Quantum News

TRENDS IN THE RECRUITMENT SCENE

As our focus on Malaysia article has overrun a little, we beg your pardon in keeping this bit very short and sweet. Activity remains on the up in most locations, with particular interest in qualified actuaries in India and all levels in Malaysia. See http://www.quantumselection.com/Pages/Vacancies.htm for detail on other opportunities.

Slightly unusual opportunities we have this month include an exciting investment opportunity in New York and a benefits opportunity in Brussels, but we are looking very hard for a health care actuary with oodles of experience to bring to a relatively undeveloped healthcare market in New Zealand. So if you want a new life for you (and perhaps your family), then this rare and very exciting opportunity to drive healthcare business for one of the largest concerns in NZ might be just up your street.

NEW YEAR TRADITIONS AROUND THE WORLD

January is the time that we traditionally reflect on the past before turning to meet with the future. As QS reaches many people in different parts of the world, we thought it would be fun to take a look at some of the New Year traditions practised across the globe. That way, when your next career move wrenches you from your comfortable little rut and dumps you knee deep into a culture quite foreign, at least you’ll know what to expect when the next year comes of age and the new one is ushered in.

In Australia New Year is celebrated on January 1st. People gather to party on the evening of December 31st, ringing in the New Year at midnight with whistles, rattles, car horns and church bells. New Year’s day is a holiday, often given to outdoor activities such as rodeos, picnics and surfing.

In England crowds of people gather in Trafalgar square and Piccadilly Circus to hear the chimes of London's Big Ben announcing the arrival of the New Year. Firework displays are common on 31st December and many link arms to sing Auld Lang Syne as the New Year is ushered in. The custom of first footing was once important and still is in Scotland. It was said that the first person to set foot in the home on New Year's day decided the family's luck for the rest of the year. The first-footer should preferably be male, dark, young, healthy and good looking. He should carry a small piece of coal, money, bread or salt, as these were symbols of wealth.

The Scottish New Year’s Eve is known as Hogmanay (or night of the candle), and both New Year's Eve and New Year's Day were also known as Daft Days. The first Monday in January is a holiday and is referred to as Handsel Monday. Foods such as three-cornered biscuits called Hogmanays are eaten. Other foods that are special at this time of year are wine, cordials, cheese, bread, shortbread, oatcake, currant loaf and scones.

The Chinese New Year "Yuan Tan" takes place between January 21 and February 20. The exact date is fixed by the lunar calendar, in which a new moon marks the beginning of each new month. For many families, it is a time for feasting, visiting relatives and friends, but in the city a spectacular procession takes place. Thousands of people line the streets to watch the procession of floats in the New Year parade. The celebrations are based on bringing luck, health, happiness, and wealth till the next year.

Houses are cleaned to rid them of lasts year's bad luck and they are often decorated with plastic firecrackers to scare away evil spirits. People go to the markets to buy plants and flowers that will bring them good luck for the New Year. The Kumquat tree is considered to be the luckiest, though peach blossom and tangerines are also symbols of good luck.

The feast on New Year is always big for the first day of the year. If the New Year falls on the year of any particular animal the Chinese try not to eat that animal’s meat. The first thing people do on Chinese New Year is to offer ritual homage to one's ancestors and then to the gods. New clothes are worn, and visits are made to friends, neighbours, and relatives to exchange good wishes of kung-hsi fa-tsai, which means "congratulations and prosperity." As an occasion for reconciliation, it's a time when old grudges are cast aside amidst an atmosphere of warmth and friendliness.

Festivities continue until day five, when offerings are removed from the altars and life returns to normal. Finally, on the ninth day, offerings are put in the forecourt or courtyard of temples to honour the birthday of the Jade Emperor, believed to have been born just after midnight on the ninth day.

The Indian New Year festival is called Diwali and is a festival of lights. For three days in late October or early November every town and village glows with thousands of lights. The festival is celebrated differently in the various districts of India.

