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 Australia. 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 comment.

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 education 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 policy.

Membership 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 I Subjects through accredited universities, or by correspondence Part II Actuarial Control Cycle through accredited universities Part III New program from 2005: specialist subjects ad commercial actuarial practice FIAA Part IV Professionalism Course; Practical Experience Requirement/Mentor Program Part V CPD AIAA

Continuing Professional Development Biennial Convention Seminars Forums 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 Committees 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 overseas 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: Fax: