1. The Actuarial Path
Thank you for the invitation to speak to you today about the actuarial profession and the SOA education system.
<Introduce yourself and give a short summary of your background. There will be a section later for you to tell your story more completely.>
Before we get started, I would like to start with a question…

2. What is an Actuary?
Most of you are actuarial students, so for me to start with this question may seem a bit puzzling.
I’m interested in hearing your answers. ASK THE QUESTION – SO WHAT IS AN ACTUARY?
After you get a few answers, give them your elevator speech on what an actuary is/does.
Today’s actuaries are involved in more industries than ever before- expanding beyond insurance to new fields like broader financial services.

3. Actually, Actuaries…
Analyze, measure, convert and manage risk into opportunity
Use mathematical and statistical analytical skills, financial theory, business knowledge and an understanding of human behavior
Develop and validate financial models to guide decision making
Are creative problem solvers who see the “whole picture”
So what do actuaries do? Well, you know that actuaries are business professionals who analyze and convert financial risk into opportunity using mathematics, statistics and financial theory. As a profession we are well known for our strong analytical skills, business knowledge and an understanding of human behavior that help us to provide solutions that turn risk into opportunity.
This definition is a good overview of what actuaries “Do”– however, like I said before, the profession is being redefined and today’s actuaries are using these skills in new ways.

4. Traditional Opportunities
Health Insurance
Life Insurance
Property/Casualty Insurance
Pension/Retirement
Many actuaries work in the area of traditional insurance risks. This includes work in the area of:
Health
Design Health Savings Accounts
Design and manage
Reimbursement vs. Indemnity
Life
Design and price life insurance products
Design and manage investment strategies
Develop mortality tables
Property/Casualty
Estimate funds needed for unpaid insurance claims
Design catastrophe insurance coverage
Model retention changes
Pension/Retirement
Design Social Security funding
Design 401k (US) or group RRSP (Canada) vs. employer-sponsored pension plan
Design pension and benefits plans
In fact, actuaries were the first professionals to manage risk and model financial implications based on the likelihood of future scenarios. Traditionally, actuaries have and continue to hold positions in the insurance industry in a number of specialties including: health, life, property and casualty. In the insurance industry, an actuary might calculate how much a company would charge for a new type of car, homeowners or health insurance. Or an actuary might calculate how much damage an earthquake, hurricane or a terrorist attack could cause.

5. New Opportunities Financial services Enterprise Risk Management
Link risk across business units
Develop a comprehensive framework
Other Opportunities
Design landfill post-closure cost management strategies
Design environmental trade and cap strategies
Design catastrophe bonds
But the role of Actuaries in today’s society is expanding.
Since risk is everywhere in our businesses and society actuaries can play a key role in a variety of industries – beyond the traditional insurance role. Actuaries are expanding beyond traditional insurance jobs to non-traditional jobs of broader financial services and other industries. This includes work in the following areas:
Financial services
Design trading strategies: Actuaries are employed on Wall Street where they might determine how a company should invest its money based on risk and potential return.
Design hedging strategies: They are also involved in hedging investment risks and annuity strategies
Manage securitization risks: And they are tapping into their deep understanding of insurance and reinsurance to help corporations navigate issues surrounding securitization
Other Opportunities
Design landfill post-closure cost management strategies
Design environmental trade and cap strategies
Design catastrophe bonds

6. /living Why Become an Actuary? U.S. Department of Labor
Employment of actuaries expected to increase by 18% by 2024.
Less sensitive to economic cycles
Financial Rewards
$50,000 – 70,000– Entry-level actuaries
$140,000 – recent FSA credentialed actuaries
Education Benefits
Learn while you earn – Most employers provide full educational financial support while you pursue your credentials
Salaries are strong in the profession. While there are no absolutes, a fair estimate is that an entry-level actuary who has completed two exams will earn between $50,000-$70,000. (D. W. Simpson & Company 2015 Salary: Again, on average, an actuary who has just earned his/her fellowship can earn a salary of about $140,000 per year
Learn while you earn – Most employers provide full educational financial support while you pursue your credentials
And the sky is the limit from there– it all depends on how and where you apply your skills.

7. My story
With this slide (and any other slides you may wish to add) share with the students your story. How did you decide to become an actuary? What was your exam path like? How did you get your first job? What has been your experience as an actuary since then? Etc…

8. Actuarial credentials Critical business skills
What Employers Value
Actuarial credentials
Critical business skills
Employer research shows us that employers value actuaries’ rigorous training and credentials, but are also looking for someone who has critical business skills, this includes:
Thinking outside the box
Research
Communication
Presentation skills
Leadership
Flexibility
Project management
Vision
Result-driven
Team players
Integrity
Reliability
Depends on the level: For some skills, it takes time to practice
For entry-level, possess two of these skill sets will be valuable in addition to the basic skills

9. Advice for Students Make learning a lifelong habit
Develop disciplined study habits
Acquire a well-rounded curriculum, including classes approved for VEE credit
Sharpen your communication and general business skills
Take actuarial exams while in school - the sooner you start, the sooner you will finish
Obtain an actuarial internship
Find mentors
<Feel free to add your own advice.>

