Fifty years of thinking about life - and thinking about death

Alumni, academics and students marked the 50^th anniversary of Bayes’ Faculty of Actuarial Science and Insurance (FASI) with a panel discussion, a special guest presentation and a reception this week.

Executive Dean Professor Andre Spicer described the faculty as “one of the jewels in the crown of Bayes Business School and, indeed, this whole university”. Noting that FASI consistently ranks in the top two faculties globally for actuarial science research, he said that many of the current academic staff have built whole careers at Bayes – and helped build the actuarial profession in the UK and abroad.

Above: The five heads of the faculty in its various incarnations over the last half-century: (l-r) Steven and Russell and Professors Ben Rickayzen, Linda Wolstenholme and Richard Verrall.

Andre paid particular tribute to Professor Steven Haberman, who developed and taught much of the material on the first actuarial science under-graduate programme in 1974 and remains on the staff.

Above: Steven (left) carries off the 70s vibe with  a  student and colleague in the mid-1970s

Steven was one of four panellists quizzed by current Head of the Faculty, Dr Russell Gerrard, before a presentation by The Financial Times’ data journalist, John Burn-Murdoch (see separate story). Russell teaches  first-year Actuarial Science BSc students and on the MSc Actuarial Science.

Reflecting on the faculty's history, Russell pointed to the achievements of its alumni, including female leaders of the sector - such as the current president and immediate past president of the Institute and Faculty of Actuaries, Kartina Tahir Thomson and Kalpana Shah respectively.

The panel, which included Professor of Actuarial Finance, Ioannis Kyriakou, discussed topics facing the profession, the sector and wider society – including climate change and AI. Professor Kyriakou is Director of the  MSc Actuarial Science and the MSc Actuarial Management at Bayes.

Alumni Michael Eves, who has held senior roles in the sector, including at Swiss Re, and Anandi Shah, who chairs The Actuarial Network at City (TANC), and is a consultant at Milliman, completed the panel.

Above: the panel members limber up their vocal chords before taking to the stage (l-r) Michael, Anandi, Steven and Ioannis.

The discussion ended with each panellist providing a tip to current FASI students.

Ioannis noted that students on actuarial management programmes face a sometimes challenging transition to applying reasoning to the numbers they are working with.

"My tip would be to look beyond the numbers that they're producing and question their assumptions. They should interpret the results and think of the wider implications of the data they are getting. I would echo the motto of Bayes which describes it nicely: that we care, we learn and we act."

Challenge yourself

Steven said: “When you move into employment you should look for challenges at the personal level. Keep learning. And if you feel that you're stagnating by doing surrender values for two years, do something about it. Don't wait for someone to come and help you – take action. My career was based on me getting fed up every five or six years. Looking back, it makes sense. At the time, it made no sense.”

Anandi advised students to take advantage of “the huge wealth of resource on your doorstep” – including The Actuarial Network at City (TANC) that she co-chairs.

“You've got very knowledgeable professors who can give a lot of advice. You've also got a very good alumni network, and you have the insurance industry at your doorstep as well, so make use of it.”

The step ladder to success

Michael said: “The most important thing you can do after you leave university is finish those actuarial exams and get your professional qualifications, because then things really change. Getting your degree is your first step. That's a wonderful thing. But the next big thing is to get those letters after your name: then you really are of interest to everybody and the whole market.

“I would also totally agree with the rest of the panel about having an open mind. It's continuous learning. Every career has to be continuous learning. We talked about AI, there'll be other things you should always be willing to learn. Don't set out your career path too early. It will change. Something will come up. And we always say: ‘say yes’. Every five or six years you’ll get bored and look for something else but people will also present new opportunities to you.”

Russell  added: “The tip that I give to students is to think about what is going to distinguish them from their colleagues in their workplace. For most, that includes being much younger than many of their colleagues so what skills can they bring to the company which the people who have been there for a longer time might not have mastered yet."

These are typically new technology so look, for example, to make yourself the company expert in an aspect of machine learning or artificial intelligence, something which is going to make you stand out and make the company want to promote you rapidly.

The burst of anniversary-related activity kicked off earlier this month with an alumni reception in Kuala Lumpur (above). One of Malaysia's first actuaries trained at City St George's.