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Instituto Guatemalteco Americano (IGA)
Ruta 1, 4-05 Zona 4
Guatemala City, GTM 01004
Phone 502-2422-5555

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Calculators: Only the following Texas Instrument calculator models may be used:
BA II Plus*
BA II Plus Professional Edition*
TI-30XS Multi View (solar)
TI-30XB Multi View (battery)
*Upon entrance to the exam room, candidates must show the supervisor that the memory has been cleared. For
the BA II Plus and the BA II Plus Professional Edition, clearing will reset the calculator to the factory default
Calculator instructions cannot be brought into the exam room. Candidates who neglect to purchase an approved calculator
or who forget to bring one to the test site must write the examination without one.
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or other disciplines to land a position provided they have proven ability to pass exams and good computer skills. the most desirable candidates possess a bachelor's degree in a quantitative area of study. Whether you are still in college. a recent graduate.Exams Probably the single most important qualification for an entry-level candidate is exam progress. While employers favor candidates with a quantitative background. If you are still in college. a candidate with one exam and excellent internship experience is just as desirable as a candidate with two exams and no experience. Experience Many employers prefer a candidate have some actuarial experience prior to consideration. Obtaining an internship may be a challenge. These include:          Actuarial Science Computer Science Economics Engineering Finance Management Information Systems (MIS) Mathematics Physics Statistics. The market discourages candidates from passing more than three exams without experience. try to have one internship at a traditional insurance company and another at a consultancy. If you are a career changer. Entry-level candidates should be prepared to pass two exams before being seriously considered for employment. or a career changer. an internship is still a great idea especially if you are switching from an unrelated field such as teaching. it is possible with a solid academic record. private . While it will be very difficult for you to obtain employment without an internship. Also. However. Internships are a great opportunity to "try on" a discipline. Many of the larger employers will only consider college students or recent graduates. you will strive for two. and good computer skills. but indicate you are open to an internship. an internship or co-op is a good idea if not a requirement. If you are a recent graduate and have two exams under your belt. it is not unusual for candidates with degrees in liberal arts. begin looking for a full-time position. it is vital that you obtain at least one actuarial summer internship. The environment at a consultancy is vastly different from that of an insurer and the environment in life insurance is different from property and casualty. One summer you can try out pensions and the next property and casualty. Ideally. Education Typically. two exams. education. Smaller.

and one just graduated high school this past May. so a good working knowledge of the tools of the trade is extremely important to obtaining an actuarial position and success on the job. Being "good at math" doesn't cut it. These days two exams on a resume means was an English major. but I might ask: Is it for you? Do you love doing math problems just for the fun of it? Do you like looking . Recent graduates with no exams are still looking at one to two years minimum to even be considered. who is currently an ASA and just sat for 8M.D degree as a requirement. Graduate school might help to give you the footing that you need to get into actuarial science. that's what the SOA's Image Campaign would have us believe. but in ways that FSA described in his post earlier. I also don't have any internship experience in this field so I'm wondering if grad school would help me get that footing for getting into the profession. The reason I ask is because I did not major in an area close to actuarial science and have take only very basic classes in stats/prob and long as you can understand life contingencies and loss models. I would say that having an economics degree (like the original poster has) is a very good start. I really find the devaluation of a graduate degree on this board disgusting. Except I think most employers require a 4-year degree for an actuarial position. and to a lesser extent Word and PowerPoint. the more likely you are to be hired! What don't you get? Someone without a mathematical or statistical background is at a great disadvantage in passing exams. So all I've been reading from this forum is that grad school is useless. I know at least two people who have progressed through the exams with peculiar situations . The better your computer skills. You could have gotten an associate's degree in auto mechanics . but got a 10 on Exam M in Spring 2005 and finished Courses 1 & 2 while in high school. In fact. so I am wondering if graduate school would give me more background in more advanced classes like finance etc (or do you people think I could learn that stuff by myself?). I've noticed that statisticians generally require a master's/Ph. So does a graduate degree help one get a job or progress further in the profession? Maybe. why did I even go to a four year school? I should have just gone to a two year auto body program. Someone in economics has a good understanding of the market and of the financial sector that actuaries should be concerned with. and many employers are requiring knowledge or even mastery of it before consideration. Possessing an above-average understanding of both Excel and Access is a must. at least then I could fix the dings on my car. You don't actually have to major in math or actuarial science in order to take these exams. I would greatly appreciate some advice so to which path I should take. smaller firms can benefit from your work to a much greater extent than larger firms. Only way to know if you can pass exams is to actually take them. SQL is becoming an indispensable skill. I'd say you'd be getting farther and farther away from the business aspect as you delve further into a graduate actuarial program. you'll be fine. Programming languages such as VBA and C++ are beginning to become a requirement as well. For many higher level positions. Also. it's almost essential to have a graduate degree. What's with this trend? ''''' it. in this industry that's just shooting par. or at least. thanks. Computer Skills Technology plays an important role in the actuarial profession. You don't need a graduate degree in order to work in an actuarial position.firms are much more embracing of a varied past.

