What is Actuarial Science

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Our instructor Mr Menon’s talk on “What is Actuarial Science?” at The Star Education Fair 2015

ACTUARIAL SCIENCE
Field of study
Apply analytical skills (maths & statistics) and business knowledge to predict & assess risk in the financial services sector. Traditionally: insurance ie Life and General Insurance
Once qualified, the person is called an Actuary.
Generally in the traditional insurance setting, there are 2 types of actuaries:

  1. Life actuaries
  2. General Insurance actuaries
    (in the US; Casualty actuary)

Actuaries are found in various settings in the
Financial services sector

  • Investment actuaries
  • Risk management positions
  • Corporate finance
  • Securities exchanges
  • Central banks

Insurance sector

  • Pricing actuaries
  • Reserving actuaries

HOW TO BECOME AN ACTUARY
Attain fellowship with

  • Society of Actuaries, USA (FSA)
  • Casualty Actuarial Society, USA (FCAS)
  • Institute of Actuaries, UK (FIA)
  • Institute of Actuaries, Australia (FIAA)

FSA/FCAS

  • purely by taking professional exams
  • series of preliminary exams followed by a series of fellowship exams including some coursework via modules. In the case of FSA, one has to choose a track eg Life, Retirement Benefit, Finance etc
  • After SPM and A levels and on to a ADP program
  • Enter ADP (local) and then on to US

FIA/FIAA

  • Partly by attending a university course in UK/Australia and taking professional exams.
  • After SPM, Alevels and then apply to IAA accredited universities in UK/Australia
  • After matriculation program eg VCE,SAM etc, then apply to IAA accredited Australian universities.

My pick of Universities to study Actuarial Science
USA/Canada (not in any preferred order)

  1. Georgia State University
  2. University of Wisconsin, Madison
  3. University of Texas, Austin
  4. University of Michigan, Ann Arbor
  5. University of Nebraska, Lincoln
  6. Temple University
  7. Drake University
  8. University of Illinois, Urbana Champaign
  9. University of Iowa
  10. Penn State University
  11. University of Waterloo
  12. University of Toronto
  13. Concordia university
  14. University of Manitoba
  15. University of Western Ontario

British (not in any preferred order)

  1. LSE
  2. Queens U, Belfast
  3. City University, London
  4. Herriot Watt U
  5. University of Leicester
  6. Kent University
  7. University of Southampton
  8. Warwick University

Australian (not in any preferred order)

  1. ANU
  2. Curtin, University
  3. Macquarie University
  4. Monash University
  5. Melbourne University
  6. University of New South Wales

IMPORTANT WEBSITES – ACTUARIAL SCIENCE

  1. WWW.SOA.ORG
  2. WWW.CASACT.ORG
    Both websites above give information about actuarial science/exams/events.
    They are American based.
  3. www.actuaries.org.uk
    This website gives information about actuarial science/exams/events .It is UK based.
  4. www.actuaries.asn.au
    This Australian website gives information about actuarial science/exams/events.
  5. other useful websites
    * www.beanactuary.org
    * www.actuarialoutpost.com
    (students and actuaries take part in discussions on various issues from exams to careers prospects)

Check out our ACTUARIAL SCIENCE CORNER