what are the actuaries’ primary roles in financial institutions?
TRANSCRIPT
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ACTUARIES PROFESSION
What are the Actuaries’ primary roles in financial institutions?
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TRADITIONAL Financial products pricing Financial institutions reserve valuation
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COMPANIES HIRE ACTUARIES Insurance Companies: Life, Property and
Casualty, and Health Pension consultant companies
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MODERN FINANCIAL WORLD
Financial risk management Primary reasons of financial institution
ruins in the last 20 years: Lack of diversifying of assets Assets and liabilities in and out cash
flows mismatching
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NON-TRADITIONAL ACTUARIES Financial Engineer (Backroom
Quantitative Geek) CERA (Chartered Enterprise Risk
Analyst) Companies hire Financial Engineers, or
CERA Banks Investment Companies Venture Capital Investors Other Financial Institutions
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ACTUARY ORGANIZATIONS IN NORTH AMERICAN
Society of Actuaries (SOA): soa.org Casualty Actuarial Society (CAS):
casact.org American Academy of Actuaries (AAA):
actuary.org Canadian Institute of Actuaries (CIA):
cia-ica.ca
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EXAM AND REQUIREMENTS: ADMINISTRATES BY SOA
https://www.soa.org/Education/Exam-Req/default.aspx
ASA: Associate of Society of Actuaries https://www.soa.org/education/exam-req
/edu-asa-req.aspx VEEs: Validation by Educational
Experience: Economic (two courses), Corporate Finance (two courses), and Applied Statistical Methods (two courses)
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UNIVERSITIES OFFER VEES https://store.soa.org/VEESchoolSearch/V
EECourseListing.aspx?sc=9008&sd=National%20Taiwan%20University&VEE=displayonly
NTU
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EXAMS (MULTIPLE CHOICES AND/OR ESSAY EXAMS)
Probability Financial Mathematics Model for Financial Economics Model for Life Contingencies Construction and Evaluation of Actuarial
Models
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ONLINE E-LEARNING MODULE COURSE AND GROUP SEMINAR
Fundamentals of Actuarial Practice
Associateship Professionalism Course (APC)
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CERA ( CHARTERED ENTERPRISE RISK ANALYST, MORE POPULAR IN U.K.)
VEEs : Economic and Corporate Finance Exams: Probability, Financial Mathematics,
Model for Financial Economics, Construction and Evaluation of Actuarial Models, and Enterprise Risk Management.
e-Learning module courses: Fundamentals of Actuarial Practice, and Enterprise Risk Management.
Associateship Professionalism Course (APC)
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FSA: FELLOW OF SOCIETY OF ACTUARIES (AFTER OBTAINING ASA DESIGNATION)
2 five-hours and 1 two-hour written essay exams, 3 e-Learning modules
Fellowship Professionalism Course (FPC)
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SIX TRACKS OF FSAS Corporate Finance and ERM (CFE) Quantitative Finance and Investment
(QFI) Individual Life and Annuities Group and Health Retirement Benefits General Insurance (Property and
Casualty)
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EXAM AND REQUIREMENTS: ADMINISTRATES BY CAS
http://www.casact.org/admissions/process/
ACAS: Associate of Casualty Actuarial Society
VEEs: Economic, Corporate Finance, and Applied Statistical Methods
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EXAMS (MULTIPLE CHOICE AND/OR ESSAY EXAMS) Probability Financial Mathematics Model for Financial Economics Model for Life Contingencies Model for Stochastic Processes and
Statistics Statistics and Probabilities Models Construction and Evaluation for
Actuarial Models
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Basic Techniques for Ratemaking and Estimating Claim Liabilities
Regulations and Financial Reporting (Nation Specific) (Chinese Taipei, U.S. and Canada)
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ONLINE COURSES AND GROUP SEMINAR
Risk Management and Insurance Operation
Insurance Accounting, Coverage Analysis, Insurance Law and Insurance Regulation
CAS course on Professionalism
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FCAS: FELLOW OF CASUALTY ACTUARIAL SOCIETY (AFTER OBTAINING ACAS DESIGNATION)
Exams (written essay exams)• Estimation for Policy Liabilities, Insurance
Company Valuation, and Enterprise Risk Management
• Advanced Ratemaking• Financial Risk and Rate of Return
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CERA: CHARTERED ENTERPRISE RISK ANALYST (AFTER OBTAINING ACAS DESIGNATION) Exams: (written essay exams) Estimation for Policy Liabilities, Insurance
Company Valuation, and Enterprise Risk Management
Financial Risk and Rate of Return Enterprise Risk Management Specialist
Technical
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THREE-DAY SEMINAR Enterprise Risk Management and
Modeling
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OTHER REQUIREMENTS TO BECOME AN ACTUARY CANDIDATE AFTER PASSING SEVERAL ASSOCIATE LEVEL EXAMS
English language communication proficiency: oral and written
Computer languages proficiency: Excel (including macros, preferable with knowledge of Visual Basic), Fortran 90, SAS Enterprise (including procedures), C++, Perl, and JCL
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ACTUARY ANNUAL SALARY RANGES: U.S.
https://www.dwsimpson.com/salary.html Entry level position with one exam: 50K FSA or FCAS with 20 years experience:
from 150K to 400K