After working in Japan as a pensions actuary, Yosuke Fujisawa moved to Canada to obtain a masters in actuarial science. He returned to Japan with an interest in risk management and the belief that Japan could become a pioneer in the field, compelling him to change his career focus from pensions to risk
Risking it all for a better future
After working in Japan as a pensions actuary, Yosuke Fujisawa moved to Canada to obtain a masters in actuarial science. He returned to Japan with an interest in risk management and the belief that Japan could become a pioneer in the field, compelling him to change his career focus from pensions to risk
What country and city are you based in?
Tokyo, Japan.
Explain what motivated you to seek employment overseas.
In order not to conform to the stereotype, you should experience a different culture from your own.
How did you find the role you are doing?
I am curious about the role of actuaries in risk management. Insurance and pensions have a long history, but risk management doesn't - it is possible to be a pioneer in the field. That's one of the reasons why I changed from pensions to risk management.
What might attract people to work in Japan?
Traditional architecture, delicious food and a feeling of hospitality. Not all Japanese can speak English, but we welcome foreigners. You can feel the hospitality.
In terms of an actuarial career, we are facing difficult economic and demographic conditions that have never been experienced before, such as low interest rates and prolonged longevity. Some traditional actuarial techniques may not work in Japan. We need to think 'outside the box'. I believe that, in the future, the Japanese experience could be a lesson for other countries. One of my ambitions is to share what we learn from Japanese situations with overseas actuaries at international actuarial conferences.
What is the most topical industry issue facing actuaries in the country where you work?
For pension actuaries, protecting defined benefit (DB) plans is the most topical issue. A recent fraud committed by an investment adviser in Japan, similar to Bernard Madoff's Ponzi scheme in the US caused some DB plans to lose part of their funds. This fraud triggered a debate about whether employee pension funds, traditional DB plans in Japan, should continue. This problem is now under discussion in Japan's National Diet - similar to the UK Parliament.
What is the best thing about where you work?
Job security. Japan has only 1,300 Fellows of the Institute of Actuaries of Japan in spite of the large insurance market. That scarcity contributes to our job security.
And the worst?
We have to take a packed train to and from our workplace in Tokyo.
Give an unusual fact about the country in which you work.
Actuarial exams are held around Christmas, and the results of the exams are issued around Valentine's Day (14 February). Our central motivation to pass the exams is to enjoy Christmas and White Day. Good news for us when exams are held before Christmas!
What are the key attributes an actuary or actuarial student would need to work in your role / country?
In the area of risk management, you need to have 'healthy scepticism'. Unbiased views will prevent management from making mistakes and will lead them to success.
Do you have any advice for others looking for overseas work?
Go for it. Working overseas will broaden your mental and intellectual horizons.
Would you describe yourself as a global actuary and why?
So far, I don't think so, but I will be one day.
Where do you call 'home'?
Waterloo in Canada. It's the place where my foundations as an actuary were built.
What is your favourite local custom / tradition?
The voluntary spirit like we saw after the 2011 Tohoku earthquake and tsunami. Many Japanese people volunteered to help the victims.
We can see a similar spirit in the actuarial field. For example, since Japanese universities don't have actuarial departments, most actuarial candidates must take the exams while working. To support them, we started an online-based actuarial exam study group, which now consists of more than 600 candidates. They can access study materials for free, and they periodically gather to tutor each other. This voluntary spirit is part of the culture in Japan.
How often do you read The Actuary magazine? Do you read it online or in print? Do your colleagues read it?
I read the magazine online by seeing links through a Twitter feed that shows new articles - so it's very convenient to read. I'm not sure my colleagues read it, but my actuarial friends on Twitter definitely do.