first general meeting officer introduction actuarial profession/requirements overview upcoming...
TRANSCRIPT
What does an Actuary do?
Risk analysis within different sectors; health, life, property, finance… etc
Risk analysis consist of predicting the future and being able to create ways to manage it
Ex: determine how much insurance companies should charge for homeowner insurance taking into consideration variables such as home location
What types of Actuaries are there?
Casualty Actuarial Society (CAS) Work in property and casualty insurance, such as working with
car insurance – generally work with several claims (i.e. car liabilities)
Higher salary More exams, most agree more difficult exams Several claims
Society of Actuaries (SOA) Work in life insurance, retirement, pensions, group insurance…
etc More jobs Generally work with singular claims
THIS CAN GET COMPLICATEDWill try to keep this as general as possible, and go into specifics at later meetings. DO NOT BE INTIMIDATED.
Different Requirements
CAS will require all SOA exams/same VEE requirements plus 4 more exams. SOA online courses do not count for CAS courses.
VEE Courses Applied Statistics
Any combination of time series and regression analysis (undergraduate or graduate) i.e. STA 137 + STA 108
Can be satisfied by taking Exam S Economics
Any combination of macro and microeconomics (undergrad/grad)
i.e. ECN 1A + 1B Corporate Finance
MGT 205 – Currently unavailable to non-MBA students but soon to be updated
Different Requirements
SOA Exam 1/P – Probability Exam 2/FM – Financial Mathematics Exam 3F/MFE – Models for Financial Economics Exam 4/MLC – Models for Life Contingencies Exam 5/C – Construction and Evaluation of Actuarial
Models Two Online Courses
Fundamentals of Actuarial Practice (FAP) Associateship Professionalism Course (APC)
Different Requirements
CAS Same first 4 SOA exams +
Exam ST – Models for Stochastic Processes and Statistics Exam S – Statistics and Probabilistic Models Exam 5 – Basic Techniques for Ratemaking and Estimating
Claim Liabilities Exam 6 – Regulation and Financial Reporting (Nation
Specific) Online Courses
Risk Management and Insurance Operations Insurance Accounting, Coverage Analysis, Insurance
Law, and Insurance Regulation
Fellow or Associate?
“Fellowship should be your goal”
Along with previous requirements stated for CAS and SOA respectively, to become a fellow… you have to take more exams! Surprise! This will vary depending on what route you go down
(retirement, life… etc) Could be anywhere from 3 to 4 exams more plus several
modules that will have to be completed in each sector requirement.
Why become an Actuary?
Saved this for last on purpose. Do not let the exams intimidate you.
Top-Ranked: Consistently one of the top jobs in the U.S
Job Security/Salary
Work-life Balance
Most importantly, allows you to use the subjects you (hopefully) love – Statistics, Economics, Finance, and Math and allows you to have an impact by solving real life problems in every industry.
Continuous learning From exams to a continuing education requirement, your brain will
always be working.