Expected outcomes

  1. Basic conception and scheme of training/retraining of actuaries and financial analysts, qualification requirements to actuaries.
  2. Programmes, syllabi and methodology for semi-distance training courses.
  3. Newly developed training materials for semi-distance training courses for actuaries and financial analysts.
  4. Functioning training courses for actuaries and financial analysts, 3 x 35 (re)trained practitioners.
  5. Ability of UKR academicians to teach new courses in actuarial and related areas within semi-distance education framework.
  6. Creation of Training Centre for actuaries and financial analysts on the base of Kyiv University.
  7. Dissemination of the best Project results to wide business and educational community.

The first step of achieving Project objective is elaboration of national conception of training/retraining of actuaries and qualification requirements to actuaries, adapted to European standards. For these purpose the detailed acquaintance of experts from Statefinservices and academicians from Kyiv University with European system of training and certification of actuaries is foreseen during the first project year. The assistance and transfer experience of EU consortium institutions on this phase is very important. On the next stage of project the expertise of created scheme of training will be carried out.

The academic content of the training modules is elaborated on the base of detail studying of Proposals for a Core Syllabus for Actuarial Training in Europe (created by Groupe Consultatif des Associatiopns d’Actuaires des pays des Communautes Europeennes), programmes of Actuarial Technuques Subjects of the UK Institute of Actuaries, programmes of North American actuarial examinations of the Society of Actuaries and Casualty Actuarial Society, recommendations of International Actuarial Association, Swedish and Finnish programmes of actuarial training and concrete experience of EU project partners.

Creating the programme, syllabi and elaborating the methodology for semi-distance training courses is the next step. The programmes of courses will include theoretical materials, practical studies, interactive methods, analysis of practical situations. In the framework of semi-distance training programme it is planned to create 15 new short intensive semi-distance courses arranged in 5 training modulus:

  1. Statistical Modelling;
  2. Financial Mathematics;
  3. Life Insurance;
  4. Non-life Insurance;
  5. Insurance Management.

Within these training modules following training courses would be elaborated and delivered: Elements of Probability Theory, Statistics, Stochastic Processes; Statistical Inference and Data Analysis; Survival Models; Credibility Theory; Financial Mathematics; Actuarial Mathematics; Portfolio Optimization; Special topics in Microeconomics; Econometrics; Insuarance Economics; Risk Management; Life Insurance; Non-life Insurance; Reinsurance; Financial and Risk Management Software; Sampling Methods; Legislative Base of Insurance in Ukraine.

These courses were selected as a result of a detailed analysis of mentioned educational programmes for actuaries and financial analysts as well as a result of discussions with experts from the Statefinservices, members of SAU and EU professors and practitioners from financial and insurance industries involved in the realization of two previous Tempus projects or during the meetings at international conferences, schools and workshops.

All new courses will be supported with newly created computer-based teaching materials necessary for distance teaching process (text-based materials, tutor guides, collection of problems, audio-visual materials, Internet-based tests). Large printing and publishing activity is foreseen. Flexible course format, i.e. training modules, will be used. Primary training materials will be focused on forming new skills of trainees in financial and actuarial mathematics, mathematical economics, statistics, stochastic modelling, time series analysis. Advanced tools for distance education (special software systems, well developed Web site and e-mail communication systems) will be used in order to improve access of trainees to teaching materials and to intensify training process. Teaching materials will be prepared in the new electronic form adapted to semi-distance teaching methods. The Project Web site will be created and all necessary teaching materials for purpose of distance education will be placed on this Web site. The training process will obligatory include the testing of knowledge and skills of trainees. The system of knowledge testing in distance training format will be work out. Analysis of regularly feedback from participants of the courses and updating the courses according the results of feedback analysis and practical needs of trainees are planed. The important point is creation of examination procedure and its implementation. The examination procedure will be elaborated on the base of national requirements to actuarial profession using EU experience.

At the start of the project the equipment base of Kyiv University will be used and then special equipment necessary for project realization will be purchased.

The implementation of training programme is planed in two stages: pilot implementation (first project year) and full-scale programme implementation. The phase of pilot implementation foresees training of one group of 35 practitioners from insurance companies and financial institutions. The full-scale training programme foresees training of two groups of 70 practitioners from insurance and financial industries. So, during the project life at least 105 persons will be trained, while the needs of insurance/finance industry is larger: every functioning insurance company might have at least 1-2 certified actuaries (now there are 350 insurance companies in Ukraine). Such specialists also would be in the staff of state and non-state pension funds. The training process in Training Centre will be carried out in two specially equipped PC classes and supported by newly created teaching materials such as core reading, lecture-notes, text-books, collection of tests. All necessary actions for organizing and management of training process will carried out. One PC class will be equipped during the first project year and second one during the second project year.

The educational programme of the Training Centre aspires to produce specialists, who will be able to perform main actuarial calculations and use sophisticated mathematical, probabilistic, statistical and computational methods in order to estimate risks and to propose efficient insurance and financial plans. The trainees will improve knowledge and skills in analytical methods in finance, insurance, risk management. Computer skills would be formed both from special courses in statistical software as well as through a particular references in the courses mentioned above. >

The proper realization of training programme is impossible without high level of trainers. A special training of trainers/lecturers aiming improvement of their knowledge in recent achievements in actuarial science and financial analysis and semi-distance teaching skills will be organized using experience of EU consortium universities staff. Thus retraining of Kyiv University academic staff on the base of EU Consortium partners is foreseen. International Workshop “Analytical Finance and Insurance: Modern Trends in Research and Education” (Västerås ) will be organized (partially financed by Mälardalen University).

The Project will be completed by the creation of Training Centre for actuaries and financial analysts on the base of Kyiv University, possessing an appropriate structure, management and equipment support and functioning on the self-financing base that will provide a sustainability of the Centre in the period after the end of the Project period.

The Project also includes dissemination activities directed on dissemination of the best project results to wide educational and business community, as well as increasing awareness in statistical applications in Finance and Insurance of representatives of various UKR Institutions interested in development of financial and insurance sector; advertising of Training Courses and attraction additional trainees (on self financed basis). The programme of dissemination activities includes: carrying out the special methodological seminar working once a month during academic year at Kyiv University, preparation, adaptation, translation (if necessary) and printing reports, teaching materials, methodological recommendations and delivering them through personal communications, consultations, lectures in other Ukrainian higher educational institutions, presentations and publications in mass media. Organization of three International Schools “Actuarial Science and Finance” are foreseen in the proposed IB Project. Programmes of these Schools will target participation of practitioners from financial and insurance industries, as well as lecturers, researchers, MA and PhD students of various UKR Universities and other higher educational institutions. Round tables, panel discussions and book exhibitions will also be organized within framework of these summer schools. Traditional ways of dissemination will be supplemented by modern communication resources such as e-mail and Internet, which make the dissemination more intensive and less expensive. The possibility to encourage dissemination through Network of Ukrainian Universities and practitioners “Economic-Statistical Education in Ukraine” will be intensively exploited. Also project foresees involving in dissemination activity the League of the insurance organizations of Ukraine (which includes 120 main insurance companies of Ukraine), whose task, besides others, is dissemination of best experience and know-how in insurance business.

Active management of teaching process and overall management is important condition of smooth project realization. Permanent quality control, inter-project and inter-Tempus monitoring will provide necessary quality of project outputs. Experts from Statefinservices will be intensively involved in monitoring of training process and will play key role in quality control of training materials, providing its correspondence to the needs of practitioners.