Bachelor of Science in Actuarial Science BSc(Actuar Sc)

FACULTY OF SCIENCE
THE UNIVERSITY OF
HONG KONG
Members of Advisory Board of the
Actuarial Science Programme at HKU
Mr. Clement Cheung
Commissioner of Insurance, HKSAR
Mrs. Estella S.F. Chiu
Teaching Staff and Their Research Interests
Professor Harry H. Panjer
Dr. K.C. Cheung, BSc, PhD HK
Actuarial Science; Dependence Structures; Stochastic Orders; Risk Measures
Mr. Patrick S.C. Poon
Mr. Y.K. Chung, BSc, MPhil CUHK
Department of Statistics and Actuarial Science,
University of Waterloo, Canada
China Pacific Life Insurance Co. Ltd.,
Shanghai, China
Mr. Edmund Tse
Chairman & Chief Executive Officer,
American International Assurance Co. Ltd.
Distinguished Visiting Professor
in Actuarial Science
(2005-2011)
Professor Hans U. GERBER, Past President of the
Institute of Actuarial Science at the University of
Lausanne, Switzerland, is the leading actuarial
science professor in the world. He has authored
several influential actuarial textbooks which have
been translated into many languages, including
Chinese. In 1995, he won the Centennial Award of
the International Actuarial Association. The Society
of Actuaries awarded him its Annual Prize three times
and its Edward A. Lew Award in 1999. He also won
the David Garrick Halmstad Prize from the Actuarial
Education and Research Fund twice.
Distinguished Visiting Professor
in Statistics
(2005-2010)
Professor Howell TONG, Honorary Fellow, Institute
of Actuaries, U.K., the founding Chair of Statistics
at the CUHK, and the founding Dean of Graduate
School of HKU, is presently Chair of Statistics at the
London School of Economics and Political Science.
He served as a Pro-Vice-Chancellor of HKU, 20022004. Professor Tong received the Year-2000
Chinese National Natural Science Prize (Class II) in
Mathematics and Mechanics and the sole recipient
of the 2002 Distinguished Research Achievement
Award at HKU. He is a Foreign Member of the
Norwegian Academy of Science and Letters. He is
a pioneer of non-linear time series models including,
in particular, the threshold model. Professor Tong
was awarded the Guy Medal in Silver by the Royal
Statistical Society (U.K.) in 2007 for his many
important contributions to time series analysis.
Bachelor of Science in
Actuarial Science
BSc(Actuar Sc)
Bioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation
Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DIC
Statistical Diagnostics and Robustness; Longitudinal Data Analysis;
DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory
Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HK
Statistical Diagnostics; Statistical Genetics; Statistical DNA Forensics
Dr. C.W. Kwan, BSc, PhD HK
Influential observations; Multivariate statistics; Nonlinear random model
Dr. Eddy K.F. Lam, BA St. Thomas; MA New Brunswick; PhD HK
Multivariate Survival Analysis; Semiparametric Regression;
Medical Statistics
Career Prospects
2007 Employment Statistics
Employment Sectors vs % of Graduates
Commerce & Industry: 100%
Educational Institutions: 0%
Community, Social & Personal Service: 0%
Prof. Stephen M.S. Lee, BA, PhD Cantab
Bootstrap; Resampling Methods;
Statistical Theory: Asymptotics and Applications
Prof. W.K. Li, BSc, MA York; PhD W Ont
Number of Full-time Job Offers
Time Series Analysis; Financial Econometrics; Environmental Modelling; Financial
Risk Management; Actuarial Applications
Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HK
Time Series Analysis; State-space Modelling; Environmental Statistics; Financial
Time Series and Econometrics
Dr. Louis F.K. Ng, BA HK; MSc Br Col; PhD Tor; FSA, FCIA, CFA
Asset Liability Management; Enterprise Risk Management;
Insurance Pricing Models; Pension Projection Models; Regression Analysis
Prof. K.W. Ng, BSc CUHK; MSc Alberta; PhD Tor
Statistical Inference; Multivariate Analysis; Linear Models;
Inverse Bayes Methods; Distribution Theory; Ruin Probability and Risk
Dr. Gary G. Tian, BSc Human Normal; MSc Wuhan; PhD Chinese Acad of Sc
Actuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations;
Robustness Studies and Applications of Asymptotic Theory
Salary
Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA
Gross Income
Actuarial Science; Insurance Risk Models; Mathematical Finance
Dr. Philip L.H. Yu, BSc, PhD HK
Mean
Median
Minimum
Maximum
Data Mining; Analysis of Discrete Choice and Ranking Data;
Financial Data Analysis; Risk Management; Environmental Statistics
Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASA
Insurance Risk Modelling; Financial Risk Analysis; Survival Analysis
Dr. Z. Zhang, BSc E China Normal, PhD HK
Time Series Analysis; Extreme Value Theory; Insurance Risk Modelling
Some of our graduates pursued postgraduate studies in world-renowned
universities such as Harvard University, University of Cambridge, Oxford
University, London School of Economics and Political Science, The
Wharton School of University of Pennsylvania, Johns’ Hopkins University,
Columbia University and Cornell University.
Admission Requirements
One: 44%
Two: 19%
Three: 23%
Four: 6.3%
Five: 4.2%
Six: 2.1%
Eight or more: 2%
JUPAS applicants
Selection for admission is based mainly on HKALE results, HKCEE results,
and academic references.
Non-JUPAS applicants
Non-JUPAS applicants are selected based on academic merit, language
and communication skills, motivation, relevant work experience, and
extra-curricular activities.
Missing data problems; Constrained parameter models; Variable selection; Sample
surveys with sensitive questions; Biostatistics
Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASA
In view of the booming insurance industry in Hong Kong and the rapid
development of the China market, job prospects for actuaries are good.
Recent graduates were employed by various major insurance companies,
reinsurance companies, actuarial consulting firms, and investment banks
such as American International Assurance (AIA), AXA Insurance, BOC
Group Life Assurance, HSBC Life, ING Asia, Manulife, Sun Life Financial,
Gen Re Life-Health, Reinsurance Group of America (RGA), JP Morgan,
Fortis Bank, Ernst & Young, Tillinghast - Towers Perrin, Watson Wyatt,
Mercer, Goldman Sachs, Morgan Stanley, Deloitte & Touche, ……
In addition to satisfying the University admission requirements (www.
hku.hk/admission/ug.htm), candidates for admission shall obtain
Grade E or above in AL Pure Mathematics.
2007
$15,586
$15,000
$11,000
$30,000
2006
$14,405
$14,000
$10,000
$20,000
Enquiries
Please contact:
Department of Statistics and Actuarial Science at
Tel: 2859 2466 Fax: 2858 9041
Email: [email protected]
or visit the Departmental web page at
http://www.hku.hk/statistics
Printed in February 2009
Regional Chief Actuary and Head of Investment &
Insurance Risks,
HSBC Insurance (Asia-Pacific) Holdings Ltd.
