Looking after other people's money means that actuaries must get their message across in plain and simple English The actuarial profession is continually growing as a result of a burgeoning insurance industry in Hong Kong and the opening up of the mainland market. Besides the front-line force of agents, the insurance industry requires actuaries who work in such areas as risk evaluation, product pricing and product development. Their calculations and projections form the backbone of the insurance and financial services industries. Esther Chin Yin-chee is senior manager, Asia financial services, at Trowbridge Deloitte, a leading consultancy that provides actuarial and strategic advice to life insurers, banks and fund managers throughout Asia. How did you get started in the actuarial profession? I was born and grew up in Malaysia, where I applied for my undergraduate scholarship. I wanted to avoid the mainstreams, such us medicine and the law. I heard about the actuarial field, did some research on it, and found it quite interesting. Eventually, I gained my bachelor degree in actuarial science from the London School of Economics. I worked in Britain for a few years and got qualified. All these years, I have been working for a consulting firm. What exactly do you do? I provide strategic and financial advice to my clients [life insurance companies] on financial analysis, valuation, and mergers and acquisitions. For example, if a company wants to acquire another company, I assist in calculating the worth of the company, which includes projections and calculating the worth of its policies. Assuming a regional role, I manage a small team covering Taiwan, China, Japan, India, Singapore and the Philippines. Also, I take care of staff training and development. I also have to develop new businesses, such as marketing and preparing the proposals. What can an actuarial graduate do? Graduates possessing a straightforward actuarial qualification can either work in insurance companies as in-house actuaries, or they can join a consulting firm. But some end up working for the public sector, where they help determine health-care policy or regulations to set government policies, or prepare guidelines for insurance practitioners. Or, they can join investment banks as equity analysts. There is a saying in the profession: 'Actuaries make financial sense of the future.' We are here to improve financial decision-making by identifying possible solutions and predicting the consequences. How rewarding is your job? The most challenging part of the job is to present the analysis and findings in plain English. Some of our clients are not very actuarial-savvy, and it is important for us to be sure to speak in layman's terms rather than to use technical English. For one of my professional exams, I had to write a letter to my grandmother explaining why she did not receive the bonus [from her insurance policy] this year. This is really a test for us to explain technical terms and help ordinary people understand technicalities. Are actuaries in danger of losing their jobs? Hong Kong is still importing actuaries from different parts of the world. In fact, it is good to learn and understand more about expertise, ideas and practices in other places. The entry level to the profession is quite high. We have to take a professional examinations to qualify. We tell our younger staff not to stay too late in the office, because we want them to focus on their studies and pass their examinations. What does it mean to be an actuary? We are here to look after other people's money. We have to carefully manage policyholders' money to ensure they have sufficient funds when they retire, or for their children's education. What are the perks? Financial planning is at the back of my mind. I have to consider whether I want to retire early, and what to do now to save for that. Also, my family think I can help them choose an insurance plan. What do employers look for? - A good academic record (not just mathematics/actuarial science graduates) - Good communication skills - IT skills - Language skills - An interest in business - Commitment/staying power - Enthusiasm (Source: Actuarial Society of Hong Kong)