FACULTY OF SCIENCETHE UNIVERSITY OF HONG KONG

Bachelor of Science inActuarial ScienceBSc(Actuar Sc)

Printe

d in

Febr

uary

2009

Members of Advisory Board of the Actuarial Science Programme at HKU

Mr. Clement CheungCommissioner of Insurance, HKSAR

Mrs. Estella S.F. ChiuRegional Chief Actuary and Head of Investment & Insurance Risks, HSBC Insurance (Asia-Pacific) Holdings Ltd.

Professor Harry H. PanjerDepartment of Statistics and Actuarial Science, University of Waterloo, Canada

Mr. Patrick S.C. PoonChina Pacific Life Insurance Co. Ltd., Shanghai, China

Mr. Edmund TseChairman & 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, 2002-2004. 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.

Teaching Staff and Their Research Interests Dr. K.C. Cheung, BSc, PhD HKActuarial Science; Dependence Structures; Stochastic Orders; Risk Measures

Mr. Y.K. Chung, BSc, MPhil CUHKBioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation

Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DICStatistical Diagnostics and Robustness; Longitudinal Data Analysis; DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory

Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HKStatistical Diagnostics; Statistical Genetics; Statistical DNA Forensics

Dr. C.W. Kwan, BSc, PhD HKInfluential 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

Prof. Stephen M.S. Lee, BA, PhD CantabBootstrap; Resampling Methods; Statistical Theory: Asymptotics and Applications

Prof. W.K. Li, BSc, MA York; PhD W OntTime Series Analysis; Financial Econometrics; Environmental Modelling; Financial Risk Management; Actuarial Applications

Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HKTime 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, CFAAsset 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 ScMissing data problems; Constrained parameter models; Variable selection; Sample surveys with sensitive questions; Biostatistics

Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASAActuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations; Robustness Studies and Applications of Asymptotic Theory

Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA Actuarial Science; Insurance Risk Models; Mathematical Finance

Dr. Philip L.H. Yu, BSc, PhD HKData Mining; Analysis of Discrete Choice and Ranking Data; Financial Data Analysis; Risk Management; Environmental Statistics

Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASAInsurance Risk Modelling; Financial Risk Analysis; Survival Analysis

Dr. Z. Zhang, BSc E China Normal, PhD HKTime Series Analysis; Extreme Value Theory; Insurance Risk Modelling

Career ProspectsIn 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, ……

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 RequirementsJUPAS 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.

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.

EnquiriesPlease contact:Department of Statistics and Actuarial Science atTel: 2859 2466 Fax: 2858 9041Email: ug_enquiry@saas.hku.hk

or visit the Departmental web page at

http://www.hku.hk/statistics

Employment Sectors vs % of Graduates

Commerce & Industry: 100%Educational Institutions: 0%Community, Social & Personal Service: 0%

Number of Full-time Job Offers

Salary

Gross Income 2007 2006Mean $15,586 $14,405Median $15,000 $14,000Minimum $11,000 $10,000Maximum $30,000 $20,000

One: 44% Two: 19% Three: 23% Four: 6.3% Five: 4.2% Six: 2.1% Eight or more: 2%

2007 Employment Statistics

Chen Yining, BSc (Actuar Sc) III University of California, Berkeley (UCB), USA

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.

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.

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.

I strongly encourage interested students to participate in the exchange programme, and I am sure you will learn a lot from this unique experience.

Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III AXA Asia Pacific Holdings Ltd

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.

Leung Kin Yip, John, BSc (Actuar Sc) III HSBC Insurance (Asia) Ltd

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.

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.

Internship ProgrammeThe 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.

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.

List of companies participating in the internship programme:•AmericanInternationalAssurance(AIA) •JPMorgan•AXA •KEAbsolute–KimEngSecurities•BOCGroupLifeAssurance •ManulifeFinancial•Ernst&Young •NewYorkLife•FortisBank •Prudential•GenReLife-Health •ReinsuranceGroupof•HSBCInsurance(Asia-Pacific) America(RGA) HoldingsLimited •SunLifeFinancial•ING •WatsonWyatt

Li Hei Man, Kelvin, BSc (Actuar Sc) III Ball State University, USA

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.

