STRENGTHENING THE

ACTUARIAL PROFESSION
University of Waterloo
Case Study
1 8 S e p t e mber 2 0 1 4

Kim Yeoh FSA, FCIA, CFA

B. Math (Waterloo) ‘97
OVERVIEW
• The number of actuaries available in Indonesia is far from
sufficient, from 500 – 600 actuaries needed, there are
only 180 fully qualified actuaries available
• Industry is expected to grow at 20% – 30%, emphasizing
the need for action
• Population of 240 million with large workforce
composition, yet awareness of the profession and
enrollment in actuarial science at local universities is very
low
• The University of Waterloo has been a leader in actuarial
education in Canada and has one of the largest actuarial
programs worldwide.
 UNIVERSITY OF WATERLOO

• Founded in 1957

33,850
undergraduate
students
4,800 graduate
students
1,050 faculty
members
 UNIVERSITY OF WATERLOO
• Canada’s most innovative university for
past 22 years*
• Member of “U15”, Canada’s research
intensive universities (C$190M/Y)
• Engineering, Computing Science and
Math ranked in top 50(QS)

*Maclean’s magazine
WAT E RL O O ’ S A D VA N TA G E :
COO P E R AT I V E E DUCAT I O N
• Cooperative education – the student alternates work
terms and study terms.
• The co-operative student receives remuneration for the
work performed;
• The co-operative student's progress on the job is
monitored by the co-operative educational institution;
• The co-operative student's performance on the job is
supervised and evaluated by the student's co-operative
employer;
• The time spent in periods of work experience must be
at least thirty per cent of the time spent in academic
study

LEARNING-DOING-LEARNING-DOING-LEARNING-DOING
P R I M ARY B E N E F I T S O F CO - O P
F OR S T U D E NT S
• Earning while learning
• Almost 2 years of work experience at graduation
• Obtain first job faster after graduation
• Higher starting salaries
• Work more highly related to degree/qualification
• Can be more business minded
• Can be better communicators, team players and
problem solvers
• Opportunity to finish more actuarial exams

Co-op benefits are diverse and well documented

SCALE OF CO -OP AT UW
• 2013: 16,000 placements
• 2014: 19,000 placements
• 2013: 1,800 international placements in
63 countries (1000 in USA)

COOP BRINGS THE BEST AND THE BRIGHTEST – HIGHEST

ENTRANCE GRADES IN ONTARIO FOR STEM DISCIPLINES
 UNI V E R S I T Y OF WAT E RL O O ( U W )

University

Applied Health
Science Arts Mathematics Environment Engineering Science

Combinatorics School of Statistics &

Applied Math. & Computer Pure Math. Actuarial
Optimization Science Science
D E PA R T M E N T O F
S TAT I S T I C S
& ACTUARIAL SCIENCE

• 800+ undergraduate
actuarial students (out of
7000+ in Faculty of Math)
• 60+ graduate actuarial
students
• 60+ faculty members, 17
of them specialize in
actuarial science/finance
A C T U A R I A L P R O G R A M S @ U WAT E R L O O

• Possibly the largest actuarial program in

the world in term of number of students and
faculty members
• Recognized by Society of Actuaries (SOA)
as one of the Centers of Actuarial
Excellence
S I Z E O F D E PA R T M E N T O F S TAT I S T I C S
AND ACTUARIAL SCIENCE
• Department of Statistics and Actuarial
Science has 17 (full-time) actuarial staffs
and 50+ statistics (full-time) statistics
staffs:
Professor Emeritus & PhD & FSA 3
PhD + FSA 5
PhD + ASA 2
PhD + some actuarial exams 5
PhD + finance background 2
S O M E T E X T B O O K S W R I T T E N B Y WAT E R L O O
FA C U LT Y

12
STRONG PROFESSIONAL TIES
President of SOA President of CIA President of IAA
Rob Brown 2000-01 1990-91 2014-15

Harry Panjer 2002-03 1997-98

• Mary Hardy
Board of Governors of SoA (2004-2007)
Vice President of SoA (2007-2010)
• Ken Seng Tan
SoA Risk Management Section Council Member
(2004-2007)
SoA Educational & Research Council Member
(2007-2010)

13
U N DE RG RA D U AT E & G RADUAT E
P RO G R A M S
• Undergraduate programs:
Bachelor of Mathematics in Actuarial Science
Bachelor of Mathematics in Actuarial Science/Finance Option
Bachelor of Mathematics in Mathematical Finance
• Graduate programs:
Master of Mathematics in Actuarial Science
Master of Actuarial Science (Professional Master)
Master of Quantitative Finance (Professional Master)
GRADUATING STUDENTS
Year 2010 2011 2012 2013
B.Math (ActSc 198 249 223 262
Major)
Masters 26 45 32 38
(M.Math and
M.Act.Sc)
Ph.D 4 5 1 5
 MASTER OF ACTUARIAL
SCIENCE - M. ACT. SC.
• Established in 2009
• One year elite fast track
professional program
• Key features:
Accredited by the Institute
& Faculty of Actuaries
( I FA ) a n d C a n a d i a n
Institute of Actuaries (CIA)
Small class with dedicated
courses
Hands-on training, practical workshop , case
learning & group projects that hone business,
technical, communication, and leadership
skills.
WHY M. ACT. SC.?
• Most of the existing actuarial programs tend to
focus on technical skills and/or on passing
actuarial exams
• Attract the best and brightest talents from other
disciplines to Actuarial Science
• A re-training program for the new immigrants as
well as for the international students
• Tremendous support from the industry
 TOP 10 BEST JOBS
(WWW.CAREERCAST.COM)
2009 2010 2011 2012 2013 2014

1 Mathematician Actuary Software Engineer Software Engineer Actuary Mathematics

2 Actuary Software Engineer Mathematician Actuary Biomedical Engineer University Professor (Tenured)

3 Statistician Computer Systems Actuary Human Resources Software Engineer Statistician

Analyst Manager

4 Biologist Biologist Statistician Dental Hygienist Audiologist Actuary

5 Software Historian Computer Financial Planner Financial Planner Audiologist
Engineer Systems Analyst

6 Computer Mathematician Meteorologist Audiologist Dental Hygienist Dental Hygienist

Systems
Analyst
7 Historian Paralegal Assistant Biologist Occupational Occupational Software Engineer
Therapist Therapist
8 Sociologist Statistician Historian Online Advertising Optometrist Computer Systems Analyst
Manager

9 Industrial Accountant Audiologist Mathematician Physical Therapist Occupational Therapist

Designer
10 Accountant Dental Hygienist Dental Hygienist Speech Pathologist Computer Systems Speech Pathologist
Analyst
REMUNERATION
• Actuarial and Math co -op students earn the
highest work -term salaries
• Average actuarial salaries depend on
qualifications and years of experience
• Among the highest paid professions
ALUMNI
• UW actuarial students qualify as FSA on
average 3 to 5 years after graduation
• UW actuarial alumni can be found all over
the world
• Working in financial services, insurance,
pensions, risk, etc
• Canada, USA, UK, Europe, Asia
THANK YOU

Questions?

Contact: kim.yeoh@prudential.co.id