Me? An Actuary? What is that?

Presented by the:Presented by the:

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

What Is An Actuary?

• Actuaries are professionals who provide expert advice and solutions for business problems that involve financial risk

We find patterns from the past to project the future

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

“Actuary” – Rated One of the Best Jobs in America!

• Being an Actuary has been consistently rated as one of the top four best jobs in the U.S. by the Jobs Rated Almanac in each of its six editions

Employment Outlook

Security

Physical Demands

Environment

Income

Stress

Ratings are based on:

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Where Do Actuaries Work?

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Top 10 Reasons to Become an Actuary:

10. You want a career that is dynamic and challenging

9. You don’t want to go to graduate school

8. You want a career with superior job security through economic cycles

7. You want a professional title, but don’t want to be an Accountant, Doctor, or Lawyer

6. You want a career where you can make a difference in major issues facing us and make a difference in people’s lives

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Top 10 Reasons to Become an Actuary:

5. You would like to “earn while you learn”

4. You want a career that you can control because advancement is merit-based

3. You want to be able to choose among several outstanding job offers with a highly competitive salary and excellent benefits

2. You are self-motivated, goal oriented, and have superior math aptitude and communication skills

AND…

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

…The # 1 Reason to Become an Actuary…

1. You love math & want a job where you love what you do

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

What Should YOU do to Become an Actuary?

• Aim for a broad-based education that concentrates on business and mathematics

• Business courses, such as finance, accounting, management, economics, and computer science will increase career options

• Courses in English, speech, and business writing will help you acquire the communications skills that actuaries need

• Whatever your major, it is essential to have a strong math background. Your curriculum should include math courses, such as calculus, probability, statistics, and any actuarial science courses offered by your school

Source: www.BeAnActuary.orgInternational Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

The Exam Process

• Actuarial exams are administered by the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS)

• Professional designations exist for each organization:– Associate

(either ASA or ACAS)– CERA New

(Certified Enterprise Risk Analyst) – Fellow

(either FSA or FCAS)

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

“Earn While you Learn”

• During the exam process, actuaries typically receive on-the-job training

• Additionally, employers may:– Grant exam study time during work hours– Offer review courses and study materials– Pay exam registration fees– Award raises for each exam passed

• However… – Most employers prefer to hire people who have started the series of

examinations on their own, and have passed at least one or two exams

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Earn a Great Salary!

Source: www.dwsimpson.com/salary.html

Actuary Salaries

Average starting salary $44,000 - $61,000

Average salary for new Associates

$79,000 - $130,000

Average salary for new Fellows

$100,000 - $170,000

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Next Steps to Become an Actuary

Rigorous math and business courses

Summer Actuarial Program

Begin the CAS or SOA exam process

IABA website

BeAnActuary.org

Full-Time Employment

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546

Now That You Know ...

…Find out more at:

www.blackactuaries.org

International Association of Black Actuaries Mailing Address: PO Box 369, Windsor, CT 06095website: www.blackactuaries.org Phone: (860) 219.9534 Fax: (860) 219.9546