting trainee Actuaries:

Highly numerate with demonstrably strong mathematical skills (A at A Level and GCSE Maths is a common prerequisite, as is a relevant numerate degree e.g. physics. 2.1 degree is outcome is usually expected, but some employers will accept a 2.2.)

Ability to communicate complex ideas to non-specialists

Analytical & problem solving ability for complex challenges

Strong interpersonal skills and client relationship building skills

Commercial awareness is key; having an understanding of not just the Actuarial role, but also the sector you’d be operating in is essential (e.g. insurance, pensions, banking, healthcare, public sector or industry)

Adaptability; the ability to be flexible with changing legislation, the changing needs of customers, and adapting your communication style for different audiences

Where can I work?

Actuaries tend to work within Pensions & Benefits, Life Insurance and general insurance. There are also opportunities in investments, consultancies, healthcare, risk management and banking.

Qualifications

The Institute and Faculty of Actuaries (IFoA) is the UK’s chartered professional body for Actuaries. Large employers offer trainees study support for IFoA exams – qualifying can take between 3-6 years. Read more about the exams here.

The average salary for new graduates is £28,500 (2018 – Hays). After qualification this can rise to between £40,000 and £55,000.

Are there opportunities for work experience?

Some employers offer internships and work experience for undergraduate students. These are a great way to both gain a greater understanding of the role, and also to potentially secure a graduate job offer. Check out the opportunities available from these employers on their careers sites: Aon, Lane, Clark & Peacock, Willis Towers Watson and the Big 4 – PwC, EY, Deloitte and KPMG.

Further reading & resources

The Actuary Jobs – careers advice & jobs board – https://www.theactuaryjobs.com/

The Actuarial Careers Guide from Inside Careers

If you would like to book a one to one appointment with a careers consultant click here 

from QMUL Jobs Blog https://ift.tt/2P584Rl via IFTTT

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IFoA proposes new model for equity release <b>mortgage</b> calculations

The Institute and Faculty of Actuaries (IFoA) has proposed a new model that better reflects historic UK house prices for equity release mortgage ...

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Summer Internship, Actuarial, Pensions, Birmingham, 2018

West Midlands, UK PWC-1 The PwC DealNo matter which area of the business you choose to join, all routes offer the same deal. The opportunity to grow as an individual, to meet new people, and build lasting relationships that will stay with you for life.Summer internshipRunning during the summer, our 8 week Summer Internships offer high calibre students the opportunity to experience work and life at PwC, and gain a valuable insight into our business and culture. You'll work alongside graduate trainees and experienced professionals on live and interesting client projects. You will be doing real work on real clients so be prepared to get stuck in.ActuarialUsing complex financial and statistical theories to calculate the likelihood of events - anything from a natural disaster to a wholesale IT system failure - you'll work out what that means financially for clients. It's highly technical work and it's made all the more challenging by the fact that you'll have to present your complex findings in simple, easy to understand ways. There are two business areas you can choose from, Actuarial Services and Actuarial People and Organisations, both are among the leading actuarial practices in the UK.People and OrganisationYou'll work with a wide variety of companies, from large multi-national organisations to smaller UK-focused businesses, advising them on how best to achieve their objectives in relation to their pension/benefit schemes. You'll consult on a spectrum of issues including redesign of pension benefits, de-risking legacy pension schemes, negotiating with trustees on how to fund schemes, potential Mergers or Acquisitions, and the impact of legislative changes. The key is to help clients manage the risks within their pension schemes while also achieving their long-term goals.What you'll gainYou'll find out first-hand if this is the career for you. If it is - and you perform well - you could go back to university with a graduate job offer. And you'll certainly raise your commercial awareness and interpersonal skills to new levels. By experiencing life inside the world's leading professional services organisation, you'll develop many new skills and qualities that will be valuable whatever you choose to do.What you need to get inAt PwC we no longer use UCAS tariff as an assessment tool for the majority of our undergraduate and graduate opportunities. However, the Institute and Faculty of Actuaries require you to have:Minimum Grade C in A Level mathematics or equivalent*A second A Level in any subject at a minimum Grade C* Depending on your degree subject this A level requirement may be dropped.In addition to this UCAS requirement, PwC also require you to be:In your penultimate year of an undergraduate or postgraduate degree; orIn your final year of an undergraduate degree with a one year postgraduate place confirmed; andOn target for a 2.1 in any degree disciplineIf you are unable to meet these UCAS requirements, we won't be able to consider you for a role as an Actuary. Therefore, you may want to consider other programmes on offer which don't have a UCAS tariff requirement.If you would like to find out more about the requirements for the IFOA please refer to the following link - We know that the skills and experiences you develop with us will stay with you throughout your career. So join PwC. We'll help you reach your full potential.Take the opportunity of a lifetime.