Programme Aims and Features
History of the Actuarial Science Programme
The discipline of Actuarial Science is based on the evaluation of the financial, economic and
business implications of future contingent events. Although this subject is relatively new to many
students, it proves to be very useful in the business world, usually within the insurance industry in
the past but expanding to banking and finance in recent years.
In 1993, the Department of Statistics proposed a new BSc degree in Actuarial Science. The University and Polytechnic Grants
Committee (UPGC), the predecessor of University Grants Committee (UGC), strongly supported the proposed degree that was
regarded as filling an inexplicably vacant niche in Hong Kong. In 1994, twenty new student places were given to mount
the first Actuarial Science programme in Hong Kong. Since the launch of the Actuarial Science degree, the department
The BSc in Actuarial Science provides formal academic
training to students who wish to join the actuarial
profession. The programme is designed to
provide specialist training in actuarial science
and prepare students for the professional
examinations of the Faculty of Actuaries, the
Institute of Actuaries, the Society of Actuaries
and Casualty Actuarial Society. The programme
has exemption arrangements with the Institute of
Actuaries, UK. The programme has obtained
Validation by Education Experience (VEE) with
the Casualty Actuarial Society and the Society
of Actuaries in North-America.
admits students with excellent A-level examination results every year. In light of the success of the programme in terms
of student quality and job prospects, the department in 1996 proposed an expansion of the programme for the next
triennium. The university approved to increase the student places to 34 commencing September 1998. Because
of the importance of the programme, the department was renamed as the Department of Statistics and Actuarial
Science in November 1998. In recent years, the programme also attracts many Form 6 students through
the Early Admission Schemes (EAS), non-JUPAS students and various scholarship holders from top
universities in mainland China. The enrolment of the first-year actuarial science students in 2008
was 68. The Actuarial Science programme continues to rank at the top among all tertiary study
programmes in Hong Kong in terms of average JUPAS admission scores since 1996.
What is an Actuary?
Introductory Courses
Actuaries’ duties are varied, challenging and so important that they are frequently called the brains of the
insurance business. Actuaries work with facts, figures and people to solve business problems. They are the
statisticians of the insurance industry, but they also have broader responsibilities of financial management.
Actuaries frequently evaluate the past, make use of known changes, interpret expected changes, and set
future directions to determine insurance premium, retirement benefits, etc. Actuaries work in many capacities
within businesses, consulting firms, government agencies and universities, and often fill senior managerial
roles in insurance and become senior officers or heads of companies. Most importantly, all actuaries have
an aptitude for mathematics and apply it to financial situations.
Obtain a
Bachelor of Science in Actuarial Science
degree from HKU (3 years)
To qualify as an actuary, you must obtain the Associateship
title and the Fellowship title from a professional organization.
Qualifications from Australia, the UK and the US are all fully
recognized in the local actuarial and insurance industries
since Hong Kong does not have its own set of actuarial exams.
The number of examinations leading to the Fellowship ranges
from 8 to 15, depending on the organization granting the title.
The average period of time needed to obtain the title ranges
from 3 to 9 years. The professional organizations are shown
on the right.
Faculty and Institute
of Actuaries, UK
www.actuaries.org.uk
Casualty Actuarial
Society
www.casact.org
Institute of Actuaries
of Australia
www.actuaries.asn.au
Year III
Credits
STAT2801 Life Contingencies
6
STAT2802 Statistical Models
STAT2803 Stochastic Models
6
6
6
STAT1802
Financial Mathematics
6
BUSI1002
Introduction to Accounting
CSIS1117
Computer Programming I
MATH1813 Mathematical Methods for Actuarial Science
6
ECON1001 Introduction to Economics I
6
ECON1002 Introduction to Economics II
6
1 elective course
6
(48 credits)
Li Hei Man, Kelvin, BSc (Actuar Sc) III
The scholarship offers exchange opportunities to
students to world-renowned universities such as
University of California (Berkeley), University of
California (Los Angeles), University of Chicago,
University of Nottingham, University of Queensland,
University of Toronto, Tufts University, University
of Virginia, Illinois State University, University of
Waterloo, Lund University University of Victoria,
York University, University of British Columbia, Ball
State University, University of Western Ontario and
University of Otago. The following are messages
from two exchange students:
Studying at UCB was challenging yet exciting. Not only
would you have the chance to meet the most famous scholars
in the field of Statistics, but also the opportunity to exchange
both academically and culturally with other international
students from all over the world.
My host institution was located in Muncie, Indiana.
It was a nice place for study as the university itself was like
a small community. Everyone there was nice and polite.
They were keen to answer all questions that I raised.
Core courses
Credits
6
6
STAT2805 Credibility Theory and
Loss Distributions
6
STAT2812 Financial Economics I
6
STAT2804 Linear Models and Forecasting
6
STAT3811 Survival Analysis
6
STAT2808 Introduction to Financial Derivatives
6
STAT3812 Financial Economics II
6
STAT3305 Market Risk Analysis
6
STAT3801 Advanced Life Contingencies
6
STAT3810 Risk Theory
6
1 elective course
6
4 elective courses
(48 credits)
24
A mentorship programme has been in place for all students to promote
communication between students and teachers. Each student will be
assigned a mentor who is an academic staff member. The student
is free to make contact with his/her mentor and to discuss any issue
of concern.
James Wong
BSc (Actuar Sc) 2004
My mentor, Ms Freda Sze,
shared with all mentees her
rich life experience and
encouraged us to go out to
explore the world. Now two mentees are in the US, one is in the UK
and another one is heading to the US soon for a summer internship.
We still keep in touch and I’m sure this friendship will last for life.
An actuarial education is incomplete
without real-life work experience in
insurance companies, especially when
we are always criticized for working
towards a goal we know too little about.
It took me a lot of preparation and a few
headaches, but I finally got accepted as
an intern in the HSBC Insurance (Asia)
Limited last summer.
One 3-credit course selected from “Humanities and Social Sciences studies”
3
6 credits of any Broadening Course
6
One 3-credit course selected from
3
“Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus
As an intern, the student will gain insight into the challenging world
and daily activities of an actuary while increasing his/her technical,
analytical and communications skills.
At least 3 credits of any other Broadening Course
List of companies participating in the internship programme:
(12 credits)
(12 credits)
3
(6 credits)
Working in AXA has been
a really great experience.
Before the internship, although
I acquired the knowledge from
professors and books, I did
not know how to practice such
knowledge and I always asked myself, ‘How is it related to the real world?
All are just theories.’ However, after working as an actuarial intern, I know
the crux of matter and I can apply my knowledge in the real actuarial field.
Such experience is of utmost importance as it is nothing useful if I only know
the knowledge but I cannot practice it. Therefore thanks must go to faculty
and department, which gave me the opportunity to work in an insurance
company as an actuarial intern.
