Note: The CAS has its own third exam. They will accept the SOA

SEPTEMBER 14, 2006
Prof. Richard Penney
Director Actuarial Science
Join The Club!
Mentor Program
Job Interviews
– Internships
– fulltime
Company presentations
Exam study groups
See Julie Morris, MATH
What is an actuary?
Actuaries tell insurance companies how
much to charge for the policies and ....
What is an actuary?
Actuaries help tell the company how to
invest its funds
 Actuaries determine how much money to
hold in reserve to pay the claims
 Actuaries are responsible for making sure
the company is fulfilling its legal obligations
 Actuaries design new “products”
 Actuaries design pension/retirement plans
 Actuaries run the company! Many CEO’s
and CFO’s are former actuaries.
Where do they work?
Insurance companies
 Actuarial consulting firms
 Pension departments for large
 Government
 A few work in non-traditional roles such
as managing risk for financial firms
Is it a good job?
You bet!
 Consistently ranked among the top two
or three jobs by Jobs Rated Almanac
 Starting salaries around 50K
 Can easily double in 5 years as exams
are passed
Is it for me?
 Are
you good at math?
 Do you want a career in business?
 Can you communicate well?
What do actuarial students
Stat (lots!)
Types of Actuaries
Health, Life, and Pension Actuaries
– Belong to the Society of Actuaries (SOA)
Casualty Actuaries
Belong to the Casualty Actuarial Society
 Consulting Actuaries
Belong to either CAS or SOA
Becoming an actuary
Associate Actuary=Associate (ACAS or ASA)
=7 Exams + VEE+
“Fundamentals of Actuarial Practice” (SOA) +
“Associate Professionalism Course”
 Actuary=Fellow (FCAS or FSA)
=9 Exams +
“Professional Development” (SOA)+
“Fellowship Admission Course” (SOA)
Validation by Educational Experience
Economics: ECON 251-252
Finance: MGMT 310, 411
Applied Statistics: STAT 512, 490T
Warning: STAT 490T will change to STAT 420.
Warning: You need at least a B for the VEE to
Exam FM (Mathematical Finance) (2.5 hours)
MA 490A (was MA 370) (Interest Theory)
 Exam P (Probability) ( 3 hours)
 Exam M FE Financial Economics (2 hours)
 Exam MLC Life Contingencies (3 hours)
STAT 472-473
 Exam C (Construction of Models) (4 hours)
STAT 417, 490C, STAT 472-473
Note: The CAS has its own third exam. They will accept the
SOA Exams MFE+MLC, but NOT vice versa.
Exam Schedule
 Exam
P is computer based and is
offered four times a year.
 Other exams are offered Nov. and
 Register online at SOA web site.
(Be careful about early deadlines!)
 You can retake them as many times
as you can afford.
If at all possible you should
pass at least Exam FM and
Exam P before senior year
You should take MA 490A
this spring followed by
Exam FM!
Exam Awards
Every non-graduating student who passes
an exam receives $150 (?) per exam passed.
You must apply in advance of taking the
exam. The application is on our web page
We now have an Honors Program!
1. Pass at least two exams.
2. Obtain a 3.3 overall GPA.
3. Achieve 3 VEE’s.
4. Obtain a 3.5 average in STAT 417,472, 473,
and 490C.
5. Get A’s and B’s in all required Math/Stat
Occur in the summer.
 Typically (but not always) after the junior
 Typically (but not always) require at
least one exam.
 Obtained by signing up for interviews
managed by the Actuary Club.
 Very important!
More Info