Becoming an Actuary Quick Overview

Nao Mimoto, Ph.D.

The University of Akron

Department of Statistics – Actuarial Science Program

https://www.uakron.edu/statistics/actuarial-science/

Aug 29, 2018

What Does Actuary Do?

• Underwriter for Various Insurance Company

• Models and Measures Risk, Determines the price of various insurance products.

• Roll are expanding into non-traditional risk managements.

How to become an Actuary

• Bachelor’s Degree in AS, Statistics, Math, Finance, etc.

• Passing Exams P and FM will make you very marketable for entry-level positions.

• Internships are very important

• http://BeAnActuary.com/• https://www.uakron.edu/statistics/actuarial-science/

SOA – 5 prelim exams to be an Associate

To Become an Associate of SOA

Exam P – Probability VEE Economics*

Exam FM – Financial Mathematics VEE Corporate Finance*

Exam MFE – Models for Financial Economics VEE Applied Statistics*

Exam MLC – Models for Life Contingencies FAP e-learning course

Exam C – Construction and Evaluation of Actuarial Models APC course

* All VEE courses can be taken at UA

SOA – to be Fellow

(Takes 6-10 years to complete after graduation)

Every track requires

CAS – 7 Prelim Exams to Become an Associate

Same as SOA exam

https://www.casact.org/admissions/process/

CAS or SOA?

•Major Types of Actuary

• i.e. Depends on your line of work as an actuary.• First 3 exams are the same – you don’t have to choose for

now.

Life/Health Property & Casualty Pension/Retirement Other

SOA CAS SOA

Actuarial Science Program at UA

• BS in Statistics – Actuarial Science Option

• Take as many Statistics course as you can

• Try to pass 2 Exams before the graduation

• Great Job Placement Rates

https://www.uakron.edu/statistics/actuarial-science/

Why Actuary Get Paid a lot

• Unique combination of skills

Probabilistic Calculation

Statistical Analysis with Data

Financial Knowledge

Business Understanding

Computational Skill (Excel, R, SAS)

Actuary

Major in Statistics – Actuarial Science Option

• Knowledge of Stats are essential to be a good Actuary• Gives you more career options later on

Take as many Stats courses as you can!

• Take business elective (Insurance) early• Join Gamma Iota Sigma (Student organization)

How to Find Internship

• Best to apply individually

https://www.uakron.edu/statistics/actuarial-science/

VEE requirements

• Completing BS-Stats AS option will automatically fulfill all VEE requirements.

• Economics• Accounting and Finance• Mathematical Statistics

• VEE Math Stats - (452)

• VEE Econ - (3250:244 Intro Econ) or (201 and 202)

• VEE Accounting and Finance – (6200:201 and 6400:301).

• If you follow Stats – AS option course requirements, all VEE requirements will be satisfied.

Summer Summer

Stats - AS option Course Flow (After Fall 2019)

451 (Fall)Theo Stat I(Ex. P)

452 (Spring)Theo Stat II(VEE)

461 (Fall/Spring)

Applied Statistics(or 261/262 Intro )

462 (Spring)Reg. and ANOVA (Ex. SRM)

480 (Fall)Data Mgmt. (Register Early!)471 (Spring)

Intro to Act Sci(Can be taken

with Calc II)

(Ex. FM)

477 (Spring)Time Series(Ex. SRM)

495 Statistical Consulting

3450:221 Calc I

472 (Fall)Actuarial Models(formerly AS II)

(Ex. STAM)

3250:244 Intro to Econ(Or 201/202) [VEE]

3460:209 Comp. Sci. I

6200:201 Accounting

6400:301 Pri. of Finance [VEE]

One of 6400:414 Risk Mgmt: Prop. & Casu. 415 Risk Mgmt: Life & Health343 Investment

3450:222 Calc II

3450:223 Calc III

Internship !

(Fall) Apply for

InternshipTake and

pass Exam P

Graduation !!4xx Stats Elective(Decision Tree, Machine Learning,etc)(Ex. SRM)

Take and pass Exam FM

Freshman/Sophomore SeniorJunior

AS major web page: www.uakron.edu/statistics/actuarial-science/

Stats Core requirement

Internship !

(Fall) Apply for

Internship

Freshman

(Ex. ) Preps for SoA Exam[VEE] Satisfies SoA VEE req.

AS requirement

Stats Course (3470)

Business Course

UA Alumni works at places like:

• Key Bank• Huntington• Progressive• Aon• Erie Insurance• Charles Schwab• Transamerica

Core Stats Course Requirements

• 3450:221,2,3 Calc I, II and III• 3460:209 Computer Science I• 461 App Stat (or Intro Stats I and II 261/262)• 451,452 Theoretical Stat I, II• 462 App Regression and ANOVA (Spring, VEE stats)• 480 Data Management (Fall)• 495 Statistical Consulting

AS Option Requirements

• 3250:244 Intro to Econ or (Macro and Micro 201/202)(VEE:econ)• 6200:201 Accounting Principles I (VEE)• 6400:301 Principles of Finance (VEE) • 6400: one of

• 414 Risk Management: Property, • 415 Risk Management: Life, • 343 Investments

• 471 Actuarial Science I, II• 477 Time Series (Spring) (VEE: stats)• 4xx Stats elective

Contact US

• Department of Statistics• Dr. Nao Mimoto• Office: CAS 413• nmimoto@uakron.edu

• http://gozips.uakron.edu/~nmimoto/• https://www.uakron.edu/statistics/actuarial-science/