2020 -2021 BBA in Insurance, Financial and Actuarial Analysis YOUR DEVELOPMENT By the time you complete the IFAA Programme, you should be familiar with the purpose, design and application of insurance products, finance and investment tools, as well as accounting, economics, marketing and management, mathematics, statistics and actuarial science. You can also expect to possess the following: • Solid business communication skills; • Effective analytical and problem-solving insight; • Ability to apply learned business knowledge in a corporate environment; • Confidence to propose innovative strategies in a global context; • Awareness of current ethical issues in today’s business world; and • Specific knowledge of actuarial science and insurance, including life and non-life insurance product design, pricing, and risk management. INSURANCE, FINANCIAL AND ACTUARIAL ANALYSIS IFAA Novel investment and insurance products make stability new ways, effectively managing the risk of products related vital in the modern financial security system. The ever - to mortality, morbidity, casualty, pensions and investments. progressing field of actuarial science is a major contributor The IFAA Programme at CUHK has a stellar record of preparing to this stability. Insurance experts today are skilled students for bright careers as actuaries, financial analysts, mathematicians who apply their knowledge to business in risk managers and insurance professionals. OVERVIEW Offered by the Department of Finance and unique in level of recognition offered to universities. Hong Kong, the progressive BBA Programme in Insurance, While rooted in Hong Kong’s institutional environment, Financial and Actuarial Analysis provides comprehensive the programme will give you frequent exposure to broader training in all aspects of actuarial science and insurance international issues and practices. IFAA has an outstanding company management. The IFAA curriculum goes beyond reputation and strong network amongst well-known the study of theory to address broad practical business needs. insurance companies in the region, who actively offer With structured curriculum patterns and internship training and internships to IFAA students. The programme opportunities, IFAA facilitates essential business exposure also boasts a strong employment record, with more than to enhance your career preparedness. Through our courses, half of our alumni earning actuarial credentials and more you will become familiar with the material for professional than 60% of our graduates successfully securing actuarial examinations administered by the Society of Actuaries positions in multinational insurance companies. Other (SOA) in the United States and the Institute and Faculty of graduates go on to work in banks, business consulting Actuaries (IFoA) in the United Kingdom. IFAA is recognised firms, and other financial institutions. by SOA as a Centre of Actuarial Excellence, the highest 1 CURRICULUM Example Course Patterns Example 1 (with internship): Example 2 (with both exchange and internship): Programme Structure Year Recommended Course Pattern Units Year Recommended Course Pattern Units IFAA elementary courses focus on fundamental business, economics, mathematics and statistics, laying the necessary groundwork for the advanced courses. Subsequent insurance and finance courses Term 1 Term 1 introduce you to insurance products, financial markets, derivative securities and the basic principles 1 ACCT1111, DSME1030, 9 1 ACCT1111, DSME1030, 9 of financial risk management. MATH1530 or MATH1010 MATH1530 or MATH1010 The specialised actuarial science courses in the programme cover the mathematics of pricing, Term 2 Term 2 valuation and hedging of a variety of products. Material included in professional actuarial exams are DSME1040, FINA2010, 2200, 9 -12 DSME1040, FINA2010, 2200, 9-12 covered in our syllabi, giving you a confident start to your career as an actuary. MATH1010 (if not taken) MATH1010 (if not taken) Term 1 Term 1 Required Courses 2 FINA2220, 3210, MATH1540 9 2 FINA2220, 3210, MATH1540 9 ACCT 1111 Foundations in Financial Accounting FINA 3210 Risk Management and Insurance Term 2 Term 2 ACCT 2121 Introductory Management Accounting FINA 3220 Life Contingencies I ACCT2121, FINA2230, 3080, 3220, 3230 15 ACCT2121, FINA2230, 3080, 3220, 3230 15 DSME 1030 Economics for Business Studies I FINA 3230 Life and Health Insurance Term 1 Term 1 DSME 1040 Economics for Business Studies II FINA 3240 Corporate Property and Liability Insurance 3 FINA3240, 3290, 4210 and one elective course 12 3 FINA3240, 3290, 4210 and one elective course 12 FINA 2010 Financial Management FINA 3250 Derivatives for Actuaries I Term 2 Term 2 FINA 2200 Introduction to Actuarial Science FINA 3290 Linear Models for Actuaries Actuarial