Our members
At a glance 2015
CONTENTS
MEMBERSHIP AT A GLANCE. 2
Gender split. 2
Age. 2
Location. 3
Exam passes. 3
Qualifiers . 3
Our membership over the year. 3
MEMBERS. 4
Whole Membership By Age. 4
Whole Membership By Gender. 4
Whole Membership By Locati
Our members
At a glance 2014
The membership of the Institute and Faculty of
Actuaries (IFoA) is constantly changing.
Every year new students sign up to study, exam
entrants qualify, actuaries move country or industry
sector, or retire from practice.
Our m
Bringing the benefits of gender
diversity to all: first steps
by the Diversity Advisory Group
August 2015
Since the 1950s the face of the profession has changed dramatically. Monica Allanach, the first
woman on Council, pictured above, helped support youn
QUESTION 1 (25)Barker Limited has the choice of purchasing one of two machines viz. machine P
andmachine Q. Both machines have a five-year life with no residual value. The annualvolume of
production for both machines is estimated at 600 000 units, which c
BUS3026W Finance II 2007 - Tutorial 10 Solutions
_
Question One
In practice conversions would be done based on trading days or months and
not the actual number of days or months in a year. So, for example, because
securities only trade 5 days a week, when
BUS3026W Finance II 2007 - Tutorial 10
Due: Monday 7 May
_
Question One
Suppose a portfolio manager manages a portfolio which consists of a single
asset. The return of the asset is normally distributed with a daily mean return
of 0.05% and standard deviat
Tutorial 13: Option Valuation and Futures (Introduction)
7.
Provide a detailed discussion on the six factors that influence the premiums of European call and
put options in the Black-Scholes Model.
8.
Use the Black-Scholes formula to find the value of a c
BUS3026W Finance II 2009 - Tutorial 17
Due: Monday 28 September
_
Question One
Derive the marginal risk decomposition formula for the 95% value at risk of a portfolio
of two equities, A and B.
Question Two
You are given the following information:
A portfo
BUS3026W Finance II 2009 - Tutorial 21 Suggested Solutions
[No Hand-In Required]
QUESTION 1
A MNC that has a product market presence or manufacturing facilities in several countries may cross -list its shares on
the exchanges of these same countries becau
BUS3026W Finance II 2009 - Tutorial 21
[No Hand-in Required]
QUESTION 1
Discuss any benefits you can think of for a company to (a) cross -list its equity shares on more than one national
exchange, and (b) to source new equity capital from foreign investor
BUS3026W Finance II 2009 - Tutorial 20 Suggested Solution
Due: Monday 19th October 09
QUESTION 1
a. The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF.
b. If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since
BUS3026W Finance II 2009 - Tutorial 20
Due: Monday 19th October 09
QUESTION 1
Suppose that Baltimore Machinery (a U.S firm) sold a drilling machine to a Swiss firm and gave the Swiss client a
choice of paying either $10,000 or SF 15,000 in three months.
a
BUS3026W Finance II 2009 - Tutorial 19 - Suggested Solution
Due: Monday 12th October 09
QUESTION 1
a. The advantages of the flexible exchange rate system include: (I) automatic achievement of balance of payments
equilibrium and (ii) maintenance of nationa
BUS3026W Finance II 2009 - Tutorial 19
Due: Monday 12th October 09
QUESTION 1
There are arguments for and against the alternative exchange rate regimes.
a. List and explain the advantages of the flexible exchange rate regime.
b. Criticize the flexible exc
BUS3026W Finance II 2009 - Tutorial 18
Due: Monday 5th October 09
QUESTION 1
Bond A is a coupon bond with a modified duration of 13.1 years. Bond B is also a zero coupon bond with a modified
duration of 7 years. A bond portfolio manager has R145m invested
BUS3026W Finance II 2009 - Tutorial 17
Due: Monday 28 September
_
Question Two
a) We first need to calculate the par value of our bond by decomposing it into
equivalent zero-coupon bonds:
90 =
0.04 x
e
0.0517 x 0.5
+
1.04 x
e 0.0522
97.31 = 1.1094x
x = 87
Tutorial14Derivatives:FuturesPricingandHedging
DueDate:31August2009
1.
Todayis1September2008.TheJSE/FTSIAllShareIndexis27000points
a)
WhatistheannualcostofcarryfortheALSIindexfuturescontracts?Isthe
ALSIindexfuturescontangoorbackwardation?
b)
Whatisthecost
Tutorial 13: Option Valuation and Futures (Introduction)
Question 710 (from last weeks tutorial (tutorial 12) are questions on
OptionPricing.
Question1112arequestionsonFutures(Introduction)
7.
Provide a detailed discussion on the six factors that influen
Tutorial 3:
Option Valuation
Due Date: 17 August 2009
1. What is the value of a call option at maturity? What is the value of a put
option at maturity? Based on your answer, what are the intrinsic values of a
call and a put option?
2. You notice that shar
Tutorial 11: Option Markets, Option Algebra and Synthetic Option Strategies
Due Date : 10 August 2009
1.1
Definethefollowingtermsassociatedwithoptions:
2.2
Completethefollowingsentenceforeachoftheseinvestors:
a.
b.
c.
d.
e.
f.
a.
b.
c.
d.
Option
Exercise
Tutorial 11: Option Markets, Option Algebra and Synthetic Option Strategies
Due Date : 10 August 2009
1.1
Define the following terms associated with options:
a. Option
b. Exercise
c. Strike price
d. Expiration date
e. Call option
f. Put option
2.2
Complet
BUS3026W Finance II 2009 - Tutorial 9
Due: Monday 11 May
_
Question One
Consider the two (excess return) index-model regression results for stocks A
and B. The risk-free rate over the period was 6% and the markets average
return was 14%. Performance is me
BUS3026W Finance II 2009 - Tutorial 9
Due: Monday 11 May
_
Question One
Consider the two (excess return) index-model regression results for stocks A
and B. The risk-free rate over the period was 6% and the markets average
return was 14%. Performance is me
BUS3026W Finance II 2009 - Tutorial 8
Due: Monday 4 May
_
Question One
Security A has a beta of 1.0 and an expected return of 12%. Security B has a beta of
0.75 and an expected return of 11%. The risk-free rate is 6%. Explain the arbitrage
opportunity tha