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.

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.

History of the Actuarial Science ProgrammeIn 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 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.

Programme Aims and FeaturesThe 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.

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.

HKU Worldwide Undergraduate Student Exchange Scholarships 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:

What is an Actuary?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.

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.

How to become an Actuary?

Mentorship ProgrammeA 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 WongBSc (Actuar Sc) 2004My 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.

Faculty and Institute of Actuaries, UKwww.actuaries.org.uk

Society of Actuaries, USAwww.soa.org

Casualty Actuarial Societywww.casact.org

Institute of Actuaries of Australiawww.actuaries.asn.au

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.

Obtain a Bachelor of Science in Actuarial Science

degree from HKU (3 years)

Programme Structure

Introductory CoursesYear I

Core courses Credits

STAT1801 Probability and Statistics: 6 Foundations of Actuarial Science

STAT1802 Financial Mathematics 6

BUSI1002 Introduction to Accounting 6

CSIS1117 Computer Programming I 6

MATH1813 Mathematical Methods 6 for Actuarial Science

ECON1001 Introduction to Economics I 6

ECON1002 Introduction to Economics II 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

CSCI0001 Practical Chinese Language 3 Course for Science Students

ECEN1801 Academic English for 3 Science Students

6 credits of any Broadening Course 6

(12 credits)

Core courses Credits

STAT2805 Credibility Theory and 6 Loss Distributions

STAT2812 Financial Economics I 6

STAT3811 Survival Analysis 6

STAT3812 Financial Economics II 6

STAT3305 Market Risk Analysis 6

4 elective courses 24

(54 credits)

Elective courses Credits

1 advanced level courses selected from 6 Inter/Intra Faculty Courses

(6 credits)

Core courses Credits

STAT2801 Life Contingencies 6

STAT2802 Statistical Models 6

STAT2803 Stochastic Models 6

STAT2804 Linear Models and Forecasting 6

STAT2808 Introduction to 6 Financial Derivatives

STAT3801 Advanced Life Contingencies 6

STAT3810 Risk Theory 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

ECEN2802 Advanced Academic English 3 for Science Students

One 3-credit course selected from 3 “Humanities and Social Sciences studies”

One 3-credit course selected from 3 “Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus

At least 3 credits of any other 3 Broadening Course

(12 credits)

Advanced Courses Year II Year III

ScholarshipsThere 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:

• AIAFoundationScholarship• ChanWingDonorScholarship• ChaterMemorialScholarship• C.V.StarrScholarship• EliotHallMemorialScholarship• EllenKooPrizeinSocialSciences• FungPingShanDonorScholarships• HoTungDonorScholarships• HongKongChiuChowChamberof

Commerce Scholarship• HongKongJockeyClubScholarships• HKUFoundationEntranceScholarship• HSBCOverseasScholarship• HSBCOneYearExchangeScholarship• HSBCHongKongScholarshipand

Bursary• HKUWorldwideUndergraduate

Student Exchange Scholarships

• JohnCulverWooddyScholarship• KaiChongTongScholarships• KingEdwardVIIScholarships• KooShuiTingMemorialScholarships• LiPoChunScholarships• LiPoKwaiScholarships• MokKonSangDonorScholarship• SirEdwardYoudeMemorialScholarships• SirManKamLo/JardineScholarships• StatisticsandActuarialScience

Scholarships• TheBritishCheveningScholarships• TheGeorgeWilliamHongChoy

Memorial Scholarship• TheHongKongFederationofInsurers

Scholarship• TheK.K.HoPrizes• YoungCommunityLeadersScholarship

Chen Yining, BSc (Actuar Sc) III University of California, Berkeley (UCB), USA

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.

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.

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.

I strongly encourage interested students to participate in the exchange programme, and I am sure you will learn a lot from this unique experience.

Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III AXA Asia Pacific Holdings Ltd

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.

