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Actuarial Science An ETSU Alumni Presentation For math or business majors. February 28, 2003. Presentations from ETSU Alumni:. Andrew Sell, Actuary Unum Provident Corporation Chattanooga, TN MS in Mathematics, 2001 Graduate Certificate in Business, 2001.

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Actuarial science an etsu alumni presentation for math or business majors

Actuarial ScienceAn ETSU Alumni PresentationFor math or business majors

February 28, 2003


Actuarial alumni presentations

Presentations from ETSU Alumni:

Andrew Sell, ActuaryUnum Provident CorporationChattanooga, TNMS in Mathematics, 2001Graduate Certificate in Business, 2001

Anna Mu, ActuaryNationwide InsuranceColumbus, OHMS in Mathematics, 1999

Reneé Ferguson, ActuarySocial Security AdministrationBaltimore, MDMS in Mathematics, 2000Graduate Certificate in Business, 2000

Russell Mawk, ActuaryMerastar Insurance CompanyChattanooga, TNMS in Mathematics, 2001


Actuarial alumni presentations

Content of Presentation:

Career Opportunities Actuarial Science ProgramThe ActuaryETSU CourseworkNational Exam ProcessThe Actuarial ProfessionProfessional Development


Actuarial alumni presentations

Opportunities

A degree in mathematics is excellent preparation for graduate study in Law, Medicine, or Business.

A nationwide study analyzed performance on the LSAT and GMAT based upon undergraduate major and……

Mathematics majors ranked first as a group on both tests.


Actuarial alumni presentations

Opportunities

Academics: elementary and secondary teaching, college/university teaching and research.

Business, Insurance, Banking: sales, banking, statistics, market research, securities, ACTUARIAL, underwriting, data processing.

Industry: applied mathematics, computer systems, data processing, operations research, numerical analysis, robotics, quality control, industrial engineering.

Government Agencies, (The NSA is the country's largest employer of mathematicians.): cryptologist, statistician, systems analyst, mathematician.


Internships for math majors or minors

Internships for Math Majors or Minors

Central Intelligence Agencyhttp://www.cia.gov/cia/employment/jobpostings/student.htm500 applicants, 50-60 accepted (1)

Institute for Defense Analysishttp://www.ida.org/IDAnew/Employment/interns.htmlApplication period from January to March Definitely take mathematics majors.  Also hire undergraduates and graduates

National Security Agencyhttp://www.nsa.gov:8080/programs/employ/program2.htmlMathematics undergraduate and graduate students accepted.  12 wk summer program.


Www actuaryjobs com

WWW.ACTUARYJOBS.COM

  • Analysts with a degree in mathematics, actuarial science, statistics or related work experience. Demonstrated written and oral communication skills. Health data management and analysis.

  • Our health insurance client requires an undergraduate or graduate degree in Actuarial Science, Mathematics, Statistics or Finance. Analytical and problem solving skills required. Up to 55K.

  • Company seeks entry-level actuarial candidates for growing office. Must have 1 SOA course completed. Actuarial internship a plus.

  • Click for dozens of other Pension entry-level opportunities.


Www careerbuilder com

WWW.CAREERBUILDER.COM

  • Jobs 117 Results Found for Actuarial

    FL  Sr Network Acct Mgr - Sunrise, FLUnitedHealth

    PA Actuary -Independence Blue Cross

    IL  Field Auditor - Chicago MedicareMutual of Omaha

    CT Field Auditor - Hartford MedicareMutual of Omaha

    MOField Auditor - St. Louis MedicareMutual of Omaha

    GASr. AssociateKPMG

    CADirector of UnderwritingUltralink

    CAHPO PRM Project Manager Kaiser Permanente

    PAActuarial AnalystIndependence Blue Cross

    GA Health & Welfare DirectorPricewaterhouseCoopers


Be prepared for your future

Be prepared for your future

  • Courses in economics, accounting, computer science, and insurance are useful.

  • A bachelor's degree in mathematics, actuarial science, statistics, economics, finance, or accounting.

  • Good communication and interpersonal skills are important

  • About 55 colleges and universities offer an actuarial science program, and most colleges and universities offer a degree in mathematics or statistics.


