Actuaries

Jerrek · 17-07-2004, 19:05

Is anyone here an actuary, or know an actuary?

I've been thinking again. I don't know how you become an actuary in the United Kingdom, but here (United States and Canada) it works something like this:

To become an Associate with the Society of Actuaries, you need to pass the 4 core tests (1, 2, 3, and 4), and pass 2 of the last four (5, 6, 7, 8). I think you may need to pass a professionalism test and some others, but these 8 tests are hardcore.

Tests 1 - 4 are 4 hours each. Test 5 is 5 hours, 25 minutes, and test 8 is 6.5 hours.

The tests are hard. Very hard. Usually, they only let the top 40% pass.

Anyways, I think I'm going to persue this in addition to my current university programs. Why? Well, it will make me more qualified. Some of the courses I've taken overlap with the tests, for example:

Test 1 is basically calculus from years 1 and 2 in university, and probability theory from year 2. I can do that.

Test 2 is basically economics (micro and macro), interest, and finance. I can do all of that, except finance.

Tests needn't be taken in any specific order. You can retake them as many times as you want. Once completed, they never expire.

I don't know if I want to complete all 8 tests. My goal is to complete enough so I can get the professional designation SOA (Society of Actuaries).

Does anyone have any experience in actuarial sciences? What do you guys think? Is actuarial science a worthwhile persuit, seeing I'm in math and business already. I think it would make an excellent combination with a CA (or perhaps a CGA, CMA) designation.

The bonus here is that unlike other professionals, you can actually work while you study. If I can pass two tests a year (this will take a _lot_ of studying because the rule is, for every hour of the test, study 100 to 150 hours), I can be an actuary in 4 years or so. Provided I don't fail. AND, it doesn't require dedicated time. I can do it on my own at nights, and take electives in university geared towards the actuarial sciences.

My university does have a program B. Math in Actuarial Science, but I'm not going to go that route. First, I'm already third year and my major in my degree (bachelor in mathematics, honors level) is combinatorics and optimization. I feel that if one persues the actuarial science major, you will perhaps get your SOA exam qualifications easier, but, you end up with only that: actuarial science, whereas, doing it the way I'm doing requires more work, but you actually end up with more.

Any thoughts on this matter would be appreciated. (relating to actuaries)

Russ · 17-07-2004, 19:11

What's an actuary?

**Damien** · 17-07-2004, 19:14

Quote:

A person professionally trained in the technical aspects of insurance, particularly in the mathematics of insurance, such as calculating premiums and proper Fund reserves. Actuaries assist in estimating the cost of implementing new benefits or changing existing benefits.

So a insurance salesman

Just kidding

Russ · 17-07-2004, 19:15

Oh ok...do we have any in this country?

**Damien** · 17-07-2004, 19:17

Quote:

Originally Posted by Russ D

Oh ok...do we have any in this country?

think so, but its a title within a job i think. Not something the general public would know about.

paulyoung666 · 17-07-2004, 19:18

Quote:

Originally Posted by Russ D

What's an actuary?

you beat me to it

jerrek , what is wrong with doing whatever it is in the good old us of a or canada

Jerrek · 17-07-2004, 19:20

/hits himself

Yes. Many people ask that question. I should have explained. Sorry... Here is a little bit from the Society of Actuaries homepage:

Quote:

What is an Actuary?

An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. They evaluate the likelihood of those events, design creative ways to reduce the likelihood and decrease the impact of adverse events that actually do occur.

Actuaries are an important part of the management team of the companies that employ them. Their work requires a combination of strong analytical skills, business knowledge and understanding of human behavior to design and manage programs that control risk.

SOA members work in life insurance, retirement systems, health benefit systems, financial and investment management and other emerging areas of practice. The majority of actuaries work within the insurance industry, although a growing number of actuaries work in other fields.

**Damien** · 17-07-2004, 19:20

Quote:

Originally Posted by paulyoung666

you beat me to it

jerrek , what is wrong with doing whatever it is in the good old us of a or canada

Think he justs wants to know how we do it. I reakon googling it would be the best option. Its not soomething us lot seem to know about

Jerrek · 17-07-2004, 19:22

Yo guys, yes, look:

Faculty and Institute of Actuaries (UK)
http://www.actuaries.org.uk/Display_...rl=/index.html

paulyoung666 · 17-07-2004, 19:23

Quote:

Originally Posted by Damien

Think he justs wants to know how we do it. I reakon googling it would be the best option. Its not soomething us lot seem to know about

i get the feeling it is called something else over here, not sure what but deffo something else

Jerrek · 17-07-2004, 19:27

No, you guys most definitely have actuaries. *frown* Although looking at the statistics page, only about 15,000 actuaries in the United Kingdom. That really isn't a lot.

**Damien** · 17-07-2004, 19:29

It not a term people will know unless they are in the feild i reakon

paulyoung666 · 17-07-2004, 19:33

Quote:

Originally Posted by Jerrek

No, you guys most definitely have actuaries. *frown* Although looking at the statistics page, only about 15,000 actuaries in the United Kingdom. That really isn't a lot.

sorry but your point is about the amount ??????????? , excuse me but i dont get this at all , i thought you were going to work for microsoft or summat

Jerrek · 17-07-2004, 19:33

Hmm, odd. I thought you guys would be a little more familiar with the profession.

On the other hand, after rechecking something, 15,000 is a lot. There are only 14,000 actuaries in North America, 3,000 of which is in Canada. This is excluding students. (You guys have 7,000 actuaries, excluding students)

Hmm, I wonder why the numbers are so low. The profession is interesting, but the work can be monotonous.

Jerrek · 17-07-2004, 19:37

Quote:

Originally Posted by paulyoung666

sorry but your point is about the amount ??????????? , excuse me but i dont get this at all , i thought you were going to work for microsoft or summat

Perhaps. I have worked for a great many companies (thanks to co-op) in many industries. But, I'm still in school. Education is important now.