Egypt needs actuaries

[DW Simpson]

http://www.businesstodayegypt.com/ar...ArticleID=7435

AIG to Fund Visiting Actuarial

In 2004, the American University in Cairo introduced a degree in actuarial science. The American International Group has pledged to fund a leading professor or actuary, through AIG’s distinguished visiting professorship, to teach actuarial science for a full academic year at AUC starting in the fall of 2007. AIG is a leading international insurance and financial services firm.

Actuarial science is a business-mathematical discipline that applies mathematical models to improve financial decision-making. AUC developed the Actuarial Science major to reduce the gap between the supply and demand for actuaries in Egypt and the Arab region, and to develop partnerships between AUC and financial institutions.

Ali Hadi, vice provost and director of the actuarial science program, noted that AIG’s donation would help the university offer its students high-quality education in a specialized field that is not currently being taught in Egypt.

The competitive program accepts only 10 students annually and incorporates studies in mathematics, probability, statistics, economics, finance, business law, accounting and marketing.

In a press release, Vice Chairman and Managing Director of AIG Egypt Mujib Khan said, “Egypt has a shortage of actuarial experts and our sponsoring the actuarial science major at AUC will ensure that there is a pool of qualified graduates to work in insurance companies, actuarial consulting firms, banks and other financial institutions.” AUC has welcomed AIG’s decision to offer support to the actuarial science program, with Hadi saying that “private sector initiatives like the one taken by AIG are immensely appreciated and will continue to be a very important element in the efforts to develop Egypt through its talented young people.”

[MooBeay]

Has DW been contacted by employers about positions in Cairo?

[DW Simpson]

Originally Posted by MooBeay

Has DW been contacted by employers about positions in Cairo?

In the past, occasionally, yes. In the present, no, not recently.

[amriscool]

This is so true. I am currently an AUC graduate in Actuarial Science and even though the demand is high (or so people tell me), I failed time and again to find a (related) position in my field of study. Unfortunately, the importance of actuaries has still not been felt in Egypt even though some insurance companies hire foreign Actuaries with salaries ten times the amount they can pay for regional ones. The Irony.

[Len Myers]

Originally Posted by amriscool

Unfortunately, the importance of actuaries has still not been felt in Egypt even though some insurance companies hire foreign Actuaries with salaries ten times the amount they can pay for regional ones. The Irony.

Have you considered moving and becoming a foreign Actuary?

[amriscool]

Originally Posted by Len Myers

Have you considered moving and becoming a foreign Actuary?

It is a top priority for me actually so yes, I have but most entry-level jobs are in the U.S. and I believe most of them require a U.S. citizenship status. Even if they don't the competition is staggering since I am always rejected for an interview. Apparently i might need some experience in my belt so I can land a job abroad!

[jas66Kent]

You could always come to the UK.

[Gabriel]

I had a great experience recently speaking to the Actuarial Science Association from the American University of Cairo when they came to visit NYC. The market in Egypt will be growing in the future, especially once the political situation settles down and especially in P&C. I have a feeling I will run into some of those students again in the not too distant future.