Actuarial alumni presentations

  • ETSU DEPARTMENT OF MATHEMATICS

  • ACTUARIAL PROGRAM

  • East Tennessee State University has developed a degree program in Actuarial Mathematics. By emphasizing mathematical topics of interest to Actuaries, this degree program prepares students for careers in industries that use business modeling skills, such as insurance companies, financial institutions, pension funds, governmental agencies, and consulting firms.

  • In the Fall of 1997, East Tennessee State University offered four core courses for actuarial students. The Theory of Interest and Actuarial Mathematics I & II, and Time Series.


Actuarial alumni presentations

  • EAST TENNESSEE STATE UNIVERSITY DEPARTMENT OF MATHEMATICS ACTUARIAL PROGRAM HOME PAGE

  • The Coordinator for Actuarial Mathematics at East Tennessee State University is Dr. Don Hong([email protected]). If you have any comments or suggestions please feel free to send an e-mail.

  • Visit the following website to learn more about the Actuarial Program at ETSU:

  • http://www.etsu.edu/math/actuary/act-etsu.htm


Actuarial alumni presentations

  • The Actuary


Origin of the actuary

Origin of the Actuary

  • “actuarius” was the business manager of the Senate in Ancient Rome

  • term first applied to a mathematician in 1775 at the Equitable Life Assurance Society, London, UK

  • by 1850 actuaries active in life insurance, friendly societies, and pension schemes

  • expanded to non-life, health care, social security, banking, corporate finance, financial engineering.


Definitions of actuary

Definitions of “Actuary”

The professional who manages the financial consequences of the uncertain.

The professional who makes financial sense of the future.

www.actuaries.org

The professional who evaluates the current financial consequence of contingent future events.


Actuarial alumni presentations

U.S. Department of LaborBureau of Labor Statistics

Occupational Outlook Handbook

Actuaries held about 14,000 jobs in 2000.

7/10+ of the actuaries who were wage and salary workers were employed in the insurance industry.

  • Life and health insurance companies,

  • Property and casualty insurance companies, pension funds, or insurance agents and brokers employed others.


Actuarial alumni presentations

U.S. Department of LaborBureau of Labor Statistics

Occupational Outlook Handbook

Most of the remaining actuaries worked for firms providing a variety of corporate services, especially management and public relations, or for actuarial consulting services.

A relatively small number of actuaries was employed by security and commodity brokers or by government agencies. Some developed computer software for actuarial calculations.


Actuarial alumni presentations

U.S. Department of LaborBureau of Labor Statistics

Nature of the Work

  • Assemble and analyze data to estimate probabilities of an event taking place, such as death, sickness, injury, disability, or property loss.

  • Address financial questions including those involving the level of pension contributions required to produce a certain retirement income level or how a company should invest resources to maximize return on investment in light of potential risk.

  • Help determine company policy and sometimes explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public in general.


Actuarial alumni presentations

Russell Mawk, ActuaryMerastar Insurance CompanyChattanooga, TNMS in Mathematics, 2001


Etsu coursework

ETSU Coursework


Etsu coursework1

ETSU Coursework

  • Exam I

  • Calculus I, II, III (1910, 1920, 2110)

  • Limits

  • Series

  • Sequences

  • Derivatives of single & multivariate functions

  • Integrals of single & multivariate functions


Etsu coursework2

ETSU Coursework

  • Math Stats I, II (4387, 4397 & 5047, 5057)

  • General Probability

  • Bayes’ Therorem

  • Single & multivariate distributions


Etsu coursework3

ETSU Coursework

Exam II

  • Theory of Interest (5377)

  • Accumulation & present value functions

  • Interest & discount rates

  • Valuation of streams of payments

  • Essentials of Finance (5000)

  • Risk & divesification

  • Valuation of securities & cash flows


Etsu coursework4

ETSU Coursework

  • Essentials of Economics (5000)

  • Principles of supply & demand

  • Characteristics of different business organizations (monopoly, corporation, …etc.)