Leung Kin Yip, John, BSc (Actuar Sc) III HSBC Insurance (Asia) Ltd

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.

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.

Internship ProgrammeThe 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.

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.

List of companies participating in the internship programme:•AmericanInternationalAssurance(AIA) •JPMorgan•AXA •KEAbsolute–KimEngSecurities•BOCGroupLifeAssurance •ManulifeFinancial•Ernst&Young •NewYorkLife•FortisBank •Prudential•GenReLife-Health •ReinsuranceGroupof•HSBCInsurance(Asia-Pacific) America(RGA) HoldingsLimited •SunLifeFinancial•ING •WatsonWyatt

Li Hei Man, Kelvin, BSc (Actuar Sc) III Ball State University, USA

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.

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.

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.

History of the Actuarial Science ProgrammeIn 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 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.

Programme Aims and FeaturesThe 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.

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.

HKU Worldwide Undergraduate Student Exchange Scholarships 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:

What is an Actuary?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.

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.

How to become an Actuary?

Mentorship ProgrammeA 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 WongBSc (Actuar Sc) 2004My 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.

Faculty and Institute of Actuaries, UKwww.actuaries.org.uk

Society of Actuaries, USAwww.soa.org

Casualty Actuarial Societywww.casact.org

Institute of Actuaries of Australiawww.actuaries.asn.au

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.

Obtain a Bachelor of Science in Actuarial Science

degree from HKU (3 years)

Programme Structure

Introductory CoursesYear I

Core courses Credits

STAT1801 Probability and Statistics: 6 Foundations of Actuarial Science

STAT1802 Financial Mathematics 6

BUSI1002 Introduction to Accounting 6

CSIS1117 Computer Programming I 6

MATH1813 Mathematical Methods 6 for Actuarial Science

ECON1001 Introduction to Economics I 6

ECON1002 Introduction to Economics II 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

CSCI0001 Practical Chinese Language 3 Course for Science Students

ECEN1801 Academic English for 3 Science Students

6 credits of any Broadening Course 6

(12 credits)

Core courses Credits

STAT2805 Credibility Theory and 6 Loss Distributions

STAT2812 Financial Economics I 6

STAT3811 Survival Analysis 6

STAT3812 Financial Economics II 6

STAT3305 Market Risk Analysis 6

4 elective courses 24

(54 credits)

Elective courses Credits

1 advanced level courses selected from 6 Inter/Intra Faculty Courses

(6 credits)

Core courses Credits

STAT2801 Life Contingencies 6

STAT2802 Statistical Models 6

STAT2803 Stochastic Models 6

STAT2804 Linear Models and Forecasting 6

STAT2808 Introduction to 6 Financial Derivatives

STAT3801 Advanced Life Contingencies 6

STAT3810 Risk Theory 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

ECEN2802 Advanced Academic English 3 for Science Students

One 3-credit course selected from 3 “Humanities and Social Sciences studies”

One 3-credit course selected from 3 “Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus

At least 3 credits of any other 3 Broadening Course

(12 credits)

Advanced Courses Year II Year III

ScholarshipsThere 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:

• AIAFoundationScholarship• ChanWingDonorScholarship• ChaterMemorialScholarship• C.V.StarrScholarship• EliotHallMemorialScholarship• EllenKooPrizeinSocialSciences• FungPingShanDonorScholarships• HoTungDonorScholarships• HongKongChiuChowChamberof

Commerce Scholarship• HongKongJockeyClubScholarships• HKUFoundationEntranceScholarship• HSBCOverseasScholarship• HSBCOneYearExchangeScholarship• HSBCHongKongScholarshipand

Bursary• HKUWorldwideUndergraduate

Student Exchange Scholarships

• JohnCulverWooddyScholarship• KaiChongTongScholarships• KingEdwardVIIScholarships• KooShuiTingMemorialScholarships• LiPoChunScholarships• LiPoKwaiScholarships• MokKonSangDonorScholarship• SirEdwardYoudeMemorialScholarships• SirManKamLo/JardineScholarships• StatisticsandActuarialScience

Scholarships• TheBritishCheveningScholarships• TheGeorgeWilliamHongChoy

Memorial Scholarship• TheHongKongFederationofInsurers

Scholarship• TheK.K.HoPrizes• YoungCommunityLeadersScholarship

Chen Yining, BSc (Actuar Sc) III University of California, Berkeley (UCB), USA

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.

