MODERN-DAY SOOTHSAYER
Category : TEXT / Business News (24 Apr 2006)
Predicting the future and the risks associated with it is what being an actuary is all about
Story by CHAROEN KITTIKANYAFrom his appearance, his energy and the way he communicates, Pichet Jiaramaneetaweesin, or Tommy, 28, doesn't seem all that different from the rest of his generation.
But given his tenure, his educational background and his responsibilities, this young executive is something special.
Tommy works for American International Assurance (AIA), a life insurer, as an assistant manager in the Actuarial Department, stationed at AIA's regional headquarters inHong Kong .
Despite his youth, he is also one of only a few local people to have achieved the highest credential for actuaries _ a Fellowship of the Society of Actuaries (FSA). He is the youngest of the four Thai FSA members.
Worldwide, about 35,000 actuaries have graduated from the FSA programme, but only about 100 have been Asians.
Becoming a fully certified actuary requires passing a rigorous series of exams, which can take between eight and 10 years. In some countries, such asFrance US and the UK , as well as Thailand
In theUS
For the Casualty Actuary Society, members must complete seven exams for associate status and two more for fellowship.
Candidates for the society must complete additional educational and professional requirements, says Tommy.
Tommy, an engineering graduate fromChulalongkorn University
Among other things, he was amazed to learn that actuaries were extremely well paid. According to the US National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor's degree in actuarial science averaged US$40,396 a year (the equivalent of 135,000 baht a month) in 2003.
"This career is quite low profile in our country, although it is now popular with secondary-school students in China and Hong Kong _ Hong Hong in particular, as it has an actuary university."
Insurance companies and consulting firms reward actuaries as they gain more experience and pass more examinations. Some companies offer cash bonuses for each professional qualification the employee achieves.
A 2003 survey by Life Office Management Association Inc based on the largest US insurance and financial services companies indicated that associate actuaries, who direct the design, pricing and implementation of insurance products, earned an average of $99,446 a year. Actuaries at the highest technical level but without managerial responsibilities earned $104,235.
"One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimise the cost of that risk," says Tommy.
"If the insurance company's CEO is compared to Liu Bei [Lao Pi or Sam Kok in Thai, a leader in The Romance of the Three Kingdoms], qualified actuaries can be compared to Zhuge Liang [Khong Beng in Thai, the story's great strategist], who stays closely behind the CEO, making financial sense of the future by analysing the past, modelling the future, assessing the risks involved and communicating what the results mean in financial terms."
Actuaries also address financial questions, including the level of contributions needed to produce a certain retirement income and the way in which a company should invest its resources to maximise returns on investments in light of risk.
Using their broad knowledge of statistics, finance and business, actuaries help design insurance policies, pension plans and other financial strategies to ensure that the plans are sustainable on a sound financial basis.
"[It makes me] very tired trying to pass each exam," says Tommy. "After work, I have to read texts for at least three hours, with reading hours increasing to at least 10 hours a day on holiday."
However, hard work brings sweet results. Tommy, who passed the FSA programme last August, has very promising job and salary prospects, given the market demand for qualified actuaries.
"Actuaries, particularly FSA qualified, are still in short supply throughout the world not only inThailand
According to Apirak Thaipatanagul, president of the Thai Life Assurance Association, FSA actuaries will play a key role in the future, particularly once the local industry has adopted stricter risk-based solvency measures.
There is a Society of Actuaries of Thailand, however, the number of local actuaries at the associate level was not available.
"Because the stringent qualifying examination system restricts the number of candidates who can apply, the employment opportunities for qualified actuaries are every bright for those who qualify," says Tommy.
Story by CHAROEN KITTIKANYAFrom his appearance, his energy and the way he communicates, Pichet Jiaramaneetaweesin, or Tommy, 28, doesn't seem all that different from the rest of his generation.
But given his tenure, his educational background and his responsibilities, this young executive is something special.
Tommy works for American International Assurance (AIA), a life insurer, as an assistant manager in the Actuarial Department, stationed at AIA's regional headquarters in
Despite his youth, he is also one of only a few local people to have achieved the highest credential for actuaries _ a Fellowship of the Society of Actuaries (FSA). He is the youngest of the four Thai FSA members.
Worldwide, about 35,000 actuaries have graduated from the FSA programme, but only about 100 have been Asians.
Becoming a fully certified actuary requires passing a rigorous series of exams, which can take between eight and 10 years. In some countries, such as
In the
For the Casualty Actuary Society, members must complete seven exams for associate status and two more for fellowship.
Candidates for the society must complete additional educational and professional requirements, says Tommy.
Tommy, an engineering graduate from
Among other things, he was amazed to learn that actuaries were extremely well paid. According to the US National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor's degree in actuarial science averaged US$40,396 a year (the equivalent of 135,000 baht a month) in 2003.
"This career is quite low profile in our country, although it is now popular with secondary-school students in China and Hong Kong _ Hong Hong in particular, as it has an actuary university."
Insurance companies and consulting firms reward actuaries as they gain more experience and pass more examinations. Some companies offer cash bonuses for each professional qualification the employee achieves.
A 2003 survey by Life Office Management Association Inc based on the largest US insurance and financial services companies indicated that associate actuaries, who direct the design, pricing and implementation of insurance products, earned an average of $99,446 a year. Actuaries at the highest technical level but without managerial responsibilities earned $104,235.
"One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimise the cost of that risk," says Tommy.
"If the insurance company's CEO is compared to Liu Bei [Lao Pi or Sam Kok in Thai, a leader in The Romance of the Three Kingdoms], qualified actuaries can be compared to Zhuge Liang [Khong Beng in Thai, the story's great strategist], who stays closely behind the CEO, making financial sense of the future by analysing the past, modelling the future, assessing the risks involved and communicating what the results mean in financial terms."
Actuaries also address financial questions, including the level of contributions needed to produce a certain retirement income and the way in which a company should invest its resources to maximise returns on investments in light of risk.
Using their broad knowledge of statistics, finance and business, actuaries help design insurance policies, pension plans and other financial strategies to ensure that the plans are sustainable on a sound financial basis.
"[It makes me] very tired trying to pass each exam," says Tommy. "After work, I have to read texts for at least three hours, with reading hours increasing to at least 10 hours a day on holiday."
However, hard work brings sweet results. Tommy, who passed the FSA programme last August, has very promising job and salary prospects, given the market demand for qualified actuaries.
"Actuaries, particularly FSA qualified, are still in short supply throughout the world not only in
According to Apirak Thaipatanagul, president of the Thai Life Assurance Association, FSA actuaries will play a key role in the future, particularly once the local industry has adopted stricter risk-based solvency measures.
There is a Society of Actuaries of Thailand, however, the number of local actuaries at the associate level was not available.
"Because the stringent qualifying examination system restricts the number of candidates who can apply, the employment opportunities for qualified actuaries are every bright for those who qualify," says Tommy.
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