Etsu coursework5

ETSU Coursework

Exam III

  • Actuarial Mathematics (4387, 4397 & 5387, 5397)

  • Survival distributions

  • Life tables

  • Life annuities


Etsu coursework6

ETSU Coursework

Other Beneficial Courses

  • Essentials of Accounting (5000)

  • Identification, measurement, & communication of data for stockholders & creditors

  • Essentials of Management (5010)

  • Organizational behavior, structure, change, & development


Etsu coursework7

ETSU Coursework

  • Essentials of Marketing (5010)

  • Marketing environment & consumer behavior

  • Operations Research

  • Linear & nonlinear programming


Merastar insurance company

Merastar Insurance Company

  • I work in a department of 13 with 2 Fellows

  • Merastar is a subsidiary of Prudential’s Property & Casualty division.

  • Auto & Homeowners insurance are our primary products


Job duties

Job Duties

  • Marketing Proposals

  • Rate a set of sample policies for prospective accounts

  • Competitive Analysis

  • Comparison of our rates and rating structures with top competitors


Job duties1

Job Duties

  • Random Testing

  • Quality control tool to catch rating errors.

  • Indicated Study

  • Indicated rate changes by state and coverage


Job duties2

Job Duties

  • Pricing

  • I’m responsible for pricing our auto & home lines in 6 states (DE, FL, IL, ME, NV, WI)

  • Rate Review Proposal Exhibits

  • Filing Exhibits

  • Implementation & Testing


Actuarial alumni presentations

Andrew Sell, ActuaryUnum Provident CorporationChattanooga, TNMS in Mathematics, 2001Graduate Certificate in Business, 2001


The actuarial exam process

The Actuarial Exam Process


Actuarial organizations

Actuarial Organizations

There are 3 primary actuarial organizations in the USA:

  • Casualty Actuarial Society (CAS) which is an organization for actuaries in property and casualty insurance (home, auto, personal lines)

  • Society of Actuaries (SOA) which is an organization for actuaries in life, health, disability, and pensions.

  • American Academy of Actuaries (AAA) is the organization that gives a unified voice to the actuarial profession. You might have seen Al Gore reference the AAA in his 2000 Presidential campaign.


Actuarial exams

Actuarial Exams

In order to become an actuary in each society, a student must complete a series of exams. While the respective societies have differing numbers of exams and topics, the first 4 exams for each society are deemed “preliminary” and thus are jointly administered. The CAS has 9 total exams and the SOA has 8.

  • Course 1: Calculus, Probability, and Risk Theory

  • Course 2: Interest Theory, Economics, Price Theory and Finance

  • Course 3: Actuarial Mathematics, Probability Models, Loss Models, and Simulation

  • Course 4: Actuarial Modeling, Credibility, and Loss Models


Actuarial designations

Actuarial Designations

  • If you pass 6 actuarial exams and complete a course on actuarial professionalism, you will achieve the designation of an Associate in either the SOA or the CAS. This greatly improves your earnings potential as an actuary and gives you greater access to management and project control.

Why do I want to take actuarial exams?

  • If you pass all 8 or 9 exams, depending on the society, along with professional development, you will gain the designation of Fellow in the SOA or CAS. This will greatly increase your earnings potential and open future management positions. It also gives you the ability to work on the Statement of Actuarial Opinion for a company.


Information on exams

Information on Exams

  • Exams 1-4 are given twice in a 12 month period. They are administered in May and November. There are generally 4 textbooks per exam and the exam fee is between $95 - $280.

  • If you work for a firm, it will generally pay all these expenses for you, given that it is your first or second attempt.

  • For exams 1-4, there is no pre-determined passing mark for a given exam. The exams are graded en masse and the SOA/CAS sets a number of questions that the average student should have gotten correct, based on exam difficulty. Once this is determined, the exams are scored accordingly. Later exams are written answer, and are scored in a different manner.


November 2002 exam statistics

November 2002 Exam Statistics


How to prepare for exams

How to Prepare for Exams

  • Register early so you don’t forget and miss the deadline (I’ve seen it happen and the SOA doesn’t make exceptions)

  • Begin studying at least 3 months in advance. I’ve been told that it takes, on average, about 400 hours of studying to pass one exam, and I think that’s true.

  • Ask fellow students, coworkers, others about what worked for them and what materials are the best to study.

  • Don’t wait and try to cram. It will not work. There are many practice exams available at www.soa.org and in the CSM study manual for each exam. Working previous exams and tons of problems are the keys to passing exams.

  • I advise that you purchase materials from www.sliderulebooks.com because you get free stuff when you order from them.