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.

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.

I strongly encourage interested students to participate in the exchange programme, and I am sure you will learn a lot from this unique experience.

Tse Kiu Cheung, Gilbert, BSc (Actuar Sc) III AXA Asia Pacific Holdings Ltd

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.

Leung Kin Yip, John, BSc (Actuar Sc) III HSBC Insurance (Asia) Ltd

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.

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.

Internship ProgrammeThe 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.

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.

List of companies participating in the internship programme:•AmericanInternationalAssurance(AIA) •JPMorgan•AXA •KEAbsolute–KimEngSecurities•BOCGroupLifeAssurance •ManulifeFinancial•Ernst&Young •NewYorkLife•FortisBank •Prudential•GenReLife-Health •ReinsuranceGroupof•HSBCInsurance(Asia-Pacific) America(RGA) HoldingsLimited •SunLifeFinancial•ING •WatsonWyatt

Li Hei Man, Kelvin, BSc (Actuar Sc) III Ball State University, USA

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.

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.

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.

History of the Actuarial Science ProgrammeIn 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 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.

Programme Aims and FeaturesThe 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.

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.

HKU Worldwide Undergraduate Student Exchange Scholarships 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:

What is an Actuary?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.

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.

How to become an Actuary?

Mentorship ProgrammeA 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 WongBSc (Actuar Sc) 2004My 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.

Faculty and Institute of Actuaries, UKwww.actuaries.org.uk

Society of Actuaries, USAwww.soa.org

Casualty Actuarial Societywww.casact.org

Institute of Actuaries of Australiawww.actuaries.asn.au

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.

Obtain a Bachelor of Science in Actuarial Science

degree from HKU (3 years)

Programme Structure

Introductory CoursesYear I

Core courses Credits

STAT1801 Probability and Statistics: 6 Foundations of Actuarial Science

STAT1802 Financial Mathematics 6

BUSI1002 Introduction to Accounting 6

CSIS1117 Computer Programming I 6

MATH1813 Mathematical Methods 6 for Actuarial Science

ECON1001 Introduction to Economics I 6

ECON1002 Introduction to Economics II 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

CSCI0001 Practical Chinese Language 3 Course for Science Students

ECEN1801 Academic English for 3 Science Students

6 credits of any Broadening Course 6

(12 credits)

Core courses Credits

STAT2805 Credibility Theory and 6 Loss Distributions

STAT2812 Financial Economics I 6

STAT3811 Survival Analysis 6

STAT3812 Financial Economics II 6

STAT3305 Market Risk Analysis 6

4 elective courses 24

(54 credits)

Elective courses Credits

1 advanced level courses selected from 6 Inter/Intra Faculty Courses

(6 credits)

Core courses Credits

STAT2801 Life Contingencies 6

STAT2802 Statistical Models 6

STAT2803 Stochastic Models 6

STAT2804 Linear Models and Forecasting 6

STAT2808 Introduction to 6 Financial Derivatives

STAT3801 Advanced Life Contingencies 6

STAT3810 Risk Theory 6

1 elective course 6

(48 credits)

General Education / Broadening Credits

ECEN2802 Advanced Academic English 3 for Science Students

One 3-credit course selected from 3 “Humanities and Social Sciences studies”

One 3-credit course selected from 3 “Culture and Value Studies” or any Inter-faculty Electives Course outside BSC(ActuarSc) Syllabus

At least 3 credits of any other 3 Broadening Course

(12 credits)

Advanced Courses Year II Year III

ScholarshipsThere 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:

• AIAFoundationScholarship• ChanWingDonorScholarship• ChaterMemorialScholarship• C.V.StarrScholarship• EliotHallMemorialScholarship• EllenKooPrizeinSocialSciences• FungPingShanDonorScholarships• HoTungDonorScholarships• HongKongChiuChowChamberof

