Becoming an Actuary

Introductions Patrick Mannion Bonita Graham Thomas Jarrold Evan Roehm

Columbian Financial Group Life Insurance Company for over 100 years. Headquarters in Binghamton, NY.

Structure of CFG Actuarial Department Lead Actuary Management Information & Reporting Pricing and Product Development Reserving and Reporting ERM and Financial Planning Experience Studies Profitability Assessment Configuration and admin system support Pricing Product research and development Reinsurance management Valuation and Corporate financial reporting Asset Adequacy Analysis Risk Based Capital Financial Plan Variance Analysis Enterprise Risk Management

What is an Actuary? Business professionals who use their knowledge of probability, statistics, and finance to analyze and manage risk.

Areas of practice Corporate Finance and ERM Quantitative Finance and Investment Individual Life and Annuities Retirement Benefits Group and Health Property and Casualty

What does an Actuary do? Analyze insurance rates, e.g. cars, homes or life. Estimate money to be set-aside for claims that have not yet been paid. Participate in corporate/financial planning, such as mergers and acquisitions. Price new insurance products. Forecast the financial impact of catastrophes. Analyze investment programs.

What classes should you take? Any course designed for preliminary Exams Validation by Education Experience accepted Classes MATH 447 – Prob / Stat I (Prerequisite for 448) MATH 448 – Prob / Stat II + ECON 160 – Principles of Microeconomics ECON 162 – Principles of Macroeconomics ACCT 211 – Financial Accounting FIN 311 – Financial Management *After 7/1/2019 you will need to take FIN 311 in combination with one of the following: FIN 324 – Corporate Finance FIN 322 – Investments https://www.soa.org/Education/Exam-Req/Instructions-for-VEE-Directory.aspx

What classes should you take? Other Classes that will help you along the way MATH 458 – Time Series analysis ECON 462 – Information Economics ECON 467 – Economic Forecasting CS 105 – Introduction to Computing CS 110 – Programming Concepts and Applications https://www2.math.binghamton.edu/p/actuary/courses

What classes should you take? Semester Math Courses Other Courses Take/Prepare for exam* 1 224/225 Econ 160 (VEE)   2 226/227, 304 Econ 162 (VEE) 3 323, 330 Fin 311 (VEE) FM/2 4 346, 447 Fin 322 or 324 (VEE) FM/2 & P/1 Summer P/1 5 329, 448 (VEE), 450 Econ 360 6 452, 455 Econ 362 STAM 7 457, 478 8 454 or 458, 479 IFM, SRM, PA * There are discounts and reimbursements on SOA exam fees for students and minorities.

Path to become an Actuary  

Exam prep/expectations Preparation 100 study hours per exam hour Physical study manuals Online resources Exam conditions Computer Based Testing (CBT) Prometric test center Multiple choice exams

How to prepare for your first job Pass Preliminary Exams One for an Internship Two for an Entry Level Position The more the better Industry is becoming more competitive Improve your hard and soft skills Hard Skills – MS Excel and MS Access Soft Skills – Strong Communication Skills Network as much as possible Actuarial club

Helpful Links Research and Publications: Academy news: Career advice: soa.org Academy news: actuary.org Career advice: beanactuary.com dwsimpson.com Study materials & assistance: actuarialbookstore.com theinfiniteactuary.com coachingactuaries.com Actuarial Groups: LinkedIn.com actuarialoutpost.com goasny.org

Questions? Bonita Graham Bonita.Graham@cfglife.com Thomas Jarrold Thomas.Jarrold@cfglife.com Evan Roehm Evan.Roehm@cfglife.com