There are many scholarships available to actuarial science students in each year
of their studies. In particular, some of our first-year actuarial science students have
been awarded the following scholarships:
3
1 advanced level courses selected from
6 Inter/Intra Faculty Courses
Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III
AXA Asia Pacific Holdings Ltd
HSBC Insurance (Asia) Ltd
ECEN1801 Academic English for Science Students
Credits
Another highlight of my exchange experience is that I understood more about the
exotic cultures. For instance, Japanese were very polite. They waited for you to eat
together. This was a kind of manner they considered as very important. Another
example would be the Koreans. They were so united. During the International Festival,
they showed great team spirit and nationalism. I learnt a lot from all of them.
Internship Programme
3
Elective courses
During the precious few months abroad, I made friends with people from all over
the globe, one of whom was an American called Eric. He was eager to hang out
with me. We often went to movies, shopped at malls and watched football matches
together. It was awesome! My English has improved a lot and I was glad to know
a friend like him. I also met many Chinese companions in my residential hall. We
played soccer and chatted. My Mandarin has progressed to a large extent too.
Scholarships
ECEN2802 Advanced Academic English for Science Students
Credits
Since schoolwork was not so demanding, we had plenty of time to travel
around, make friends and have fun. I particularly appreciate UCB for
organising us to live with an American family for one week during the
semester break, which was very interesting and rewarding to me in the
sense that I learnt more about American language and culture.
Ball State University, USA
Leung Kin Yip, John, BSc (Actuar Sc) III
(54 credits)
3
Practical Chinese Language
Course for Science Students
General Education / Broadening
Credits
Unlike HKU, paper-based examination was not a typical way of assessment
at UCB, instead, you might be asked to do some projects or even deliver
oral presentations, which was quite a fresh experience to me.
I strongly encourage interested students to participate in the exchange
programme, and I am sure you will learn a lot from this unique experience.
The programme assists students by advertising part-time/summer/
temporary full-time positions, sending to employers resumes of
interested students, and arranging interviews for the students selected
by the employer. Recruitment activities normally begin two months or
more prior to the expected starting date of a position.
CSCI0001
Year II
Core courses
Credits
Probability and Statistics: Foundations of Actuarial Science
General Education / Broadening
Society of Actuaries,
USA
www.soa.org
STAT1801
How to become an Actuary?
Advanced Courses
Year I
Core courses Chen Yining, BSc (Actuar Sc) III
University of California, Berkeley (UCB), USA
Mentorship Programme
Programme Structure
An actuary is a person concerned with the application of probability and statistical theory to problems of
insurance, investment, pension, and financial risk management. The majority of actuaries work for life,
health, and property/casualty insurance companies, which heavily rely on actuaries’ judgement to ensure
their financial security. Other actuaries work for actuarial consulting firms. They consult on financial services,
risk management, health care fields, pension plans, and asset/liability management.
HKU Worldwide Undergraduate Student
Exchange Scholarships
•American International Assurance (AIA)
•AXA
•BOC Group Life Assurance
•Ernst & Young
•Fortis Bank
•Gen Re Life-Health
•HSBC Insurance (Asia-Pacific) Holdings Limited
•ING
•JP Morgan
•KE Absolute – Kim Eng Securities
•Manulife Financial
•New York Life
•Prudential
•Reinsurance Group of
America (RGA)
•Sun Life Financial
•Watson Wyatt
This internship opportunity offered me hands-on training in actuarial
valuations and financial modelling in one of the most well-known banks in
the world. Through working with prominent people in the actuarial industry
for three months, I learnt to be familiar with a piece of industry standard
software usually reserved for long-term employees. It was also an invaluable
opportunity for me to build connections with other interns from overseas
countries. I had never imagined how much I would enjoy my life there as it
was worth more than all the hard work and effort I put in.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
AIA Foundation Scholarship
Chan Wing Donor Scholarship
Chater Memorial Scholarship
C.V. Starr Scholarship
Eliot Hall Memorial Scholarship
Ellen Koo Prize in Social Sciences
Fung Ping Shan Donor Scholarships
Ho Tung Donor Scholarships
Hong Kong Chiu Chow Chamber of
Commerce Scholarship
Hong Kong Jockey Club Scholarships
HKU Foundation Entrance Scholarship
HSBC Overseas Scholarship
HSBC One Year Exchange Scholarship
HSBC Hong Kong Scholarship and
Bursary
HKU Worldwide Undergraduate
Student Exchange Scholarships
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
John Culver Wooddy Scholarship
Kai Chong Tong Scholarships
King Edward VII Scholarships
Koo Shui Ting Memorial Scholarships
Li Po Chun Scholarships
Li Po Kwai Scholarships
Mok Kon Sang Donor Scholarship
Sir Edward Youde Memorial Scholarships
Sir Man Kam Lo/Jardine Scholarships
Statistics and Actuarial Science
Scholarships
The British Chevening Scholarships
The George William Hong Choy
Memorial Scholarship
The Hong Kong Federation of Insurers
Scholarship
The K.K. Ho Prizes
Young Community Leaders Scholarship
Programme Aims and Features
History of the Actuarial Science Programme
The discipline of Actuarial Science is based on the evaluation of the financial, economic and
business implications of future contingent events. Although this subject is relatively new to many
students, it proves to be very useful in the business world, usually within the insurance industry in
the past but expanding to banking and finance in recent years.
In 1993, the Department of Statistics proposed a new BSc degree in Actuarial Science. The University and Polytechnic Grants
Committee (UPGC), the predecessor of University Grants Committee (UGC), strongly supported the proposed degree that was
regarded as filling an inexplicably vacant niche in Hong Kong. In 1994, twenty new student places were given to mount
the first Actuarial Science programme in Hong Kong. Since the launch of the Actuarial Science degree, the department
The BSc in Actuarial Science provides formal academic
training to students who wish to join the actuarial
profession. The programme is designed to
provide specialist training in actuarial science
and prepare students for the professional
examinations of the Faculty of Actuaries, the
Institute of Actuaries, the Society of Actuaries
and Casualty Actuarial Society. The programme
has exemption arrangements with the Institute of
Actuaries, UK. The programme has obtained
Validation by Education Experience (VEE) with
the Casualty Actuarial Society and the Society
of Actuaries in North-America.
admits students with excellent A-level examination results every year. In light of the success of the programme in terms
of student quality and job prospects, the department in 1996 proposed an expansion of the programme for the next
triennium. The university approved to increase the student places to 34 commencing September 1998. Because
of the importance of the programme, the department was renamed as the Department of Statistics and Actuarial
Science in November 1998. In recent years, the programme also attracts many Form 6 students through
the Early Admission Schemes (EAS), non-JUPAS students and various scholarship holders from top
universities in mainland China. The enrolment of the first-year actuarial science students in 2008
was 68. The Actuarial Science programme continues to rank at the top among all tertiary study
programmes in Hong Kong in terms of average JUPAS admission scores since 1996.
What is an Actuary?
Introductory Courses
Actuaries’ duties are varied, challenging and so important that they are frequently called the brains of the
insurance business. Actuaries work with facts, figures and people to solve business problems. They are the
statisticians of the insurance industry, but they also have broader responsibilities of financial management.
