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Local Actuarial Examination


Please note that the registration of the November 2019 examination is now available.
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Timetable and Registration  
 
Background & examination objectives

The ASHK is pleased to announce the roll-out of its local actuarial examination (on top of the overseas professional examinations) applicable to new Fellow of the ASHK post transition period (defined as below).
 
  • In December 2013, ASHK members voted in favor of pursuing the recognition of the ASHK as a statutory body. ASHK Council recognised that some enhancements shall be made to prepare the ASHK in becoming a statutory body.  These include developing and introducing a set of local actuarial examinations in Hong Kong as a prerequisite for new Fellows of the ASHK starting from 1 January 2019.
  • In June 2017, the ASHK made available to its members the examination curriculum which covers areas of local regulations and industry practices pertaining to actuaries in Hong Kong practicing in life insurance, pension, general insurance and investment.
  • Passing of the examinations serves to demonstrate the candidate’s knowledge in the local landscape and the actuarial guidance notes as well as to gain appreciation in professional standards.
  • The examination is viewed by the ASHK Council as a necessary step on our path towards statutory recognition, ensuring actuaries practicing in Hong Kong have the relevant local knowledge.

Grandfathering & transition arrangements
  • All existing ASHK Fellow members who hold valid membership status on 1 January 2019 are eligible for grandfathering.  ASHK may introduce a Professional Development Course as part of the transitional arrangements.  More details will be announced in due course.
  • Any ASHK Fellow member who was grandfathered but has subsequently lapsed their membership, regardless of any reasons, is required to take the examinations to requalify as an ASHK Fellow thereafter.

 
Eligibility requirement 
  • All ASHK members including Fellow, Associate and Student Members are welcome to take the examination.


How to become a Fellow member of ASHK? (Effective 1 January 2019)
  • The individual is required to obtain a pass grade on the Core paper AND one of the three Elective papers of the ASHK examination, i.e. Life Insurance, General Insurance and Pension.
  • There are no exemptions for the examination for members joining after 1 January 2019.  It is encouraged that candidates take the examinations early on to demonstrate sufficient understanding in local landscapes which will help candidates to discharge their actuarial professional responsibilities.
  • In addition to the ASHK examination, the individual must be a Fellow member of at least one of the following accredited actuarial bodies: - -  Actuaries Institute Australia, Casualty Actuarial Society (CAS), USA, Institute and Faculty of Actuaries (IFoA), UK, Society of Actuaries (SOA), USA, or possess appropriate professional actuarial qualification other than the above and practical experience as approved by the ASHK Council.


Phase and Timeline
  • Examinations are held in May and November every year.
  • Core paper and Elective papers will be offered each sitting.
  • Core paper will be made available starting from May 2019.  Registration opens February 2019.
  • The Elective papers will be rolled out in two phases.
  • Phase I: Life Insurance and Pension Elective papers will be made available starting from May 2019. Registration for May sittings opens in late February.  Registration for November sittings opens in early August.
  • Phase II: General Insurance Elective paper is targeted to be made available starting from May 2020.

Examination structure
  • Language: English
  • Duration: 45 minutes for each paper
  • Format: 30 multiple-choice questions for each paper

ASHK Examination Study Support

What to Study

Candidates report dedicating approximately 30-40 hours of study per examination. You can use the following study materials to help you prepare for the examination:  
How to Practice

Candidates also have access to sample questions. Questions are based on the current syllabus for the paper(s) you registered for, and they are in the same format as the questions on the actual examination.
  • Sample Questions – based on lessons in the study guide to help you assess your topic-level strengths and weaknesses

Additional Resources (**NEW)
  • Study Group – We understand candidates would have different learning styles. If you find that meeting with a small study group would help you better structure your time and remain motivated, please contact ASHK to show your interest. We can help connect interested candidates to kick start the study group.  Thereafter the study group members will contact each other directly.  This service is free-of-charge.
    • The study group may meet at an agreed-upon time in a location convenient to all of the candidates in the group.
    • You are able to meet others in the industry and build your network of contacts.
    • It’s optional and exclusively for ASHK Examination candidates.



Regulations
General Information
 
We welcome comments on these materials.  If you are interested in volunteering to assist the ASHK in preparing the examinations, please email us at info@actuaries.org.hk.


Our Grading Process

Immediately after the ASHK Examination, all examination materials are reconciled with attendance rosters and prepared for the grading and quality-control processes to ensure that points are awarded accurately and consistently.

Machine grading of all multiple-choice examination answer sheets involves a number of quality control measures, such as checking damaged papers and independent auditing of candidates’ answer sheets performed manually. Following the re-grading of these examinations, a third round of grading occurs to determine the final score for question parts where the scores do not match between the first two rounds of grading.
All comments and complaints related to the examinations would be also investigated. ASHK reviews the examination questions and answers, study materials, and examination results related to each comment or complaint. A thorough review has been done on exam questions prior to confirmation under the following circumstances: multiple similar complaints, exam results suggesting more than one correct answer, or examination results that otherwise suggest that a question was confusing. If, after investigation, a question is determined to be confusing, results are adjusted to credit all answers.

ASHK has used the appropriate standard setting method to assist the Council in establishing the passing score on each ASHK Examination.


List of Passing Candidates - May 2019




 
 
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