Let me hear your guys' input! What kind of jobs do you have and why would you recommend going one way or the other? Thanks in advance for your replies. with the help of the Study Materials (do a google search for ASM actuarial study materials). Personal hygiene. Corporate Finance and ERM vs. but the exams are really it.S. What do you guys think an actuary in my position should do to keep my options as open as possible? I feel like ERM has a broader scope over actuarial science as a whole but QFI might be just broad enough for my needs. confidence all help you get further in any field. the necessary and sufficient condition of being an actuary is whether or not you can pass exams. Really. in that it covers most aspects of investment banking without dealing with the "boring" stuff. insurance and mortality tables bore me to death. [–]pettiblayInvestment[S] 1 punto 5 meses atrás That's a good point. in the next 5-10 years to work in investment banking or risk management in the financial sectors. Needless to say. which would be ERM and CFA but that's a bit more taxing (and probably more rewarding as well).at complex equations from different points of view. Most actuaries study for exams mostly on their own. I've also thought of the alternative. including being an actuary. Quantitative Finance and Investment tracks (self. I'm currently living in Canada and work in an investment product development position.actuary) I'm currently weighing both of these options. communication skills. I am contemplating moving to the U. then perhaps you'd do better to go for an MBA and get a job in business somewhere. Thanks I hadn't thought of that! [–]SweetGeorgiaSam 1 punto 5 meses atrás You can always get a CFA to fulfill the VEEs :D [–]Jcdenton52 1 punto 5 meses atrás . [–]s4gresRetirement 2 puntos 5 meses atrás You could always do QFI and then get the CERA designation. Just finishing up my ASA designation over the summer and now I need to figure out which of these is right for me. That will cover both your goals and is only a 2 hour longer exam process. just because it's interesting? Can you derive the quadratic formula? If the answer to these questions is "no".

