Planning 10

1. --Cathay Wang

2.  Two most important aspects
1. Using mathematics to solve technical or
scientific problems
2. Being accurate with numbers in counting,
measuring and arithmetic
 Right now, I do see myself as having these two
aspects, skills and aptitudes.
I like and am good at using mathematics to solve
problems, and I am good at science too. I am also
very careful when it comes to mathematics,
calculating, and solving problems.

3.  Job Description – What do actuaries do?
duty 1 determine how much to charge for services
that have an uncertain future cost
duty 2 assemble and analyze data to estimate the
probability of certain events taking place
duty 3 resolve uncertainty and determine how
much to charge
duty 4 decide the prices charged for life insurance,
car insurance, health insurance, house insurance,
and disability insurance
duty 5 analyze various factors to estimate the
likelihood of people retiring, leaving their jobs, or
becoming disabled

4.  Working Conditions
job site/working environment actuaries work for large
insurance companies or for actuarial consulting firms. Some
work for financial services companies or government
departments. Actuaries may work alone, or on a team with
other actuaries.
“normal hours” approximately 40 hours a week. The
additional responsibility often requires workweeks averaging
50 to 60 hours for actuaries at more senior levels
“typical day”
9:00am-12:00 working on actuarial projects; attending
meetings; planning, designing, and creating computer
models; analyzing data; performing calculations.
12:00pm-1:00pm lunch
1:00pm – 5:00pm continuing to work on projects as before.
6:00pm-11:00pm Around exam time(twice a year), a lot of
this time is spent studying

5.  Earnings
min and max salary/wage: $45,000 - $160,000
annually
influences for increasing salary/wage level of
experience would influence an actuary’s
salary/wage. In order to receive higher pay, they
must continue to study for and pass difficult
qualifying exams. Actuaries who reach
management can earn much more than $160,000
annually. Full-time actuaries generally receive
benefits in addition to a salary.

6.  Education
Education: In order to become an actuary, the person
has to have a college or university degree. While a
bachelor’s degree is not a formal requirement to
become an actuary, having a degree will make it easier
to find employment. To become a fully qualified
actuary, you must pass a series of exams offered
through the Casualty Actuarial Society (CAS) or the
Society of Actuaries (SOA).
Advancement: A good aptitude for and understanding
of mathematics, particularly algebra and calculus, is
important. Computer experience is also valuable.
Actuaries must keep up with legislative, economics,
investment, and general business. Courses in
economics, commerce, and business administration are
also useful.

7.  Sample Career Path
Level 1:New job title: Actuarial Analyst
New salary/wage: $45,000 to $70,000 a year
Added responsibilities: Using computer models to determine insurance
premiums and pension plan contribution rates; analyzing trends, rate level,
and policyholder impacts: implementing rating plans and structures.
Level 2:New job title: Associate Actuary
New salary/wage: $70,000 to $100,000 a year
Added responsibilities: Beginning to take more responsibility for large
actuarial projects; reviewing contribution rates for different kinds of
pension or insurance plans; supervising and training other actuaries;
studying for and taking the qualifying exams.
Level 3:New job title: Director
New salary/wage: $95,000 to $160,000 a year, or more
Added responsibilities: Responsibility for all aspects of an actuarial project
(for example, full responsibility for setting car insurance premiums or for
designing and administering a company pension plan); verifying all
actuarial calculations for a particular project; managing and supervising
junior and senior actuarial students; dealing directly with and advising
clients.

8.  Good and bad aspects of being an actuary
good aspects:
1, well paid
2, actuaries could go into finance, teaching, or
even run a business. There are many opportunities
for people who want to become an actuary.
bad aspects:
1, are required to take many exams in order to
continue on their careers
2, can be really stressful with all the work and the
exams going on at the same time.

9.  Why would this be the right career for me?
 After I’ve done all the research on the school website, I think
this is a career that will fit me really well. As I mentioned in
the refection, my personality helps me a lot in choosing the
right career for myself. I am a very flexible person with a
flexible timetable. I won’t mind if I need to go to work at 8
and come back home at 10. Even if it might be a bit of a
challenge at the beginning, I will always adapt very quickly
and get used to that kind of life style. I am very organized
and careful. This makes me perfect to work in an office with
important and detailed number and information. Good
communications skills also is needed between coworkers, and
I think I will be able to manage that very well too. My love in
mathematics contributes the most in my choice of this career.

