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The CAS Basic Education System

University of ArizonaApril 2016


Agenda

Introduction The actuarial profession

Actuarial fields, Organizations (CAS vs SOA) Real life examples

ACAS and FCAS, How to Achieve Credentials Exams, other requirements

Sample exam problem

UA courses

Resources for Jobs and Internships CAS student central, other resources

Discuss Open for questions and discussion


Introduction

About me U of A graduate class of 2013, BS in math

Actuarial analyst for a P&C insurance company ~3 years

Why I’m here As a volunteer

The CAS University Liaison program was established to “help

facilitate the partnership between academics and the actuarial

profession.”

To offer my time as a resource


Introduction

The actuarial profession Actuaries quantify risk in a business setting

Usually work for consulting or insurance firms What is the difference?

Ultimately requires a professional designation Series of exams that take around 6-10 years to complete


Actuarial Fields and Associated

Organizations

Property and Casualty (P&C) A casualty: an accident or disaster

Property and casualty refers to general insurance

P&C actuaries are credentialed through the Casualty Actuarial

Society (CAS)

Life, Health, and Pension Life insurance, health insurance, pension consulting

Credentialed through the Society of Actuaries (SOA)

Each organization (CAS, SOA) will have different

exam requirements


Why Property/Casualty?

A Dynamic Field New product offerings like cyber-liability, automated

vehicles, changing climate trends

New applications of other sciences (e.g., big data, data

analytics, behavioral sciences)

A Growing Field Mature and Emerging Markets

Increased Demand for Skills

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Real Life Example: Seasonality in Pet

Insurance


Exams and Other Requirements to

Reach ACAS

(1)Validation by Educational Experience (VEE): VEE-Corporate Finance

VEE-Economics

Can be achieved through university coursework

(2)Two Online Courses: Online Course 1—Risk Management and Insurance Operations

Online Course 2—Insurance Accounting, Coverage Analysis,

Insurance Law, and Insurance Regulation

(3)Course on Professionalism (2-3 days)

(4)Exams


VEE Approved Coursework at UA

Corporate Finance: FIN360 or FIN360L

Economics: One of the following: ECON201B, ECON332, paired with one

of the following: ECON550, ECON360 Econ332 and Econ360 are a natural sequence that will help fulfill the

requirements for a minor in Econ


Exams to Reach ACAS

Jointly Administered Preliminary Exams

CAS Exams

– P—Probability

– FM—Financial Mathematics

– MFE—Models for Financial

Economics

– C— Construction and

Evaluation of Actuarial

Models

– Exam S—Statistics and

Probabilistic Models

– Exam 5—Basic Techniques for

Ratemaking and Estimating

Claim Liabilities

– Exam 6—Regulation and

Financial Reporting (Nation

Specific) – Actuarial Institute of Chinese Taipei,

Canada, and United States

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Exams to Reach ACAS

Jointly Administered Preliminary Exams

Related UA Courses

– P—Probability

– FM—Financial Mathematics

– MFE—Models for Financial

Economics

– C— Construction and

Evaluation of Actuarial

Models

• Math 464 (discrete and

continuous distributions,

E(X) and var(X), Bayes’

Theorem)

• Math 466 (estimator

quality, consistent

statistics)

** Understanding of Calculus is

assumed for each preliminary

exam.

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Where to Find Learning Objectives

(Syllabus) for Preliminary Exams

https://www.soa.org/education/exam-req/edu-asa-

req.aspx

Click on the exam you are interested in, then view

learning objectives under the “Syllabus and Study

Materials” section

https://www.soa.org/education/exam-req/edu-asa-req.aspx


CAS Syllabus to Reach FCAS

All ACAS requirements, plus:

Exam 7—Estimation of Policy Liabilities, Insurance Company

Valuation, and Enterprise Risk Management

Exam 8—Advanced Ratemaking

Exam 9—Financial Risk and Rate of Return


A Sample Exam Problem (Exam 1/P)


Solution


You’re Invited…

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join online today at www.CASstudentcentral.org


CAS Student Central

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Membership program for university students:

No Membership fee

Access to resources including P&C internship listings, CAS Curriculum Guide,

Case Studies, Online Community

Free webinars

Invitations to free networking events including student programs at CAS meetings and Seminars

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CAS Curriculum Guide


CAS Case Studies

Case Study Topics: Probability

Catastrophe Modeling

Warranties

Liabilities

Auto Insurance

Case Studies include Facilitator’s Guide,

Presentation Slides, Recording, and Excel

Workbook


Other Resources

BeAnActuary.org Great resource for information

Does not have job or internship listings

Actuarial Outpost Online forum

Can create a username and profile

“Map of Actuarial Hiring Companies”

LinkedIn Can join entry-level actuarial groups

Recruiters use LinkedIn to find eligible candidates


Entry Level Candidates

Employers will place preference on applicants who

have passes at least one exam Often a requirement

Math, statistics, economics, or other related field of

study Not a requirement

Internship or job experience is a plus


Salary Survey from DW Simpson


An Actuarial Club at the University of

Arizona

Formal or Informal

What could an actuarial club accomplish? Build a “library” of shared resources

Discuss exam problems, collaborate

Awards and scholarships

Attract employers and recruiters

Programming and statistical software

Networking


Questions?

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