Cultural Changes in Actuarial Education

In the age of endless data collection, and with increasingly enormous computing power, actuaries are applying skillsets outside of the traditional areas. These opportunities introduce challenges of attracting and retaining young members willing to undergo the rigorous training to Fellowship level. The education programs that we offer our budding actuaries need to take these widening areas of actuarial adventure into account. However, changing the offering is insufficient as an attraction tool as we need to address the time to qualify. There is no appetite to reduce standards, but we can improve the pedagogical approach that will enable students to reach Fellowship in an acceptable timeframe. A fundamental cultural change is required as we should expect well-prepared students to pass examinations.

This presentation will describe the education journey we have undertaken in Australia to do just this. We will cover aspects of our new education program such as:

• compulsory and optional data science subjects
• flexibility of pathway choice for students
• adaptability of the program over time as actuarial roles evolve
• a student-centric approach to teaching and assessment and
• the creation of a virtual university, supported by industry practitioners.

In describing this new education program, we will explore the question of ‘What is an Actuary’ today and how we can prepare our students to become exceptional actuaries of the future.

Find the Q&A here: Q&A on 'Actuarial Education and the Future'