2016 Actuarial Club Kick Off Meeting 09/15/2016 Actuarial Tid-Bits 2016 Actuarial Club Kick Off Meeting 09/15/2016

Overview Actuarial Club: Overview & Benefits What is an actuary? What do they do? Actuarial Societies: SOA vs CAS Exams Internships Actuarial Events

Actuarial Club Overview & Benefits The purpose of the club is to provide IPFW students majoring in mathematics the opportunity to: learn about the actuarial profession be connected with local employers and organizations associated with the actuary profession attend lectures and meetings given by local employers and organizations associated with the actuarial profession explore internships/employments in the field of actuarial science form support groups to prepare for actuarial exams

What is an Actuary? Definition: An actuary is a person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums. Helpful Actuarial Information Resources: Be an Actuary Society of Actuaries Casualty Actuarial Society Bureau of Labor Statistics Actuarial Outpost

What do Actuaries do? The future is uncertain and full of risk. Risk is the chance that an undesirable event will occur, but risk is also opportunity. Actuaries are experts in: Evaluating the likelihood of future events using numbers and models Designing creative ways to reduce the likelihood of undesirable events Decreasing the impact of undesirable events that do occur Use of a combination of strong analytical skills, business knowledge, and understanding of human behavior to manage today's complex risks facing our society

Casualty Society of Actuaries Actuarial Societies Society of Actuaries Casualty Society of Actuaries Areas Traditional & Consulting Health Life Pension General (P&C) Examples Annuities Life Insurance Pension & Retirement Areas Traditional & Consulting Property Casualty Examples Auto Insurance Home Insurance

Actuarial Exams The preliminary exams are the common foundation for becoming an actuary Shared Exams Probability (P/1) Financial Mathematics (FM/2) Models of Financial Economics (MFE/3) Construction and Evaluation of Actuarial Models (C/4) After the shared exams, the two societies differ on what is tested

Actuarial Exams: Credential Route Society of Actuaries Casualty Society of Actuaries Associate of the SOA (ASA)* Preliminary Exams P, FM, MLC, MFE, C VEE Finance, Economics, Statistics Actuarial Professionalism Course (APC) Fundamentals of Actuarial Practice (FAP) Fellow of the SOA (FSA) Has six different tracks (specializations) Corporate Finance & ERM Individual Life & Annuities Quantitative Finance & Investment Retirement Benefits Group & Health General Insurance Each track has :3 exams, 4 modules, and Fellowship Admissions Course *Exam requirements are changing as of July 1, 2018 Associate of the CAS (ACAS) Preliminary Exams 1, 2, 3F, 4, S, 5, 6 VEE Finance, Economics Online Courses Professionalism Course Fellow of the CAS Exams 7, 8, 9

Actuarial Exams Resources Joe Francis – General actuarial guidance, FM, & MFE Classes Study Materials Coaching Actuaries Actex Actuarial Bookstore The Infinite Actuary A/S/M (Actuarial Study Materials) SOA CAS Can form study groups with classmates to help with exam preparation

Actuarial Internships Just as important as exams Gets real life work experience while in college Meaningful work and sizeable impact on the company Learn the technical and soft skills needed to be successful in the actuarial workplace Such as VBA, SAS, Excel, and many communication mediums Most are paid Recruiting mainly takes place in the fall September through early November

Actuarial Events Actuarial Visits SOA Candidate Connect Newsletter Actuaries visit IPFW to talk to the Actuarial Club about what they do Normally leads to some recruiting for jobs and internships Dress business casual and have questions prepared Stand out in the visit and that may just land you an internship or job that you want! Past companies to visit: Lincoln Financial Group, Swiss Re, Buck Consultants, Cigna SOA Candidate Connect Newsletter It is an e-newsletter for SOA candidates who are taking exams to attain their ASA designation It keeps candidates up-to-date on SOA initiatives affecting candidates, exam developments, upcoming candidate events, news of the actuarial profession, resources, and more

Actuarial Events DePaul Actuarial Club Meeting Club Contacts October 21st-22nd, 2016 at DePaul University in Chicago for the 4th Annual Midwest Actuarial Student Conference hosted by the DePaul Actuarial Club in conjunction with DePaul University. Will have lots of great information and networking opportunities Club Contacts Club President: Anthony Hartle Email: hartap01@students.ipfw.edu Club Advisors Joe Francis, Actuary in Residence Email: franjp01@ipfw.edu Chand K. Chauhan, Ph.D. Email: chauhan@ipfw.edu Actuarial Club Facebook Address: IPFW Actuarial Club Facebook