Actuaries frequently evaluate the past, make use of known changes, interpret expected changes, and set
future directions to determine insurance premium, retirement benefits, etc. Actuaries work in many capacities
within businesses, consulting firms, government agencies and universities, and often fill senior managerial
roles in insurance and become senior officers or heads of companies. Most importantly, all actuaries have
an aptitude for mathematics and apply it to financial situations.
Obtain a
Bachelor of Science in Actuarial Science
degree from HKU (3 years)
To qualify as an actuary, you must obtain the Associateship
title and the Fellowship title from a professional organization.
Qualifications from Australia, the UK and the US are all fully
recognized in the local actuarial and insurance industries
since Hong Kong does not have its own set of actuarial exams.
The number of examinations leading to the Fellowship ranges
from 8 to 15, depending on the organization granting the title.
The average period of time needed to obtain the title ranges
from 3 to 9 years. The professional organizations are shown
on the right.
Faculty and Institute
of Actuaries, UK
www.actuaries.org.uk
Casualty Actuarial
Society
www.casact.org
Institute of Actuaries
of Australia
www.actuaries.asn.au
Year III
Credits
STAT2801 Life Contingencies
6
STAT2802 Statistical Models
STAT2803 Stochastic Models
6
6
6
STAT1802
Financial Mathematics
6
BUSI1002
Introduction to Accounting
CSIS1117
Computer Programming I
MATH1813 Mathematical Methods for Actuarial Science
6
ECON1001 Introduction to Economics I
6
ECON1002 Introduction to Economics II
6
1 elective course
6
(48 credits)
Li Hei Man, Kelvin, BSc (Actuar Sc) III
The scholarship offers exchange opportunities to
students to world-renowned universities such as
University of California (Berkeley), University of
California (Los Angeles), University of Chicago,
University of Nottingham, University of Queensland,
University of Toronto, Tufts University, University
of Virginia, Illinois State University, University of
Waterloo, Lund University University of Victoria,
York University, University of British Columbia, Ball
State University, University of Western Ontario and
University of Otago. The following are messages
from two exchange students:
Studying at UCB was challenging yet exciting. Not only
would you have the chance to meet the most famous scholars
in the field of Statistics, but also the opportunity to exchange
both academically and culturally with other international
students from all over the world.
My host institution was located in Muncie, Indiana.
It was a nice place for study as the university itself was like
a small community. Everyone there was nice and polite.
They were keen to answer all questions that I raised.
Core courses
Credits
6
6
STAT2805 Credibility Theory and
Loss Distributions
6
STAT2812 Financial Economics I
6
STAT2804 Linear Models and Forecasting
6
STAT3811 Survival Analysis
6
STAT2808 Introduction to Financial Derivatives
6
STAT3812 Financial Economics II
6
STAT3305 Market Risk Analysis
6
STAT3801 Advanced Life Contingencies
6
STAT3810 Risk Theory
6
1 elective course
6
4 elective courses
(48 credits)
24
A mentorship programme has been in place for all students to promote
communication between students and teachers. Each student will be
assigned a mentor who is an academic staff member. The student
is free to make contact with his/her mentor and to discuss any issue
of concern.
James Wong
BSc (Actuar Sc) 2004
My mentor, Ms Freda Sze,
shared with all mentees her
rich life experience and
encouraged us to go out to
explore the world. Now two mentees are in the US, one is in the UK
and another one is heading to the US soon for a summer internship.
We still keep in touch and I’m sure this friendship will last for life.
An actuarial education is incomplete
without real-life work experience in
insurance companies, especially when
we are always criticized for working
towards a goal we know too little about.
It took me a lot of preparation and a few
headaches, but I finally got accepted as
an intern in the HSBC Insurance (Asia)
Limited last summer.
One 3-credit course selected from “Humanities and Social Sciences studies”
3
6 credits of any Broadening Course
6
One 3-credit course selected from
3
“Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus
As an intern, the student will gain insight into the challenging world
and daily activities of an actuary while increasing his/her technical,
analytical and communications skills.
At least 3 credits of any other Broadening Course
List of companies participating in the internship programme:
(12 credits)
(12 credits)
3
(6 credits)
Working in AXA has been
a really great experience.
Before the internship, although
I acquired the knowledge from
professors and books, I did
not know how to practice such
knowledge and I always asked myself, ‘How is it related to the real world?
All are just theories.’ However, after working as an actuarial intern, I know
the crux of matter and I can apply my knowledge in the real actuarial field.
Such experience is of utmost importance as it is nothing useful if I only know
the knowledge but I cannot practice it. Therefore thanks must go to faculty
and department, which gave me the opportunity to work in an insurance
company as an actuarial intern.
There are many scholarships available to actuarial science students in each year
of their studies. In particular, some of our first-year actuarial science students have
been awarded the following scholarships:
3
1 advanced level courses selected from
6 Inter/Intra Faculty Courses
Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III
AXA Asia Pacific Holdings Ltd
HSBC Insurance (Asia) Ltd
ECEN1801 Academic English for Science Students
Credits
Another highlight of my exchange experience is that I understood more about the
exotic cultures. For instance, Japanese were very polite. They waited for you to eat
together. This was a kind of manner they considered as very important. Another
example would be the Koreans. They were so united. During the International Festival,
they showed great team spirit and nationalism. I learnt a lot from all of them.
Internship Programme
3
Elective courses
During the precious few months abroad, I made friends with people from all over
the globe, one of whom was an American called Eric. He was eager to hang out
with me. We often went to movies, shopped at malls and watched football matches
together. It was awesome! My English has improved a lot and I was glad to know
a friend like him. I also met many Chinese companions in my residential hall. We
played soccer and chatted. My Mandarin has progressed to a large extent too.
Scholarships
ECEN2802 Advanced Academic English for Science Students
Credits
Since schoolwork was not so demanding, we had plenty of time to travel
around, make friends and have fun. I particularly appreciate UCB for
organising us to live with an American family for one week during the
semester break, which was very interesting and rewarding to me in the
sense that I learnt more about American language and culture.
Ball State University, USA
Leung Kin Yip, John, BSc (Actuar Sc) III
(54 credits)
3
Practical Chinese Language
Course for Science Students
General Education / Broadening
Credits
Unlike HKU, paper-based examination was not a typical way of assessment
at UCB, instead, you might be asked to do some projects or even deliver
oral presentations, which was quite a fresh experience to me.
I strongly encourage interested students to participate in the exchange
programme, and I am sure you will learn a lot from this unique experience.
The programme assists students by advertising part-time/summer/
temporary full-time positions, sending to employers resumes of
interested students, and arranging interviews for the students selected
by the employer. Recruitment activities normally begin two months or
more prior to the expected starting date of a position.
CSCI0001
Year II
Core courses
Credits
Probability and Statistics: Foundations of Actuarial Science
General Education / Broadening
Society of Actuaries,
USA
www.soa.org
STAT1801
How to become an Actuary?
