What is An Actuary?

#1: The Actuarial Profession! 47 – Accountant 51 – Surgeon 55 – Nurse 58 – Psychologist 61 – Architect 79 – Judge 98 – Electrical Engineer 104 – Stockbroker 120 – Economist 125 – Chemist 150 – Bartender 152 – Real Estate Agent 162 – Bank Teller 196 – Oil Rig Worker Based primarily on: Work Environment, Income, Future Outlook and Stress

Is Actuarial for You? ●Be a strong math student. ●Have the ability to problem solve and think logically. ●Enjoy both individual work as well as team work. ●Be tech savvy. ●Be committed in order to study for exams. If you’re considering pursuing a career as an actuary, you should possess many of the following qualities:

What does an Actuary do? ●Actuaries are experts in quantifying and reducing risk ●They apply probability, statistics and risk theory to financial problems involving future uncertainty ●They are often found in: ●Life & Health Insurance (pricing, reserving, asset management, investments) ●Property & Casualty Insurance (natural disasters, home, auto, agricultural, pet) ●Pension & Wealth Modeling ●Academic & Government Organizations

5 Overview Actuaries in the Workforce Salary Information Winning the Lottery! - A Tricky Problem Actuaries at School Perks at the University of Manitoba

The Actuarial Profession Three professional bodies look after qualification to become an actuary: ●Fellowship: professional exams (outside of school) ●Graduating students pass 3-5 exams ●Pass remaining exams while working Society of Actuaries Actuaries in the workforce

Employer Location Major Business Centres VancouverWinnipegTorontoNew YorkMontrealChicagoCalgary Los Angeles Actuaries in the workforce

Career Paths Insurance: ●Hierarchical organizations ●Ambitious and talented individuals are promoted ●Progress from technical to managerial to business leader ●Actuaries are commonly executives of major insurance companies such as Manulife, Great-West Life, Sun Life and many others Actuaries in the workforce

Career Paths Consulting: Flatter organizations: ●Technical support ●Consultants Consultants must be: ●Technically strong ●Good relationship managers ●Strong communicators Actuaries in the workforce

Career Paths Non-traditional: ●Academics ●Government regulators ●Demographers ●Profession expanding into other industries (especially finance, agriculture, and even marketing!). Actuaries in the workforce

What will this career do for you ? ●Dynamic and challenging work ●Exceptional chances for personal growth ●Highly respected profession ●Work where you want ●Very strong compensation throughout your career Actuaries in the workforce

●It is common for Actuaries to double their starting salary within five years! Annual average starting salary by major: $ Accounting - All 38,042 Accounting - CA Only 35,735 Accounting - CA Excluded 41,200 Actuarial Mathematics 60,833 Finance 42,864 This data is from 2011/2012 Asper School graduates Salary Information

D.W Simpson Actuarial Survey 2012 (U.S Dollars) The top and bottom 10% are excluded from this study Life & Health Life & Health October yrs (excl. sign-on) yrs yrs yrs yrs yrs* yrs* yrs* 1 exam exams exams (MLC+MFE=1) exams exams FAP ASA FSA Salary Information

Set for Life Question: On your 18 th birthday, you bought a Set for Life ticket, scratched it and won! You have two options for the grand prize: Option A: $1 million today, or Option B: $1000 per week for 25 years ($1000 x 52 weeks x 25 years = $1.3 Million) Which would you choose? 14 Winning the Lottery! – A Tricky Problem

It depends… If interest rate = 0% No opportunity cost Option A = $1 million < Option B = $1.3 million Choose option B: $1000 per week for 25 years Opportunity to invest winning into a bank account that grows at the interest rate Option A: AV = $1million(1.04) 25 = $2.67 million Option B: AV = $1000(1+ ) $1000(1+ ) 1299 … (1+ ) = $1000[ (1+ ) 1300 – 1]/( ) = $2.23 million If interest rate = 4% Choose option A: $1 million today Winning the Lottery! – A Tricky Problem