  • Attend a seminar, if necessary. There are exam-passing seminars all over the country; Georgia State, New England, Temple Univ., etc. These seminars are expensive (at least $800), so it’s best to wait until you have a job where they will pay for it, if you can.


The incentive

The Incentive

  • Greater ability to find a job. Finding a job with no exams is very difficult

  • Greater responsibility at work

Why do we take these exams?

  • Average starting salary with 1 exam is $30,000 - $40,00

  • Higher career salary potential

  • With each exam passed, firms will increase your salary from $1,500 to $5,000. Also, with each passed exam, a promotion is likely, which will further increase your salary and responsibility

  • Average Fellow with 5 years experience makes $95,000. Further salary data is at www.dwsimpson.com/salary


Additional actuarial info

Additional Actuarial Info

  • Despite the exam process, the Actuarial profession has been ranked in the top 5 for job satisfaction for the last 3 years

  • Average time from entry-level to FSA or FCAS is between 5 and 10 years

  • Semi-annual meetings of the SOA and CAS allow each ASA/ACAS and FSA/FCAS travel opportunities each year, usually paid for by your company

  • On-the-job travel time is minimal

  • Virtually no interaction with customers

  • Allows you to have an input into the changing face of business, government, insurance, and pension strategy for a large portion of society


Why an actuary what do i do

Why an Actuary? What do I do?

WHY?

I became an actuary because I had a moderate amount of logical, mathematical, and analytical ability.

Since I didn’t want to teach, I didn’t know what to do. Being more practical than abstract, mathematically, I thought that being an actuary would be all right. And it is

What do I do?

  • I work as an assistant for an FSA and 2 ASAs.

  • Maintain life and health valuation systems an provide reporting

  • Complete testing and system upgrades

  • Have responsibility for life models for various sub-companies and work on Financial Statement reporting (DAC and VOBA).

  • Other minor projects, as I learn the systems and insurance


Suggestions

Suggestions

  • Take a summer internship. This is invaluable for getting your foot in the actuarial door. I left information with Dr. Hong concerning summer internship opportunities at UnumProvident

  • After taking Calculus Statistics, attempt exam 1. There’s no substitute for having an exam passed when trying to find a job

  • Use people from ETSU who currently work in the actuarial field to get an entry-level position

  • Take as many computer classes as possible in college. While many experienced actuaries have complete knowledge of mainframe, I find that actuaries are lacking on the PC side. The newer generation of actuaries will be well-suited to have that knowledge

  • While a graduate degree is certainly not needed, ETSU’s actuarial sciences program will give you the tools to pass SOA/CAS exams 1-3.

  • If you take a position in the actuarial field, you must be prepared to relocate. The closest jobs are in Chattanooga, Nashville, Atlanta, and Charlotte. If relocation is not an issue, there are actuarial positions in almost every country in the world.


Actuarial alumni presentations

Anna Mu, ActuaryNationwide InsuranceColumbus, OHMS in Mathematics, 1999


Actuarial profession

Actuarial Profession


Actuarial alumni presentations

Academic

15

0.4%

Brokers & Agents

95

2.6%

Consultants

679

18.9%

Government

78

2.2%

Life & Accident, Health

75

2.1%

Property Liability

1,641

45.7%

Reinsurance

464

12.9%

Retired

227

6.3%

Organizations Serving the Industry

105

2.9%

Other

210

5.9%

Total

3,589

Breakdown of the Active Membership of the Casualty Actuarial Society

Source: www.beanactuary.org


Actuarial alumni presentations

Insurance Company

7,007

41.0%

Consulting Actuary

5,944

34.8%

Insurance Broker

64

0.4%

Insurance Department  (state or provincial)

