2017-2018 soa vs. cas & insurance vs. consulting...
TRANSCRIPT
SOA vs. CAS & Insurance vs. Consulting Workshop2017-2018
SOA Overview● Over 28,000 members worldwide● Mainly involved in the life, health, and pension areas● Six fellowship tracks
○ Corporate Finance and ERM○ Quantitative Finance and Investment○ Life and Annuities○ Retirement Benefits○ Group and Health○ General Insurance
Companies that hire SOA Actuaries● AIG, Aetna, Aon,
BCBSM, Cigna, Deloitte, Humana, Jackson National, KPMG, Liberty Mutual, Mercer, Milliman, NY Life, PWC, RGA, Sun Life, Swiss Re, WTW, United Health
CAS Overview● Over 8,000 members worldwide● Involved in property and casualty insurance areas
○ Areas include, but certainly not limited to: auto, property, liability, worker’s compensation, business to business, lawyers, hospitals, doctors, cyber risk
● All Fellows receive the same designation (no specialty areas)
Companies that hire CAS Actuaries● Accident Fund, AIG, Allstate, Ally, Auto-Owners, CNA, Hagerty, farmers, Liberty Mutual, Nationwide, Progessive, Deloitte, PWC, RGA, State Farm, Swiss Re, Zurich
SOA vs. CAS Comparison
SOALarger membership
Better reputation, more well-knownMore established in university
systems like U-M
CASFaster growing membershipHigher average salariesBroader array of opportunities (no specific exam track)
SimilaritiesEducation structure (exams)
Can work anywhere in the US (mostly big cities - headquarters)Continuing education requirements
Insurance Actuary Overview● Traditional actuarial function
● Work in a well-defined role, with opportunity to “move up the ladder”
● New-hires usually placed in rotational training program to get exposure to
different parts of the business (pricing, reserving, analytics, etc)
● Opportunities to explore and create, make your work more efficient
● Most companies offer generous study programs - paid study hours, study
materials and exam costs reimbursed
Insurance Companies● Accident Fund,
AIG, Aetna, Allstate, Ally, BCBSM, Cigna, CNA, Humana, Jackson National, Liberty Mutual, Nationwide, NY Life, Progressive, State Farm, Swiss Re,Zurich
Consulting Actuary Overview● More dynamic, fluid actuarial function
● Take projects as they come up - less stability in work
● No formal rotation program, but opportunities to work in different areas
● Work face-to-face with clients, opportunities to travel
● Fast-paced, long hours
● Work at times can take precedent over studying for actuarial exams
Consulting Companies that Hire Actuaries● Aon,
Deloitte, EY, KPMG, Mercer, Milliman, PWC, WTW
Insurance vs. Consulting Comparison
InsuranceLess hours, better work-life balance
Better study programsMore routine, stable work
ConsultingHigher average salaryOpportunities to travelFast-paced, client facing
SimilaritiesBoth actuarial work!
Both have high pay as actuaries
Actuarial Salary Survery: https://www.dwsimpson.com/downloads/2017-DW-Simpson-Actuarial-Salary-Survey.pdf