Commerce Scholarship• HongKongJockeyClubScholarships• HKUFoundationEntranceScholarship• HSBCOverseasScholarship• HSBCOneYearExchangeScholarship• HSBCHongKongScholarshipand

Bursary• HKUWorldwideUndergraduate

Student Exchange Scholarships

• JohnCulverWooddyScholarship• KaiChongTongScholarships• KingEdwardVIIScholarships• KooShuiTingMemorialScholarships• LiPoChunScholarships• LiPoKwaiScholarships• MokKonSangDonorScholarship• SirEdwardYoudeMemorialScholarships• SirManKamLo/JardineScholarships• StatisticsandActuarialScience

Scholarships• TheBritishCheveningScholarships• TheGeorgeWilliamHongChoy

Memorial Scholarship• TheHongKongFederationofInsurers

Scholarship• TheK.K.HoPrizes• YoungCommunityLeadersScholarship

FACULTY OF SCIENCETHE UNIVERSITY OF HONG KONG

Bachelor of Science inActuarial ScienceBSc(Actuar Sc)

Printe

d in

Febr

uary

2009

Members of Advisory Board of the Actuarial Science Programme at HKU

Mr. Clement CheungCommissioner of Insurance, HKSAR

Mrs. Estella S.F. ChiuRegional Chief Actuary and Head of Investment & Insurance Risks, HSBC Insurance (Asia-Pacific) Holdings Ltd.

Professor Harry H. PanjerDepartment of Statistics and Actuarial Science, University of Waterloo, Canada

Mr. Patrick S.C. PoonChina Pacific Life Insurance Co. Ltd., Shanghai, China

Mr. Edmund TseChairman & 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, 2002-2004. 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.

Teaching Staff and Their Research Interests Dr. K.C. Cheung, BSc, PhD HKActuarial Science; Dependence Structures; Stochastic Orders; Risk Measures

Mr. Y.K. Chung, BSc, MPhil CUHKBioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation

Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DICStatistical Diagnostics and Robustness; Longitudinal Data Analysis; DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory

Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HKStatistical Diagnostics; Statistical Genetics; Statistical DNA Forensics

Dr. C.W. Kwan, BSc, PhD HKInfluential 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

Prof. Stephen M.S. Lee, BA, PhD CantabBootstrap; Resampling Methods; Statistical Theory: Asymptotics and Applications

Prof. W.K. Li, BSc, MA York; PhD W OntTime Series Analysis; Financial Econometrics; Environmental Modelling; Financial Risk Management; Actuarial Applications

Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HKTime 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, CFAAsset 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 ScMissing data problems; Constrained parameter models; Variable selection; Sample surveys with sensitive questions; Biostatistics

Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASAActuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations; Robustness Studies and Applications of Asymptotic Theory

Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA Actuarial Science; Insurance Risk Models; Mathematical Finance

Dr. Philip L.H. Yu, BSc, PhD HKData Mining; Analysis of Discrete Choice and Ranking Data; Financial Data Analysis; Risk Management; Environmental Statistics

Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASAInsurance Risk Modelling; Financial Risk Analysis; Survival Analysis

Dr. Z. Zhang, BSc E China Normal, PhD HKTime Series Analysis; Extreme Value Theory; Insurance Risk Modelling

Career ProspectsIn 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, ……

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 RequirementsJUPAS 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.

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.

EnquiriesPlease contact:Department of Statistics and Actuarial Science atTel: 2859 2466 Fax: 2858 9041Email: ug_enquiry@saas.hku.hk

or visit the Departmental web page at

http://www.hku.hk/statistics

Employment Sectors vs % of Graduates

Commerce & Industry: 100%Educational Institutions: 0%Community, Social & Personal Service: 0%

Number of Full-time Job Offers

Salary

Gross Income 2007 2006Mean $15,586 $14,405Median $15,000 $14,000Minimum $11,000 $10,000Maximum $30,000 $20,000

