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Current News:
• Congratulations to the following students
for passing a Society of Actuaries exam in November 2006:
• Amar
Nagpal (FM)
• Fei
Liu (FM)
• Jeff
Hall (FM)
• David
Deprest (FM)
•
Ramona Diaconu (M)
Overview:
• If you are looking for a
career in the business world in which you use your analytical and problem
solving skills, the Actuarial field may be for you!
• In general terms, actuaries
evaluate risk and determine the financial consequences associated with such
risks.
• It's a Great Profession! "Actuary" has been a top rated career for the
past several years.
• Actuaries go through an accreditation process involving a series of
professional exams. There are two societies which accredit actuaries, see below.
• The main employers of actuaries are insurance companies and consulting
firms; however, actuaries are being employed in more and more non-traditional
roles.
Education:
• What kind of majors do
actuarial employers look for in entry level students?
• Actuarial Science
• Mathematics
• Statistics
• Business
• Economics
• Finance
• Others
• While Case does not have an Actuarial science major, we do offer an
undergraduate statistics degree with an actuarial option.
• What types of classes should you take at Case (regardless of my
major) to prepare yourself for a career as an actuary? (See also Actuarial
Accreditation below.)
• Calculus (3 semesters)
• Probability (MATH 380)
• Statistic Modeling Courses
• Theory of Interest (STAT 317/417)
• Actuarial Mathematics (STAT 318/418)
• Macroeconomics and Microeconomics (ECON 102 &
103 or ECON 307 & 308)
• Accounting (ACCT 101 and 202)
• Corporate Finance (BAFI 355 & 359)
• Computer Programming Course(s)
• Other Business Courses
• Communication Courses (Speaking and Writing)
• Want to learn more about the profession? Check out
http://beanactuary.org/ or contact Julius Smetona, F.S.A, E.A., M.A.A.A. - Statistics Department,
jsmetona@desalesassociates.com.
Actuarial Accreditation:
• There are two main bodies that accredit actuaries:
• Society of Actuaries (SOA) –
www.soa.org
• Casualty Actuarial Society (CAS) -
www.casact.org
Society of Actuaries (SOA):
• SOA members are actuaries who
typically work in the Life, Health, and Annuity lines of
business in insurance companies, and in consulting firms doing
pension or healthcare work.
• The SOA accredits actuaries at two levels, Associate of the
Society of Actuaries (ASA) and Fellow of the Society of
Actuaries (FSA). At the Fellowship level, the education and
exams are track specific. There are 5 tracks:
• Individual Insurance
• Health, Group Life and Managed
Care
• Retirement Benefits
• Investments
• Finance/Enterprise Risk
Management
• The Society of Actuaries recently
redesigned their Education program for Actuarial accreditation.
The following briefly outlines the new design. More information
can be found on the SOA website
here.
• Preliminary Education (PE):
-
Pre-requisites: Topics that will assist students
in their exam progress and work life but will not be
directly tested. • Calculus (MATH 121/122)
• Linear Algebra (MATH 201)
• Introductory Accounting
(ACCT 101 & 202)
• Business Law (BLAW 331)
• Mathematical Statistics
(STAT 243, MATH 380, or STAT 345)
-
Validated by Educational Experience (VEE): Topics
where candidates will demonstrate proficiency by submitting
transcripts and course descriptions. A grade of B- or better
is required in the courses. • Micro- and Macro-Economics
(ECON 102 & 103 or ECON 307 & 309)
• Intermediate Corporate
Finance (BAFI 355 & BAFI 359 OR BAFI 357)
• Applied Statistical
Methods (ECON 326 OR OPRE434 & STAT 437)
-
ASA Traditional Examinations:
• Exam P: Probability –
(MATH 380) - (3 hour exam)
• Exam FM: Mathematics of
Finance – Theory of interest (STAT 317) - (2.5 hour exam)
• Exam M: Models for
Quantifying Risk – Life Contingencies (STAT 318 will
cover part of the material) (3 hour exam on Life
Contingencies & 2 hour exam on
Financial Economics)
• Exam C: Construction and
Evaluation of Risk Models – (4 hour exam)
• Fundamentals of Actuarial Practice (FAP):
Module Topics:
• Module 1: Introduction –
Role of the Professional Actuary
• Module 2: Core External
Forces
• Module 3: Common Actuarial
Problems/Assignments
• Module 4: Solutions to
Selected Actuarial Problems
• Module 5: Design and
Pricing of an Actuarial Solution
• Module 6: Selection of an
Actuarial Design and Model
• Module 7: Selection of
Initial Assumptions
• Module 8: Monitoring
Experience – Model and Assumptions
Validation:
• Exercises
• Examinations: At the end
of modules 4 and 8.