Advanced Courses
Year I
Core courses Chen Yining, BSc (Actuar Sc) III
University of California, Berkeley (UCB), USA
Mentorship Programme
Programme Structure
An actuary is a person concerned with the application of probability and statistical theory to problems of
insurance, investment, pension, and financial risk management. The majority of actuaries work for life,
health, and property/casualty insurance companies, which heavily rely on actuaries’ judgement to ensure
their financial security. Other actuaries work for actuarial consulting firms. They consult on financial services,
risk management, health care fields, pension plans, and asset/liability management.
HKU Worldwide Undergraduate Student
Exchange Scholarships
•American International Assurance (AIA)
•AXA
•BOC Group Life Assurance
•Ernst & Young
•Fortis Bank
•Gen Re Life-Health
•HSBC Insurance (Asia-Pacific) Holdings Limited
•ING
•JP Morgan
•KE Absolute – Kim Eng Securities
•Manulife Financial
•New York Life
•Prudential
•Reinsurance Group of
America (RGA)
•Sun Life Financial
•Watson Wyatt
This internship opportunity offered me hands-on training in actuarial
valuations and financial modelling in one of the most well-known banks in
the world. Through working with prominent people in the actuarial industry
for three months, I learnt to be familiar with a piece of industry standard
software usually reserved for long-term employees. It was also an invaluable
opportunity for me to build connections with other interns from overseas
countries. I had never imagined how much I would enjoy my life there as it
was worth more than all the hard work and effort I put in.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
AIA Foundation Scholarship
Chan Wing Donor Scholarship
Chater Memorial Scholarship
C.V. Starr Scholarship
Eliot Hall Memorial Scholarship
Ellen Koo Prize in Social Sciences
Fung Ping Shan Donor Scholarships
Ho Tung Donor Scholarships
Hong Kong Chiu Chow Chamber of
Commerce Scholarship
Hong Kong Jockey Club Scholarships
HKU Foundation Entrance Scholarship
HSBC Overseas Scholarship
HSBC One Year Exchange Scholarship
HSBC Hong Kong Scholarship and
Bursary
HKU Worldwide Undergraduate
Student Exchange Scholarships
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
John Culver Wooddy Scholarship
Kai Chong Tong Scholarships
King Edward VII Scholarships
Koo Shui Ting Memorial Scholarships
Li Po Chun Scholarships
Li Po Kwai Scholarships
Mok Kon Sang Donor Scholarship
Sir Edward Youde Memorial Scholarships
Sir Man Kam Lo/Jardine Scholarships
Statistics and Actuarial Science
Scholarships
The British Chevening Scholarships
The George William Hong Choy
Memorial Scholarship
The Hong Kong Federation of Insurers
Scholarship
The K.K. Ho Prizes
Young Community Leaders Scholarship
Programme Aims and Features
History of the Actuarial Science Programme
The discipline of Actuarial Science is based on the evaluation of the financial, economic and
business implications of future contingent events. Although this subject is relatively new to many
students, it proves to be very useful in the business world, usually within the insurance industry in
the past but expanding to banking and finance in recent years.
In 1993, the Department of Statistics proposed a new BSc degree in Actuarial Science. The University and Polytechnic Grants
Committee (UPGC), the predecessor of University Grants Committee (UGC), strongly supported the proposed degree that was
regarded as filling an inexplicably vacant niche in Hong Kong. In 1994, twenty new student places were given to mount
the first Actuarial Science programme in Hong Kong. Since the launch of the Actuarial Science degree, the department
The BSc in Actuarial Science provides formal academic
training to students who wish to join the actuarial
profession. The programme is designed to
provide specialist training in actuarial science
and prepare students for the professional
examinations of the Faculty of Actuaries, the
Institute of Actuaries, the Society of Actuaries
and Casualty Actuarial Society. The programme
has exemption arrangements with the Institute of
Actuaries, UK. The programme has obtained
Validation by Education Experience (VEE) with
the Casualty Actuarial Society and the Society
of Actuaries in North-America.
admits students with excellent A-level examination results every year. In light of the success of the programme in terms
of student quality and job prospects, the department in 1996 proposed an expansion of the programme for the next
triennium. The university approved to increase the student places to 34 commencing September 1998. Because
of the importance of the programme, the department was renamed as the Department of Statistics and Actuarial
Science in November 1998. In recent years, the programme also attracts many Form 6 students through
the Early Admission Schemes (EAS), non-JUPAS students and various scholarship holders from top
universities in mainland China. The enrolment of the first-year actuarial science students in 2008
was 68. The Actuarial Science programme continues to rank at the top among all tertiary study
programmes in Hong Kong in terms of average JUPAS admission scores since 1996.
What is an Actuary?
Introductory Courses
Actuaries’ duties are varied, challenging and so important that they are frequently called the brains of the
insurance business. Actuaries work with facts, figures and people to solve business problems. They are the
statisticians of the insurance industry, but they also have broader responsibilities of financial management.
Actuaries frequently evaluate the past, make use of known changes, interpret expected changes, and set
future directions to determine insurance premium, retirement benefits, etc. Actuaries work in many capacities
within businesses, consulting firms, government agencies and universities, and often fill senior managerial
roles in insurance and become senior officers or heads of companies. Most importantly, all actuaries have
an aptitude for mathematics and apply it to financial situations.
Obtain a
Bachelor of Science in Actuarial Science
degree from HKU (3 years)
To qualify as an actuary, you must obtain the Associateship
title and the Fellowship title from a professional organization.
Qualifications from Australia, the UK and the US are all fully
recognized in the local actuarial and insurance industries
since Hong Kong does not have its own set of actuarial exams.
The number of examinations leading to the Fellowship ranges
from 8 to 15, depending on the organization granting the title.
The average period of time needed to obtain the title ranges
from 3 to 9 years. The professional organizations are shown
on the right.
Faculty and Institute
of Actuaries, UK
www.actuaries.org.uk
Casualty Actuarial
Society
www.casact.org
Institute of Actuaries
of Australia
www.actuaries.asn.au
Year III
Credits
STAT2801 Life Contingencies
6
STAT2802 Statistical Models
STAT2803 Stochastic Models
6
6
6
STAT1802
Financial Mathematics
6
BUSI1002
Introduction to Accounting
CSIS1117
Computer Programming I
MATH1813 Mathematical Methods for Actuarial Science
6
ECON1001 Introduction to Economics I
6
ECON1002 Introduction to Economics II
6
1 elective course
6
(48 credits)
Li Hei Man, Kelvin, BSc (Actuar Sc) III
The scholarship offers exchange opportunities to
students to world-renowned universities such as
University of California (Berkeley), University of
California (Los Angeles), University of Chicago,
University of Nottingham, University of Queensland,
University of Toronto, Tufts University, University
of Virginia, Illinois State University, University of
Waterloo, Lund University University of Victoria,
York University, University of British Columbia, Ball
State University, University of Western Ontario and
University of Otago. The following are messages
from two exchange students:
Studying at UCB was challenging yet exciting. Not only
would you have the chance to meet the most famous scholars
in the field of Statistics, but also the opportunity to exchange
both academically and culturally with other international
students from all over the world.
My host institution was located in Muncie, Indiana.
It was a nice place for study as the university itself was like
a small community. Everyone there was nice and polite.
