Actuaries: A Narrow Profession? John Shepherd Macquarie University Sydney, Australia

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1 Actuaries: A Narrow Profession? John Shepherd Macquarie University Sydney, Australia

2 Author s background: Has taught Actuarial Studies at Macquarie University for 17 years Has also taught actuarial students in USA, Canada, Kazakhstan, Beijing, Shanghai, Chengdu, HK, Singapore Teaches Course 7 Seminars for SoA DipEd and MHEd Research interest: student learning

3 Actuaries: A Narrow Profession?

4 YES!. said several accountants and statisticians. the economists are still undecided!

5 Presentation outline: Underlying theory: David Kolb s Experiential Learning Model Survey of Australian actuaries Expectations: actuaries? Results: a selection of insights Discussion: some tentative conclusions, and implications for actuarial education

6 Experiential Learning Model David Kolb (1981) Concrete Experience Testing Implications of Concepts in New Situations Observations & Reflections Formation of Abstract Concepts & Generalisations

7 Experiential Learning Model Feeling (Affective) Doing (Behavioural) Watching & listening (Perceptual) Thinking (Symbolic)

8 Stages: Kolb s Learning Cycle Concrete Experience (CE) Reflective Observation (RO) Abstract Conceptualisation (AC) Active Experimentation (AE)

9 Learning Cycle Stages CE (Learning from direct experience): Learning from specific experiences; relating to people; being sensitive to feelings and people RO (Learning by watching and listening): Carefully observing before making judgments; viewing issues from different perspectives; looking for the meaning of things

10 Learning Cycle Stages AC (Learning by thinking): Logically analysing ideas; systematic planning; acting on an intellectual understanding of a situation AE (Learning by doing): Ability to get things done; risk-taking; influencing people and events through action

11 learning requires abilities that are polar opposites and the learner, as a result, must continually choose which set of learning abilities he will bring to bear in any specific learning situation. David Kolb (1976)

12 Concrete Experience Accommodator Diverger Active Experimentation Reflective Observation Converger Assimilator Abstract Conceptualisation

13 Accommodators. Strengths: Getting things done Leadership Risk-taking New experiences Intuitive (trial & error) Weaknesses: May be pushy or impatient Meaningless activity Work not completed on time Impractical plans Not goal-directed

14 Divergers. Strengths: Weaknesses: Imaginative ability Understanding people Recognising problems Brainstorming Can be paralysed by alternatives Can t make decisions

15 Convergers. Strengths: Weaknesses: Problem-solving Decision-making Deductive reasoning Defining problems May solve the wrong problem Hasty decisionmaking Lack of focus No shifting of ideas

16 Assimilators. Strengths: Prefer inductive reasoning Planning & models Interested in ideas & concepts Less concerned with practicalities Weaknesses: Castles in the air No practical application Unable to learn from mistakes

17 Concrete Experience Commerce Demography Education Environmental Studies Geography Political Science Public Policy English History Linguistics Philosophy Sociology Active Reflective Experimentation Applied Economics Applied Physics Medical Research Computing Engineering Forestry Law Abstract Conceptualisation Astronomy Chemistry Classics Earth Sciences Economics Mathematics Physics Observation

18 Concrete Experience Accommodator Diverger Active Experimentation WHERE MIGHT WE EXPECT TO FIND ACTUARIES? Reflective Observation Converger Assimilator Abstract Conceptualisation

19 Actuaries: Expected Learning Styles Technical: Convergers or Assimilators? Managerial: Accommodators or Divergers? Consulting: Accommodators? Marketing: Accommodators? Software/IT: Convergers or Accommodators?

20 Learning Style Inventory (LSI) 12 incomplete sentences Each with 4 alternative endings Rank the four endings (no ties) 4 describes best how you learn 1 least like how you learn Each set of alternative endings includes one each of CE, RO, AC, AE

21 Example: Sentence completion When I learn... I get involved I like to observe I evaluate things I like to be active

22 Example: Sentence completion When I learn... 2 I get involved 3 I like to observe 1 I evaluate things 4 I like to be active

23 Example: Sentence completion When I learn... 2 I get involved (CE) 3 I like to observe (RO) 1 I evaluate things (AC) 4 I like to be active (AE)

24 LSI: Scoring For each learning style, sum the 12 ranks Four raw scores (range: 12 to 48) Determine combination scores: AC - CE (range -36 to +36) AE - RO (range -36 to +36) Plot the (AC-CE) and (AE-RO) pair

25 Personal data collected Year of birth Sex Membership class (S, A, F) Residence (NSW, Vic, NZ, HK, Sing, etc) Principal area of activity Principal job function Educational route Satisfaction with current work

26 Principal area of activity Life insurance General insurance Superannuation Health insurance Reinsurance Banking Finance Education Software/IT Investment Retired Other

