A new work-study elective for Actuarial Science, accompanied by the opportunity for an apprenticeship with leading insurer, AIA Singapore, will be open to students at the Singapore Management University (SMU) this year. The collaboration between SMU and AIA to provide students with valuable on-the-job training experiences in actuarial science was formalised on 24 June 2022 with a Memorandum of Understanding (MoU).

“At the School of Economics, our curriculum constantly seeks to blend theory with the real world,” said Professor Hoon Hian Teck, Dean of SMU School of Economics. “This valued collaboration with AIA represents our commitment towards deepening the University’s engagement with industry, ensuring the skills gained by our students are in tune with the demands of the market. The opportunity to glean insights from AIA leaders and professionals during the programme will stand our graduates in good stead to thrive in their future careers in the actuarial field.”

The new work-study elective supports efforts by the Institute of Banking & Finance (IBF) in upskilling and transforming the workforce. As the programme’s first anchor partner, AIA Singapore aims to provide students with opportunities to develop relevant skills to thrive in this competitive and dynamic industry.

The apprenticeship will run for 20 weeks, equipping students under the new Industry Integration (II) Track in the Actuarial Science programme who are eager to pursue their professional careers in the actuarial field after graduation.

“The SMU Actuarial Science programme has produced several successful actuaries since its launch, providing aspiring actuaries with a well-rounded solid foundation towards their future careers, be it in a conventional actuarial field or any fields that might require analytical skills or general business knowledge. We are delighted to be partnering with SMU to support the development of actuaries in Singapore and nurture the next generation of professionals,” said, Ms Lee Pei Shan, Chief Actuary of AIA Singapore.

This will be the first collaboration between AIA Singapore and SMU. As part of their track requirement work-study elective, selected students will get to learn industry best practices from professionals in the actuarial science department at AIA Singapore where they will be exposed to actuarial functions such as product pricing, valuation of insurance liabilities, capital management and reinsurance, gaining greater exposure to the industry and cultivating a greater understanding of real-world practices.

Highlights of the Work-Study Elective include:

• Acquiring relevant actuarial science work experience and skills.
• Exposure to a range of real-world actuarial practices covering product pricing, valuation of insurance liabilities and reinsurance.
• Competitive Internship Stipends and Benefits.

Education Professor Kwong Koon Shing, Director of Actuarial Science Programme, SMU School of Economics said, “As one of the leading insurance companies in Singapore, AIA Singapore takes on the social responsibility for providing practical training to the next generation of actuaries. We are highly honoured to be partnering with AIA Singapore to launch this elective which interlaces academic learning with structured on-the-job training. Under this collaboration, SMU students will gain higher exposure to insurance industry, better connections, and more practical working experience before starting their careers.”

Sarah Tan, 22, welcomed this opportunity to apply for the Actuarial Science work-study programme. Currently in her second year at SMU’s School of Economics with a major in Economics, Sarah opined that the programme would help her in her future career. Besides being able to apply actuarial knowledge to on-the-job tasks, she hopes the experience will enable her to better understand the actuarial programming language and data analytics.

“For me, gaining a practical experience outside the classroom allows me to understand the industry better and gives me an opportunity to apply what I have learned,” commented Sarah. “Furthermore, it gives me the chance to evaluate myself as to how prepared I am for a future career in actuary, measuring the gaps in skills and knowledge that I may lack in and would need to work on.”

Aadhithya Selvakumar, 22, hopes to deepen his understanding of the actuarial field through participation in the programme. Currently a third-year student at SMU’s School of Economics and majoring in Economics and Actuarial Science, he is of the view that the work-study programme will benefit Actuarial Science students in valuable ways.

“It gives us the opportunity to apply what we learn in school beyond just the examinations that we have to sit for,” said Aadhithya. “Secondly, it allows us to network with professionals in the industry and build long lasting relationship with them. I would say that this is important especially given how small the actuarial science community is in Singapore.”

Actuarial Science students from SMU can register their interest with their professors and applications will open in August 2022. For more information on the work-study programme, please contact undergrad_econs [at] smu.edu.sg.