1. © 2010 The Actuarial Profession  www.actuaries.org.uk Dr Trevor Watkins, Director of Education Institute and Faculty of Actuaries Chinese Actuarial Network Launch Event 2 December 2011 CANUK – Launch Event

2. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Structure of talk 1.Background to the qualification process 2.Membership numbers and locations 3.Issues for CANUK 4.Discussion and questions 1 © 2010 The Actuarial Profession  www.actuaries.org.uk

3. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Education role in 3 parts Preparing qualified actuaries who are “fit for purpose” –recruit appropriate “share of talent” –qualify the right people Maintaining standards –benchmarking – against Society of Actuaries (US) –leading international qualification – half new trainees from overseas Developing system for the future –develop syllabus with wide consultation –appropriate skill sets 2 © 2010 The Actuarial Profession  www.actuaries.org.uk

4. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Size of System – April 2011 Session 26 exams of which students need 15 to qualify 11,256 entries from 7,622 students (out of 10,000 registered students) 135 exam centres in 69 countries used (from a total of 182 centres) 80 volunteer Examiners who set papers in teams 160 volunteer Markers involved in double blind marking each paper 338 passed exams to qualify as Fellows 29 attained CERA via ST9 (ERM) 80 non-members passed CT1 (Financial Mathematics) (out of 211 sitting) 3 © 2010 The Actuarial Profession  www.actuaries.org.uk

5. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 How we examine fitness for purpose Core Technical – 9 subjects inc 2 day Business Awareness course (with on-line version for overseas) Core Applications – 3 subjects inc 2 day Modelling course (with on-line version for overseas) and a Communications module Specialist Technical – 2 from 8 subjects Specialist Applications – 1 from 6 subjects Alternative routes at ST and SA level UK Practice Modules 3 years’ experience + Work Based Skills (Learning Log) 4 © 2010 The Actuarial Profession  www.actuaries.org.uk

6. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Standards Principles (i)candidates have equal likelihood of passing at each diet and with each marker (ii)standards are maintained –over time –between alternative routes Skill sets –qualifications on entry –development of knowledge and skills –defining abilities at qualification as Associate and Fellow using skill sets –post qualification skill development – CPD / Professionalism requirements Governance –Actuaries Code –links to PREC 5 © 2010 The Actuarial Profession  www.actuaries.org.uk

7. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Working with Universities – Accreditation Currently 14 Accredited Universities Broader range of courses now available, including part-time and distance learning courses Equivalence – more scope for universities’ expertise in teaching, learning and assessment Monitoring – by Independent Examiners, Staff Actuaries, employers, students Tracking of subsequent progress with Profession’s exams 6 © 2010 The Actuarial Profession  www.actuaries.org.uk

8. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Membership Composition 7 © 2010 The Actuarial Profession  www.actuaries.org.uk

9. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Fellows across the globe 8 © 2010 The Actuarial Profession  www.actuaries.org.uk

10. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Membership in South East Asia 9 © 2010 The Actuarial Profession  www.actuaries.org.uk Hong KongPRCSingaporeMalaysia Fellow60424823 Student71330195

11. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Issues for CANUK - Background Current IFA links in China - universities - employers - CAA New strategy – next moves - university accreditation - links with employers 10 © 2010 The Actuarial Profession  www.actuaries.org.uk

12. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Issues for CANUK – Student Support Understanding student needs - Chinese students in the UK - Chinese students in China Mentoring for later subjects Need for more exam centres Work permits Language support – discursive subjects 11 © 2010 The Actuarial Profession  www.actuaries.org.uk

13. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Issues for CANUK – Fellows CPD events in China Developing links with employers in China Links with Chinese universities Building a support network 12 © 2010 The Actuarial Profession  www.actuaries.org.uk

14. Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate R65 G89 B104 Secondary Olive Green R120 G162 B47 Secondary colour palette Primary colour palette Secondary Bottle Green R0 G147 B127 Secondary Turquoise R0 G138 B176 Secondary Aqua Blue R26 G160 B170 Secondary Pastel Green R126 G205 B195 Secondary Light Purple R185 G199 B212 Secondary Purple R97 G107 B156 Secondary Ecru R186 G163 B171 Secondary Yellow R215 G176 B18 Secondary Orange R213 G135 B43 Secondary Red R238 G52 B36 Secondary Rubine Red R226 G1 B119 Questions or comments? 13 © 2010 The Actuarial Profession  www.actuaries.org.uk