The ASHK Certificate helps ensures actuaries practicing in Hong Kong have the relevant local knowledge and a career advantage. Obtaining the certificate is a recognised commitment to knowledge and practical appreciation in Hong Kong’s actuarial regulatory environment, business practice, professional conduct code, and actuarial guidance notes relevant in practice areas of life insurance, pension, and general insurance.
Employers in Hong Kong are listing “ASHK Certificate/Examination Preferred” in their job advertisements for actuarial related vacancies and consider the ASHK membership as an advantage under their recruitment criteria.
This local actuarial certificate (on top of the overseas professional qualifications) is applicable to all new ASHK Fellows applications post transition period (defined in the last section).
In December 2013, ASHK members voted in favour of pursuing the recognition of the ASHK as a statutory body.
In January 2019, the ASHK Certificate was introduced as a prerequisite for new Fellows of the ASHK. The certification was viewed as a necessary step on the path towards statutory recognition, ensuring actuaries practicing in Hong Kong have the relevant local knowledge.
In March 2023, pursuant to section 15(1)(c) of the amended Ordinance, the Insurance Authority proposed requirements for actuaries to have local knowledge. All applicants of General Insurance Certifying Actuaries and Long Term Appointed Actuaries will need to demonstrate their knowledge of the local market and hence be a Fellow of ASHK unless otherwise being able to justify to the IA’s satisfaction. This requirement is expected to be effective on 1 January 2024.
|No. of papers||2 (1 Core + 1 Elective)|
|Elective papers:||Life Insurance, General Insurance and Pension|
|Format:||30 multiple-choice questions for each paper, open book examination|
|Duration:||45 minutes for each paper|
|Sitting frequency:||One every year. Core paper and Elective papers will be offered at each sitting.|
|Eligibility to take the exam:||ASHK members (Fellow, Associate and Student Members)|
|Award:||ASHK Certificate in Hong Kong Insurance Markets and Regulations|
- The individual is required to obtain a pass grade on the Core paper AND one of the three Elective papers of the ASHK examination. There are no exemptions for the examination. 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 Certificate, the individual must be a Fellow member of at least one of the following actuarial qualification bodies: Actuaries Institute Australia, Casualty Actuarial Society, Institute and Faculty of Actuaries, Society of Actuaries, or possess appropriate professional actuarial qualification other than the above and practical experience as approved by the ASHK Council.
All existing ASHK Fellow members who held 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 obtain the ASHK Certificate to requalify as an ASHK Fellow thereafter.