Phone +61 2 6125 3580 (work) +61 (0)401 598 079 (mobile)
Fax +61 2 6125 0087 (work)
E-mail adam.butt@anu.edu.au
Adam Butt
Education
Professional
memberships
Professional
experience
1997
Graduated from Baulkham Hills High School –
TER: 99.60
2002
Bachelor of Commerce (Actuarial Studies) at
Macquarie University – GPA 3.691
2002
Completed Superannuation and other Employee
Benefits Part III Exam of the Institute of Actuaries of
Australia
2004
Completed Investment Management Part III Exam of
the Institute of Actuaries of Australia
2011
PhD in Statistics at Australian National University
2013
Master in Higher Education at Australian National
University
2005
Fellow of the Institute of Actuaries of Australia
2014
Fellow of the Higher Education Academy
1998 - 2004
Aon Consulting Pty Limited
Actuarial Consultant - Superannuation
I started at Aon during the winter break of my first year of university. From this point
until the finish of my university career, I was employed on yearly cadetships, usually
one day per week (three days during 2001) and then full-time during university breaks.
I commenced full-time employment with Aon in December 2001 and completed my
time at Aon Consulting working as an actuarial consultant, following a promotion from
actuarial assistant in 2003. My duties included:
– acting as consultant to a number of corporate superannuation funds;
– running actuarial valuations for defined benefit superannuation funds;
– completing other actuarial superannuation tasks;
– preparation of quarterly investment reports;
– analysis of benefit design including member investment choice;
– review of group insurance arrangements;
– preparation of annual reporting information to members;
– calculation of interest rates and unit prices for superannuation funds;
– answering complex member enquiries; and
– completing miscellaneous actuarial tasks.
2005 - current
Australian National University (ANU)
Senior Lecturer – Research School of Finance, Actuarial Studies and
Applied Statistics
I commenced as a Lecturer in 2005 and was promoted to Senior Lecturer in 2014.
My current responsibilities involve research, course co-ordination and teaching,
administration and supervision of actuarial honours student research projects. Specific
service roles I am currently responsible for are:
– Convenor of the Bachelor of Actuarial Studies, Bachelor of Social Studies
(Honours in Actuarial Studies and Economics – a joint program with the National
University of Singapore) and related programs
– Nominated Accreditation Actuary
– College of Business and Economics Education Committee member
– College of Business and Economics Teaching Awards Selection Panel
I have previously been responsible for the following service roles:
– Coordinator of the Actuarial Employment Seminar, where employers come to ANU
to speak to students
2006 - current
Professional Financial Solutions (PFS)
Consultant
During my time at ANU I have also worked as a consultant on an ad-hoc basis for PFS.
I have completed consulting tasks in the following areas:
– Valuation of executive share options;
– Analysis of datasets for statistical trends;
– Advising on the development of a stochastic investment model; and
– Advice on the valuation of Commonwealth Superannuation Scheme benefits.
September 2007 - February 2008
Mercer - United Kingdom
Actuarial Consultant
During a one year sabbatical / leave without pay from Australian National University I
spent six months working in the Retirement Resources Group for Mercer in London.
My main task during this time was to review the methodology being used to
recommend discount rates for accounting and other statutory valuations of defined
benefit pension schemes. My other duties included:
– preparation and technical review of communications to Mercer staff giving
information and best practice on numerous areas of pension consulting; and
– research on the effect of potential changes to International Accounting Standards
on pension expense and liability recognition.
Other
professional
involvement
and
memberships
Superannuation & Employee Benefits Research Sub-committee of the Institute of
Actuaries of Australia (2009 – 2011)
Marking of assignments and examination papers for Part III Courses 1, 4A, 4B and 10
of the Institute of Actuaries of Australia (2005 – 2013)
Rewriting of the Institute of Actuaries of Australia Part III Courses 6A and 6B (2012 –
2014)
Member of the Educational Development Group (EDG) of the Actuaries Institute (2015)
Publications
(with Scott Donald, Doug Foster, Susan Thorp and Geoff Warren) The Australian
superannuation system post Stronger Super: views from fund executives. Law
and Financial Markets Review, 2015, forthcoming.
(with Scott Donald, Doug Foster, Susan Thorp and Geoff Warren) Design of
MySuper Default Funds: Influences and Outcomes. Accounting and Finance,
2015, forthcoming.
(with Fei Huang and Kin-Yip Ho) Stochastic economic models for actuarial use:
an example from China. Annals of Actuarial Science, 8(2), 2014, pp 374-403.
(with John Evans, David Pitt and Jim Farmer) A pilot survey of actuarial graduates’
views on their education. Australian Journal of Actuarial Practice, 1, 2014, pp 6375.
