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What is an Actuary? An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. Actuaries Make Financial Sense of the Future
Particulars Fellows Associates Total 1. Insurance Company 2. Consulting Actuary 3. Insurance Broker 4. Insurance Department (state or provincial) 5. Other Government Employment 6. University & College 7. Investment Banker or Advisor 8. Software Developer/Vendor 9. Organizations Serving Insurance 10. Non-Traditional 11. Retired 12. Unaffiliated 4,355 3,426 37 82 104 74 169 80 90 159 1,179 405 2,851 2,672 35 53 174 135 183 132 56 176 375 656 7,206 6,098 72 135 278 209 352 212 146 335 1,554 1,061 Total 10,161 7,499 17,660 Source: Society of Actuaries10/2003
The Ten Best Jobs (2002, "Jobs Rated Almanac") 1. Biologist 2. Actuary 3. Financial planner 4. Computer-systems analyst 5. Accountant 6. Software engineer 7. Meteorologist 8. Paralegal assistant 9. Statistician 10. Astronomer
Desired Skills... Good business sense. Comfortable with computers. Degree in mathematics, finance, economics or business. Superior aptitude in applied mathematics (calculus, probability, statistics, risk theory and compound interest). Passion for problem solving. Self-motivated - desire to make a difference. Solid written and verbal communication skills. Successful completion of several Society of Actuaries exams a plus!
Associate Fellow
Society of Actuaries (SOA) Life and Health Actuaries www.soa.org Casualty Actuary Society (CAS) Property and Casualty Actuaries www.casact.org
Exams - SOA & CAS Exams P, FM, and C are Jointly Sponsored by CAS and SOA Exam P - Probability (Computer-based Testing) Exam FM - Financial Mathematics Exam M - Actuarial Models for SOA and Exam 3 - Statistics and Actuarial Models for CAS Exam C - Construction and Evaluation of Actuarial Models VEE Course Micro- and Macro- Economics Corporate Finance Regression Analysis and Time Series
Exams - SOA & CAS Validation by Educational Experience (VEE) can be obtained through: College Course(s) Standardized Examinations and other Educational Experiences Transitional VEE Exams offered by CAS (at least through year 2006)
Course P: Probability Course FM: Financial Mathematics Course M: Actuarial Models Course C: Construction and Evaluation of Actuarial Models
Exams - SOA SOA - Associateship and Fellowship Exams Course 5 - Application of Basic Actuarial Principles Course 6 - Finance and Investments Course 7 - Applied Actuarial Modeling Course 8 - Advanced Specialized Actuarial Practice Professional Development
Exams - SOA Associateship Requirements Complete Exams P through C Complete at least two of Courses 5 through 8 Fellowship Requirements Complete all Exams Professional Development Requirements
Exams - CAS CAS Course 5 - Intro to Property/Casualty Insurance and Ratemaking Course 6 - Reserving, Insurance Accounting Principles, Reinsurance Course 7 - Annual Statement, Taxation, and Regulation Course 8 - Investments and Financial Analysis Course 9 - Advanced Ratemaking, Rate of Return, and Individual Risk Rating Plans
Exams - CAS Associateship Requirements Complete Courses 1 through 7 Professionalism Course Fellowship Requirements Complete Courses 1 through 9 Professionalism Course
Exams SOA&CAS 5 11 Course P 2 7 4 Study Manual 4
9 4
9 01 06 02 07 03 08 04 09 05
011 012 013 014 015 016 017 018 019 020 021 PD
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5 01 06G 02 07G 03 08G 04 09 05G
1 Excel, VBA, Access
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