ACTUARIES PROFESSION

What are the Actuaries’ primary roles in financial institutions?

TRADITIONAL Financial products pricing Financial institutions reserve valuation

COMPANIES HIRE ACTUARIES Insurance Companies: Life, Property and

Casualty, and Health Pension consultant companies

MODERN FINANCIAL WORLD

Financial risk management Primary reasons of financial institution

ruins in the last 20 years: Lack of diversifying of assets Assets and liabilities in and out cash

flows mismatching

NON-TRADITIONAL ACTUARIES Financial Engineer (Backroom

Quantitative Geek) CERA (Chartered Enterprise Risk

Analyst) Companies hire Financial Engineers, or

CERA Banks Investment Companies Venture Capital Investors Other Financial Institutions

ACTUARY ORGANIZATIONS IN NORTH AMERICAN

Society of Actuaries (SOA): soa.org Casualty Actuarial Society (CAS):

casact.org American Academy of Actuaries (AAA):

actuary.org Canadian Institute of Actuaries (CIA):

cia-ica.ca

EXAM AND REQUIREMENTS: ADMINISTRATES BY SOA

https://www.soa.org/Education/Exam-Req/default.aspx

ASA: Associate of Society of Actuaries https://www.soa.org/education/exam-req

/edu-asa-req.aspx VEEs: Validation by Educational

Experience: Economic (two courses), Corporate Finance (two courses), and Applied Statistical Methods (two courses)

UNIVERSITIES OFFER VEES https://store.soa.org/VEESchoolSearch/V

EECourseListing.aspx?sc=9008&sd=National%20Taiwan%20University&VEE=displayonly

NTU

EXAMS (MULTIPLE CHOICES AND/OR ESSAY EXAMS)

Probability Financial Mathematics Model for Financial Economics Model for Life Contingencies Construction and Evaluation of Actuarial

Models

ONLINE E-LEARNING MODULE COURSE AND GROUP SEMINAR

Fundamentals of Actuarial Practice

Associateship Professionalism Course (APC)

CERA ( CHARTERED ENTERPRISE RISK ANALYST, MORE POPULAR IN U.K.)

VEEs : Economic and Corporate Finance Exams: Probability, Financial Mathematics,

Model for Financial Economics, Construction and Evaluation of Actuarial Models, and Enterprise Risk Management.

e-Learning module courses: Fundamentals of Actuarial Practice, and Enterprise Risk Management.

Associateship Professionalism Course (APC)

FSA: FELLOW OF SOCIETY OF ACTUARIES (AFTER OBTAINING ASA DESIGNATION)

2 five-hours and 1 two-hour written essay exams, 3 e-Learning modules

Fellowship Professionalism Course (FPC)

SIX TRACKS OF FSAS Corporate Finance and ERM (CFE) Quantitative Finance and Investment

(QFI) Individual Life and Annuities Group and Health Retirement Benefits General Insurance (Property and

Casualty)

EXAM AND REQUIREMENTS: ADMINISTRATES BY CAS

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

ACAS: Associate of Casualty Actuarial Society

VEEs: Economic, Corporate Finance, and Applied Statistical Methods

EXAMS (MULTIPLE CHOICE AND/OR ESSAY EXAMS) Probability Financial Mathematics Model for Financial Economics Model for Life Contingencies Model for Stochastic Processes and

Statistics Statistics and Probabilities Models Construction and Evaluation for

Actuarial Models

Basic Techniques for Ratemaking and Estimating Claim Liabilities

Regulations and Financial Reporting (Nation Specific) (Chinese Taipei, U.S. and Canada)

ONLINE COURSES AND GROUP SEMINAR

Risk Management and Insurance Operation

Insurance Accounting, Coverage Analysis, Insurance Law and Insurance Regulation

CAS course on Professionalism

FCAS: FELLOW OF CASUALTY ACTUARIAL SOCIETY (AFTER OBTAINING ACAS DESIGNATION)

Exams (written essay exams)• Estimation for Policy Liabilities, Insurance

Company Valuation, and Enterprise Risk Management

• Advanced Ratemaking• Financial Risk and Rate of Return

CERA: CHARTERED ENTERPRISE RISK ANALYST (AFTER OBTAINING ACAS DESIGNATION) Exams: (written essay exams) Estimation for Policy Liabilities, Insurance

Company Valuation, and Enterprise Risk Management

Financial Risk and Rate of Return Enterprise Risk Management Specialist

Technical

THREE-DAY SEMINAR Enterprise Risk Management and

Modeling

OTHER REQUIREMENTS TO BECOME AN ACTUARY CANDIDATE AFTER PASSING SEVERAL ASSOCIATE LEVEL EXAMS

English language communication proficiency: oral and written

Computer languages proficiency: Excel (including macros, preferable with knowledge of Visual Basic), Fortran 90, SAS Enterprise (including procedures), C++, Perl, and JCL

ACTUARY ANNUAL SALARY RANGES: U.S.

https://www.dwsimpson.com/salary.html Entry level position with one exam: 50K FSA or FCAS with 20 years experience:

from 150K to 400K

WHERE TO SEND YOUR QUESTIONS TO ASK?

My e-mail address: gcherng@gmail.com