Location Birmingham

About PwC We're one of the world's leading professional services organisations. From 158 countries, we help our clients, some of the most successful organisations on the globe, as well as its most dynamic entrepreneurs and thriving private businesses, to create the value they want. We help to measure, protect and enhance the things that matter most to them. Find out more

The skills and behaviours we're looking for

Selection process

Psychometric and interview e-learn

People profiles

Do you need a work permit?

Diversity and inclusion

from Youth In Jobs https://youthinjobs.co.uk/job/131367/summer-internship-actuarial-pensions-birmingham-2018/

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Oriental Insurance Company Ltd Recruitment 2017 – Apply Online for 300 Administrative Officer Posts

OICL AO Recruitment 2018– Apply Online for 300 Administrative Officer Posts: Oriental Insurance Company Limited, New Delhi has given a work warning for the enlistment of 300 Administrative Officer (Scale-I) opportunities. Qualified hopefuls may apply online from 18-08-2017 to 15-09-2017. Different subtle elements like age, instructive capability, determination process, application charge and how to apply are said underneath… OICL AO Recruitment 2018– Apply Online for 300 Administrative Officer Posts: Oriental Insurance Company Limited, New Delhi has given a work warning for the enlistment of 300 Administrative Officer (Scale-I) opportunities. Qualified hopefuls may apply online from 18-08-2017 to 15-09-2017. Different subtle elements like age, instructive capability, determination process, application charge and how to apply are said underneath… Oriental Insurance Company Ltd Vacancy Details: Add up to No of Posts: 300 Name of the Post: Administrative Officer Name of the Disciplines: 1. Records: 20 posts 2. Statisticians: 02 posts 3. Designers (Automobile): 15 posts 4. Legitimate: 30 posts 5. Medicinal Officer: 10 Posts 6. Generalist: 223 Posts Age Limit: Candidates age ought to be 21 to 30 years as on 31-07-2017. Age unwinding is material by 05 years for SC/ST, 03 years for OBC (NCL), 10 years for PWD applicants. for more subtle elements allude the warning. Instructive Qualification: Candidates ought to have M.Com. or then again MBA (Finance) or Chartered Accountants (ICAI) or Cost and Management Accountant (The Institute of Cost Accountants of India) before known as Cost and Wok Accountants (ICWAI) for post-1, Graduation and passed 4 Actuarial Papers from Institute of Actuaries of India (IAI) or Institute and Faculty of Actuary, UK (IFoA) for post-2, Graduation/PG Degree in building (4 or 5 years) with car designing as a subject for post-3, Graduation in Law for post-4, MBBS for post-5, Graduation in any stream for post-6 with 55% for SC/ST and 60% for Others from a perceived University. Choice Process: Candidates will be chosen in light of Preliminary, Main exam and meeting. Application Fee: Candidates need to pay Rs.600/ - (Application Fee + Intimation Charges) for Others, Rs.100/ - (Intimation Charges Only) for SC/ST/PWD applicants. The most effective method to Apply: Eligible applicants can apply online through the site from 18-08-2017 to 15-09-2017. Directions to Apply Online: 1. Sign on to the site. 2. Tap on Careers. 3. Select the coveted post and tap on Apply Online. 4. Fill every one of the points of interest and present the frame. 5. Take a printout of online application frame for sometime later. Imperative Dates: Beginning Date for Online Registration and Payment of Fee 18-08-2017 Last Date for Online Registration and Payment of Fee 15-09-2017 Last Date for Printing your Application 30-09-2017 Date of Online Examination for Phase I 22-10-2017 (Tentative) Date of Online Examination for Phase II 18-11-2017 (Tentative) For more points of interest like payments and other data tap on the connections given underneath

https://dekhjobs.in/2018/02/01/oicl-administrative-officer-recruitment-at-www-orientalinsurance-org-in/

