Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Not a Presidential Address An Amble Through the Actuarial Countryside Dick Jessup New Zealand.

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Presentation transcript:

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Not a Presidential Address An Amble Through the Actuarial Countryside Dick Jessup New Zealand Society of Actuaries Conference Rotorua NZ November 2002

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Origins and explanations Starting point Unease about education The Rowell quotation Other matters The articles The title

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Puff puff What is an actuary? Split personality Enjoys aura of mystery Craving for better recognition Inflated views of a small, narrow, specialised craft Walter Merriks comments on Visions and Values

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Puff puff Vision statements and other nonsense Joan of Arc or Dr Livingstone Actuary of the Millenium? “Making Financial Sense of the Future”  Too glib, too general and not literally true (Shucksmith) Image statement and card

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Where were the actuaries? Mis-selling Pensions industry Demutualisations The Equitable

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Education The Rowell quote: “The newly qualified actuary must be young. He should emerge stimulated by his course of training and examination, not exhausted by a long drawn out struggle; alive and alert enough to wish to contribute by his further studies to the vitality of the profession”. (A H Rowell - Presidential Address 1946)

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Education A H Bailey - Opening address by the President 1881: “An actuary should be a man of general culture, with a knowledge both of books and men, and the more he has of both the better”. Education reviews: ? 1944, Usherwood 1958,Skerman 1967, etc

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Education The outcomes: Skurfield Dismal picture Peter Clark - End of term report - “Peter stressed the need to reduce the time to qualify and it is pleasing that for the last two years the median time to qualification has fallen to five years.”

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Education Possible reasons: Retention of aura of mystery and inaccessibility A new approach is needed

Melville Jessup Weaver A Towers Perrin/Tillinghast Affiliate Other matters The appointed actuary - a cosy arrangement which has failed Actuarial audits CPD - not needed by employers or clients Standards and Guidance Notes Public interest - pretentious Wider fields - back to education