They were keen to answer all questions that I raised.
Core courses
Credits
6
6
STAT2805 Credibility Theory and
Loss Distributions
6
STAT2812 Financial Economics I
6
STAT2804 Linear Models and Forecasting
6
STAT3811 Survival Analysis
6
STAT2808 Introduction to Financial Derivatives
6
STAT3812 Financial Economics II
6
STAT3305 Market Risk Analysis
6
STAT3801 Advanced Life Contingencies
6
STAT3810 Risk Theory
6
1 elective course
6
4 elective courses
(48 credits)
24
A mentorship programme has been in place for all students to promote
communication between students and teachers. Each student will be
assigned a mentor who is an academic staff member. The student
is free to make contact with his/her mentor and to discuss any issue
of concern.
James Wong
BSc (Actuar Sc) 2004
My mentor, Ms Freda Sze,
shared with all mentees her
rich life experience and
encouraged us to go out to
explore the world. Now two mentees are in the US, one is in the UK
and another one is heading to the US soon for a summer internship.
We still keep in touch and I’m sure this friendship will last for life.
An actuarial education is incomplete
without real-life work experience in
insurance companies, especially when
we are always criticized for working
towards a goal we know too little about.
It took me a lot of preparation and a few
headaches, but I finally got accepted as
an intern in the HSBC Insurance (Asia)
Limited last summer.
One 3-credit course selected from “Humanities and Social Sciences studies”
3
6 credits of any Broadening Course
6
One 3-credit course selected from
3
“Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus
As an intern, the student will gain insight into the challenging world
and daily activities of an actuary while increasing his/her technical,
analytical and communications skills.
At least 3 credits of any other Broadening Course
List of companies participating in the internship programme:
(12 credits)
(12 credits)
3
(6 credits)
Working in AXA has been
a really great experience.
Before the internship, although
I acquired the knowledge from
professors and books, I did
not know how to practice such
knowledge and I always asked myself, ‘How is it related to the real world?
All are just theories.’ However, after working as an actuarial intern, I know
the crux of matter and I can apply my knowledge in the real actuarial field.
Such experience is of utmost importance as it is nothing useful if I only know
the knowledge but I cannot practice it. Therefore thanks must go to faculty
and department, which gave me the opportunity to work in an insurance
company as an actuarial intern.
There are many scholarships available to actuarial science students in each year
of their studies. In particular, some of our first-year actuarial science students have
been awarded the following scholarships:
3
1 advanced level courses selected from
6 Inter/Intra Faculty Courses
Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III
AXA Asia Pacific Holdings Ltd
HSBC Insurance (Asia) Ltd
ECEN1801 Academic English for Science Students
Credits
Another highlight of my exchange experience is that I understood more about the
exotic cultures. For instance, Japanese were very polite. They waited for you to eat
together. This was a kind of manner they considered as very important. Another
example would be the Koreans. They were so united. During the International Festival,
they showed great team spirit and nationalism. I learnt a lot from all of them.
Internship Programme
3
Elective courses
During the precious few months abroad, I made friends with people from all over
the globe, one of whom was an American called Eric. He was eager to hang out
with me. We often went to movies, shopped at malls and watched football matches
together. It was awesome! My English has improved a lot and I was glad to know
a friend like him. I also met many Chinese companions in my residential hall. We
played soccer and chatted. My Mandarin has progressed to a large extent too.
Scholarships
ECEN2802 Advanced Academic English for Science Students
Credits
Since schoolwork was not so demanding, we had plenty of time to travel
around, make friends and have fun. I particularly appreciate UCB for
organising us to live with an American family for one week during the
semester break, which was very interesting and rewarding to me in the
sense that I learnt more about American language and culture.
Ball State University, USA
Leung Kin Yip, John, BSc (Actuar Sc) III
(54 credits)
3
Practical Chinese Language
Course for Science Students
General Education / Broadening
Credits
Unlike HKU, paper-based examination was not a typical way of assessment
at UCB, instead, you might be asked to do some projects or even deliver
oral presentations, which was quite a fresh experience to me.
I strongly encourage interested students to participate in the exchange
programme, and I am sure you will learn a lot from this unique experience.
The programme assists students by advertising part-time/summer/
temporary full-time positions, sending to employers resumes of
interested students, and arranging interviews for the students selected
by the employer. Recruitment activities normally begin two months or
more prior to the expected starting date of a position.
CSCI0001
Year II
Core courses
Credits
Probability and Statistics: Foundations of Actuarial Science
General Education / Broadening
Society of Actuaries,
USA
www.soa.org
STAT1801
How to become an Actuary?
Advanced Courses
Year I
Core courses Chen Yining, BSc (Actuar Sc) III
University of California, Berkeley (UCB), USA
Mentorship Programme
Programme Structure
An actuary is a person concerned with the application of probability and statistical theory to problems of
insurance, investment, pension, and financial risk management. The majority of actuaries work for life,
health, and property/casualty insurance companies, which heavily rely on actuaries’ judgement to ensure
their financial security. Other actuaries work for actuarial consulting firms. They consult on financial services,
risk management, health care fields, pension plans, and asset/liability management.
HKU Worldwide Undergraduate Student
Exchange Scholarships
•American International Assurance (AIA)
•AXA
•BOC Group Life Assurance
•Ernst & Young
•Fortis Bank
•Gen Re Life-Health
•HSBC Insurance (Asia-Pacific) Holdings Limited
•ING
•JP Morgan
•KE Absolute – Kim Eng Securities
•Manulife Financial
•New York Life
•Prudential
•Reinsurance Group of
America (RGA)
•Sun Life Financial
•Watson Wyatt
This internship opportunity offered me hands-on training in actuarial
valuations and financial modelling in one of the most well-known banks in
the world. Through working with prominent people in the actuarial industry
for three months, I learnt to be familiar with a piece of industry standard
software usually reserved for long-term employees. It was also an invaluable
opportunity for me to build connections with other interns from overseas
countries. I had never imagined how much I would enjoy my life there as it
was worth more than all the hard work and effort I put in.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
AIA Foundation Scholarship
Chan Wing Donor Scholarship
Chater Memorial Scholarship
C.V. Starr Scholarship
Eliot Hall Memorial Scholarship
Ellen Koo Prize in Social Sciences
Fung Ping Shan Donor Scholarships
Ho Tung Donor Scholarships
Hong Kong Chiu Chow Chamber of
Commerce Scholarship
Hong Kong Jockey Club Scholarships
HKU Foundation Entrance Scholarship
HSBC Overseas Scholarship
HSBC One Year Exchange Scholarship
HSBC Hong Kong Scholarship and
Bursary
HKU Worldwide Undergraduate
Student Exchange Scholarships
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
John Culver Wooddy Scholarship
Kai Chong Tong Scholarships
King Edward VII Scholarships
Koo Shui Ting Memorial Scholarships
Li Po Chun Scholarships
Li Po Kwai Scholarships
Mok Kon Sang Donor Scholarship
Sir Edward Youde Memorial Scholarships
Sir Man Kam Lo/Jardine Scholarships
Statistics and Actuarial Science
Scholarships
The British Chevening Scholarships
The George William Hong Choy
Memorial Scholarship
The Hong Kong Federation of Insurers
Scholarship
The K.K. Ho Prizes
Young Community Leaders Scholarship
FACULTY OF SCIENCE
THE UNIVERSITY OF
HONG KONG
Members of Advisory Board of the
Actuarial Science Programme at HKU
Mr. Clement Cheung
Commissioner of Insurance, HKSAR
Mrs. Estella S.F. Chiu
Teaching Staff and Their Research Interests
Professor Harry H. Panjer
Dr. K.C. Cheung, BSc, PhD HK
Actuarial Science; Dependence Structures; Stochastic Orders; Risk Measures
Mr. Patrick S.C. Poon
Mr. Y.K. Chung, BSc, MPhil CUHK
Department of Statistics and Actuarial Science,
University of Waterloo, Canada
China Pacific Life Insurance Co. Ltd.,
Shanghai, China
Mr. Edmund Tse
Chairman & Chief Executive Officer,
American International Assurance Co. Ltd.