an IB analyst may get an extra 30k bonus. 52 weeks a year ~ 28. but I'm definitely thinking of using actuary skills in a more finance-geared application when the time comes. the problem is that the SOA ERM path is geared more for Life Insurance/Banking. dont expect it is a 9-5 job.8 an hour compared with 65k for 40 hours a week.I'm not as far as you. but to answer your specific question. neither the ERM/Finance or investment SOA track is valuable to health actuary. However that does not take the study hours into account. it comes down to 65k/(50*40 + 160*2) = $28. Quote: Originally Posted by fightinphilz Hi. I used 40 hours above for a quick calculation but I know most of entry level actuarial analysts work for 45-50 hours (at least at the firm I interned). I am seeing ERM pop up more and more on the health side. I guess my only question is how and when those paths diverge [–]pettiblayInvestment[S] 1 punto 4 meses atrás I don't think choosing either will necessarily make my career diverge from what It is right now since ultimately. Average pay per hour is somewhat more competitive than IB at the entry level (120k for 80 hours a week. You will certainly have a more balanced work-study-life however. You usually get some time off before the exams but it is more like 40 hours than 200 hours. both are quite similar and the end result is basically the same. ____________________________________________________________________________ For health. not the SOA. how often do you see actuaries specialize in the Investment or Finance ERM track as opposed to the traditional Health or P&C track? The "traditional" P&C path is through the CAS.5 an hour). ERM/Finance in health is getting more important. You may find a little more on the P&C side. I think an actuary is like an engineer in term of entry level pay and the pay cap. So if you write two exams a year. So. With 3 exams you will get 55-65 depend on the city and it is not hard to get 6 . very little in terms of investments. 50 weeks a year ~ 32. right now at least (in terms of their career). For those of you working in P&C and Health (specifically Health since the P&C SOA track is new). You will get 8-10% increase for passing 2 exams but in the second year.

Risks are commonly categorized as strategic. Depending on what group you are in. In more complex organizations. As for the Excel question. and information security. CRO's are accountable to the Executive Committee and The Board for enabling the business to balance risk and reward. If you are crazily study for exams and pass the rest 4 or 6 exams and all the modules. And a lot of this (both design and function knowledge) is best done either OJT or working on "personal" projects. as well as financial reporting to higher management. a common title in the United Kingdom. you can expect 120-130k. and related opportunities. The CFO supervises the finance unit and is the chief financial spokesperson for the organization. operational. The position became more common after the Basel Accord. In some sectors the CFO is also responsible foranalysis of data. They may also deal with topics regarding insurance. to a business and its various segments. fraud. reputational.figures in 4 years. the Sarbanes-Oxley Act. The CFO reports directly to the President/Chief Executive . corporate investigations. Honestly there are a lot of misunderstanding/misconception about actuarial profession. The CFO typically reports to the chief executive officer and to the board of directors. she was group lead). there were only 2 girls and there were at least 11 guys. What I was bothered is that the ratio man/woman is ridiculous. My group has only one lady and 5 guys (quite frankly. and may additionally sit on the board. The chief financial officer (CFO) or chief financial and operating officer (CFOO) is a corporate officer primarily responsible for managing the financial risks of the corporation. accounting. it is somewhat overrated. In my internship class. spreadsheet design is the far better skill to have than knowing particular Excel functions. they are generally responsible for coordinating the organization's Enterprise Risk Management(ERM) approach. However. internal auditing. The chief risk officer (CRO) or chief risk management officer (CRMO) of a corporation is the executive accountable for enabling the efficient and effective governance of significant risks. You can do a search on this forum for additional ideas. But that does not really bother me the most. financial. economics. it can be very interesting (product development) or b oring as hell (reserve?). the Turnbull Report A main priority for the CRO is to ensure that the organisation is in full compliance with applicable regulations (chief compliance officer). CRO's typically have post-graduate education and 20+ years of business experience. Even though it is one of the high paying job you can get out of college. or compliance-related. This officer is also responsible[1] for financial planning and record-keeping. you are most likely to be capped at 170-180k unless you move up the ladder. and legal backgrounds common. The title is equivalent to finance director. with actuarial.

