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Salient. Special Salient Issue. Careers Information Week. 1961

Career Opportunities In Life Insurance ..

page 17

Career Opportunities In Life Insurance ...

The growing Complexity of commerce provides more and more opportunity for young men who have the ability to think and at intelligently. The life insurance business is a field which promises very worthwhile opportunities for such young men. Whilst on first sight the business of insurance might seem a pretty straightforward thing, in practice its ramifications go very wide. Consequently, there are several quite different highly specialised fields within the industry. Although a young man will probably make a particular field his main endeavour, there is still the scope and opportunity to move to another field or be promoted to executive or managerial positions which cover a broader field than the one in which he may have first specialised.

The A.M.P. Society is very much aware of the need for qualified young men and has set out to create attractive employment opportunities for graduates The A.M.P. has a high basic salary scale and the general conditions of employment are very good. In addition to the banc scale, qualifications are recognised by increments which may range from £25 to £400 per annum. Examinations which qualify for recognition are various: e.g., examinations for Accountancy and B.Com, Institute of Valuation (Property Valuation), Actuarial Practice, and the Insurance Institute's own examinations all arerecognised.

There are ancillary benefits that in practice are of real value: The security of employment, generous long service leave in addition to three weeks annual leave, assistance with home purchase on very favourable terms, liberal superannuation including both cash and pension retirement benefits.

As we have said, the fields of activity in a life insurance office are diverse. These particular ones would provide opportunity for university graduates jointing the A.M.P.:

Investments: The control of funds which in New Zealand alone amount to £90 million is a skilled occupation. The investigation of investment avenues-analysis of annual accounts, reports and supporting statistical schedules for preparation of submissions to the Board of Directors—provides opportunity for professional accountants.

Accounting: Huge sums are handled each year necessitating streamlined accounting methods. In this, Accountants are assisted by a modern punched card installation and electronic data processing machines.

Production: The supervision and training of a team of high calibre salesmen involves a constant demand for new sales techniques and ideas to maintain the Society in top position in a highly competitive industry.

Administration: The large staff needed to operate the Society's business necessitates top-line administrators. Their task is to co-ordinate and supervise the fast expanding operations in New Zealand. Australia and England.

Actuarial Careers

There are at present less than a dozen Actuaries in New Zealand. Actuarial work involves the application of mathematical and statistical methods to problems arising in Life Assurance Offices, Pension Funds, Friendly Societies, Banks, Government and Commercial institutions. In New Zealand, most actuaries are employed by or associated with life insurance offices.

Actuarial work involves the application of mathematical and statistical methods to problems arising in Life Assurance Offices, Pension Funds, Friendly Societies, Banks, Government and Commercial Institutions. In New Zealand, most actuaries areemployed by or associated with life insurance offices.

An actuary will be a person with a leaning towards mathematics and who has qualified in the examinations conducted by The Institute of Actuaries (headquarters in London) or the Faculty of Actuaries (headquarters in Scotland). He would not necessarily have had a University Degree to undertake the Actuarial Study, but he would need to have had a good grasp of mathematics at least to sixth form standard.

The earlier parts of the examinations cover subjects of a mathematical nature (including probability, calculus of finite differences, life contingencies, and statistics) and also financial subjects. The later part of the examinations deals with the application to professional problems of the principles covered in the earlier examinations.

The A.M.P. Society gives generous financial assistance to staff members studying for actuarial examinations, in respect of their tuition and examination fees. It awards a special salary increase (at present £400 p.a.) to members of its staff who gain the degre of Fellow of the Institute of Actuaries. Special salary increases are also given for meritorious service.

Electronics Aid A.M.P. Society

Modern accounting methods and the introduction of recently developed electronic equipment are bringing new concepts to accounting and administration. Qualified executives are being freed of much of the detail once associated with their specialised tasks and more and more they are taking an increasing share in management and policy forming. The A.M.P. is in the forefront in introducing advanced equipment and was in fact the first organisation in Australia to instal for its own use an electronic computor.

At the A.M.P. Society we feel certain pride to be, as it were, leading the field in the matter of electronic data processing. We feel that we who manage and staff A.M.P. are fortunate in having the experience and the challenge of adapting and gearing our operations to take fullest advantage of these new aids to commerce.

If You Are Interested To Find Out More About Career Opportunities In Life Society*Will Be Very Pleased To Helpinsurance, Mr. Paterson Of The A.M.P. You.

* Phone 46-000or call at the AMP. Office, cnr. Hunter Street and Customhouse Quay, Wellington.