Path to Becoming an Actuary
Introductions
Patrick Mannion
Bonita Graham
Thomas Jarrold
Evan Roehm
Columbian Financial Group
Life Insurance Company for over 100
years.
Headquarters in Binghamton, NY.
Structure of CFG Actuarial
Department
•
Experience
Studies
•
Profitability
Assessment
•
Configuration
and admin
system support
•
Pricing
•
Product
research and
development
•
Reinsurance
management
•
Valuation and
Corporate
financial
reporting
•
Asset Adequacy
Analysis
•
Risk Based
Capital
•
Financial Plan
•
Variance
Analysis
•
Enterprise Risk
Management
What is an Actuary?
Business professionals who use their
knowledge of probability, statistics, and
finance to analyze and manage risk.
Areas of practice
o
Corporate Finance and ERM
o
Quantitative Finance and Investment
o
Individual Life and Annuities
o
Retirement Benefits
o
Group and Health
o
Property and Casualty
What does an Actuary do?
Analyze insurance rates, e.g. cars, homes or
life.
Estimate money to be set-aside for claims
that have not yet been paid.
Participate in corporate/financial planning,
such as mergers and acquisitions.
Price new insurance products.
Forecast the financial impact of catastrophes.
Analyze investment programs.
What classes should you take?
Any course designed for preliminary Exams
Validation by Education Experience accepted Classes
M
A
T
H
4
4
7
–
P
r
o
b
/
S
t
a
t
I
(
P
r
e
r
e
q
u
i
s
i
t
e
f
o
r
4
4
8
)
M
A
T
H
4
4
8
–
P
r
o
b
/
S
t
a
t
I
I
+
E
C
O
N
1
6
0
–
P
r
i
n
c
i
p
l
e
s
o
f
M
i
c
r
o
e
c
o
n
o
m
i
c
s
E
C
O
N
1
6
2
–
P
r
i
n
c
i
p
l
e
s
o
f
M
a
c
r
o
e
c
o
n
o
m
i
c
s
A
C
C
T
2
1
1
–
F
i
n
a
n
c
i
a
l
A
c
c
o
u
n
t
i
n
g
F
I
N
3
1
1
–
F
i
n
a
n
c
i
a
l
M
a
n
a
g
e
m
e
n
t
*
A
f
t
e
r
7
/
1
/
2
0
1
9
y
o
u
w
i
l
l
n
e
e
d
t
o
t
a
k
e
F
I
N
3
1
1
i
n
c
o
m
b
i
n
a
t
i
o
n
w
i
t
h
o
n
e
o
f
t
h
e
f
o
l
l
o
w
i
n
g
:
○
F
I
N
3
2
4
–
C
o
r
p
o
r
a
t
e
F
i
n
a
n
c
e
○
F
I
N
3
2
2
–
I
n
v
e
s
t
m
e
n
t
s
https://www.soa.org/Education/Exam-Req/Instructions-for-VEE-Directory.aspx
What classes should you take?
Other Classes that will help you along the way
M
A
T
H
4
5
8
–
T
i
m
e
S
e
r
i
e
s
a
n
a
l
y
s
i
s
E
C
O
N
4
6
2
–
I
n
f
o
r
m
a
t
i
o
n
E
c
o
n
o
m
i
c
s
E
C
O
N
4
6
7
–
E
c
o
n
o
m
i
c
F
o
r
e
c
a
s
t
i
n
g
C
S
1
0
5
–
I
n
t
r
o
d
u
c
t
i
o
n
t
o
C
o
m
p
u
t
i
n
g
C
S
1
1
0
–
P
r
o
g
r
a
m
m
i
n
g
C
o
n
c
e
p
t
s
a
n
d
A
p
p
l
i
c
a
t
i
o
n
s
https://www2.math.binghamton.edu/p/actuary/courses
What classes should you take?
* There are discounts and reimbursements on SOA exam fees for
students and minorities.
Path to become an Actuary
Exam prep/expectations
Preparation
100 study hours per exam hour
Physical study manuals
Online resources
Exam conditions
Computer Based Testing (CBT)
Prometric test center
Multiple choice exams
How to prepare for your first job
Pass Preliminary Exams
One for an Internship
Two for an Entry Level Position
○
The more the better
○
Industry is becoming more competitive
Improve your hard and soft skills
Hard Skills – MS Excel and MS Access
Soft Skills – Strong Communication Skills
Network as much as possible
Actuarial club
Helpful Links
Research and Publications:
soa.org
Academy news:
actuary.org
Career advice:
beanactuary.com
dwsimpson.com
Study materials & assistance:
actuarialbookstore.com
theinfiniteactuary.com
coachingactuaries.com
Actuarial Groups:
LinkedIn.com
actuarialoutpost.com
goasny.org
Questions?