27 Principal job function Technical/analytical Planning & evaluating Managerial/leadership Teaching/education Consulting/advising Marketing/sales Other

28 Actuarial educational route 1. Includes a Macquarie degree or diploma in actuarial studies 2. Includes a non-macquarie degree or diploma in actuarial studies 3. Includes a university degree or diploma, but not in actuarial studies 4. Does not include a university degree or diploma

29 Survey respondents 412 complete (or almost!) surveys Males/Females: 76%/24% Membership: F(67%), A(17%), S(16%) NSW(60%), Vic(19%), O seas(14%), Other Aust(7%) YOB: Range( ), Median(1966) Work area: Approx one-third in each of Life, GI+Super & Others Educational route: Degree in A/S(56%), Degree non-a/s(40%), No degree(4%)

30 ALL RESPONDENTS BY YEAR OF BIRTH Year of birth Number

31 LEARNING STYLE TYPE: ALL (n=412) AE - RO (Horizontal axis) AC - CE (Vertical axis)

32 LST distribution by sex Sex n CON ASS DIV ACC Males % 37% 7% 8% Females % 30% 7% 10% ALL % 35% 7% 8%

33 LST DISTRIBUTION BY MEMBERSHIP Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% Student (68) 47% 38% 10% 5% Associate (69) 60% 29% 4% 7% Fellow (274) 48% 36% 6% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

34 LST DISTRIBUTION BY PRACTICE AREA Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% Other (36) 56% 33% 6% 6% Misc (25) 44% 48% 0% 8% Investment (33) 49% 30% 6% 15% Software/IT (11) 55% 27% 18% 0% Finance (12) 50% 50% 0% Reins'ce (18) 56% 33% 6% 6% Super (75) 55% 35% 3% 8% General (56) 48% 30% 11% 11% Life (143) 46% 37% 8% 8% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

35 LST DISTRIBUTION BY EDUCATIONAL ROUTE Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% No degree (18) 54% 46% 0% Non-A/S degree (164) 49% 40% 4% 8% A/S:Non-Macq (44) 54% 27% 14% 5% A/S:Macq (184) 53% 32% 8% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

36 LST DISTRIBUTION BY RESIDENCE Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% Overseas (60) 48% 33% 8% 10% Rest Aust (29) 52% 45% 3% 0% Victoria (77) 43% 35% 5% 17% NSW (246) 52% 35% 7% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

37 LST DISTRIBUTION BY YOB Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% (50) 56% 28% 6% 10% (95) 55% 31% 10% 5% (91) 54% 29% 7% 11% (78) 45% 41% 5% 9% (79) 42% 44% 5% 9% -44 (17) 47% 47% 6% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

38 LST DISTRIBUTION BY JOB FUNCTION Converger Assimilator Diverger Accommodator ALL (412) 50% 35% 7% 8% Other (55) 49% 31% 11% 9% Marketing (15) 53% 27% 0% Consult (122) 50% 35% 6% 9% Manager (51) 47% 35% 8% 10% Technical (169) 50% 38% 6% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

39 LST DISTRIBUTION FOR MACQ UNI STUDENTS ( ) Converger Assimilator Diverger Accommodator ALL (518) 28% 31% 24% 17% All A/S (227) 34% 35% 19% 12% A/S (82) 40% 38% 11% 11% Accg (188) 22% 30% 31% 17% F/Y Accg (318) 27% 31% 26% 16% A/S 3 (43) 49% 19% 14% 19% A/S 2 (42) 33% 38% 19% 10% A/S 1 (60) 16% 42% 32% 10% Intro Stats (55) 29% 22% 11% 38% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

40 LST DISTRIBUTION OF MACQ UNI ACTUARIAL STUDENTS ( ) Converger Assimilator Diverger Accommodator All stud (518) 28% 31% 24% 17% Third yr (43) 49% 19% 14% 19% Second yr (42) 33% 38% 19% 10% First yr (60) 16% 42% 32% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

41 Figure A: MEAN LEARNING STYLE OF MAJOR GROUPS AE-RO D A All 2 E Act E(Act) C E(Accg) 1 B AC-CE 6 7

42 Figure: Instructional activities supporting experiential learning Adapted from Wynd and Bozman (1996) CONCRETE EXPERIENCE Observations/field work Simulation and games Reading basic texts Laboratory work ACTIVE EXPERIMENTATION Simulation Laboratory Case study Field work Special projects REFLECTIVE OBSERVATION Journals/logs Group discussions Brainstorming Thought questions Essay writing ABSTRACT CONCEPTUALISATION Lectures Papers Solving maths problems Model building Theory building Concept mapping

43 Tentative conclusions Whole profession: There is scope for greater diversity of membership in IAAust, at least in terms of preferred learning style Individual actuaries: There is a need to allow, through the education process, individual actuaries to develop ALL their learning abilities Part 1 could allow scope for a greater variety of learning activities, if it were not so overcrowded with content

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