The Education of the Actuary

Extract

I have chosen the word ‘Education’ rather than ‘Training’ so that discussion can wander as far afield as possible; for example: school, university, Actuarial Tuition Service, office, post-qualification education and training of various kinds. The experienced actuary is seldom a narrow specialist; the ambition of most young actuaries is to become a manager of some kind or another and this work involves basic disciplines and skills other than those covered by the examination syllabus.

Menzler's book The First Fifty Years will give the reader a good idea of the plight of the actuarial student during the 1920s. There was only one good text-book, that on life contingencies. There were other books that were helpful but they could hardly be classed as very suitable for the beginner. The only official classes were the oral classes in London. A provincial student had either to persuade an official tutor to correct test papers for him, or obtain the services of some other actuary; for example, classes were organized at the Prudential Assurance Company and the tutors were prepared to let other students have the test papers and any notes that were issued.