Category Archives: Actuarial Exams

LSE Actuarial Society’s annual CV & Interview Workshop, conducted by the GAAPS

Last month Dr Geraldine Kaye and Kerry Lofts ran GAAPS annual CV and Interview skills workshops at LSE Actuarial Society. It is always a pleasure in my line of work to help those just starting out along the long road of Actuarial exams.

This year’s students were thoroughly engaged, asking fantastic questions whilst we dissected their CVs and naturally we were also delighted to receive such positive feedback from the LSE Actuarial Society, with all students giving us 100% on their feedback sheets.

So, thanks again to everyone who attended the workshop. It was a pleasure meeting you all and we look forward to seeing you again next year.

GAAPS Actuarial is one of the most respected specialist Actuarial Recruitment Consultancies worldwide, and has earned a reputation for providing an efficient executive service to both candidates and employers.

Karl Schriek named as the 1000th to earn prestigious risk management credential

Congratulations from all of us at Gaaps Actuarial Recruitment to Karl Schriek has become the 1000th person to earn the prestigious Chartered Enterprise Risk Actuary (CERA) credential.

Schriek is a Fellow of the Actuarial Society of South Africa and an actuary at General Reinsurance Africa. Schriek said, “I am excited about what the CERA qualification has to offer. It is a truly robust risk management credential and CERAs are well positioned to play a leading role in the future of risk management.”

The CERA Global Association grants actuarial organisations the right to award the global CERA credential to individual actuaries who have satisfied the requisite education and training requirements.

“CERAs develop effective quality solutions for the risks and opportunities of their clients. They are uniquely qualified to address all types of risk, including financial, operational and strategic risks,” said Fred Rowley, Chairperson of the CERA Global Association. “Businesses that rely on CERAs can make smarter, more confident decisions related to complex risk management challenges affecting business and society,” Rowley said.

The CERA was initially established in the United States by the Society of Actuaries in 2007. Currently organisations in Australia, Canada, the Netherlands, South Africa, United Kingdom and the US are authorised to award the CERA credential.

GAAPS Actuarial – ISO accredited

GAAPS are very pleased to announce that we have been accredited with the ISO certification following a detailed inspection of our working recruitment methods in the actuarial profession.

The report which took place in early February highly praised our up to date audits and systems. Findings from both the internal and management review led to confidence that the systems will be well maintained. Unfortunately the recruitment industry has many companies who are sales led, rather than based upon sound processes and integrity. At GAAPS Actuarial Recruitment we have always prided ourselves on the robust processes and systems that we work to.

As well as the positive comments included within the report about our recruitment systems, our staff were commended for their knowledge of the actuarial industry, their specific roles and their responsibilities.

NEW Professionalism exams for Actuaries

A meeting was held for CPD Co-ordinators to introduce the new way of examining professionalism for actuaries. Initially only those who join the Institute after May 2012 will be subject to the new exam and those within 6 years of joining or who qualify whichever is first. No decision has been made about how to examine experienced fellows.

As this years chairman of the Argonauts Actuarial dining Club, I am delighted our concerns (and lobbying) have been taken into account. Having an online exam takes away the requirement for those not in traditional actuarial employment to take a days holiday to sit an exam. It will also Im sure be welcomed by those in traditional organisations that the exam can now be taken in what would otherwise be wasted time such as waiting at airports.
The on-line exam has had input on the technical side from Leeds University’s ethics dept.

Going forward I would like to see more emphasis in the other exams and tutoring on the long term consequences of decisions-especially those in the public interest. Traditionally actuaries dealt with pensions and life assurance which automatically made them think of long-term consequences-now that they have moved into wider fields more emphasis must be brought to bear on this during their training.

Dr. Geraldine Kaye

Argonauts Dinner at Painters’ Hall

The first Argonauts Meeting of this year, with myself as chairman, was recently held at Painters’ Hall.

Painters' Hall

There were two speakers; the first, Andre Kerr, is an RAF pilot who is taking the actuarial exams as a hobby and he gave the most wonderful speech on ‘Supersonic Risk Management’. The highlight for me was when he told us about trying to get the Institute to approve his taking an exam whilst he was stationed in Afghanistan; knowing the enormous number of regulations regarding which calculator you can take into an exam, he was concerned about how they would react to the fact that he would need to keep his gun with him, in fact they provided no restrictions for him.

Our second speaker was Richard Cousins of PwC. He started his speech on ‘Working as a credit advisor’ by saying that Andrew was a hard act to follow, in this case this was a very true statement but he performed admirably.

After the dinner, more people stayed for longer for drinks than I have ever known at an Argonauts dinner before. All crowded around our guest speaker.

The next Argonauts meeting will be at Tallow Chandlers Hall and the final meeting of the year will be held at The Ivy. I’m only chair for a year but if it were up to me we would almost definitely use Painters Hall again next year.

For more information about joining The  Argonauts, contact Heath Mottram, the Honorary Secretary.

Letter of the Month: Women in the Profession

The following letter by Dr Geraldine Kaye, MD of GAAPS was published as Letter of the Month in this month’s issue of The Actuary Magazine

Women in the Profession
In response to your invitation for feedback on the introduction of the page dedicated to the profession’s female actuaries, I write as one of the first ever female actuaries to qualify in the UK — I was within the first 20. Times have moved on, or so I had thought.

Reading The Actuary magazine and coming across a special page for women in our professional magazine seems demeaning. Non-professional issues are, in my opinion, dealt with perfectly adequately elsewhere. On a professional level, there are no differences between men and women in the actuarial profession. We have taken and passed the same exams.

A page dedicated to female actuaries seems not only superfluous, given today’s heavily legislated business conduct stipulated against gender bias, but comes across as patronising towards achievements from both genders. Surely what is achieved by both male and female actuaries are celebrated on the same page. No doubt, with careful forethought, a note that has been included to encompass male interest, seems to contradict the point of a page dedicated to women in the first place?

This may be a ‘call to action’ page for women to participate in the opportunities increasingly available to them worldwide, but surely a way to address issues and celebrate women in the actuarial profession should not be narrowed down in drawing a deliberate line to differentiate gender achievements in the actuarial industry when we are trying to achieve equality?
G. Kaye
8 September 2011

Editor’s comment:
Helen Crofts’ suggestion to have a women’s page in the magazine was widely debated and 
I sought the views of the editorial advisory panel and other actuaries — male and female. There was no consensus view. The aim of the page was to have a home for resources related to women in business. In the spirit of sharing information that was indicated to be of interest to at least some of the readership, across the gender spectrum, I suggested a trial page with the aim of gauging feedback from readers. I have since received mixed feedback, from males and females alike, and I thank you for taking the time to write in.

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Congratulations to everyone who passed the actuarial exams.

The exam results are published on The Actuarial Profession website .

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