The Chief Financial Officers Act. OFFM is led by a controller. the Deputy Director for Management. Qualification Most CFOs of large companies have finance qualifications such as an MBA or come from an accounting background such as CPA (Certified Public Accountant). an increased use of the chief information officer post. the head of the Office of Fiscal Service of the Department of the Treasury. is the chief official responsible for financial management.Officer (CEO) and directly assists the Chief Operating Officer (COO) on all strategic and tactical matters as they relate to budget management. CIOs and Program Managers. The Office of Federal Financial Management (OFFM) is specifically charged with overseeing financial management matters. within public agencies).S. and monitoring the establishment and operation of federal financial management systems. cost benefit analysis. for example. government and "advise and coordinate the activities of the agencies of its members" in the areas of financial management and accountability. created a chief financial officer in each of 23 federal agencies. Its mandate is to work collaboratively to improve financial management in the U. . the OFFM controller. The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB. establishing financial management policies and requirements. enacted in 1990. The CFO Act also established the CFO Council. forecasting needs and the securing of new funding. A finance department would usually contain some accountants with Certified Public Accountant Management Accountant or equivalent status. Federal government of the United States[edit] The federal government of the United States has incorporated more elements of businesssector practices in its management approaches. OMB Circular A-123 (issued 21 December 2004) defines the management responsibilities for internal financial controls in federal agencies and addressed to all federal CFOs. chair by the OMB Deputy Director for Management and including the CFOs and Deputy CFOs of 23 federal agencies. This was intended to improve the government's financial management and develop standards of financial performance and disclosure. and the Fiscal Assistant Secretary. including the use of the CFO position (alongside. a position was established by the CFO Act. The circular is a re-examination of the existing internal control requirements for federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes–Oxley Act of 2002.

The CFO must serve as the financial authority in the organization. especially in light of the highly uncertain macroeconomic environments. in a report released by McKinsey. the CFOC announced that for the second consecutive year. 88 percent of 164 CFOs surveyed reported that CEOs expect them to be more active participants in shaping the strategy of their organizations. emphasize what gets done rather than how things are done. fundamental recordkeeping. the GAO was prevented from expressing an opinion on the consolidated financial statements of the government due to a number of material weaknesses related to financial systems. the role of the CFO has evolved significantly. every major federal agency completed its Performance and Accountability Report just 45 days after the end of the fiscal year (2006).While significant progress in improving federal financial management has been made since the federal government began preparing consolidated financial statements. At the same time. and financial reporting. The CFO is now expected to be a key player in stakeholder education and communication and is clearly seen as a leader and team builder who sets the finance agenda for the organisation. CFOs are increasingly playing a more critical role in shaping their company’s strategies today. "The CFO of tomorrow should be a big-picture thinker. where managing financial volatilities is becoming a centerpiece for many companies' strategies.[3] According to one source. outspoken rather than reserved. the GAO announced that for the 10th consecutive year. The duties of a modern CFO now straddle the traditional areas of financial stewardship and the more progressive areas of strategic and business leadership with direct responsibility and . based on a survey held by Clariden Global. and make collaborative rather than unilateral decisions. the Government Accountability Office (GAO) reported that "major impediments continue to prevent [GAO] from rendering an opinion."[2] In December 2006. The CFO is as much a part of governance and oversight as the Chief Executive Officer (CEO).[5] CFOs are increasingly being relied upon as the owners of business information."[4] The uneven pace of recovery worldwide has made it more challenging for many companies. rather than detail-oriented. ensuring the integrity of fiscal data and modeling transparency and accountability. Traditionally being viewed as a financial gatekeeper. Half of them also indicated that CEOs counted on them to challenge the company’s strategy. in calendar year 2007. Changing role[edit] In recent years. supports the CEO directly and provides timely advice to the board of directors. In fact. reporting and financial data within organizations and assisting in decision support operations to enable the company to operate more effectively and efficiently. playing a fundamental role in the development and critique of strategic choices. prefer to delegate rather than be hands-on. the role of the CFO has expanded and evolved to a strategic partner and advisor to the CEO.

is best-evidenced by the “CEOin-Waiting” status that many CFOs now hold. and risk mitigation is one that plays to the primary skills and capabilities of a procurement organization.oversight of operations (which often includes procurement) expanding exponentially. profit margins. and become increasingly involved (directly via oversight or indirectly through improved collaboration) with the procurement function according to a recent research report that looks at the CFO's relationship with procurement. Additionally. This significant role-based transformation.[6] . which is well underway. many CFOs have made the realization that an operating environment that values cash.