Transcript Actuarial Tid-Bits

ACTUARIAL TID-BITS
2016 Actuarial Club Kick Off Meeting
09/15/2016
Overview
• Actuarial Club: Overview & Benefits
• What is an actuary?
• What do they do?
• Actuarial Societies: SOA vs CAS
• Exams
• Internships
• Actuarial Events
Actuarial Club
• Overview & Benefits
• The purpose of the club is to provide IPFW students majoring in
mathematics the opportunity to:
• learn about the actuarial profession
• be connected with local employers and organizations associated with
the actuary profession
• attend lectures and meetings given by local employers and
organizations associated with the actuarial profession
• explore internships/employments in the field of actuarial science
• form support groups to prepare for actuarial exams
What is an Actuary?
• Definition: An actuary is a person who compiles and
analyzes statistics and uses them to calculate insurance
risks and premiums.
• Helpful Actuarial Information Resources:
• Be an Actuary
• Society of Actuaries
• Casualty Actuarial Society
• Bureau of Labor Statistics
• Actuarial Outpost
What do Actuaries do?
• The future is uncertain and full of risk. Risk is the chance
that an undesirable event will occur, but risk is also
opportunity.
• Actuaries are experts in:
• Evaluating the likelihood of future events using numbers and
models
• Designing creative ways to reduce the likelihood of undesirable
events
• Decreasing the impact of undesirable events that do occur
• Use of a combination of strong analytical skills, business
knowledge, and understanding of human behavior to
manage today's complex risks facing our society
Actuarial Societies
Society of Actuaries
• Areas
• Traditional & Consulting
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Health
Life
Pension
General (P&C)
• Examples
• Annuities
• Life Insurance
• Pension & Retirement
Casualty Society of Actuaries
• Areas
• Traditional & Consulting
• Property
• Casualty
• Examples
• Auto Insurance
• Home Insurance
Actuarial Exams
• The preliminary exams are the common foundation for
becoming an actuary
• Shared Exams
• Probability (P/1)
• Financial Mathematics (FM/2)
• Models of Financial Economics (MFE/3)
• Construction and Evaluation of Actuarial Models (C/4)
• After the shared exams, the two societies differ on what is
tested
Actuarial Exams: Credential Route
Society of Actuaries
• Associate of the SOA (ASA)*
• Preliminary Exams
• P, FM, MLC, MFE, C
• VEE
• Finance, Economics, Statistics
• Actuarial Professionalism Course (APC)
• Fundamentals of Actuarial Practice (FAP)
• Fellow of the SOA (FSA)
• Has six different tracks (specializations)
• Corporate Finance & ERM
• Individual Life & Annuities
• Quantitative Finance & Investment
• Retirement Benefits
• Group & Health
• General Insurance
• Each track has :3 exams, 4 modules,
and Fellowship Admissions Course
*Exam requirements are changing as of
July 1, 2018
Casualty Society of Actuaries
• Associate of the CAS
(ACAS)
• Preliminary Exams
• 1, 2, 3F, 4, S, 5, 6
• VEE
• Finance, Economics
• Online Courses
• Professionalism Course
• Fellow of the CAS
• Exams 7, 8, 9
Actuarial Exams
• Resources
• Joe Francis – General actuarial guidance, FM, & MFE Classes
• Study Materials
• Coaching Actuaries
• Actex
• Actuarial Bookstore
• The Infinite Actuary
• A/S/M (Actuarial Study Materials)
• SOA
• CAS
• Can form study groups with classmates to help with exam
preparation
Actuarial Internships
• Just as important as exams
• Gets real life work experience while in college
• Meaningful work and sizeable impact on the company
• Learn the technical and soft skills needed to be successful in the
actuarial workplace
• Such as VBA, SAS, Excel, and many communication mediums
• Most are paid
• Recruiting mainly takes place in the fall
• September through early November
Actuarial Events
• Actuarial Visits
• Actuaries visit IPFW to talk to the Actuarial Club about what they do
• Normally leads to some recruiting for jobs and internships
• Dress business casual and have questions prepared
• Stand out in the visit and that may just land you an internship or job
that you want!
• Past companies to visit: Lincoln Financial Group, Swiss Re, Buck
Consultants, Cigna
• SOA Candidate Connect Newsletter
• It is an e-newsletter for SOA candidates who are taking exams to
attain their ASA designation
• It keeps candidates up-to-date on SOA initiatives affecting
candidates, exam developments, upcoming candidate events,
news of the actuarial profession, resources, and more
Actuarial Events
• DePaul Actuarial Club Meeting
• October 21st-22nd, 2016 at DePaul University in Chicago for the 4th
Annual Midwest Actuarial Student Conference hosted by the DePaul
Actuarial Club in conjunction with DePaul University.
• Will have lots of great information and networking opportunities
• Club Contacts
• Club President: Anthony Hartle
• Email: [email protected]
• Club Advisors
• Joe Francis, Actuary in Residence
• Email: [email protected]
• Chand K. Chauhan, Ph.D.
• Email: [email protected]
• Actuarial Club Facebook
• Address: IPFW Actuarial Club Facebook