• ASA Professionalism Course
• Fellowship Exams (Track Specific):
• Exam DP: Design and
Pricing - topics related to actuarial work with
products, benefits, or investment/finance vehicles.
• Exam CSP: Company/Sponsor
Perspective - topics that consider products, benefits,
or investment/finance vehicles from the perspective of
the company provider, sponsor, or owner.
• FSA Modules
• Fellowship Admissions Course
Find Additional Information at
http://www.soa.org/.
Casualty Actuarial Society (CAS):
• CAS members are actuaries who typically work
in the Property and Casualty lines of business in insurance companies.
• Preliminary Education: same as the SOA,
except for the third exam (M Exam in SOA). The third exam in the CAS is
Statistics and Actuarial Modeling.
• There are 3 additional exams for the Associateship Requirements:
• Exam 5: Introduction to Property and
Casualty Insurance and Ratemaking
• Exam 6: Reserving, Insurance Accounting
Principles, Reinsurance, and Enterprise Risk Management
• Exam 7: Nation-Specific - Annual
Statement, Taxation, and Regulation
• Course on Professionalism
• Fellowship Examinations:
• Exam 8: Investments and Financial Analysis
• Exam 9: Advanced Ratemaking, Rate of
Return, and Individual Risk Rating Plans
• Find Additional Information at
http://www.casact.org/.
• Both Actuarial bodies offer exams twice a year in May
and November. Three of the first four exams are the same for the
SOA and the CAS. Therefore, you do not need to decide
which actuarial accreditation you want to work toward until
later in the exam process.
Local Information:
• Actuaries are mainly employed by Insurance companies
and consulting firms. Here are some of the Actuarial Employers
in the Cleveland/Columbus/Cincinnati Area.
• Buck Consultants -
http://www.buckconsultants.com/
• Central Reserve Life -
http://www.centralreserve.com/
• Charles Schwab –
http://www.schwab.com/
• Ernst and Young -
http://www.ey.com/global/content.nsf/International/Home
• Findley Davies -
http://www.findleydavies.com/html/homepage/index.cfm
• Hewitt Associates -
http://was.hewitt.com/hewitt/
• Medical Mutual of Ohio -
http://www.mmoh.com/
• Nationwide -
http://nationwide.com/nw/index.htm
• Progressive Insurance -
http://www.progressive.com/
• Towers Perrin -
http://www.towers.com/towers/default.asp
• Watson Wyatt -
http://www.watsonwyatt.com/
• Western & Southern Financial Group
- http://www.westernsouthern.com/
• We have been teaching the actuarial courses since 1991,
and have had several Successful Actuarial Students since then.
-
Sandra (Horwitz) Zomber – Passed SOA
exam 1, and in a fulltime position with Mercer in Princeton, NJ.
-
Mike Zucca – Passed SOA exams 1,2, 3
and 4. Masters degree in Actuarial Science from Iowa. Had internship with
Lincoln National during Summer of 2004. Fulltime position with Towers Perrin
in Philadelphia starting in January 2005.
-
Jennifer Lierer – Passed SOA exams 1
and 2, and is working for Cincinnati Financial Corporation in the Cincinnati
Life Insurance Company. Graduated in May of 2003.
-
Ramona Diaconu – Had an
internship with Watson Wyatt in Cleveland for summer of 2003 and with Watson
Wyatt in Chicago for summer 2004. Passed SOA exam 1 in November 2003 and
passed SOA Exam FM November 2005. Full time position with Watson Wyatt in
Chicago beginning November 2005.
-
Alison Glew – Has an internship with
The Ohio Casualty Group of Insurance for summer 2004, passed SOA exam 1 in
May 2004, and an internship with Union Central Life Insurance summer 2005.
-
Matt Smith – Passed SOA exam 1 in May
2004 and course FM in May 2005. Accepted full time position with Western &
Southern Financial Group in Cincinnati.
-
Tim Day – Passed SOA exam 1 in November
2004 and SOA exam FM in May 2005. Had internship with Findley Davies summer
of 2005. Passed SOA exam M in May 2006. Fulltime position with Findley
Davies beginning 2006.
-
Chuck Sceiford - Passed SOA exam 1 in
November 2004 , passed SOA exam FM in May 2006. Full time position with
Cheiron outside of D.C. in 2006.
-
Ajay Gupta – Passed SOA exams P and FM
in May 2005. Full time position with Health Net outside of Los Angeles
starting Fall 2005.
-
Robert Markwell - Passed SOA Exam FM in
May 2006.
-
Laura Demitrack - Passed SOA Exam FM in
May 2006.
-
David Holland - Passed SOA Exam P in
May 2005. Passed SOA Exam FM in May 2006.
-
John Newbough - Passed SOA Exam FM in
May 2006. Internship with Watson Wyatt Cleveland Summer 2006.
• Local Contact At Case:
Helpful Actuarial Links:
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