Presentation at UNSW

1. Presentation at UNSW Helen Martin August 2004

2. The Institute of Actuariesof Australia (IAAust) • Who we are • What we do & how we do it • Benefits to you • The future

3. 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.

4. 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.

5. 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)  

6. 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

7. Education program structure Part VCPD Part IV Professionalism Course; Practical Experience Requirement/Mentor Program FIAA Part IIINew program from 2005: specialist subjects ad commercial actuarial practice AIAA Part IIActuarial Control Cycle through accredited universities Part ISubjects 101-109 through accredited universities, or by correspondence

8. Continuing Professional Development • Biennial Convention • Seminars • Forums • Study programs • Regular meetings and discussion groups • Hot topic sessions • Links with other bodies

9. 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

10. How we do it • Council • Council Committees, Task Forces, Practice Committees • Relationships with universities • Relationships with international actuarial bodies • IAAust Secretariat

11. 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

12. 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

13. Visit our website www.actuaries.asn.au 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: insact@actuaries.asn.au