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  • 'Uncertainties govern our life and this makes the future unpredictable.' Very true. So, with the Bureau of Labor Statistics revealing that there are 19,700 actuarial jobs in the U.S., the odds of landing this job are next to nil. You may find better odds with these numbers: 3-7-13-21-23 Powerball: 3 in furthering your career. But, ah, yes, 'the higher the risk more are the chances of financial and emotional losses', especially when you find yourself in debt with student loans and a mountain of rejection letters on your desk. My advice, if you have a math degree, consider going into quality engineering, for there are many more jobs available, and you can enjoy using statistical process control daily in seeking out root causes to issues.
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    a Career as an Actuary a Career as an Actuary Presentation Transcript

    • A Career As An Actuary By Erwin C J De Smet Actuarial Recruitment Consultant PeopleSearch Ltd.
    • A Career As An Actuary
      • Entry Requirements
      • math-related university degree
      • eg mathematics, statistics, engineering, actuarial science, computer science
      • Question:
      • which discipline best-equip us for entry into the A Career As An Actuary?
    • A Career As An Actuary
      • Multi-discipline Profession
      • daily work involves
      • actuarial skills
      • statistical technique
      • evaluation of marketing aspects of product design
      • computer system projects
      • investment decisions
      • underwriting & medical knowledge
    • A Career As An Actuary
      • Choice of Exam. Body
      • Institute of Actuaries, UK
      • Institute of Actuaries, Australia
      • Society of Actuaries, USA
    • A Career As An Actuary
      • Choice of Exam. Body
      • recognition by regulators
      • - all are recognised in HK
      • relevance to employers
      • - US GAAP for US-listed companies
      • relevance to future regulatory developments
      • - Australian MOS & Canadian PPM are more forward-looking methods
    • A Career As An Actuary
      • Choice of Career Track
      • Life insurance company
      • individual life
      • group life
      • pension
      • General insurance company
      • Consultancy
    • A Career As An Actuary
      • Choice of Career Track
      • Question:
      • which career track is most suitable for me?
    • A Career As An Actuary
      • A Career in Consultancy
      • entry level : a lot of number crunching
      • involve in 1 project at a time (less need to manage multiple project and multi-task)
      • higher frequency of travelling
      • more emphasis on presentation (both written & oral)
      • less familiar with actual working of an insurance company
      • higher level : ability to maintain client-relationship & to generate business is important
      • more opportunity for M&A projects
      • outgoting personality
    • A Career As An Actuary
      • A Career in a Life Office
      • entry level : a lot of number crunching
      • involve in multiple tasks at a time (need to manage multiple project and multi-task)
      • lower frequency of travelling
      • more emphasis on programming / system skills
      • chance to interface with marketing / agency mgt / life office operations
      • higher level : natural path to senior life office mgt
      • more opportunity to see a project from start to finish
      • ability / willingness to tend to details
    • A Career As An Actuary
      • Typical Career Path
      • total yrs job title exam. Passes
      • 0 - 4 actuarial associate 0 - 25%
      • 4 - 7 managerial position 25 - 50%
      • 8 + corporate officers 75 - 100%
      • 15 + Appointed Actuary Fellow
      • 20 + CFO Fellow
    • A Career As An Actuary
      • Responsibilities of an Appointed Actuary
      • long-term solvency of the company
      • - your decisions today will impact even 30-50 years later
      • - different assumptions on projections often produce very diverse results
      • - great need to exercise judgment / draw from experience
      • - need breadth of knowledge to discharge duties
      • safeguard money of millions of policyholders
      • balance objectives of shareholder & policyholders
      • responsibility to the regulator
      • answerable to the Board of Directors
    • A Career As An Actuary
      • What do employers look for?
      • Actuarial graduates
      • - clear understanding of basic actuarial concepts
      • - ability to explain such concepts in layman’s terms
      • Other graduates
      • - clear analytical mind
      • - ability to think / talk through a problem step-by-step with guidance
      • Career aspirations & mobility (?)
      • Broad range of interests / current issue awareness
      • Initiative