First General MeetingOfficer IntroductionActuarial Profession/Requirements OverviewUpcoming Events

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

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

What are the requirements?

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

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

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)

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

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.

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.

Why be in the club?

Networking Opportunities

Decals

Data Software Workshops

Advice and Information by Guest Speakers