Transcript Document

Presentation at UNSW
Helen Martin
August 2004
The Institute of Actuaries
of Australia (IAAust)
Who we are
What we do & how we do it
Benefits to you
The future
Who we are
The Institute of Actuaries of Australia
(IAAust) is the professional body
representing the actuarial profession in
IAAust aims to position the profession so that
wherever there is uncertainty of future
financial outcomes, actuaries are sought after
for their valued advice and authoritative
The IAAust represents the actuarial
profession by creating, expanding and
maintaining an environment where the skills
of actuaries are widely used and valued.
The IAAust:
• establishes and maintains professional standards for
the protection of the public
• provides pre-qualification and continuing professional
• creates forums for discussion about contemporary
and relevant issues
• promotes research and the development of actuarial
science, and
• contributes to and informs the debate on public
2771 members in 2003 including:
1277 Fellows
191 Accredited members
600 Associates
854 Students
21 Affiliates
• 20% of members overseas in 36 countries
• 20% working in ‘non-traditional areas’ (greenhouse
and energy, health, education, IT, investment,etc)
Education program
The actuarial course offered by the IAAust
Recognised as world class
Continually evolving
Actuarial control cycle
Part III: new program from 2005: specialist subjects,
commercial actuarial practice, courses available
each semester, on-line components
• Asian education strategy
Education program structure
Part V
Part IV
Professionalism Course;
Practical Experience
Requirement/Mentor Program
Part III
New program from 2005:
specialist subjects ad
commercial actuarial practice
Part II
Actuarial Control Cycle
through accredited
Part I
Subjects 101-109 through
accredited universities, or by
Continuing Professional Development
Biennial Convention
Study programs
Regular meetings and discussion groups
Hot topic sessions
Links with other bodies
Policy advice and public affairs
Submissions to government, inquiries, public sector bodies, e.g.
• APRA - General Insurance reforms
• Governance
• Public liability & medical indemnity
• Ageing, retirement incomes & superannuation
• Financial reporting & international accounting standards
• Valuation issues - Executive options, economic valuations
• Tax Reform
• Health financing
Broadening focus
• Genetics
• Climate change & Biodiversity
How we do it
• Council
• Council Committees, Task Forces, Practice
• Relationships with universities
• Relationships with international actuarial bodies
• IAAust Secretariat
Benefits to you
Membership of respected profession
Access to IAAust services and programs
Making early industry/professional contacts
Practicing in Australia requires FIAA
Global qualification - mutual recognition with IoA and
FoA (UK), SoA (Ireland), SoA (USA), CIA (Canada),
NZSA (NZ), ASSA (South Africa), ASI (India)
• Recognition of FIAA in Asian countries (Hong Kong,
Singapore, Thailand, Malaysia, etc) and many other
overseas countries
• Industry/professional/policy/regulatory involvement –
opportunity to make a difference
The future
• Actuarial skills have wide application – here and
• Areas of work many and varied – financial services
and beyond
• Expansion into broader areas such as banking and
finance, risk management and other new areas
(energy, climate change etc)
• Competition for employment
- think broadly, beyond traditional actuarial roles
- multi-disciplinary problem-solving skills a plus
Visit our website
Contact the IAAust Secretariat
Institute of Actuaries of Australia
Level 7 Challis House, 4 Martin Place
Sydney 2000 AUSTRALIA
Telephone: 02 92333466
Fax: 02 92333446
Email: [email protected]