Distinguished Visiting Professor
in Actuarial Science
(2005-2011)
Professor Hans U. GERBER, Past President of the
Institute of Actuarial Science at the University of
Lausanne, Switzerland, is the leading actuarial
science professor in the world. He has authored
several influential actuarial textbooks which have
been translated into many languages, including
Chinese. In 1995, he won the Centennial Award of
the International Actuarial Association. The Society
of Actuaries awarded him its Annual Prize three times
and its Edward A. Lew Award in 1999. He also won
the David Garrick Halmstad Prize from the Actuarial
Education and Research Fund twice.
Distinguished Visiting Professor
in Statistics
(2005-2010)
Professor Howell TONG, Honorary Fellow, Institute
of Actuaries, U.K., the founding Chair of Statistics
at the CUHK, and the founding Dean of Graduate
School of HKU, is presently Chair of Statistics at the
London School of Economics and Political Science.
He served as a Pro-Vice-Chancellor of HKU, 20022004. Professor Tong received the Year-2000
Chinese National Natural Science Prize (Class II) in
Mathematics and Mechanics and the sole recipient
of the 2002 Distinguished Research Achievement
Award at HKU. He is a Foreign Member of the
Norwegian Academy of Science and Letters. He is
a pioneer of non-linear time series models including,
in particular, the threshold model. Professor Tong
was awarded the Guy Medal in Silver by the Royal
Statistical Society (U.K.) in 2007 for his many
important contributions to time series analysis.
Bachelor of Science in
Actuarial Science
BSc(Actuar Sc)
Bioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation
Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DIC
Statistical Diagnostics and Robustness; Longitudinal Data Analysis;
DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory
Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HK
Statistical Diagnostics; Statistical Genetics; Statistical DNA Forensics
Dr. C.W. Kwan, BSc, PhD HK
Influential observations; Multivariate statistics; Nonlinear random model
Dr. Eddy K.F. Lam, BA St. Thomas; MA New Brunswick; PhD HK
Multivariate Survival Analysis; Semiparametric Regression;
Medical Statistics
Career Prospects
2007 Employment Statistics
Employment Sectors vs % of Graduates
Commerce & Industry: 100%
Educational Institutions: 0%
Community, Social & Personal Service: 0%
Prof. Stephen M.S. Lee, BA, PhD Cantab
Bootstrap; Resampling Methods;
Statistical Theory: Asymptotics and Applications
Prof. W.K. Li, BSc, MA York; PhD W Ont
Number of Full-time Job Offers
Time Series Analysis; Financial Econometrics; Environmental Modelling; Financial
Risk Management; Actuarial Applications
Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HK
Time Series Analysis; State-space Modelling; Environmental Statistics; Financial
Time Series and Econometrics
Dr. Louis F.K. Ng, BA HK; MSc Br Col; PhD Tor; FSA, FCIA, CFA
Asset Liability Management; Enterprise Risk Management;
Insurance Pricing Models; Pension Projection Models; Regression Analysis
Prof. K.W. Ng, BSc CUHK; MSc Alberta; PhD Tor
Statistical Inference; Multivariate Analysis; Linear Models;
Inverse Bayes Methods; Distribution Theory; Ruin Probability and Risk
Dr. Gary G. Tian, BSc Human Normal; MSc Wuhan; PhD Chinese Acad of Sc
Actuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations;
Robustness Studies and Applications of Asymptotic Theory
Salary
Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA
Gross Income
Actuarial Science; Insurance Risk Models; Mathematical Finance
Dr. Philip L.H. Yu, BSc, PhD HK
Mean
Median
Minimum
Maximum
Data Mining; Analysis of Discrete Choice and Ranking Data;
Financial Data Analysis; Risk Management; Environmental Statistics
Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASA
Insurance Risk Modelling; Financial Risk Analysis; Survival Analysis
Dr. Z. Zhang, BSc E China Normal, PhD HK
Time Series Analysis; Extreme Value Theory; Insurance Risk Modelling
Some of our graduates pursued postgraduate studies in world-renowned
universities such as Harvard University, University of Cambridge, Oxford
University, London School of Economics and Political Science, The
Wharton School of University of Pennsylvania, Johns’ Hopkins University,
Columbia University and Cornell University.
Admission Requirements
One: 44%
Two: 19%
Three: 23%
Four: 6.3%
Five: 4.2%
Six: 2.1%
Eight or more: 2%
JUPAS applicants
Selection for admission is based mainly on HKALE results, HKCEE results,
and academic references.
Non-JUPAS applicants
Non-JUPAS applicants are selected based on academic merit, language
and communication skills, motivation, relevant work experience, and
extra-curricular activities.
Missing data problems; Constrained parameter models; Variable selection; Sample
surveys with sensitive questions; Biostatistics
Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASA
In view of the booming insurance industry in Hong Kong and the rapid
development of the China market, job prospects for actuaries are good.
Recent graduates were employed by various major insurance companies,
reinsurance companies, actuarial consulting firms, and investment banks
such as American International Assurance (AIA), AXA Insurance, BOC
Group Life Assurance, HSBC Life, ING Asia, Manulife, Sun Life Financial,
Gen Re Life-Health, Reinsurance Group of America (RGA), JP Morgan,
Fortis Bank, Ernst & Young, Tillinghast - Towers Perrin, Watson Wyatt,
Mercer, Goldman Sachs, Morgan Stanley, Deloitte & Touche, ……
In addition to satisfying the University admission requirements (www.
hku.hk/admission/ug.htm), candidates for admission shall obtain
Grade E or above in AL Pure Mathematics.
2007
$15,586
$15,000
$11,000
$30,000
2006
$14,405
$14,000
$10,000
$20,000
Enquiries
Please contact:
Department of Statistics and Actuarial Science at
Tel: 2859 2466 Fax: 2858 9041
Email: [email protected]
or visit the Departmental web page at
http://www.hku.hk/statistics
Printed in February 2009
Regional Chief Actuary and Head of Investment &
Insurance Risks,
HSBC Insurance (Asia-Pacific) Holdings Ltd.
