Careers in Mathematics
Actuaries’ Careers
1- Introduction.
2- Benefits of having an actuarial job.
2- Different types of actuaries.
3- What it takes to become one.
Introduction
• The word actuary comes from the
Latin word “actuarius” which
referred to short-hand writers in
old times.
• Today, actuaries work for
insurance companies, consulting
firms, government departments,
financial institutions, and other
agencies.
• Actuaries are often chosen to be
general managers in insurance
companies.
Benefits of Having an
Actuarial Job
Salary for entry level
jobs is between $30k
to $60k.
Salary for intermediate
level jobs is between
$40k to $125k.
Salary for high level jobs
(for associates) …
Different Types of Actuaries.
• Valuation Actuaries: Insurance companies
put aside what they need to pay future
claims and expenses.
• Pricing Actuaries: Pricing actuaries are
responsible for determining how much
money a company is likely to make on a
product. A product can be life insurance, an
annuity, and so forth.
Cont’d
• Financial Actuaries: They are responsible
for developing, analyzing, and testing
models of Internet credit, in order to
minimize risk and improve return on
investment.
• Of course there are other types of actuaries
such as Pension Actuaries, Consulting
Actuaries, and so on.
What it Takes to Become an
Actuary?
• Skills needed include mathematical ability,
knowledge of and comfort with computers,
and ability to communicate complex topics
in terms that customers can understand and
general understanding of finance and
economy.
Cont’d
Mathematical skills
Calculus
Basic Statistics
Basic Probability
Cont’d
Computational Skills
Excel, SAS, other related
computer software
Programming languages( Visual
Basic,..)
Cont’d
• Communication Skills
Verbal
written
A general understanding of Economy
and Finance is also required
Presentation
How to Become One
That is easy (relatively)!
I) Major in actuarial science or financial
mathematics or other related fields.
II)Take actuary’s exams (like doctors and lawyers
who take board exams) which includes:
1- course 1 to 4 containing some aspect of math
and statistic in a business context.
2- course 5 to 8 which includes finance and
investment, applied modeling. These set of
courses require work experience as well as
theoretical knowledge.
Some of the Companies Employ
Actuaries
• Consulting Firms such as Ernest & Young,
Mercer, AON Corporation,…
• Insurance Companies such as AETNA,
AIG, All state, CIGNA, Pacific Life,
Prudential Financial,…
Actuarial and Recruiting
Websites
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American Academy of Actuaries
http://www.actuary.org/
Casualty Actuarial society
http://www.casact.org/
Society of Actuaries
http://www.soa.org/
ACTEX Actuarial Recruiting (Connecticut)
http://www.actexmadriver.com/
Actuarial Careers Inc
http://www.actuarialcareers.com/
REFRENCES
[1] F.E. Szabo. Actuaries’ Survival Guide. Elsevier Academic press,2004.