2017-2018 soa vs. cas & insurance vs. consulting...

SOA vs. CAS & Insurance vs. Consulting Workshop2017-2018

SOA Overview● Over 28,000 members worldwide● Mainly involved in the life, health, and pension areas● Six fellowship tracks

○ Corporate Finance and ERM○ Quantitative Finance and Investment○ Life and Annuities○ Retirement Benefits○ Group and Health○ General Insurance

Companies that hire SOA Actuaries● AIG, Aetna, Aon,

BCBSM, Cigna, Deloitte, Humana, Jackson National, KPMG, Liberty Mutual, Mercer, Milliman, NY Life, PWC, RGA, Sun Life, Swiss Re, WTW, United Health

CAS Overview● Over 8,000 members worldwide● Involved in property and casualty insurance areas

○ Areas include, but certainly not limited to: auto, property, liability, worker’s compensation, business to business, lawyers, hospitals, doctors, cyber risk

● All Fellows receive the same designation (no specialty areas)

Companies that hire CAS Actuaries● Accident Fund, AIG, Allstate, Ally, Auto-Owners, CNA, Hagerty, farmers, Liberty Mutual, Nationwide, Progessive, Deloitte, PWC, RGA, State Farm, Swiss Re, Zurich

SOA vs. CAS Comparison

SOALarger membership

Better reputation, more well-knownMore established in university

systems like U-M

CASFaster growing membershipHigher average salariesBroader array of opportunities (no specific exam track)

SimilaritiesEducation structure (exams)

Can work anywhere in the US (mostly big cities - headquarters)Continuing education requirements

Insurance Actuary Overview● Traditional actuarial function

● Work in a well-defined role, with opportunity to “move up the ladder”

● New-hires usually placed in rotational training program to get exposure to

different parts of the business (pricing, reserving, analytics, etc)

● Opportunities to explore and create, make your work more efficient

● Most companies offer generous study programs - paid study hours, study

materials and exam costs reimbursed

Insurance Companies● Accident Fund,

AIG, Aetna, Allstate, Ally, BCBSM, Cigna, CNA, Humana, Jackson National, Liberty Mutual, Nationwide, NY Life, Progressive, State Farm, Swiss Re,Zurich

Consulting Actuary Overview● More dynamic, fluid actuarial function

● Take projects as they come up - less stability in work

● No formal rotation program, but opportunities to work in different areas

● Work face-to-face with clients, opportunities to travel

● Fast-paced, long hours

● Work at times can take precedent over studying for actuarial exams

Consulting Companies that Hire Actuaries● Aon,

Deloitte, EY, KPMG, Mercer, Milliman, PWC, WTW

Insurance vs. Consulting Comparison

InsuranceLess hours, better work-life balance

Better study programsMore routine, stable work

ConsultingHigher average salaryOpportunities to travelFast-paced, client facing

SimilaritiesBoth actuarial work!

Both have high pay as actuaries

Actuarial Salary Survery: https://www.dwsimpson.com/downloads/2017-DW-Simpson-Actuarial-Salary-Survey.pdf