10.  Program Name: Statistics and Actuarial
Science Program
 Department: Mathematics
 Institution Name: University of Waterloo
 Location: 200 University Ave. West Waterloo,
ON, Canada
 Institution Type: University
 Credential: Bachelor’s, Master’s and doctoral
programs.
 Program Length: 4 － 7 years

11. Fees and other costs: (for 1 school year)
 Tuition and incidental fees $7132.58
 Books and supplies $2000.00
 Living in residence on campus $5347.00 at least
 Meal Plan: 4248.00 and up
 Total: $18727.58 (aprox.)
 Application Fee: $100 non-refundable for each
program you apply to.
 Application Deadline:
Fall term: March 31, 2015
Winter term: October 30, 2015
Spring term: March 1, 2016

12.  Institution Admission Requirements
1. Be sure to apply by the application deadlinefor the term/program you wish
to be admitted to.
2. Within 2 weeks of receiving your application information from the OUAC,
we’ll send you an email about next steps in the admissions process.
3. It's a good idea to add myapplication@uwaterloo.ca to your contacts list to
make sure you receive our emails.
4. Review our list of important dates to learn more about the admissions
process.
5. If you're applying to be a full-time student at Waterloo, you'll apply through
the Ontario Universities’ Application Centre (OUAC)
6. If you have been away from high school for more than 2 years and you do
not satisfy minimum admission requirements, you may apply as a mature
student.
7. However, at a minimum, you should have covered all the material in Ontario
secondary school Mathematics courses required for admission: Grade 12 U
(or equivalent) courses in Advanced Functions and Calculus and Vectors.
8. If it has been more than three years since the Ontario secondary school
mathematics courses were completed, you may be asked to repeat some or
all of the required courses before being considered for admission.

13.  Program Admition Requirements
 Required courses: Pre-Calculus 12, English 12
1 of the following: Calculus 12, AP Calculus
 General requirements:
1. High school diploma with a minimum of 4 academic courses at the Grade 12 level.
2. For Grade 12 English, the provincial exam is required for all high school diplomas
including the Dogwood. Your final grade (blended school and exam mark) will be
used.
3. If you write a provincial exam for any subject other than English 12, your better
grade – either your in-class school grade or your final grade (blended school and
exam mark) – will be used for admission and scholarship decisions.
4. Courses such as Law 12, Comparative Civilizations 12, and Social Justice 12 are
acceptable academic courses for admission consideration.
5. If you are applying to a program in the Faculty of Mathematics, you are strongly
encouraged to write the Euclid Mathematics Contest.
6. For the mathematics curriculum, the former Principles of Mathematics 12 will still
be accepted in place of Pre-Calculus 12.
7. Repeated courses may be taken into consideration depending on the program.

14.  What can I expect to learn in this program?
The Department offers a vibrant research environment for a
wide range of areas including foundations of statistics, analysis
of longitudinal and life history data, computational inference,
finance, risk management, ruin theory, survey methods,
industrial statistics, interdisciplinary collaborative work.
 After I have completed this program what
future employment and career opportunities
exist?
1. Actuary
2. Statistician
3. Mathematical Finance
4. Statistics for Health

15.  Institution Contact Information:
Contacts for:
Future students
 Undergraduate
Full-time applicants
Telephone: 519-888-4567, ext. 33106
Email: myapplication@uwaterloo.ca
Find out more: Admissions
Part-time and Online Learning applicants
Telephone: 519-888-4567, ext. 33548
Email: applicant.help@uwaterloo.ca
Centre for Extended Learning
 Gra duate
Graduate Studies Office
Telephone: 519-888-4567, ext. 35209
E-mail: gsoffice@uwaterloo.ca
Fax: 519-746-3051

16.  Average Student Costs for a Single Student Living
Away from Home
 Shelter (2 bedroom apartment with utilities)
$6000/year
 Food $4250.00/year
 Miscellaneous (personal & health care, clothing,
household items, communications) $1000 /year
 Local Public Transportation $300 /year
 Total Monthly Living Expenses $11250/year
 Plus the average cost of tuition – University $7132.58
/year
 Plus the average cost of books & supplies $2000/year
 TOTAL AVERAGE STUDENT COSTS 19382.58/year