Are the Asians taking over the field?

[ketsbaia]

Reasons for asia's higher passing rate:

1) they can't pass UK acturial exams, which test understanding of actuarial concepts, insurance practices, and communication skills, so they flock to SOA (why? because it is all about MCQ and numbers)

2) they possess higher skills to pass exam, which does not equate to understanding of the subject... as far as i know, white people try to understand the subject, while asians concentrate on past year exam papers...

IQ test? it is still a test....

[terry]

[/b][quote=sundwarf]Ditto.

Another thing I would like to point out -- I mentioned that a lot -- is that only the top students in China, Taiwan, Hong Kong and even Singapore can major in actuarial science (I believe they need to choose the major when applying for colleges and "coincidently" top students often choose actsci). Top students, in general, have better exam skills. So it's hard to see them fail.

You're right about the major chosing part. However, not only the top students in China, Taiwan, Hong Kong and even Singapore can major in actuarial science. For example, I know many chinese student change their major to actuarial science. They might be majoring in Arts, Linguistics and History, etc. However, due to the education system in China, they do have some advantage to pass exam although they might not be among the best students in China. I am a good example, I was not a good student before I came in the states. But I got outstanding GPA and a good job. Still, I know I need learn quite a lot from others including americans.

[terry]

[quote=campbell]I would hope so. If India's and China's economies take off, with more and more people having insurance needs, that would create a home-grown demand for actuaries. I know there's an Indian actuarial society, but I'm not sure about China. I would hope so. There might not be many people traveling to North America for conferences, though.

There is an actuarial society in China for couple of years and it has its own exam system. Some of chinese friends told me that Chinese exam system is even more difficult than SOA.

[sundwarf]

Originally Posted by ketsbaia

Reasons for asia's higher passing rate:

1) they can't pass UK acturial exams, which test understanding of actuarial concepts, insurance practices, and communication skills, so they flock to SOA (why? because it is all about MCQ and numbers)

2) they possess higher skills to pass exam, which does not equate to understanding of the subject... as far as i know, white people try to understand the subject, while asians concentrate on past year exam papers...

IQ test? it is still a test....

Completely wrong for point #1. Firstly, what's the point of taking UK actuarial exams when they are going to work in US? Secondly, SOA exams is generally offered in major Asian cities, and FSA is a more generally accepted designation than FIA in those places.

Somehow agree for point #2. Education systems in Asia gives students an edge in taking exams -- problem selections, time management, pressure handling, etc. However, to ace an exam requires more than just working on past exam papers. In general, not just whites, better exam takers try harder than others to understand the subject, which is key to solving hard and tricky problems. Race does not have an effect on this part.

[sundwarf]

Originally Posted by terry

[/b]

You're right about the major chosing part. However, not only the top students in China, Taiwan, Hong Kong and even Singapore can major in actuarial science. For example, I know many chinese student change their major to actuarial science. They might be majoring in Arts, Linguistics and History, etc. However, due to the education system in China, they do have some advantage to pass exam although they might not be among the best students in China. I am a good example, I was not a good student before I came in the states. But I got outstanding GPA and a good job. Still, I know I need learn quite a lot from others including americans.

Agree. I try to learn new things from people every day. My ultimate goal is to make people think I am a typical American but not an Asian-American who immigrated to US several years ago. I believe learning American's way is the only path to survive and succeed in America; if I refuse to change, I will simply be kicked out of the business world...

[GefilteFish144]

Originally Posted by ketsbaia

Reasons for asia's higher passing rate:

2) they possess higher skills to pass exam, which does not equate to understanding of the subject... as far as i know, white people try to understand the subject, while asians concentrate on past year exam papers...

IQ test? it is still a test....

Concentrating on past exams is a standard way of studying for most candidates I know. Don't know about SOA but with CAS exams that strategy is becoming less effective as questions are becoming less about pure memorization and more about understanding the material.

[The Sad Man]

Originally Posted by GefilteFish144

Don't know about SOA but with CAS exams that strategy is becoming less effective as questions are becoming less about pure memorization and more about understanding the material.

Really? What CAS exams are you talking about?

[GefilteFish144]

Originally Posted by The Sad Man

Really? What CAS exams are you talking about?

That's what I've seen from 8-9. Also attended a lecture where members of the Exam Committee discussed recent changes to the system.

[terry]

Originally Posted by sundwarf

Agree. I try to learn new things from people every day. My ultimate goal is to make people think I am a typical American but not an Asian-American who immigrated to US several years ago. I believe learning American's way is the only path to survive and succeed in America; if I refuse to change, I will simply be kicked out of the business world...

I can't agree with you on this point. I never want to make people think I am a typical American. But I do want to be a person people love to work with, to make friend with. Finally, I will go back to China cuz it's my motherland.

[Loner]

Before you put too much stock in the idea that these racial IQ differences are definitively due to race, I refer you to the below article:
http://www.jewishworldreview.com/cols/sowell100102.asp