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5000 actuaries needed in China

(chinadaily.com.cn)
Updated: 2009-06-30 11:39

It has been estimated that China will need 5,000 actuaries in the next five years, resulting in increasingly more people planning to get an actuary certificate, Guangdong Daily reported.

Financial service industries like banking, insurance, investment and consulting businesses are developing rapidly in China, which are in need for professionals who can perform jobs related to financial risk management.

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The high income is also a major attraction and in China, the average annual salary and earnings of an actuary can be as high as 500,000 to 1 million yuan ($73,176 to 146,352). Steven Mile from Ping An Insurance, whose annual income ranks the highest in this business, earns 3 million yuan a year.

In order to become a professional actuary, a candidate should pass a series of stringent qualifying examinations.

China held its first actuary qualification examination in 1999. A candidate will become an associate actuary after passing nine tests. Before getting the license, he or she has to complete another five professional tests, finish all the related professional training and courses and survive an oral defense.

Qualification examinations held by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) in the United States are also popular in China.

SOA and CAS are two professional societies sponsor programs leading to full professional status. A candidate must pass six to seven tests to reach the associate level and complete two additional professional tests as well as take required courses on professionalism to attain the fellowship status.