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actuary

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syazlin imran

on 24 January 2014

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Transcript of actuary

Actuary :
ROUTE TO BECOME ACTUARY
STAGE : 1

Four prelimniary Exams

How to GET VEE credits ?
1. College courses must be VEE approved by SOA.
2.Complete the required courses offered by your university
3.Must obtain B-or better

SOA Accreditation
-The society of Actuaries- to become actuary it is non avoidable to do examination from actuarial association
Stage 2 :
Validation by Educational Experience
What do they do?
-Analyze insurance rates (e.g for cars, homes or life insurance.
-Participate in corporate planning ( such as mergers and acquisitions)
-Calculate a fair price for a new insurance venture
- Forecast the potential impact of catastrophes
analyze investment programs
What is required for actuary?
-Strong analytical skills-impact assessment
(curiosity)
-Business knowledge (well read in business and social trends)
-Understanding of human behavior -to design and manage programs that control risk
(soft skills)
-STRONG interest in Mathematics and also strong computer skills
What does actuary focus in ?
Finance, Enterprise Risk Management, Investments, Group and Health, Individual Life and Annuities and retirement benefits
Step 1. Associate of the SOA (ASA)
I) Four stages :
-Preliminary Exams
-Validation by Educational Experience
-Fundamentals of Actuarial Practisde
-Associate Professionalism Course
What is SOA ?
The Society's vision is for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events. The SOA has three overall goals: providing primary and continuing education for students and practicing actuaries, maintaining high professional standards for actuaries, and conducting research on actuarial trends and public policy issues.[5]
You will learn more about Stage 1 while doing your degree
Exam 1 : Probablity (Exam "P")
Exam 2 : Financial Mathematics (Exam "FM")
Exam 3 : Modelling- component 1 : Life Contingencies (Exam MLC)
Component 2 : Financial Economics (Exam "MFE"
Construction Models (Exam C)

Stage 2 : Required courses:
VEE - Applied statistical methods
VEE - corporate finance
VEE - economics
Stage 3 : Fundamentals of Actuarial Practise (FAP)
1. Into the role of a Professional Actuary
2. Core External Forcess
3. Risk in Actuarial Problems
4. Actuarial solutions
6. Model selection and Solution Design
7.Selection of Initial Assumptionds
8. Monitoring Result and completing the control cycle

Assesments :
1. Examination upon completion of Modules 1-5
2. Final examination upon completion of Modules 6-8
Stage 4 : Associate Professionalism Course (ACP)
Half day courses

Covers
Professionalism
Ethics
Legal liabilities
SOA Fellowship (FSA)

TWO MORE STAGES TO BECOME A FELLOW OF THE SOA
1. Two FSA Modules based on one specialty track.
2. Two professional Examinations
Company /sponsor perspective (CSP)Paper
Design and pricing (DP) Paper
RECOGNIZED ACTUARIAL ASSOCIATIONS :

Society of Actuaries (SOA, US)
Casualty Actuarial Society (CAS), US
Institute of Actuaries (IA) , England
Institute of Actuaries of Australia (IAA)
Faculty of Actuaries, Scotland

information of actuary : http://www.thecompleteuniversityguide.co.uk/courses/options/actuarial-science/

http://www.lse.ac.uk/statistics/study/prospective/bsc_actuarial_science.aspx
Duration of to pursue Actuary professional career is 8-10 years

http://actuaries.org.my/career/route-to-becoming-an-actuary/route-to-becoming-an-actuary-soa/
Full transcript