10. Society of Actuaries: The Organization

11. 36,000+ Candidates 3,800+ Volunteers
Around 28,000 Members worldwide
36,000+ Candidates
Three-fold commitment:
Education, Research and the Profession
Here are some numbers of significance to the Society of Actuaries
--We have right around 28,000 members worldwide.
--Over 36,000 candidates in the Education system (2014 total was 36,167)
--The organization has a three-fold commitment to Education, Research and the Profession
--Of great importance is the dedication of our volunteers. We currently have over 3,800 member volunteers doing the work of the Society of Actuaries.
3,800+ Volunteers

12. Three Designations/Credentials
Associate of the SOA (ASA)
Chartered Enterprise Risk Analyst (CERA)
Fellow of the SOA (FSA)
The Society of Actuaries offers three designations/credentials

13. Associate of the SOA (ASA)
Your focus as you begin to take exams should be on the ASA pathway. Start with either exam P (Probability) or FM (Financial Mathematics) depending on the coursework you have taken at school. Aim to pass two exams before graduation.
Mastered fundamental concepts
Is a member of the SOA, but not with full privileges

14. The SIX specialty tracks to FSA
Corporate Finance & Enterprise Risk Management
Quantitative Finance & Investment
Individual Life & Annuities
Retirement Benefits
Group & Health
General Insurance (Property/Casualty)
After you complete your ASA you’ll choose a specialty track for your Fellowship level exams. The SOA offers six tracks to choose from. Your choice will likely be driven by your employer or the type of work you are doing when you reach this point. So while it’s good to learn about the different tracks, this is not a decision you need to make now.

15. Syllabus Updates

16. Associate of the SOA (ASA) Effective July 1, 2018
Effective July 1, 2018 the pathway will be changing to include new components.
Key reasons for the changes:
Provide a greater balance between long- and short-term actuarial mathematics
Increased knowledge of statistics
New Predictive Analytics component

17. KEY VEE Exam TBD E-Learning Module Seminar
Here is a look at credit will transfer after the July 1, 2018 transition date. You’ll notice that no credit will be lost during the transition, and some components will earn credit for two items under the new system.
TBD
E-Learning Module
Seminar

18. SOA Syllabus Updates ASA Curriculum Changes
Addition of Predictive Analytics
Effective July 1, 2018
Dedicated website
The recently announced changes to the ASA curriculum are a bit more extensive, but don’t take effect until July of 2018.
You can read more at the dedicated website, but for now it is best to continue to make progress through the exams as you will be given transition credit for anything you complete.
soa.org/curriculumchanges

19. Resources
In closing I would like to share with you some additional resources the SOA has available.

20. UCAP - Universities and Colleges with Actuarial Programs
New UCAP Recognition Tiers
UCAP-Advanced Curriculum (UCAP-AC)
UCAP-Introductory Curriculum (UCAP-IC)
New UCAP Benefits for all UCAP-AC and CAE
Reimbursement of exam fees for 3 students
Choose one of these ($500 USD limit):
Reimbursement for study materials
SOA sponsorship for an on-campus event
Reimbursement of travel costs/registration fees for student travel to an actuarial conference
The SOA listing of Universities and Colleges with Actuarial Programs (UCAP) serves as a resource for students looking for a university/college actuarial program. The information provided for the schools on the UCAP list has undergone some review by the SOA, but should be verified by the student considering the program.
UCAP–Advanced Curriculum (UCAP-AC):
Coverage for at least 4 SOA exams with one being MLC or C1
Approved courses for all VEE topic areas
UCAP–Introductory Curriculum (UCAP-IC):
Coverage for at least 2 SOA preliminary exams
Approved courses for at least one VEE topic area
1Effective 7/1/2018 exams covered must include the Long-Term Actuarial Mathematics Exam or the Short-Term Actuarial Mathematics Exam.
As a UCAP school, your university has been notified of the new student benefits for all UCAP-AC and CAE. Each UCAP-AC and CAE may apply for the reimbursement of 3 student exam fees and one other benefit to be chosen from the list per Academic year.

21. SOA Candidate Connect Events E-newsletter
Stand-alone and at larger SOA meetings
E-newsletter
Subscribe:
Sponsorship of other student events
Midwest Actuarial Student Conference
Actuarial Student National Association (ASNA) convention and case competition
Gamma Iota Sigma conference
Candidate Connect is an important way the SOA connects with candidates and students. The candidate connect program does the following:
Holds regular regional events and events at larger SOA meetings
Publishes an e-newsletter twice a month. Anyone can subscribe.
Sponsors other student meetings

22. Candidate Connect Community
The recently launched Candidate Connect Community is an online forum to connect with other candidates, get announcements and learn more about SOA resources etc.

23. Learn more… Here are some web resources for more information…
SOA.org and Beanactuary.org
Learn more…

24. And like every other organization the SOA has a Facebook page and Twitter account you can follow.

25. Thank you.
<If you have time, offer to answer any questions the student may have. If there are questions specific to SOA exams or activities that you can’t answer, that’s fine. Just send them to Tiffany at and she will help you track down the answers.
Thank you for your time!>