136

0.8%

Other Government Employment

260

1.5%

University & College

201

1.2%

Investment Banker or Advisor

332

1.9%

Software Developer/Vendor

201

1.2%

Organizations Serving Insurance Business

130

0.8%

Non-Traditional

334

2.0%

Retired

1,485

8.7%

Unaffiliated

994

5.8%

Total

17,088

Breakdown of the Active Membership of the Society of Actuaries

Source: SOA 2003 Yearbook


People in the casualty actuarial society work with these insurances

Personal Lines

Auto

Homeowner

Farm, etc

Commercial Lines

Commercial Auto

Commercial Property

Commercial General Liability

Workers’ Compensation

Professional Liability

Public Liability

Nuclear Insurance Pool

Aviation, etc

People in the Casualty Actuarial Society work with these insurances


People in the society of actuaries work with these fields

People in the Society of Actuaries work with these fields

  • Life Insurance

  • Annuities

  • Health Insurance

  • Pension, etc


Some government insurance program

Some Government Insurance Program

  • Federal Deposit Insurance Corporation (FDIC)

  • National Flood Insurance

  • Social Security (OASDHI)

  • Unemployment Insurance


Organization of an insurance company

Organization of an Insurance Company

  • Marketing

  • Agency

  • Underwriting

  • Actuarial

  • Investment

  • Claim Adjustment


Actuarial alumni presentations

Purpose of insurance

  • Sharing Risk

    How does the insurance work?

  • The Law of Large Numbers ( The sum of a large number of independent random variables from same random distribution approximately has a normal distribution)


Actuarial alumni presentations

Property & Casualty - Aug 28, 2002

0-0.5 yrs(excl. sign-on)

0.5-2.5 yrs

2.5-4.5 yrs

4.5-6.5 yrs

6.5-9.5 yrs

9.5-14.5 yrs

14.5+yrs

Salary Range – Property & Casualty

1 exam

41-51

45-54

47-60

2 exams

42-53

47-58

50-63

56-72

3 exams

51-62

55-66

58-78

62-87

66-90

4 exams

54-66

58-79

62-82

67-94

77-111

5 exams

57-71

61-84

67-90

70-99

84-121

6 exams

60-75

65-97

75-100

78-105

90-134

ACAS

65-82

75-104

81-111

85-127

97-152

114-215+

8 exams

78-107

84-116

90-139

104-164

FCAS

95-139

102-152

115-226

121-360+

Source: D.W. Simpson & Company


Actuarial alumni presentations

Salary Range – Life & Health

Life & HealthAug 28, 2002

0-0.5 yrs(excl.sign-on)

0.5-2.5 yrs

2.5-4.5 yrs

4.5-6.5 yrs

6.5-9.5 yrs

9.5-14.5 yrs

14.5+ yrs

1 course

40-49

43-54

48-58

2 courses

42-52

47-58

52-63

55-70

3 courses

50-62

54-66

56-72

4 courses

53-67

58-71

58-77

64-82

5 courses

55-70

62-78

64-81

68-88

ASA

58-73

70-86

75-90

79-101

82-108

89-205+

7 courses

74-90

78-94

82-105

86-117

8 courses

77-93

82-101

85-114

91-125

FSA

86-115

94-137

105-148

116-250+

Source: D.W. Simpson & Company


Actuarial alumni presentations

PensionAug 28, 2002

0-0.5 yrs(excl.sign-on)

0.5-2.5 yrs

2.5-4.5 yrs

4.5-6.5 yrs

6.5-9.5 yrs

9.5-14.5 yrs

14.5+yrs

1 course

42-53

45-57

47-60

2 courses

45-55

46-58

51-64

53-73

3 courses

48-62

55-66

57-76

59-80

4 courses

51-65

61-71

61-81

65-86

5 courses

55-70

64-78

65-86

69-93

ASA

59-75

67-83

71-97

75-102

91-126

108-215+

7 courses

71-87

74-99

81-106

95-130

8 courses

75-91

80-103

87-115

103-136

FSA

82-105

95-136

114-162

123-280+

Salary Range - Pension

Source: D.W. Simpson & Company


Useful resources

Useful Resources:

  • Job Search Websites

    http://www.dwsimpson.com/

    http://www.actuary.com/

    http://www.soa.org/job/job.asp

    http://www.rollinssearch.com/

    http://jobsearch.monster.com/

    http://www.careerbuilder.com/

  • Company Information

    http://www.ultimateinsurancelinks.com/

    << Best’s Aggregate & Averages>>


Actuarial alumni presentations

Company or organization

No. employed

Tillinghast-Towers Perrin

81

Travelers Insurance

79

St. Paul Companies

77

Milliman & Robertson

76

Liberty Mutual

69

Zurich

69

The Hartford

68

Allstate Insurance

67

CNA

63

PricewaterhouseCoopers

46

Ernst and Young LLP

41

Top Firms Employing Casualty Actuaries

(by number of actuaries employed)

Source: www.beanactuary.org


Actuarial alumni presentations

Company or organization

No. employed

Mercer Human Resource Consulting

526

Tillinghast Towers Perrin

415

Watson Wyatt Worldwide

333

Hewitt Associates LLC

199

PricewaterhouseCoopers LLP

153

Buck Consultants Inc.

