Educating Actuaries of the Future

55 Pages Posted: 2 Jan 2013

See all articles by Adam Butt

Adam Butt

Australian National University - Research School of Finance, Actuarial Studies & Statistics

Brian Wang Bong Chu

University of New South Wales (UNSW) - School of Actuarial Studies

John Shepherd

Curtin University

Date Written: April 12, 2012

Abstract

The quality of the education of actuarial students is discussed from the perspective of the International Actuarial Association, its member associations and external education providers. This discussion is grounded in a literature review of what an actuary is and what the purpose of an actuarial education is. Further literature review and a new pilot study are undertaken on the views of graduates of actuarial programs and of employers in Australia of the quality of actuarial education. These demonstrate that the lack of teaching technical material in a business context and the lack of development of non-technical skills such as communication are the most significant defects of current frameworks. As a result, initial recommendations are made that actuarial education be explicitly aligned with the definition and capabilities of an actuary and that constraints to effective educational practice be removed. It is desired that this paper might result in further dialogue and collaboration in the development of an improved approach to actuarial education worldwide.

Keywords: actuarial education, capabilities, constructive alignment, problem-based learning

JEL Classification: I21, A22

Suggested Citation

Butt, Adam and Chu, Brian Wang Bong and Shepherd, John, Educating Actuaries of the Future (April 12, 2012). Available at SSRN: https://ssrn.com/abstract=2195461 or http://dx.doi.org/10.2139/ssrn.2195461

Adam Butt

Australian National University - Research School of Finance, Actuarial Studies & Statistics ( email )

Canberra, Australian Capital Territory 2601
Australia

Brian Wang Bong Chu (Contact Author)

University of New South Wales (UNSW) - School of Actuarial Studies ( email )

Sydney, NSW 2052
Australia

John Shepherd

Curtin University

GPO Box U1987
Perth, WA WA
Australia

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