What is An Actuary?

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What is An Actuary?
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1 The Actuarial Profession!
http//www.careercast.com/jobs-rated/best-worst-jo
bs-2013
Based primarily on Work Environment, Income,
Future Outlook and Stress
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
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Is Actuarial for You?
If youre considering pursuing a career as an
actuary, you should possess many of the following
qualities

• 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.

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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

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

• Three professional bodies look after
  qualification to become an actuary
• Fellowship 8 -10 professional exams (outside of
  school)
• Graduating students pass 3-5 exams
• Pass remaining exams while working

Society of Actuaries
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Employer Location
Actuaries in the workforce
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Career Paths
Actuaries in the workforce

• 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

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Career Paths
Actuaries in the workforce

• Consulting
• Flatter organizations
• Technical support
• Consultants
• Consultants must be
• Technically strong
• Good relationship managers
• Strong communicators

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Career Paths
Actuaries in the workforce

• Non-traditional
• Academics
• Government regulators
• Demographers
• Profession expanding into other industries
  (especially finance, agriculture, and even
  marketing!).

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What will this career do for you ?
Actuaries in the workforce

• Dynamic and challenging work
• Exceptional chances for personal growth
• Highly respected profession
• Work where you want
• Very strong compensation throughout your career

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Salary Information
This data is from 2011/2012 Asper School graduates
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

• It is common for Actuaries to double their
  starting salary within five years!

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Salary Information

Life HealthOctober2012 0-0.5 yrs(excl.sign-on) 0.5-2.5 yrs 2.5-4.5 yrs 4.5-6.5 yrs 6.5-9.5 yrs 9.5-14.5 yrs 14.5-19.5yrs 19.5 yrs
1 exam 50-58 54-69 55-72
2 exams 54-64 55-75 60-80 66-86
3 exams(MLCMFE1) 56-69 58-81 64-87 70-93
4 exams 60-74 62-89 65-93 72-101 75-110
4 exams FAP 1 66-92 68-101 76-111 82-122
ASA 72-101 77-114 84-128 95-144 96-160 110-234 121-244
FSA 97-146 104-158 118-198 131-245 148-348 163-403

• D.W Simpson Actuarial Survey 2012 (U.S Dollars)
• The top and bottom 10 are excluded from this
  study

http//www.actuaryjobs.com/salary.html
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Set for Life
Winning the Lottery! A Tricky Problem

• Question
• On your 18th 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?

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It depends
Winning the Lottery! A Tricky Problem

• If interest rate 0
• No opportunity cost
• Option A 1 million lt Option B 1.3 million
• Choose option B 1000 per week for 25 years

• If interest rate 4
• Choose option A 1 million today

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Actuarial Studies at U of Manitoba
Actuaries at School

• 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 100th
  anniversary!)
• Hundreds of grads have become actuaries
• One of the only Canadian schools to offer
  actuarial studies with a business degree

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Actuarial Studies at U of ManitobaUndergraduate
Degrees (3 choices)
Actuaries at School
B. Comm. (Hons) Actuarial Maths
B. Sc. (Hons) Actuarial Maths
B. Sc. (Hons) Actuarial Maths Statistics (Joint)
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Internships Co-Op Program
Actuaries at School

• 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.

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Recruiting at U of Manitoba
Actuaries at School

• 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!

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What to take in Year 1
Actuaries at School
Science Route

• 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

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Bachelor of Commerce In Actuarial Math
Actuaries at School
Business Route

• 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

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Actuaries at School
Business Route
Bachelor of Commerce In Actuarial Math

• 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

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What to take in Year 1
Actuaries at School
Business Route

• Key Courses
• (6) MATH 1500 MATH 1700 - 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

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Perks at the University of Manitoba

• 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

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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

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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.

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Questions ?
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Contact Us

• Contact U of M Actuarial Club (UMAC)
• Umac_exec_at_lists.umanitoba.ca or the website
• http//www.umanitoba.ca/actuary_club/
• Contact Warren Centre for Actuarial Studies
• Jeffrey.Pai_at_ad.umanitoba.ca Jeffrey Pai 474-6412
• http//www.umanitoba.ca/asper/academic_depts_centr
  es/dept/actuarial
• click on Student Resources Programs
• then Requirements
• Useful Website for more information
• http//www.beanactuary.org/