Math and the Actuarial Career

Math and the Actuarial Career

THE ACTUARIAL CAREER Kelly McManus, FSA John Hancock Financial Services What Is An Actuary? Actuaries are highly sought-after professionals who develop and communicate solutions for complex financial issues. What Do Actuaries Do?

Where Do Actuaries Work? Insurance Other Life Insurance Banking Health Insurance Investments PropertyCasualty

Consulting Government Life, Health, Annuities, General Insurance, Investments 9,849 Associates 5,729 Fellows Property and Casualty 2,206 Associates 4,709 Fellows

How to Become an Actuary Preliminary Exams 5 Exams Fellowship Exams Core Exam (5 Hour) Advanced Exam (5 Hour) Risk Exam (2 Hour) Fundamentals of Actuarial Practice

Modules 8 Modules 1 Interim Assessment 1 Final Assessment Fellowship Modules Financial Economics Enterprise Risk Management Regulation and Taxation

Associate Professionalism Course Half Day Course Fellowship Admission Course 3 Day Course How to Become an Actuary P Law of total probability, Bayes' theorem, discrete and continuous Probability distributions, univariate and multivariate distributions, basic knowledge of insurance and risk management

How to Become an Actuary P FM Law of total probability, Bayes' theorem, discrete and continuous Probability distributions, univariate and multivariate distributions, basic knowledge of insurance and risk management Financial Basic interest theory, annuities, bonds, loans, cash flows, Mathematic portfolios, immunization, and financial derivatives, options, s hedging, investment strategies, forwards, futures, and swaps How to Become an Actuary P

FM MFE Law of total probability, Bayes' theorem, discrete and continuous Probability distributions, univariate and multivariate distributions, basic knowledge of insurance and risk management Financial Basic interest theory, annuities, bonds, loans, cash flows, Mathematic portfolios, immunization, and financial derivatives, options, s hedging, investment strategies, forwards, futures, and swaps Models for Interest rate models, rational valuation of derivative securities, Financial and risk management techniques Economics

How to Become an Actuary P FM MFE MLC Law of total probability, Bayes' theorem, discrete and continuous Probability distributions, univariate and multivariate distributions, basic knowledge of insurance and risk management Financial Basic interest theory, annuities, bonds, loans, cash flows, Mathematic portfolios, immunization, and financial derivatives, options, s

hedging, investment strategies, forwards, futures, and swaps Models for Interest rate models, rational valuation of derivative securities, Financial and risk management techniques Economics Models for Life Survival models, Markov chain models, life insurances and Contingenci annuities, Traditional and Universal Life Models es How to Become an Actuary Preliminary Exams P

FM MFE Law of total probability, Bayes' theorem, discrete and continuous Probability distributions, univariate and multivariate distributions, basic knowledge of insurance and risk management Financial Basic interest theory, annuities, bonds, loans, cash flows, Mathematic portfolios, immunization, and financial derivatives, options, s hedging, investment strategies, forwards, futures, and swaps Models for Interest rate models, rational valuation of derivative securities, Financial and risk management techniques

Economics Models for Life Survival models, Markov chain models, life insurances and MLC Contingenci annuities, Traditional and Universal Life Models es Construction Severity models, frequency models, aggregate models, and construction of empirical models, construction and selection of C Evaluation parametric models, estimating failure time and loss, determining of Actuarial

the acceptability of a fitted model, credibility, simulation Models A Day in the Life 8:00 AM: Wake up 8:30 AM: Commute to work 9:00 AM: Greet coworkers, catch up on people's evenings from the night before, and settle in to the workstation 9:10 AM: Go through emails and respond accordingly. Glance at the calendar to plan out the day. 10:00 AM: Campus recruitment committee meeting 11:00 AM: Catch up with interns on project, ask if they have questions on

current project 11:30 AM: One on One meeting with manager 12:00 PM: Lunch with a group of coworkers A Day in the Life 1:30 PM: Catch up on emails, send out agenda for my 3 p.m. meeting 2:00 PM: Get status updates from resources on their projects and tasks. Revise/update digital agenda accordingly. 3:00 PM: Meet with internal Audit 4:00 PM: Starbucks 5:30 PM: Gym 6:30 PM: Commute home 7:00 PM: Dinner Quick Facts: Actuaries

2016 Median Pay $100,610 per year $48.37 per hour Typical Entry-Level Education Bachelor's degree On-the-job Training Long-term on-the-job training Number of Jobs, 2014 24,600 Job Outlook, 2014-24

18% (Much faster than average) Employment Change, 201424 4,400 Important Qualities Analytical Skills Communicati on Skills Math Skills

Interperso nal Skills ProblemSolving Skills Computer Skills Typical Student Programs Study Hours 2 Year rotations Exam raises Bonuses with credentials Seminars Exam Materials Celebrations

Insurance Product Pricing at John Hancock Premium Calculations (Excel) Financial Results (GGY Axis modeling) Balance profitability and competitiveness Analyze risk through sensitivities Communicate to senior management Sample Problem An insurance company determines that N, the number of claims received in a week, is a random variable with P[N = n] = 1/2n+1, where n > 0 . The company also determines that

the number of claims received in a given week is independent of the number of claims received in any other week. Determine the probability that exactly seven claims will be received during a given two week period. (A)1/256 (B)1/128 (C) 7/512 (D) 1/64 Solution: D Let N1 and N2 denote the number of claims during weeks one and two, respectively. Then since N1 and N2 are independent, Questions Kelly McManus, FSA John Hancock Financial

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