Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

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Transcript of Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Page 1: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.
Page 2: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.
Page 3: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

BecomeBecome an actuary an actuary

JumpstartJumpstart a promising career a promising career by joining by joining thethe actuarial programactuarial program

atat FDUFDU

Page 4: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

OverviewOverview What is an Actuary? What skills are needed to be an Actuary? Where do Actuaries work? What do Actuaries do? How do I become an Actuary? What is the career outlook for Actuaries? How can FDU help you become an actuary? Questions

Page 5: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

What is an Actuary anyway?What is an Actuary anyway? An Actuary is a person who:An Actuary is a person who:

• Analyzes, manages and measures the financial implications of future risk.

• Works to maximize profit while managing volatility.

• Develops and validates financial models to guide decision making.

Page 6: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Skills and Talents Needed Skills and Talents Needed to be an Actuary?to be an Actuary?

• Skills

– Analytical and problem solving skills

– Communication skills

– Strong computer skills & knowledge of mathematics and finance

• Talents:

– Motivation

– Creativity

– Independence

– Ability to work with others

Page 7: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Where do Actuaries Work?Where do Actuaries Work?

• Consulting firms• Insurance companies• Government insurance departments• Banks and investment firms• Large corporations• Public accounting firms• Colleges and universities

Page 8: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Typical Actuarial ProjectsTypical Actuarial Projects• Designing and pricing life insurance

products.• Estimating the amount of money to be set

aside for insurance claims.• Setting HMO premium rates.• Retirement Systems: Pricing the cost of

increasing retirement benefits.• Finance & Investments: Portfolio

diversification studies.

Page 9: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Jobs Rated AlmanacJobs Rated AlmanacRatingRating Based on: Income, Outlook, Stress, Environment , Based on: Income, Outlook, Stress, Environment ,

Physical Demands, and SecurityPhysical Demands, and Security

• Actuary has received the #1 job rating twice!

• Actuary has been rated as one of the top five jobs in each of the editions published since 1988.

Page 10: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Career Outlook for ActuariesCareer Outlook for Actuaries

• Employment growth for consulting actuaries.

• Development of new financial tools.

• Growing ability to model risks.

• Growth in the health services industry.

• Growth in risk management.

Page 11: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

EarningEarning PotentialPotential

$0

$50,000

$100,000

$150,000

$200,000

$250,000

0.0 - 4.5 4.6 - 9.5 9.6 - 14.5 14.6 +

Exam 1Exam 4Exam 7Fellow

Note: Compensation may vary significantly according to years of experience, geographic region and responsibilities.Source: D.W. Simpson & Company, Inc, 2004 Salary Survey

Average Actuarial Salaries

Range in Years of Experience

Page 12: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

How to Become How to Become an Actuary?an Actuary?

The bad news first:• Like a doctor or lawyer, an actuary achieves

professional status by passing examinations to prove a certain level of knowledge.

• Actuarial examinations are administered by the Casualty Actuarial Society (CAS) and Society of Actuaries (SOA).

Page 13: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

How to Become How to Become an Actuary?an Actuary?

… and now the good news: FDU can prepare interested students for an actuarial career on

many levels• Our math and statistics courses will give you a strong math

background.• Our Business School offers courses in business, finance,

accounting and management.• Our CS courses and state of the art computer labs will help you

build necessary computer skills.• Our courses in English, speech or business writing will help you

develop strong communication skills.

Page 14: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

How can FDU’s actuarial program How can FDU’s actuarial program help you with the actuarial exams?help you with the actuarial exams?

We offer our Math majors • a well structured concentration in Actuarial Science.• advising geared towards professional actuarial

exams.• courses in subjects covered by professional

actuarial exams. • independent studies and training for actuarial

exams in areas not covered by our regular courses.

Page 15: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

How do we specifically prepare our How do we specifically prepare our students for the Actuarial Profession?students for the Actuarial Profession?

• We assist our students with most of the topics within the area of the Preliminary Education Structure.

• We help prepare our students for all preliminary exams through regularly offered courses, independent studies courses or one-on-one help sessions.

• VEE (Validation by Educational Experience) credits can

be obtained through approved FDU courses.

Page 16: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

How else do we help our actuarial How else do we help our actuarial program students?program students?

• Help finding summer internships• Summer Research Grants

Page 17: Become an actuary Jumpstart a promising career by joining the actuarial program at FDU.

Questions and CommentsQuestions and CommentsTo learn more about the actuarial profession, visit www.BeAnActuary.org.

Visit the Casualty Actuarial Society on the Web - www.casact.org

or the Society of Actuaries on the Web - www.soa.org

Contact Dr. M. Slaby, Dept. of Math & CS, FDU, (973) 443-8468, [email protected]