For the Hindus of the north, Diwali is the end of the old year and the start of the new. Homes are decorated with little oil lamps known as diwa. These little lights are found in temples, houses, along window ledges and along garden paths. In cities electrical lights are used to light up buildings. These are used to drive out evil and replace evil with goodness.

People try to finish off any uncompleted work as Diwali marks the end of the year. It is a time for new beginnings. Businesses pay off all debts and new account books are blessed before the New Year. People give cards and gifts are exchanged. They make new years resolutions and forget all quarrels, for this time of year is a time to be happy and generous. Even the animals that have been worked are washed, groomed and decorated for the festival.

In Korea the first day of the lunar New Year is called Sol-nal. This is for families to renew ties and prepare for the new year. On New Year's Eve people place straw scoopers, rakes or sieves on their doors and walls to protect their families from evil spirits in the new year. The following morning, everyone dresses in new clothes (symbolizing a fresh beginning) and gathers at the home of the eldest male family member. Ancestral memorial rites are held, then the younger generation bows to elders in the family. They wish them good health and prosperity in the coming year. The elders often then give newly minted money or gifts afterwards.
New Year's Day food includes a bowl of rice cake soup ttokkuk. Koreans believe eating this soup will add an extra year of age to your life. Korean age is actually calculated at the New Year. Everyone becomes a year older on New Year's Day!

While people celebrate differently throughout the world, the one common link is that we all enjoy the chance to pack away the past and start afresh. New resolutions and an atmosphere of generosity and reconciliation feature in the festivities of many cultures. While career moves are not normally part of the general New Year celebrations, a fresh start in a new job or even a move to a new country can reinvigorate and broaden your experience. Do take note, however, that a move to Korea might age you a little faster than anticipated.

FOCUS ON MALAYSIA

Our focus this issue is on Malaysia, an exciting and expanding market for actuaries. What follows is not intended to be a comprehensive analysis of the insurance industry in Malaysia, but simply a quick look at the market in terms of opportunities for actuaries. To respect the confidentiality of those who contributed, we have not included names, but many thanks to those of our readers who provided the information for this article. We received far more than we expected, hence the article is quite long!

A brief look at the insurance market in Malaysia shows it is reasonably mature, but still with plenty of room for growth. There are many international and local insurers and all the major reinsurers and consultancies have a presence, either in Kuala Lumpur or via regional offices in Hong Kong or Singapore. Growth is still fairly slow, but a high proportion of the population is uninsured and this scope for expansion is supporting the entrance of international players. Other exciting developments include the recent granting of four new Takaful licenses and significant changes in the insurance regulatory environment, with a new RBC reporting system for life and general insurers expected soon.

Although the Malaysian actuarial industry is well developed and the existing skills in the market are of a very high quality, these developments mean plenty of opportunity for actuaries and students ahead.

The life industry employs most actuaries in Kuala Lumpur (there is little or no actuarial work outside of KL). A lot of recruiting is going on at the junior levels, but there is still high competition among fresh graduates as increasing numbers of strong actuarial and mathematical graduates come through in local and overseas universities. Lack of experienced candidates means relevant experience (mainly product pricing and valuation) is a dominant factor in candidate selection and actuarial students with experience between three and five years are very much in demand. Salary is also heavily weighted to work experience, with exam passes being a secondary consideration (although with increasing competition in the years ahead, qualification will become more important).

There are relatively few qualified actuaries here, compared to some countries, so as well as appointed actuary duties (which are actually largely passed to consultancies or regional offices), actuaries play an increasing role in management functions, such as CEO, CFO and marketing. Recently qualified actuaries are keen to take on more responsibility and emerging AA responsibilities, but employers may look for more experience than these local actuaries have to offer, leaving a gap in the market.

It is expected that more actuaries will venture into non-traditional areas. There are a large number of general insurers operating in Malaysia and new legislation creating statutory roles for actuaries in general insurance companies means a lot more opportunity in this field. This will mean bringing in overseas experience and training up local actuaries. The Malaysian pensions industry is very undeveloped, mainly due to a centralised government fund (The Employees Provident Fund or EPF).

