MY FUTURE AS AN ACTUARY

WHAT DO ACTUARIES DO?

• Business professionals who deal with the design of insurance, pension, and other financial programs.
• Use risk theory to help make decisions for the company and what they should do for their futures.
• Calculate future risks by analyzing data containing the probability of deaths, sicknesses, and unemployment rates.
• Determine premium rates which will cover expected insured loss of company.

WHAT IS MATH USED FOR ON THE JOB?

• Analyze loss and expense reserves.
• Create loss ratio projections.
• Perform financial modeling.
• Analyze, interpret, communicate, and present on industry trends.
• Uses application of probability to help evaluate, design and, implement risk management programs.

REQUIRED MATH CLASSES

• Calculus
• Statistics
• Probability
• Algebra
• Economics

ACADEMIC PATH

• Finish high school courses in mathematics, statistics, business, and liberal arts.
• Need bachelor's degree in economics, applied statistical methods, and corporate finance.
• Must pass preliminary exams over pensions, investments, and finance.
• Begin doing internships in insurance firms or actuarial consulting firms.

CAREER PATH

LEVEL I. ACTUARIAL ANALYST

• Earnings: $45,000- $70,000 per year.
• Requirements: Bachelor's Degree & Completion of some of the Actuarial Exams.
• Uses computer models to determine insurance premiums and pension plan contribution rates.
• Analyzes trends, rate level, and policyholder impacts.
• Implements rating plans and structures.

LEVEL II. ASSOCIATE ACTUARY

• Earnings: $70,000-$100,000 per year.
• Requirements: 2 or more years of job experience & Completion of associate-level actuarial exams.
• Begin to take more responsibility for large actuarial projects.
• Review contribution rates for different kinds of pension or insurance plans.
• Supervise and train other actuaries, as well as study for and take the qualifying exams.

LEVEL III. DIRECTOR

• Earnings: $95,000-$160,000 a year.
• Requirements: 7 years or more of experience & Completion of fellowship-level actuarial exams.
• Responsible for all aspects of an actuarial project.
• Verifies all calculations for a particular project.
• Manages and supervises junior and senior actuarial students, and deals directly with and advises clients.

SALARY WAGES

• Entry Wage: Hourly-- $35.21 Annual-- $73,230
• Median Wage: Hourly-- $44.15 Annual-- $97,830
• Experienced wage: Hourly-- $64.07 Annual-- $133,260

IMPORTANCE OF MATH

• Helps formulate a successful model of predictions to determine companies premium rates.
• Use applications such as probability and statistics to ensure that my predictions are near perfect.
• To help the companies I work with to gain profit and make more business.

SCHOOLS WITH RESPECTIVE PROGRAMS

• University of Toronto
• University of Waterloo
• Cornell University
• Larval University of Actuarial Science
• University Of Connecticut