149

Aon Consulting

128

Milliman & Robertson Inc.

101

Morneau Sobeco

60

The Segal Company

51

Group-conseil Aon

46

Top Firms Employing Life, Health, and Pension Actuaries

(by number of actuaries employed)

Source: www.beanactuary.org


Actuarial alumni presentations

Reneé Ferguson, ActuarySocial Security AdministrationBaltimore, MDMS in Mathematics, 2000Graduate Certificate in Business, 2000


Professional development

Professional Development

SOA: Society of Actuaries

MAA: The Mathematical Association of America

CAS: Casualty Actuarial Society

PAA: The Population Association of America

SDA: Southern Demographic Association

AWM: Association for Women in Mathematics


Actuarial alumni presentations

www.SOA.org


Actuarial alumni presentations

SOA: Employment Listing


Actuarial alumni presentations

www.CASact.org


Actuarial alumni presentations

www.CASact.org


Actuarial alumni presentations

www.CASact.org


Professional development1

Professional Development

MAA: www.maa.org

PAA: www.popassoc.org/

AWM: www.awm-math.org

SDA: http://www.fsu.edu/~sda/


Actuary social security administration baltimore md

ActuarySocial Security AdministrationBaltimore, MD


Social security administration

Social Security Administration

OASDI

The Old-Age, Survivors, and Disability Insurance (OASDI) program is administered by the Social Security Administration (SSA). The program is funded by payroll taxes, taxes on self-employment income, and income from the taxation of benefits. The OASDI program is the single largest employee benefit plan in the country, perhaps in the world.

SSI

Another program administered by SSA is the Supplemental Security Income, or SSI, program. The program is funded by general tax revenue. Unlike Social Security, there is no trust fund for SSI. The Office of the Chief Actuary estimates the future cost of the SSI program and the financial impact of proposals to change it.


Social security administration1

Social Security Administration

Office of the Chief Actuary

Chief Actuary, FSA

Commissioner

The Deputy Chief Actuary Long Range, ASA

The Deputy Chief Actuary Short Range, ASA

Office of Long-Range Actuarial Estimates

Office of Short-Range Actuarial Estimates

Both offices are responsible for the development of cost estimates for all Social Security Programs both under current provisions and proposed changes in law or regulation.

The programs for which estimates are prepared include the retirement, survivors and disability insurance program, and the supplemental security income program.


Social security administration office of the actuary short range

Social Security AdministrationOffice of the ActuaryShort Range

  • Develop special cost analyses involving technical actuarial issues

  • Project operations of the Trust Funds

  • Provide a variety of data services including data collection

  • Provide statistical support and prepares estimates for general fund and interprogram reimbursement

  • Provide analysis of experience in mortality and morbidity rates

  • Preparation of regular reports and special studies on the financial aspects of the Social Security system that are of concern to the Congress and the general public.


Social security administration office of the actuary long range

Social Security AdministrationOffice of the ActuaryLong-Range

  • Provides all revenue estimates in both the near-term and the long-term for the retirement, survivors and disability insurance program and in the near-term for the hospital insurance program.

  • Designs the economic, demographic and programmatic assumptions and the methods needed to develop these estimates.

  • Analyzes and publishes actuarial research based on projections and actual program experience

  • Provides authoritative advice to agency policy makers and congressional staffs relating to the long-range actuarial impact of current law and proposed program changes.


Actuaries in the government

Actuaries in the Government

Centers for Medicare & Medicaid Services

Treasury Department (Internal Revenue Service)

Department of Defense.

Department of Veterans' Affairs

Labor Department

Office of Personnel Management

General Accounting Office

Department of Housing and Urban Development

Department of Energy

Railroad Retirement Board

Pension Benefit Guaranty Corporation


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