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First General Meeting Officer Introduction Actuarial Profession/Requirements Overview Upcoming Events.

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Presentation on theme: "First General Meeting Officer Introduction Actuarial Profession/Requirements Overview Upcoming Events."— Presentation transcript:

1 First General Meeting Officer Introduction Actuarial Profession/Requirements Overview Upcoming Events

2 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

3 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

4 What are the requirements?

5 THIS CAN GET COMPLICATED Will try to keep this as general as possible, and go into specifics at later meetings. DO NOT BE INTIMIDATED.

6 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

7 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)

8 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

9 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.

10 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.

11 Why be in the club?  Networking Opportunities  Decals  Data Software Workshops  Advice and Information by Guest Speakers


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