There are complaints about a general lack of transparency in the job market. Jobs are rarely advertised and with a lack of specialist recruitment agencies operating in or servicing Malaysia (QS excepted of course!!), recruitment is largely a matter of having the right contacts. However, this seems to be changing, largely through the efforts of the Actuarial Society of Malaysia (ASM). Lack of information also seems to be an issue for Malaysian university graduates and many of them would like to know more about which companies employ actuaries, including candidate expectations, support packages and the processes for recruiting actuarial graduates.

So what can actuaries moving to Malaysia expect? One new arrival to the country from Singapore says it is a beautiful country with great cuisine and excellent highways, making all places easily accessible. He goes on to say that the great beaches and friendly people make Malaysia a great tourist destination. He particularly enjoys the multi cultural environment, with different communities living in harmony.

An experienced local student tells us that other advantages include low tax, sunshine and access to everything you need at low cost. Another points to Malaysia’s political stability as a big plus. KL makes a great base for travel, either within Malaysia or elsewhere in the region (with budget airlines bringing down the cost of air travel considerably).

Newcomers to Malaysia are advised it is a great place for families and if you lack local language skills, be assured that English is spoken almost everywhere. Attractive benefits exist for expatriates, but like elsewhere, these will tend to disappear as more experience can be found locally.

So Malaysia sounds like something approaching paradise – there must be something annoying about living in KL aside from the public transport (or lack thereof). ‘Brain drain’ seems to be a problem in Malaysia that is also affecting the actuarial profession. Long hours and poor salaries are the main drivers for this exodus of young and also experienced talent.

Most students agree that they underpaid and overworked, spending crazy hours in the office, with little or no financial study support, minimal exam leave, few salary increments and low exam pass rates (and thus morale). Working hours begin around 9am and end, well almost never, according to one student, but he adds that you should go home when you are tired! Another student says he left to work in the UK because the top down culture in Malaysian organisations means very little empowerment for junior staff. So, when opportunity knocks elsewhere, students are interested, not least because it offers them the chance to gain a wider exposure to the actuarial profession. Those graduating overseas will often try to secure a job in their study location before they head home.

Pay is a big issue for qualified actuaries too, and compensation is very poor in relation to other locations where actuaries are employed. The other issue is exposure and experience in the right type of role. For qualified people, gaining the right level of responsibility and recognition may be an issue.

However, much strong talent remains in Malaysia due to family ties, variety in projects and the opportunity to gain a high level of responsibility at an early stage. There are many chances to shine and demonstrate technical competency, but you do need strong discipline and to fight for study time if you stay.

Many Malaysian actuaries and students working overseas would like to return to Malaysia, and as increasing demand pushes up salaries and new and exciting opportunities arise, we may see them returning and bringing back a range and depth of international experience.

But in the meantime, with low pay making it difficult to attract overseas actuaries and students and a lack of experienced local actuaries, it looks as if the future lies in nurturing the upcoming new graduates, many of whom have had the opportunity to study (or sometimes work) overseas, thereby gaining a valuable and marketable international perspective.

For more information about the Malaysian actuarial industry, visit the Actuarial Society of Malaysia website www.actuaries.org.my

PARTING SHOT

A financial director rings his long-standing actuarial firm and asks, "Can I speak to an actuary please."

The receptionist passes the financial director through to the actuarial department and the actuarial manager says him, "For the last time, you've changed over to a money purchase scheme, so you don't need a Scheme Actuary."

The finance director replies: "I know, I just wanted to hear you say it again."

(Courtesy of members.aol.com/fcas/jokes.html).

UPDATE

We would really appreciate your keeping us up to date on new exam passes, recent work experience and any other changes in the details we hold on file for you. If we have not heard from you for some time, please take the time to update us, either by using the link below, or by contacting your recruitment consultant directly.
Email: update@quantumselection.com

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