Hong Kong Hosts CAS Course on Professionalism
By Zhen Zhen "Jenny" Lai

This past November, Hong Kong hosted the first CAS Course on Professionalism (COP) held outside the United States and Canada.

The insurance industry has been booming for about fifteen years in South and East Asia, and the potential growth of the market is still immense because of the incredibly fast development of China and India's economies. The actuarial profession has become one of the most sought-after occupations in Asia.

The CAS responded to an overwhelming demand from candidates in Asia for a COP which supports the CAS Centennial Goal to be "globally recognized as the preeminent resource in educating casualty actuaries." Specific supporting goals include that "at least 20 [percent] of new CAS Associates and Fellows inducted this year [2014] will reside outside of the [United States] and Canada." To meet these goals the CAS needs to have a very active exam-taking population outside the United States and Canada. According to CAS records, there are more than 80 active candidates throughout Asia who have passed more than four CAS/SOA exams. Passing the CAS COP is a requirement for becoming a member of the CAS. The CAS Course on Professionalism is designed to present candidates with real situations that contain ethical and professional issues for the actuary.

The Hong Kong COP maintained the same structure as that of the COP regularly provided in North America. The general sessions of the course were presented in English, while the group discussions for three case studies were provided in both English and Mandarin Chinese.

An instructor addresses participants at the CAS course on Professionalism in Hong Kong

John Gleba, the chair of the Course on Professionalism Committee, kicked off the seminar with the overall course review. Gleba, who is a partner with Madison Consulting Group Inc. in Madison, Georgia, warmly welcomed the 22 candidates in Mandarin, Cantonese, and English, and delivered the best wishes of the CAS.

Bruce Howe, a Fellow of the Institute of Actuaries in Australia who works for HSBC, talked to the candidates about professionalism in general and how to incorporate ethical behavior into actuarial practice. Peter Luk of Plan-B Consulting gave the luncheon address. Luk is a past president of the Actuarial Society of Hong Kong and a Fellow of the Institute of Actuaries, Society of Actuaries, and Institute of Actuaries of Australia.

The Hong Kong Skyline

Five CAS Fellows volunteered to facilitate the two-day courses. Besides John Gleba and this reporter, other facilitators were Yuhong Yang (Beijing) and Scott Yen (Taipei) from AIG, and Bruce Moore (Beijing) from Ernst & Young LLP. All the facilitators actively practice in either the North American or Asian insurance industry and have accumulated solid experience in the actuarial profession.

Twenty-two candidates from eight different countries took the first Hong Kong COP. The majority of the candidates came from mainland China, Hong Kong, Taiwan, and Singapore, but the course did attract a few candidates from Pakistan, India, Europe, and Australia. Some of the candidates' opinions were eye opening for the facilitators.

Enjoying a meal after the course

The instructors were delighted that all the candidates passed the course, and they enjoyed the two fruitful days sharing their experience and knowledge. Two candidates gained CAS Fellowship after the course, and two others became ACAS.

According to the COP participants in Hong Kong, the actuarial profession is gradually becoming a hot career in Asia, especially in the greater China area. Many top students in the best Chinese universities are beginning to take actuarial exams. The CAS still has a long way to go before becoming the biggest player in the Asian market, however.

Building a stronger connection with the best local universities' actuarial programs, and making the CAS exams/seminars more affordable and more accessible, are definitely key steps for the success of the CAS in Asia.

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Special thanks go to Pat Kum and her associate Sarah at the Actuarial Society of Hong Kong (www.actuaries.org.hk), who coordinated the hotel facilities and provided on-site assistance during the course.

Jenny Lai is an actuarial consultant with Ernst & Young LLP in Los Angeles.