Actuarial Studies at U of Manitoba ●Offered through Warren Centre ●Students can choose to do their Actuarial degree through either the Asper School of Business or the Faculty of Science ●Actuarial Program background: ●Began in 1912 (last year was our 100 th anniversary!) ●Hundreds of grads have become actuaries ●One of the only Canadian schools to offer actuarial studies with a business degree Actuaries at School

Actuarial Studies at U of Manitoba Undergraduate Degrees (3 choices) B. Comm. (Hons)Actuarial Maths B. Sc. (Hons)Actuarial Maths B. Sc. (Hons)Actuarial Maths & Statistics (Joint) Actuaries at School

Internships & Co-Op Program ●Actuarial students are offered high paying summer positions. ●Gives students an opportunity to experience actuarial work before they graduate. ●Students can relocate for the summer or stay local in Winnipeg. ●American companies provide a unique summer internship experience as students get to live with other interns and experience life in New York, Boston, Chicago and Hartford. Actuaries at School

Recruiting at U of Manitoba ●Companies that actively recruit on campus: ●Great West Life, Wawanesa, Mercer, Aon – Winnipeg ●Manulife, Sun Life, Mercer – Toronto / Waterloo ●PBI, Mercer –Vancouver ●Towers Watson – Calgary, Chicago ●Allianz – Minneapolis ●Cigna – Hartford and Philadelphia ●Irregular recruiters: ●Deloitte, New York Life, MetLife – New York ●Co-Operators – Regina ●MPI - Winnipeg ●SGI – Saskatchewan ●You can apply anywhere! Actuaries at School

What to take in Year 1 ●Required Courses (24 credit hours) ●MATH 1500 & 1700 – Calculus ●MATH 1300 (or MATH 1310) – Linear Algebra ●ECON 1010 & 1020 – Economics ●STAT 1000 – Statistics ●Written English requirement ●Recommended Electives (6 credit hours) ●COMP 1010 – Computer Science and ●GMGT 1010 – Business & Society Actuaries at School Science Route

Bachelor of Commerce In Actuarial Math Enroll in the Asper School of Business Three routes: ●Through University 1 ●Three - year program after University 1 ●Direct Admission from High School ●Four – year program ●Transfer from another institution Actuaries at School Business Route

Direct admission criteria: ●High school graduation ●Five full grade 12 credits in courses designated S, G or U ●Over three courses (Pre-calculus 40S or Applied Math 40S, plus English 40S, plus one other 40S course) ●Minimum 60% grade in each, and ●Minimum 85% average over the three courses Bachelor of Commerce In Actuarial Math Actuaries at School Business Route

●Key Courses ●(6) MATH 1500 & MATH Calculus ●(3) MATH 1300 – Linear Algebra ●(6) ECON 1010 & ECON 1020 – Economics ●(3) STAT 1000 – Statistics ●(3) Written English requirement ●Recommended Electives ●(3) GMGT 1010 – Business & Society & two of ●(3) GMGT 2060 – Management & Organizational Theory ●(3) GMGT 2070 – Intro to Organizational Behaviour ●(3) MKT 2210 – Introduction to Marketing What to take in Year 1 Actuaries at School Business Route

●State-of-the-art computer lab (new Bloomberg Terminals) ●Recently renovated Albert D. Cohen Management Library ●Beautiful modern building (with tables instead of desks!) ●Small classes ●Accessible professors ●A diverse and well run set of Student organizations 24 Perks at the University of Manitoba

●University of Manitoba Actuarial Club ●160+ Members spanning two faculties ●Many social events throughout the year ●Provide academic and professional resources ●Interview workshops, Excel workshops, networking events, textbook/manual exchange, study sessions, mentor/tutor programs 25 Perks at the University of Manitoba

Is Actuarial for You? You should: ●Be a strong math student. ●Have the ability to problem solve and think logically. ●Enjoy individual work as well as team work. ●Be tech savvy. ●Be committed in order to study for exams.

Questions ? 27

Contact Us ●Contact U of M Actuarial Club (UMAC) or the ● ●Contact Warren Centre for Actuarial Studies Jeffrey Pai ● es/dept/actuarialhttp:// es/dept/actuarial click on Student Resources & Programs & then Requirements ●Useful Website for more information ●