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Exploring the Profession of Actuary: Roles, Industries, and Benefits

Discover what an actuary does, their key responsibilities, industries they work in, reasons to pursue this career, as well as exam requirements and resources. Join the NYU Actuarial Society for networking opportunities and guidance in the field.

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Exploring the Profession of Actuary: Roles, Industries, and Benefits

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  1. What is an Actuary? Actuarial Society Tuesday, September 15, 2009

  2. Your E-board 

  3. What is an Actuary? • An actuary is someone who manages risk • Actuaries are experts in: • Evaluating the likelihood of future events • Designing creative ways to reduce the likelihood of undesirable events • Decreasing the impact of undesirable events that do occur

  4. The Actuary at Work

  5. Industries Actuaries Work In • Pensions & Employee Benefits • Life Insurance & Annuities • Health Insurance • Property & Casualty • Other Areas of Finance • Risk management • Underwriting

  6. Places of Employment • Insurance companies • Consulting firms • Government insurance departments • Colleges and universities • Banks and investment firms • Large corporations and public accounting firms

  7. Why be an Actuary? Top 10 Jobs (US News) Job Almanac Ratings • Biologist • Actuary • Financial planner • Computer-systems analyst • Accountant • Software engineer • Meteorologist • Paralegal assistant • Statistician • Astronomer • 1st Edition (1988) – 1 • 2nd Edition (1992) - 2 • 3rd Edition (1995) - 1 • 4th Edition (1999) - 2 • 5th Edition (2000) - 4 • 6th Edition (2002) - 2

  8. Why be an Actuary? (con’t) • One of the top rated jobs in America • Highest out of college salary • You don’t have to go to graduate school • Superior job security through economic cycles • Merit based career • You can make use of your math aptitude and communication skills • Easy actuarial science and finance double major

  9. Exams 1/P Test 2/FM Test • 3 hours long • Tests knowledge of probability • Class: C22.0014/B90.3301: Introduction to the Theory of Probability • 3 hours • Tests knowledge of bonds, options, time value of money • Class: C22.0027/B90.2309: Mathematics of Investment

  10. Verification of Educational Experience (VEE) • In order to get CAS, CIA, and SOA validation, one needs to pass exams as well as get VEE • VEE covers materials not covered by exams but deemed necessary • There are 3 VEE required: • Corporate Finance • Economics • Applied Statistical Methods

  11. NYU Actuarial Society:Mission Statement The Actuarial Society expands public awareness about the actuarial science profession and major to potential candidates throughout NYU. The society aims at networking and creating long lasting relationships with companies and alumni. The Society informs and prepares the members beyond what the curriculum can do.

  12. Companies Coming In (Fall 09)

  13. Workshops and Socials

  14. Freshman Liaison • Actively promote Actuarial Society to freshmen, working closely with the marking director and secretary • If interested, please send an email to actrlsoc@stern.nyu.edu and tell us why you would be interested in the position and your qualifications.

  15. Additional Resources • Professor Aaron Tenenbein • atenenbe@stern.nyu.edu • KMC 8-58 • Websites: • pages.stern.nyu.edu/~actrlsoc/ • beanactuary.org • soa.org • casact.org

  16. Actuarial Society Information • Email: actrlsoc@stern.nyu.edu • Website: pages.stern.nyu.edu/~actrlsoc/ • Become a fan of ‘NYU Stern Actuarial Society’ on Facebook! • Join us on ecampusgroups!

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