Internship Overseas Exchange/Actuarial Internship FINA 2220 Quantitative Methods FINA 4210 Life Contingencies II Term 1 Term 1 for Actuarial Analysis I MATH 1010 University Mathematics 4 Four elective courses 12 4 Actuarial Internship/Overseas Exchange FINA 2230 Quantitative Methods MATH 1540 University Mathematics for Financial Studies Term 2 Term 2 for Actuarial Analysis II MGNT 1020 Management FINA3250, MGNT1020 and two elective courses 12 FINA3250 and three elective courses 12 FINA 3080 Investment Analysis and Portfolio Management Total: 78-81 Term 1 5 MGNT1020 and three elective courses 12 Recommended Elective Courses Total: 78-81 ACCT 3151 Business Law FINA 4220 Non-life Actuarial Models You can also take a minor outside of the IFAA programme to further broaden your knowledge. CSCI 1580 Visual Programming FINA 4250 Applications of Risk Models FINA 3010 Financial Markets FINA 4270 Research Project in Insurance, FINA 3070 Corporate Finance: Theory and Practice Financial and Actuarial Analysis FINA 3280 Insurance Company Operations FINA 4280 Derivatives for Actuaries II and Management FINA 4290 Actuarial Internship FINA 3295 Advanced Statistical Modelling MKTG 2010 Marketing Management for Insurance and Finance FINA 4120 Fixed Income Securities Analysis Credits Required for Successful Completion of Major 78-81 credits including compulsory courses, elective courses and capstone course Besides major requirements, students are also required to satisfy all requirements prescribed by the University. 3 4 GROWTH OPPORTUNITIES Internships IFAA oers two internship programmes: Tammy CHEUNG Regional Actuarial Services, Asia, 1. Actuarial Training Programme Manulife Financial Asia Limited (2017) IFAA pioneered the Actuarial Training Programme to place students in the actuarial departments of insurance companies and related business entities for at least six months. Almost all of our students “It was a valuable experience to be able to work in Manulife complete a six - month internship during their third or fourth year, augmenting their classroom Asia for a half-year internship. I was working in the regional learning by working in a real business environment. Companies that have participated in our training office and my main responsibility was to assist in model programme include: development. I had learnt AXIS modelling from scratch during the six months, and I became more curious to acquire more new knowledge related to work so as to gain a better AIA Company Limited HSBC Insurance (Asia) Limited understanding of how different teams work together. Working Aviva Manulife (International) Limited in the regional office allowed me to meet people from AXA China Region Insurance Company Limited Mercer different countries. I used to work with colleagues from places BOC Group Life Assurance Company Limited MetLife Limited like Indonesia, Canada and the Philippines. Having the chance Chubb Life Insurance Company Limited Milliman Limited to cooperate with people with different background had enhanced my communication skills and my adaptability to CIGNA Worldwide Life Insurance Company Limited Munich Re Hong Kong Branch different working style. Deloitte Advisory (Hong Kong) Limited Prudential Hong Kong Limited The 6-month internship gave me a glimpse of the operation Ernst & Young Advisory Services Limited RGA Reinsurance Company in an insurance company. This is definitely an essential learning FTLife Insurance Company Limited Sun Life Hong Kong Limited experience for my university life and is important for my future FWD Life Insurance Company (Bermuda) Limited Swiss Reinsurance Company Limited career planning.” 2. Summer Internship Programme IFAA students also pursue internship opportunities in various business fields, such as business consulting, Michael NG insurance management, marketing and accounting. The potential to explore a different side of the Group Corporate Actuarial Department, business allows you to experience the insurance industry from different angles, expanding your AIA Company Limited (2017) knowledge and future career options. Our students have completed internships with a number of leading companies, some of which exclusively offer IFAA internships, including: “The half-year internship at AIA Group was undoubtedly a fruitful experience to me. AIA Company Limited Deloitte Advisory (Hong Kong) Limited Being an actuarial intern in the Actuarial Solution AXA China Region Insurance Company Limited Ernst & Young Advisory Services Limited Architecture – Solvency team, I was granted the BOC Group Life Assurance Company Limited Guy Carpenter Asia Pacific opportunity to apply the knowledge and techniques China Life Insurance (Overseas) Company Limited MetLife Limited in real - life business practices. I was assigned to assist the bi