Professional Documents
Culture Documents
York University
November 10, 2020
CASStudentCentral.org
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
2
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
3
What is an Actuary?
A business professional who deals with the
financial impact of risk and uncertainty
CASStudentCentral.org
4
Areas of Work
Employee Financial
Insurance Governmen
Benefit Services
Industry t
Industry Industry
Banks,
Property and
Retirement investments,
casualty Pension plan
benefits risk
(P/C)
management
Regulation
Life and Health Mergers &
of insurance
annuities benefits Acquisitions
companies
CASStudentCentral.org
5
Typical Actuarial Projects
Property/Casualty Life Insurance Health Benefits
• Estimating the amount of • Designing and pricing life • Setting group benefit
money to be set aside for insurance products premium rates
insurance claims that
have not been paid
CASStudentCentral.org
6
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
7
Why be an Actuary?
Graduate school not Advance by Advancement
High earnings potential required – no loans to examinations – no opportunities expand
repay “glass ceiling” throughout career
Overall, a highly
ranked profession
Job security • Actuary is rated the #1 job in
America, according to a
2015 CareerCast.com
report.
CASStudentCentral.org
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Career Outlook
CASStudentCentral.org
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Study Benefits
Paid Study Time Raises or bonuses
(100 – 120 hours for each exam
per exam is not ($2,000 - $5,000
uncommon) range)
CASStudentCentral.org
10
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
11
What Skills are Needed?
Solid
communicatio
n skills (oral &
written)
Good business Strong
sense computer skills
Keen
analytical,
Knowledge of
project
management Actuary math and
finance
and problem
solving skills
CASStudentCentral.org
12
Actuarial Skill Set:
A Question of Balance
• Technical Competence
• Ability to Communicate
• Business Acumen
• Professional Standards
CASStudentCentral.org
13
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
14
CAS and SOA
• Two learned bodies
– Casualty Actuarial Society (CAS), focus on
property/casualty
– Society of Actuaries (SOA), traditional focus on life,
health, and pensions
• Very different theoretical focus
– P&C – loss generation much less certain
– Life – generally loss producing phenomenon
reasonably known
CASStudentCentral.org
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Casualty Actuarial Society
World’s only actuarial organization focused exclusively on
P&C risks
CASStudentCentral.org
Why CAS?
What makes us different?
• Tangibles
– Depth of training
– Salaries
– Employment opportunities
• Intangibles
– Industry Leader
– Culture and community
– Spirit of volunteerism
– Core values
CASStudentCentral.org
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Core values shared by CAS members
Creativity /
Intellectual Diversity Excellence
Curiosity
Practicality
CASStudentCentral.org
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Membership Statistics
CAS Member Growth
2004-2019
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
CASStudentCentral.org
10/16/21
A Global Society
CASStudentCentral.org
10/16/21
CAS Members by Type of Employment
Reinsurance
Service Org's
Retired
Other Government Brokers & Agents
Academic
CASStudentCentral.org
10/16/21
Salaries for FCAS vs. Other Actuarial Designations
$330,000
$280,000
$230,000
Other
$180,000 FCAS
$130,000
$80,000
4 Years 8 Years 12 Years 15 Years
Exp Exp Exp Exp
Used with permission from Ezra Penland Actuarial Recruitment (http://www.ezrapenland.com/salary/)
CASStudentCentral.org
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Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
23
CAS Syllabus to Reach ACAS
Validation by Educational Experience (VEE):
• VEE-Corporate Finance
• VEE-Economics
Course on Professionalism
Exams
CASStudentCentral.org 24
CAS Syllabus to Reach ACAS
Required CAS CAS Exams
Learning Objectives
Met Through Other Exams
– 1 – Probability – Exam MAS I – Modern
– 2 – Financial Mathematics Actuarial Statistics I
– 3F – Investment and Financial – Exam MAS II – Modern
Markets Actuarial Statistics II
– Exam 5 – Basic Techniques for
Ratemaking and Estimating
Claim Liabilities
– Exam 6 – Regulation and
Financial Reporting (Nation
Specific)
– Actuarial Institute of Chinese
Taipei, China Association of
Actuaries, Canada, and United
States
CASStudentCentral.org
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Current CAS Syllabus to Reach FCAS
Exam 7—Estimation of
Policy Liabilities,
Exam 8—Advanced Exam 9—Financial Risk
ACAS plus: Insurance Company
Ratemaking and Rate of Return
Valuation, and Enterprise
Risk Management
CASStudentCentral.org
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2020 CAS Syllabus
CASStudentCentral.org
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CAS Preliminary Education
CASStudentCentral.org
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Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
29
What do Property/Casualty Actuaries do?
• Ratemaking
• Reserving
• Predictive modeling
• Reinsurance
• ERM
CASStudentCentral.org
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Ratemaking / Pricing
CASStudentCentral.org
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Loss Reserving
CASStudentCentral.org
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Capital Adequacy
CASStudentCentral.org
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Reinsurance
CASStudentCentral.org
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Enterprise Risk Management
CASStudentCentral.org
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Many Trends Affect our Practice
Internet of things and “big data”
CASStudentCentral.org
Many Paths to Success
academic
regulator
people oriented stable schedule
reinsurance
management
reserving
ERM insurance
reserving
broking reinsurance insurance
pricing ratemaking
consulting
banking/
investment
CASStudentCentral.org
37
Outline
• What is an Actuary?
• Why be an Actuary?
• What skills are needed to be an Actuary?
• What is the difference – CAS and SOA?
• How do you become an Actuary?
• What do Property/Casualty Actuaries do?
• How can I find out more?
CASStudentCentral.org
38
You are invited…
CASStudentCentral.org
CAS Student Central Membership Benefits
CASStudentCentral.org
Visit CASstudentcentral.org
CASStudentCentral.org
Additional Resources for Students
Beyond CASstudentcentral.org
• CAS - casact.org
• Be An Actuary - BeAnActuary.org
• American Academy of Actuaries - actuary.org
• OLA - latinoactuaries.org
• IABA – blackactuaries.org
• Salary Surveys
– ezrapenland.com
– dwsimpson.com
CASStudentCentral.org
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CAS Trust Scholarship Program
casact.org/trustscholarship
• Scholarship for students pursing a career in casualty actuarial science.
CASStudentCentral.org
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Casualty Actuarial Society
4350 North Fairfax Drive, Suite 250
Arlington, Virginia 22203
www.casact.org
CASstudentcentral.org
CASStudentCentral.org