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Kevin Callaghan, the (Future) Actuary

Kevin Callaghan, the (Future) Actuary. By Maxwell --------. Actuary. Actuaries predict the financial impact of risk and uncertainty Work for companies dealing in things such as insurance, reinsurance, pension plans and social welfare programs

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Kevin Callaghan, the (Future) Actuary

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  1. Kevin Callaghan, the (Future) Actuary By Maxwell --------

  2. Actuary • Actuaries predict the financial impact of risk and uncertainty • Work for companies dealing in things such as insurance, reinsurance, pension plans and social welfare programs • Ex. Predicts likelihood of a driver to get into an accident for insurance companies so they know what to charge them • Demands competence in mathematics, finance, analytical skills and business knowledge • In high demand

  3. Multi-variable Calculus • Calculus = study of the way functions act • Deals with derivatives and integrals in 3D space • Uses multiple variables

  4. Differential Equations • Equations for an unknown function of one or more variables that relates to the values of the function itself and its derivatives of various orders ---Wikipedia

  5. Probability & Statistics • Random Variables • Discrete – taking any of a finite list of exact values • Ex. Flipping a coin • Continuous – taking an uncountable infinite number of possible numerical values in one or more intervals • Each possible value has probability zero, but ranges have nonzero probability • Good for events over a certain period of time • Ex. Probability of a person arriving to class in the first five minutes • Probability distribution of random variable can be described by a probability density, expressed using a probability density function

  6. Probability Density Function • Describes the likelihood of an event given a set of variables • The probability of the variable falling under a certain region is found by the integral of its density over the region • Work best with large sample size (lots of data) • Ex. Max arriving late to class

  7. Thanks • Lauren • Tina

  8. Special Thanks • Kevin Callaghan • Kathleen O’Shaughnessy • Kristina • Stephanie • and Hannah J For (where applicable and in no particular order,) help, inspiration, cooperation, childbirth, friendship and unending love

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