[eduspiral]

Education Pathway after Secondary School to Become an Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA)

How to Become an Actuary after SPM or IGCSE/O-Levels through IFoA (UK) in Malaysia The education pathway to become an Actuary in Malaysia requires students to go through a well-structured plan and takes about 3-6 years. Students after SPM or IGCSE/O-Levels can study at top private universities in Malaysia with full exemptions from IFOA in order to become an actuary faster. Qualifying to Become…

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Institute and Faculty of Actuaries (IFoA): Lay Non-Executive Director (Paid role) By Debbie Wright Lay Non-Executive Director (Paid role) Recruiter: Institute and Faculty of Actuaries (IFoA) Location: London Salary: An honorarium of £15,000 (gross) is payable per annum plus out of pocket expenses Posted: 02 Jun 2017 Closes: 18 Jul 2017 Job Function: Non Executive Director Industry: Not-For-Profit Background The IFoA is an international body with a worldwide membership of over 29,000…

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Institute and Faculty of Actuaries (IFoA): Lay Non-Executive Director (Paid role)

Institute and Faculty of Actuaries (IFoA): Lay Non-Executive Director (Paid role)

Lay Non-Executive Director (Paid role)

Recruiter: Institute and Faculty of Actuaries (IFoA) Location: London Salary: An honorarium of £15,000 (gross) is payable per annum plus out of pocket expenses Posted: 02 Jun 2017 Closes: 18 Jul 2017 Job Function: Non Executive Director Industry: Not-For-Profit

Background

The IFoA is an international body with a worldwide membership of over 29,000 members…

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Actuary Marjorie Ngwenya to Become New President for The Institute and Faculty of Actuaries

Actuary Marjorie Ngwenya to Become New President for The Institute and Faculty of Actuaries

by Gift Mawire

Actuary Marjorie Ngwenya , the chief risk officer at Old Mutual’s African operations in Johannesburg is to become the new president of  The Institute and Faculty of Actuaries (IFoA), after setting a record as the first African woman  IFoA  president-elect from outside UK in 2016.

Actuary Marjorie Ngwenya

She  will officially take over the post in June 2017 , from outgoing president…

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How to Become an Actuary after SPM or IGCSE/O-Levels through IFoA (UK) in Malaysia

Education Pathway after Secondary School to Become an Actuary in Malaysia through the Institute and Faculty of Actuaries (IFoA) The education pathway to become an Actuary in Malaysia requires students to go through a well-structured plan and takes about 3-6 years. This would include Pre-University (Pre-U), university-level education and post-university examinations, as well as other requirements.…

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Which Private Universities in Malaysia have Full Exemptions from Institute & Faculty of Actuaries (IFoA) UK

Study at a Top Private University in Malaysia with Full Exemptions from IFoA (UK)

Written by EduSpiral Consultant Services. For more information contact 01111408838

To become a professional actuaries in Malaysia, one must take the relevant professional exams and pass them. One route to become an Actuary in Malaysia is taking the Professional Papers from the Institute and Faculty of Actuaries…

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Top Private Universities in Malaysia with Full Exemptions from IFoA (UK)

Which are the Top Private Universities in Malaysia with Full Exemptions from Institute and Faculty of Actuaries (IFoA)

Written by EduSpiral Consultant Services. For more information contact 01111408838

To become a professional actuaries in Malaysia, one must take the relevant professional exams and pass them. One route to become an Actuary in Malaysia is taking the Professional Papers from the In…