NewsEducation
October 2008 19www.the-actuary.org.uk
FACULTY OF ACTUARIES STUDENTS' SOCIETY
WELCOME TO FASS 2008/09
The Faculty of Actuaries Students' Society
(FASS) is a well established and vibrant
society that provides its members with a
programme of educational events. It alsoprogramme of educational events. It also
provides a rich social calendar for actuarial
student members and recently qualified
actuaries, creating extensive networking
opportunities.
This year, FASS is delighted to offer yet
another calendar of exciting events. In
addition to thisaddition to this FASS will be:
� For the first time ever, launching its
brand new website with the unveiling of
our new logo; and
�� Forging relationships with Heriot-Watt
Students' Actuarial Society, our Sponsors
and our chosen charity Sick Kids Friends
Foundation.
2008 marks a very important and exciting2008 marks a very important and exciting
year for FASS and I would like to share our
excitement with you and offer a glimpse of
what's to come.
Harvard Lee
President
FASS WEBSITE
FASS launches its new website for the first time ever on Monday 6th October! This
is our most exciting development to date bringing you information the way you want
to receive it and see it.
Visit www.fass-online.org and check it out for: News and reviews on past and
future events, articles, competitions and details of how to get involved with our
CharitCharity.
FASS SOCIAL EVENTS
Our social calendar starts with our Annual Dinner. The event was a sell out in
2007 and guaranteed to be an even bigger success in 2008. This year we have
moved both venues and nights. Details are:
Venue: Balmoral Hotel, Princes Street, Edinburgh
Date:Date: Friday 14th November 2008
Other events this year are: pub quiz, football tournament, post exam drinks and
our new end of year celebratory dinner!
FASS TALKS
The programme of talks this year covers a wide range of topics relevant to all
student members and recently qualified actuaries. Our first event is the Faculty
of Actuaries Welcome Day for new student members. Details are:
Venue: Merchant Hall, 22 Hanover Street, Edinburgh
Date: Thursday 9th October 2008
Other talks lined up will include: Softer SkillsOther talks lined up will include: Softer Skills Training, Current Topics, and Exam
Strategy
Non-members of the Profession will have
the opportunity to take the CT1 (Financial
Mathematics) exam for the first time in 2009.
The exam will provide prospective
actuaries and financial services staff with
the opportunity to decide whether to
pursue actuarial studies, to prove their
skills to their employers, or to develop
their numeracy skills.
The exam is the first in a series that
students working towards becoming
actuaries sit, and applicants will take the
exam alongside trainee actuaries.
The subject aims to provide a
grounding in financial mathematics and
its simple applications, teaching students
skills including:
n How to use a generalised cash flow model
to describe financial transactions
n How to take into account the time
value of money using the concepts of
compound interest and discounting
n Defining and using important
compound interest functions including
annuities certain
n How discounted cash flow techniques can
be used in investment project appraisal
n Describing the investment and risk
characteristics of different types of asset
available for investment purposes
n Calculating the delivery price and value
of a forward contract using arbitrage-free
pricing methods
n Demonstrating an understanding of the
term structure of interest rates
n Demonstrating an understanding
of simple stochastic models for
investment returns.
Head of learning Trevor Watkins said the
exam would have a range of benefits for
students, staff and their employers.
"The new offering means that candidates
don't need to go through the process of
becoming a member of the Faculty or the
Institute of Actuaries to take the subject.
"It gives those who work with actuaries
the opportunity to improve their numeracy
skills, or those who wish to become actuaries
a chance to test their skills and investigate
whether the area is right for them," he said.
"It could also help employers decide
whether to support their staff members'
actuarial studies
by establishing
their strength
in financial
mathematics."
Dr Watkins said
employers who had
been interviewed
to determine
demand for the
subject had been
supportive.
"The employers we interviewed were
supportive of the idea and we've also had
a lot of questions from people who are
interested in taking the exam."
The exam will cost around �220 to enter
and ActEd (www.acted.co.uk) study packs
are available for �121.
The exam will be held in April 2009
and the deadline for applying will be in
February. The Profession has recommended
that students should prepare for the exam
from October.
For more information, please visit test.
actuaries.org.uk/students/exam_subjects
The Profession opens its CT1 exam to non-members
Watkins: range of benefits

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