Becoming an Actuary · SOA –5 prelim exams to be an Associate To Become an Associate of SOA Exam...
Transcript of Becoming an Actuary · SOA –5 prelim exams to be an Associate To Become an Associate of SOA Exam...
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• [email protected]
• http://gozips.uakron.edu/~nmimoto/• https://www.uakron.edu/statistics/actuarial-science/