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ACTUARIAL SCIENCE MA 108 November 7, 2012

ACTUARIAL SCIENCE MA 108 November 7, 2012. Me!. Prof. Richard Penney Co-Director Actuarial Science. Jeff Beckley, FSA. Co-Director, Actuarial Science Program. Join The Club!. Mentor Program Job Interviews Internships fulltime Company presentations Exam study groups FUN!

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ACTUARIAL SCIENCE MA 108 November 7, 2012

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  1. ACTUARIAL SCIENCE MA 108November 7, 2012

  2. Me! Prof. Richard Penney Co-Director Actuarial Science

  3. Jeff Beckley, FSA Co-Director, Actuarial Science Program

  4. Join The Club! • Mentor Program • Job Interviews • Internships • fulltime • Company presentations • Exam study groups • FUN! • See Julie Morris, MATH 820

  5. What is an actuary? • Actuaries tell insurance companies how much to charge for the policies and ....

  6. 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.

  7. Where do they work? • Insurance companies • Actuarial consulting firms • Pension departments for large companies • Government • A few work in non-traditional roles such as managing risk for financial firms

  8. Is it a good job? • You bet! • Consistently ranked among the top two or three jobs by Jobs Rated Almanac • Starting salaries around 50-60K • Can easily double in 5 years as exams are passed

  9. Is it for me? • Are you good at math? • Do you want a career in business? • Can you communicate well?

  10. What do actuarial students study? • Math (lots!) • Stat (lots!) • CS • Accounting • Econ • Finance • Communications

  11. Types of Actuaries • Health, Life, and Pension Actuaries • Belong to the Society of Actuaries (SOA) • Casualty Actuaries Belong to the Casualty Actuarial Society (CAS) • Consulting Actuaries Belong to either CAS or SOA

  12. 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)

  13. VEE • Validation by Educational Experience • Economics: ECON 251-252 • Finance: MGMT 310, 411 • Applied Statistics: STAT 512, 420 • Warning: You need at least a B- for the VEE to count!

  14. Exams • Exam FM (Mathematical Finance) 3 hr. CBT MA 373 (Mathematical Finance) • Exam P (Probability) 3 hr. CBT MA/STAT 416+MA/STAT 250 • Exam M FE Financial Economics 2.5 hr, CBT STAT 473 • Exam MLC (Life Contingencies) 3 hr. STAT 490 (Formerly STAT 472) • Exam C (Construction of Models) 3.5 hr, CBT STAT 479 Note: The CAS has its own third exam. They will accept the SOA Exams MFE+MLC, but NOT vice versa.

  15. Exam Schedule • Exam P, FM, MFE and C are computer based and offered 4-6 times a year. • MLC is not computer based and is offered fall and spring. • Register online at SOA web site. (Be careful about early deadlines!) • You can retake them as many times as you can afford.

  16. Departmental Honors • We now have an Honors Program! • Pass at least two exams. • Obtain a 3.3 overall GPA. 3. Achieve 3 VEE’s. 4. Obtain a 3.5 average in STAT 417,472, 473, and 479. 5. Get A’s and B’s in all required Math/Stat classes.*

  17. Internships • Occur in the summer. • Typically (but not always) after the junior year. • Typically (but not always) require at least one exam. • Obtained by signing up for interviews managed by the Actuary Club. • Very important!

  18. MoreInfo www.math.purdue.edu/actuary www.beanactuary.org www.soa.org www.casact.org

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