We receive many requests from international actuarial associations for help on the education front. We are the oldest actuarial institute in the world and have arguably the most prestigious qualification globally. Most importantly we are prepared to help! At the hub of these ventures comes a close and trusty relationship between our staff and members internationally. We have a number of projects underway at the moment.

GHANA

Way back in 2011, the Kwame Nkrumah University of Science and Technology in Kumasi approached former Institute of Actuaries President Chris Daykin for help to develop a masters of actuarial science programme, using trainers from the UK profession. The goal was to increase actuarial resource in a country which had no indigenous actuaries at fellow level. Following a fact finding visit (sponsored by the Worshipful Company of Actuaries) which determined the scope and abilities required, the IFoA and WCA looked for volunteers.

This was no ordinary request. Funding was limited to expenses in Africa. So the appeal was really to employers to finance both the air fares and the leave, in the interests of broadening the talents and focus of their staff over a two-week period. The response was magnificent.

In the 30 months from February 2013, some 25 volunteers have caught the plane to Ghana for a ten-day stay. Each has taught intensively for two weekends (the masters’ students have had their day-jobs Monday to Friday), one in Accra and one in Kumasi. The week in between was filled generally with filming of the lectures but there was usually still time to see some of the wonderful countryside that makes Ghana one of the most beautiful locations of the African continent. The subjects covered ranged from CT1 to CT8, and although no exemptions were available many of the students went on to take the profession’s exams.

This was definitely a win-win project. The volunteers came back glowing from their adventure and the feeling a job well done. The students were so appreciative of the efforts made on their behalf and the hope is that soon the numbers qualifying at associate and fellow levels will go some way to meeting to huge need for actuaries in this rapidly advancing financial region.  

There is discussion underway at the moment that a second wave of training might take place and this will of course require further volunteers. Watch the website if this might be of interest.

ALBANIA   

This programme is somewhat different. It comprises three partners – the Albanian Actuarial Association, the Financial Services Regulator of Albania and the IFoA. But the objective is very much the same – to enhance the local actuarial resource. We have worked with the other parties to agree syllabuses based as closely as possible on the new IAA proposals – but using IFoA material to teach. We sought volunteers during the summer and the response was immediate. The training programme which runs to Spring 2017 has been filled and the lecturers have been found for the sixteen modules. Some of these are local qualifiers from our earlier projects in Albania (this is the third such venture)

In this case the volunteers travel to Tirana (often on a Sunday). They lecture on their chosen subjects Monday to Friday – students are expected to have read through the “core reading” beforehand – with heavy focus on examples and mock exams. They are required to set (and mark) and exam, based on what they have taught, which takes place some four weeks after their departure. All is conducted in English and the standard of students in our mother tongue is phenomenal.

Funds have found from the local insurers to provide airfares as well as food and accommodation – so the teachers have only to find the time. Again the experience is richly rewarding and the keenness of the participants (upwardly-mobile young insurance executives) is quite remarkable given the pressures on their time, workwise and domestically.

While all slots on this programme are currently taken, Spring 2017 is a long way off – so watch the volunteer space on the website, in case a vacancy should appear