Student views on the use of a flipped classroom approach: Evidence from
Australia. Business Education & Accreditation, 6(1), 2014, pp 33-43.
Effects of Scheme Default Insurance on Decisions and Financial Outcomes in
Defined Benefit Pension Schemes. Annals of Actuarial Science, 7(2), 2013, pp
288-305.
Causes of Defined Benefit Pension Scheme Funding Ratio Volatility and Average
Contribution Rates. Annals of Actuarial Science, 6(1), 2012, pp 76-102.
(with Ziyong Deng) Investment Strategies in Retirement: in the presence of a
means-tested government pension. Journal of Pension Economics and Finance,
11(2), 2012, pp151-181.
Management of Closed Defined Benefit Superannuation Schemes – An Investigation
using Simulations. Australian Actuarial Journal, 17(1), 2011, pp 25-87.
Effect of AASB 119 ‘Employee Benefits’ on Defined Benefit Superannuation Costs
Recognised by Sponsoring Employers. Australian Actuarial Journal, 14(1), 2008,
pp 97- 170.
Submitted &
Working Papers
(with Jim Farmer, David Pitt and Michelle Salmona) A survey of actuarial
graduates’ views on their education. Submitted to the Australian Journal of
Actuarial Practice.
(with Gaurav Khemka) The effect of objective formulation on retirement decision
making. Being revised for Insurance: Mathematics & Economics.
(with Scott Donald, Doug Foster, Susan Thorp and Geoff Warren) MySuper: A
Stage in an Evolutionary Process. CIFR Research Working Paper, 048/2014.
(with Scott Donald, Doug Foster, Susan Thorp and Geoff Warren) The
Superannuation System and its Regulation: Views from Fund Executives. CIFR
Research Working Paper, 030/2014.
Selected
conference
presentations
Graduate views on actuarial education and implications for educating actuaries of
the future. Presented to the Actuaries Summit, 17-19 May 2015, Melbourne.
Graduate views on actuarial education. Presented to the International Congress
of Actuaries, 31 March – 4 April 2014, Washington D.C.
Alternative use of lecture time – towards an active student experience. Presented
to the Australiasian Actuarial Education & Research Symposium, 6-7 December
2012, Monash University.
Feedback effects of default insurance for defined benefit schemes. Presented to
the Pensions, Benefits and Social Security Colloquium, 25-27 September 2011,
Edinburgh.
(with Brian Chu and John Shepherd) Actuarial Education: Theory into Practice.
Presented to the 46th Actuarial Research Conference, 11-13 August 2011, University of
Connecticut.
The Universities’ Role in Improving Actuarial Education. Presented to the Australiasian
Actuarial Education & Research Symposium, 25-26 November 2010, University of
Melbourne.
Funding
obtained
(with Anthony Asher, Ujwal Kayande and Gaurav Khemka) Developing Coherent
and Usable Decision Support Systems to Improve Financial Wellbeing over an
Individual’s Lifecycle. Centre for International Finance and Regulation Research
Grant, 2014/15, $56,498.
(with Jim Farmer and David Pitt) Graduate Views on Their Actuarial Education in
Australia, 2014/15, Actuaries Institute Research Grant, $18,000.
(with Gaurav Khemka)
Decision Making in Retirement using Dynamic
Programming Techniques, 2013/14, Research School Internal Grant, $10,000.
(with Geoff Warren, Scott Donald, Doug Foster and Susan Thorp) Structure and
Responsibilities in Default Superannuation Funds: Influences and Effectiveness.
Centre for International Finance and Regulation Research Grant, 2013/15,
$40,000.
(with Yin Liao) Does the Financial Market Fully Price Unfunded Pension Liabilities
in Australia: Evidence from Corporate Defined-benefit Superannuation. AFAANZ
Research Fund Grant 2011/12, $10,000.
Teaching
experience
I have taught in the following courses for at least one semester during my time at
ANU:
–
–
–
–
–
–
–
Actuarial Control Cycle II;
Actuarial Techniques (part of CT5 of the U.K. exams);
Advanced Global Retirement Income Systems;
Financial Mathematics (equivalent to CT1 of the U.K. exams);
Generalised Linear Models;
Introduction to Actuarial Studies; and
Statistical Techniques.
In 2013 I won the College of Business & Economics Award for Teaching Excellence.
In 2014 I received a Special Commendation in the Vice Chancellor’s Award for
Teaching Excellence at ANU.
I am currently developing a Massive Open Online Course for the edX platform titled “An
Introduction to Actuarial Science”, which is due for release in October 2015.
Referees
Can be provided upon request.