FACULTY OF SCIENCE
THE UNIVERSITY OF
HONG KONG
Members of Advisory Board of the
Actuarial Science Programme at HKU
Mr. Clement Cheung
Commissioner of Insurance, HKSAR
Mrs. Estella S.F. Chiu
Teaching Staff and Their Research Interests
Professor Harry H. Panjer
Dr. K.C. Cheung, BSc, PhD HK
Actuarial Science; Dependence Structures; Stochastic Orders; Risk Measures
Mr. Patrick S.C. Poon
Mr. Y.K. Chung, BSc, MPhil CUHK
Department of Statistics and Actuarial Science,
University of Waterloo, Canada
China Pacific Life Insurance Co. Ltd.,
Shanghai, China
Mr. Edmund Tse
Chairman & Chief Executive Officer,
American International Assurance Co. Ltd.
Distinguished Visiting Professor
in Actuarial Science
(2005-2011)
Professor Hans U. GERBER, Past President of the
Institute of Actuarial Science at the University of
Lausanne, Switzerland, is the leading actuarial
science professor in the world. He has authored
several influential actuarial textbooks which have
been translated into many languages, including
Chinese. In 1995, he won the Centennial Award of
the International Actuarial Association. The Society
of Actuaries awarded him its Annual Prize three times
and its Edward A. Lew Award in 1999. He also won
the David Garrick Halmstad Prize from the Actuarial
Education and Research Fund twice.
Distinguished Visiting Professor
in Statistics
(2005-2010)
Professor Howell TONG, Honorary Fellow, Institute
of Actuaries, U.K., the founding Chair of Statistics
at the CUHK, and the founding Dean of Graduate
School of HKU, is presently Chair of Statistics at the
London School of Economics and Political Science.
He served as a Pro-Vice-Chancellor of HKU, 20022004. Professor Tong received the Year-2000
Chinese National Natural Science Prize (Class II) in
Mathematics and Mechanics and the sole recipient
of the 2002 Distinguished Research Achievement
Award at HKU. He is a Foreign Member of the
Norwegian Academy of Science and Letters. He is
a pioneer of non-linear time series models including,
in particular, the threshold model. Professor Tong
was awarded the Guy Medal in Silver by the Royal
Statistical Society (U.K.) in 2007 for his many
important contributions to time series analysis.
Bachelor of Science in
Actuarial Science
BSc(Actuar Sc)
Bioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation
Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DIC
Statistical Diagnostics and Robustness; Longitudinal Data Analysis;
DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory
Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HK
Statistical Diagnostics; Statistical Genetics; Statistical DNA Forensics
Dr. C.W. Kwan, BSc, PhD HK
Influential observations; Multivariate statistics; Nonlinear random model
Dr. Eddy K.F. Lam, BA St. Thomas; MA New Brunswick; PhD HK
Multivariate Survival Analysis; Semiparametric Regression;
Medical Statistics
Career Prospects
2007 Employment Statistics
Employment Sectors vs % of Graduates
Commerce & Industry: 100%
Educational Institutions: 0%
Community, Social & Personal Service: 0%
Prof. Stephen M.S. Lee, BA, PhD Cantab
Bootstrap; Resampling Methods;
Statistical Theory: Asymptotics and Applications
Prof. W.K. Li, BSc, MA York; PhD W Ont
Number of Full-time Job Offers
Time Series Analysis; Financial Econometrics; Environmental Modelling; Financial
Risk Management; Actuarial Applications
Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HK
Time Series Analysis; State-space Modelling; Environmental Statistics; Financial
Time Series and Econometrics
Dr. Louis F.K. Ng, BA HK; MSc Br Col; PhD Tor; FSA, FCIA, CFA
Asset Liability Management; Enterprise Risk Management;
Insurance Pricing Models; Pension Projection Models; Regression Analysis
Prof. K.W. Ng, BSc CUHK; MSc Alberta; PhD Tor
Statistical Inference; Multivariate Analysis; Linear Models;
Inverse Bayes Methods; Distribution Theory; Ruin Probability and Risk
Dr. Gary G. Tian, BSc Human Normal; MSc Wuhan; PhD Chinese Acad of Sc
Actuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations;
Robustness Studies and Applications of Asymptotic Theory
Salary
Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA
Gross Income
Actuarial Science; Insurance Risk Models; Mathematical Finance
Dr. Philip L.H. Yu, BSc, PhD HK
Mean
Median
Minimum
Maximum
Data Mining; Analysis of Discrete Choice and Ranking Data;
Financial Data Analysis; Risk Management; Environmental Statistics
Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASA
Insurance Risk Modelling; Financial Risk Analysis; Survival Analysis
Dr. Z. Zhang, BSc E China Normal, PhD HK
Time Series Analysis; Extreme Value Theory; Insurance Risk Modelling
Some of our graduates pursued postgraduate studies in world-renowned
universities such as Harvard University, University of Cambridge, Oxford
University, London School of Economics and Political Science, The
Wharton School of University of Pennsylvania, Johns’ Hopkins University,
Columbia University and Cornell University.
Admission Requirements
One: 44%
Two: 19%
Three: 23%
Four: 6.3%
Five: 4.2%
Six: 2.1%
Eight or more: 2%
JUPAS applicants
Selection for admission is based mainly on HKALE results, HKCEE results,
and academic references.
Non-JUPAS applicants
Non-JUPAS applicants are selected based on academic merit, language
and communication skills, motivation, relevant work experience, and
extra-curricular activities.
Missing data problems; Constrained parameter models; Variable selection; Sample
surveys with sensitive questions; Biostatistics
Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASA
In view of the booming insurance industry in Hong Kong and the rapid
development of the China market, job prospects for actuaries are good.
Recent graduates were employed by various major insurance companies,
reinsurance companies, actuarial consulting firms, and investment banks
such as American International Assurance (AIA), AXA Insurance, BOC
Group Life Assurance, HSBC Life, ING Asia, Manulife, Sun Life Financial,
Gen Re Life-Health, Reinsurance Group of America (RGA), JP Morgan,
Fortis Bank, Ernst & Young, Tillinghast - Towers Perrin, Watson Wyatt,
Mercer, Goldman Sachs, Morgan Stanley, Deloitte & Touche, ……
In addition to satisfying the University admission requirements (www.
hku.hk/admission/ug.htm), candidates for admission shall obtain
Grade E or above in AL Pure Mathematics.
2007
$15,586
$15,000
$11,000
$30,000
2006
$14,405
$14,000
$10,000
$20,000
Enquiries
Please contact:
Department of Statistics and Actuarial Science at
Tel: 2859 2466 Fax: 2858 9041
Email: [email protected]
or visit the Departmental web page at
http://www.hku.hk/statistics
Printed in February 2009
Regional Chief Actuary and Head of Investment &
Insurance Risks,
HSBC Insurance (Asia-Pacific) Holdings Ltd.