The feedback from actuarial course graduates as of 2018 indicates that they have increased the level of financial literacy, successfully continue their studies in the Master’s programs of the National Bank, and thanks to the courses they see their future profession as an actuary, mathematician or financier. Actuarial courses helped graduate students in writing their thesis research works. And most importantly, thanks to the course attainment certificates, the graduates were able to successfully find a job in insurance companies. Student reviews are available at www.actuary-grant.kz.
For example, Yulia Bayeva, the professor of the economics department of the Kazakhstan branch of Lomonosov Moscow State University, notes that the knowledge acquired in Part I of the mandatory training program for actuaries has enabled her to improve and advance the course “Introduction to Insurance Analysis”, which she teaches. After mastering the course, students form an idea about the actuarial profession and its role in the economy of Kazakhstan and globally. This makes it possible to academically improve graduated specialists. “Beyond that, I use the knowledge acquired in the process of mastering Part III in writing a PHD thesis, the topic of which concerns agricultural insurance in the Republic of Kazakhstan. ... Thus, I highly appreciate the significance of my taking the actuary training courses and express my deep gratitude to the organizers and sponsoring company for the opportunity to participate in this project.”
Let us add that out of 90 applications submitted for a grant last year, according to the requirements of the competitive selection, 40 were accepted. 17 people have successfully passed examinations for the 1st basic actuarial course, 14 people – for the 2nd course, 7 people – for the 3rd course.
Actuarial courses that the Society of Actuaries of Kazakhstan has been conducting since 2001 are prepared by professional specialists demanded in insurance companies, banks and pension funds. Actuaries are multilateral analysts with a good theoretical background and applied skills in such sciences as mathematics, statistics, economics, demography, probability theory and finance.
Within the framework of this common project, the training is free as well as the entire technical base (calculators, books, handouts). The course program is developed by leading international actuaries. A certificate issued by the Society of Actuaries of Kazakhstan on graduation is valid worldwide, as the Society is an associative member of SOA.
“We express our deep gratitude to the company for this contribution to the training of our youth and the market development, as our young professionals, and these are good, smart guys, mostly students, postgraduates of the Faculty of Mechanics and Mathematics, got the chance to learn a decent, necessary and well-paid profession, get a good work in the insurance and financial markets in general,” notes one of the organizers and actuarial course professors, the head of the department of fundamental mathematics at the Faculty of Mechanics and Mathematics of Al-Farabi Kazakh National University, Doctor of Physics and Mathematics, acting professor Mirbulat Sikhov. - The cost of actuarial courses is considerable, and it is unlikely they would have the opportunity to take them this year. As practice shows, the graduates of the first two courses usually get jobs in insurance companies as assistants to actuaries, underwriters, or risk managers, and in the future they have the opportunity to take further training, even in paid actuarial courses, and usually at the expense of their company, which is interested in raising the skills of its employees. Thus, holding these two courses provides great opportunities for both students and the insurance market.
As Kairat Chegebayev, the Board Chairman of LIC Nomad Life JSC, noted earlier, actuaries are often specialists in all business areas of insurance companies, including underwriting, reinsurance, payments, maintenance and others. “An actuary that has received deep good insurance training and mathematical basis of insurance, will be a good help to any other specialist,” he added.
“Besides, we expect that the life insurance industry in Kazakhstan, as well as throughout the world, will be growing rapidly. Today, the difference between the current fees of local life insurance companies and the ones in the world is significant. This is partly due to the fact that the level of knowledge and qualifications of the industry require more development to meet international standards. But our advantage is that local actuaries studying to Western standards actually bring knowledge of developed countries with them, and local insurance companies no longer need to “reinvent the wheel.” Their task is to simply hire a good actuary for each activity area and transfer responsibility to him. Therefore we have initiated such training, which is necessary for our field. By investing in education today, we are investing in our common future,” said Mr. Chegebayev.
Citizens of the Republic of Kazakhstan born no earlier than in 1994, students in their last year of undergraduate studies at a higher educational institution or graduated from universities in 2018–2019, or Master’s, PHD students with a good GPA are eligible for competition participation. Physics and mathematics are the priority disciplines. Also, the selection will take into account medal places in academic competitions, projects in mathematics, physics and availability of free time to listen to the full program of courses.
The project includes two basic courses: “Theory of interest rates and random processes in life insurance”, as well as “Actuarial principles and their applications” (enrolment based on the results of the first course exams).
After successful examination in basic courses participants can become members of Society of Actuaries of Kazakhstan NGO and get a job.
Proposals for participation in the project were sent to the deans of the relevant faculties of Kazakhstani universities throughout Kazakhstan.
Applications and documents for participation in the project are accepted from May 15 to June 15, 2019 on the website www.actuary-grant.kz.