Transcript No Slide Title
ACTUARIAL SCIENCE MA 108
November 7, 2012
Me!
Prof. Richard Penney Co-Director Actuarial Science
Jeff Beckley, FSA
Co-Director, Actuarial Science Program
Join The Club!
Mentor Program Job Interviews – Internships – fulltime Company presentations Exam study groups FUN!
See Julie Morris, MATH 820
What is an actuary?
Actuaries tell insurance companies how much to charge for the policies and ....
What is an actuary?
Actuaries help tell the company how to invest its funds Actuaries determine how much money to hold in reserve to pay the claims Actuaries are responsible for making sure the company is fulfilling its legal obligations Actuaries design new “products” Actuaries design pension/retirement plans Actuaries run the company! Many CEO’s and CFO’s are former actuaries.
Where do they work?
Insurance companies Actuarial consulting firms Pension departments for large companies Government A few work in non-traditional roles such as managing risk for financial firms
Is it a good job?
You bet!
Consistently ranked among the top two or three jobs by Jobs Rated Almanac Starting salaries around 50-60K Can easily double in 5 years as exams are passed
Is it for me?
Are you good at math?
Do you want a career in business?
Can you communicate well?
What do actuarial students study?
Math (lots!) Stat (lots!) CS Accounting Econ Finance Communications
Types of Actuaries
Health, Life, and Pension Actuaries – Belong to the Society of Actuaries (SOA) Casualty Actuaries Belong to the Casualty Actuarial Society (CAS) Consulting Actuaries Belong to either CAS or SOA
Becoming an actuary
Associate Actuary=Associate (ACAS or ASA) =7 Exams + VEE+ “Fundamentals of Actuarial Practice” (SOA) + “Associate Professionalism Course” Actuary=Fellow (FCAS or FSA) =9 Exams + “Professional Development” (SOA)+ “Fellowship Admission Course” (SOA)
VEE
Validation by Educational Experience Economics : ECON 251-252 Finance : MGMT 310, 411 Applied Statistics: STAT 512, 420
Warning: You need at least a B- for the VEE to count!
Exams
Exam FM (Mathematical Finance) 3 hr. CBT MA 373 (Mathematical Finance) Exam P (Probability) 3 hr. CBT MA/STAT 416+MA/STAT 250 Exam M FE Financial Economics 2.5 hr, CBT STAT 473 Exam MLC (Life Contingencies) 3 hr.
STAT 490 (Formerly STAT 472) Exam C (Construction of Models) 3.5 hr, CBT STAT 479
Note: The CAS has its own third exam. They will accept the SOA Exams MFE+MLC, but NOT vice versa.
Exam Schedule
Exam P, FM, MFE and C are computer based and offered 4-6 times a year. MLC is not computer based and is offered fall and spring.
Register online at SOA web site. (Be careful about early deadlines!) You can retake them as many times as you can afford.
Departmental Honors
We now have an Honors Program! 1. Pass at least two exams.
2. Obtain a 3.3 overall GPA.
3. Achieve 3 VEE’s.
4. Obtain a 3.5 average in STAT 417,472, 473, and 479.
5. Get A’s and B’s in all required Math/Stat classes.*
Internships
Occur in the summer.
Typically (but not always) after the junior year.
Typically (but not always) require at least one exam.
Obtained by signing up for interviews managed by the Actuary Club.
Very important!