One: 44% Two: 19% Three: 23% Four: 6.3% Five: 4.2% Six: 2.1% Eight or more: 2%

2007 Employment Statistics

FACULTY OF SCIENCETHE UNIVERSITY OF HONG KONG

Bachelor of Science inActuarial ScienceBSc(Actuar Sc)

Printe

d in

Febr

uary

2009

Members of Advisory Board of the Actuarial Science Programme at HKU

Mr. Clement CheungCommissioner of Insurance, HKSAR

Mrs. Estella S.F. ChiuRegional Chief Actuary and Head of Investment & Insurance Risks, HSBC Insurance (Asia-Pacific) Holdings Ltd.

Professor Harry H. PanjerDepartment of Statistics and Actuarial Science, University of Waterloo, Canada

Mr. Patrick S.C. PoonChina Pacific Life Insurance Co. Ltd., Shanghai, China

Mr. Edmund TseChairman & 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, 2002-2004. 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.

Teaching Staff and Their Research Interests Dr. K.C. Cheung, BSc, PhD HKActuarial Science; Dependence Structures; Stochastic Orders; Risk Measures

Mr. Y.K. Chung, BSc, MPhil CUHKBioinformatics; Protein Modelling; Forensic Statistics; Monte Carlo Simulation

Prof. T.W.K. Fung, BSocSc HK; MSc Lond; PhD HK; DICStatistical Diagnostics and Robustness; Longitudinal Data Analysis; DNA Fingerprinting and Forensic Statistics; Statistical Genomics; Credibility Theory

Dr. Y. Hu, BSc, MSc Sun Yat-sen; PhD HKStatistical Diagnostics; Statistical Genetics; Statistical DNA Forensics

Dr. C.W. Kwan, BSc, PhD HKInfluential 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

Prof. Stephen M.S. Lee, BA, PhD CantabBootstrap; Resampling Methods; Statistical Theory: Asymptotics and Applications

Prof. W.K. Li, BSc, MA York; PhD W OntTime Series Analysis; Financial Econometrics; Environmental Modelling; Financial Risk Management; Actuarial Applications

Dr. Gilbert C.S. Lui, MSocSc, Birm; MPhil CUHK; PhD HKTime 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, CFAAsset 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 ScMissing data problems; Constrained parameter models; Variable selection; Sample surveys with sensitive questions; Biostatistics

Dr. Raymond W.L. Wong, BSc, MPhil CUHK; MA, PhD Pittsburgh; ASAActuarial Science; Errors-in-variables Regression Models; Monte Carlo Simulations; Robustness Studies and Applications of Asymptotic Theory

Prof. H.L. Yang, BSc Inner Mongolia; MMath Waterloo; PhD Alberta; ASA Actuarial Science; Insurance Risk Models; Mathematical Finance

Dr. Philip L.H. Yu, BSc, PhD HKData Mining; Analysis of Discrete Choice and Ranking Data; Financial Data Analysis; Risk Management; Environmental Statistics

Prof. K.C. Yuen, BSc, MSc, PhD Calgary; ASAInsurance Risk Modelling; Financial Risk Analysis; Survival Analysis

Dr. Z. Zhang, BSc E China Normal, PhD HKTime Series Analysis; Extreme Value Theory; Insurance Risk Modelling

Career ProspectsIn 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, ……

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 RequirementsJUPAS 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.

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.

EnquiriesPlease contact:Department of Statistics and Actuarial Science atTel: 2859 2466 Fax: 2858 9041Email: ug_enquiry@saas.hku.hk

or visit the Departmental web page at

http://www.hku.hk/statistics

Employment Sectors vs % of Graduates

Commerce & Industry: 100%Educational Institutions: 0%Community, Social & Personal Service: 0%

Number of Full-time Job Offers

Salary

Gross Income 2007 2006Mean $15,586 $14,405Median $15,000 $14,000Minimum $11,000 $10,000Maximum $30,000 $20,000

One: 44% Two: 19% Three: 23% Four: 6.3% Five: 4.2% Six: 2.1% Eight or more: 2%

2007 Employment Statistics