Bonita Graham
Bonita.Graham@cfglife.com
Thomas Jarrold
Thomas.Jarrold@cfglife.com
Evan Roehm
Evan.Roehm@cfglife.com
Dive into the world of actuarial science, understanding the role of actuaries in analyzing and managing risk. Learn about the structure of actuarial departments, areas of practice, and the classes you should take to pursue this career. Explore the responsibilities and expertise required in fields such as corporate finance, insurance pricing, and risk assessment.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
BECOMING AN ACTUARY BECOMING AN ACTUARY
Introductions Patrick Mannion Bonita Graham Thomas Jarrold Evan Roehm
Columbian Financial Group Life Insurance Company for over 100 years. Headquarters in Binghamton, NY.
Structure of CFG Actuarial Department Lead Actuary Management Information & Reporting Pricing and Product Development ERM and Financial Planning Reserving and Reporting Experience Studies Profitability Assessment Configuration and admin system support Pricing Product research and development Reinsurance management Valuation and Corporate financial reporting Asset Adequacy Analysis Risk Based Capital Financial Plan Variance Analysis Enterprise Risk Management
What is an Actuary? Business professionals who use their knowledge of probability, statistics, and finance to analyze and manage risk.
Areas of practice o Corporate Finance and ERM o Quantitative Finance and Investment o Individual Life and Annuities o Retirement Benefits o Group and Health o Property and Casualty
What does an Actuary do? Analyze insurance rates, e.g. cars, homes or life. Estimate money to be set-aside for claims that have not yet been paid. Participate in corporate/financial planning, such as mergers and acquisitions. Price new insurance products. Forecast the financial impact of catastrophes. Analyze investment programs.
What classes should you take? Any course designed for preliminary Exams Validation by Education Experience accepted Classes MATH 447 Prob / Stat I (Prerequisite for 448) MATH 448 Prob / Stat II + ECON 160 Principles of Microeconomics ECON 162 Principles of Macroeconomics ACCT 211 Financial Accounting FIN 311 Financial Management *After 7/1/2019 you will need to take FIN 311 in combination with one of the following: FIN 324 Corporate Finance FIN 322 Investments https://www.soa.org/Education/Exam-Req/Instructions-for-VEE-Directory.aspx
What classes should you take? Other Classes that will help you along the way MATH 458 Time Series analysis ECON 462 Information Economics ECON 467 Economic Forecasting CS 105 Introduction to Computing CS 110 Programming Concepts and Applications https://www2.math.binghamton.edu/p/actuary/courses
What classes should you take? Semester Math Courses Other Courses Take/Prepare for exam* 1 224/225 Econ 160 (VEE) 2 226/227, 304 Econ 162 (VEE) 3 323, 330 Fin 311 (VEE) FM/2 4 346, 447 Fin 322 or 324 (VEE) FM/2 & P/1 Summer P/1 5 329, 448 (VEE), 450 Econ 360 6 452, 455 Econ 362 STAM 7 457, 478 8 454 or 458, 479 IFM, SRM, PA * There are discounts and reimbursements on SOA exam fees for students and minorities.
Exam prep/expectations Preparation 100 study hours per exam hour Physical study manuals Online resources Exam conditions Computer Based Testing (CBT) Prometric test center Multiple choice exams
How to prepare for your first job Pass Preliminary Exams One for an Internship Two for an Entry Level Position The more the better Industry is becoming more competitive Improve your hard and soft skills Hard Skills MS Excel and MS Access Soft Skills Strong Communication Skills Network as much as possible Actuarial club
Helpful Links Research and Publications: soa.org Academy news: actuary.org Career advice: beanactuary.com dwsimpson.com Study materials & assistance: actuarialbookstore.com theinfiniteactuary.com coachingactuaries.com Actuarial Groups: LinkedIn.com actuarialoutpost.com goasny.org
Questions? Bonita Graham Bonita.Graham@cfglife.com Thomas Jarrold Thomas.Jarrold@cfglife.com Evan Roehm Evan.Roehm@cfglife.com
