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The Actuary The magazine of the Institute & Faculty of Actuaries


Whether you call this the Course for Actuaries in Financial Economics (CAFÉ) or Finance for Liability Actuaries Course (FLAC), this new course of reading will shortly be available, with the option of an exam and certificate at the end. It is the brainchild of Institute president Jeremy Goford, who has never ceased to encourage all practising actuaries to understand the principles behind financial economics.

What is the course? It has been designed for all actuaries, typically those in general insurance, life, pensions, or health, who have not had the ‘opportunity’ to study 109 and 305, the recently introduced exams in financial economics. The purpose is to help practitioners understand the alternative approaches which this discipline can bring – not to enforce change but to offer different lines for consideration in finding a solution.

The course will explain the background and theory to financial economics, its tools and methodologies. It will then apply these techniques to various problems and projects in the different practice areas, to demonstrate how it might add value. Although some algebra is inevitable, the style of the course will be discursive and pictorial; PhDs in inverted Gaussian stratoplanes will not be a requirement for understanding the material!

The course will be available early in 2004 and the syllabus will be available shortly on the profession’s website. The first exam is scheduled for September 2004. For further information, contact Neil Hilary, email neilh@actuaries.org.uk.