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ACTUARIAL SCIENCE MA/STAT 170 OCTOBER 7, 2004

ACTUARIAL SCIENCE MA/STAT 170 OCTOBER 7, 2004. Becoming an actuary. Two actuarial societies: CAS : Casualty Actuarial Society SOA : Society of Actuaries. Becoming an actuary. Associate Actuary=Associate (ACAS or ASA) =7 Exams (CAS) =6 Exams (SOA) Actuary=Fellow (FCAS or FSA)

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ACTUARIAL SCIENCE MA/STAT 170 OCTOBER 7, 2004

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  1. ACTUARIAL SCIENCE MA/STAT 170OCTOBER 7, 2004

  2. Becoming an actuary Two actuarial societies: CAS: Casualty Actuarial Society SOA: Society of Actuaries

  3. Becoming an actuary • Associate Actuary=Associate (ACAS or ASA) =7 Exams (CAS) =6 Exams (SOA) • Actuary=Fellow (FCAS or FSA) =9 Exams +VEE + PD (CAS) =8 Exams +VEE + PD (SOA) • Student=anyone who is not yet a fellow

  4. VEE • Validation by Educational Experience • Economics: ECON 251-252 • Finance: MGMT 310, 411 • Applied Statistics: STAT 512, 490 • Warning: STAT 490 will change number in the near future. STAT 420? • Warning: You need at least a B for the VEE to count! • Note: For the “next few years”, the CAS will give exams that will count for these VEE’s.

  5. The Process for the VEE • Take the required course work with a B. • Pass 2 actuarial exams. • Submit an application (obtained on-line) to the SOA for each VEE—but not before January, 2005. Note: If the courses you took have not been pre-approved by the SOA, you may need further documentation (e.g. a syllabus). We are in the process of getting our classes approved.

  6. Exams • MF Exam (Mathematical Finance) (2 hours-was 4) MA 370 (Interest Theory) • P Exam (Probability) ( 3 hours-was 4) MA/STAT 416+MA/STAT 371 • M Exam (Models) (4 hours) STAT 472-473 • C Exam (Construction of Models) (4 hours) STAT 472-473, 512 Note: The CAS has its own version of M. They will accept the SOA Exam M, but NOT vice versa.

  7. Exams • Offered early November and mid May • Results from November are sent out in January • Results from May come out in late July • The May exams work better for college students.

  8. CIGNA Award • In the past CIGNA has awarded every student who passes an exam a monetary award of $150. We expect this to continue under the new system, although the amount of the award may change. Stay tuned.... • You should apply in advance of taking the exam.The application is on our web page www.math.purdue.edu/actuary

  9. Exams Don’t expect to just take the class and then go out and pass the exam!!! EVERY EXAM TAKES LOTS AND LOTS OF SELF-STUDY. STUDYING FOR AN EXAM IS A JOB !

  10. Exams CW: The sooner the better. • They help get internships • You may not pass on the first attempt. • Even if you don’t pass, it shows potential employers that you are trying. • More exams mean better starting salary

  11. Exams Cautions: • Repeated failures looks bad • They are expensive! • Taking hard classes (e.g. MA/STAT 416) before you are ready for them is a BAD idea.

  12. If at all possible you shouldpass at least 2 exams before senior year

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