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Education for General Insurance Actuaries. Casualty Actuarial Society Mary Frances Miller President, CAS. CAS Education Stages. Preliminary Education Practice Application Advanced Finance and Asset Management Nation-specific Practice Course on Professionalism. Preliminary Education.
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Education for General Insurance Actuaries Casualty Actuarial Society Mary Frances Miller President, CAS
CAS Education Stages • Preliminary Education • Practice Application • Advanced Finance and Asset Management • Nation-specific Practice • Course on Professionalism
Preliminary Education • Mathematical Background for Actuarial Science • Probability and Mathematical Statistics • Mathematics of Finance (Interest) • Actuarial Models (including life contingencies) • Applications of Actuarial Models (including credibility theory, regression & curve fitting) • Economics & Basic Finance • 4 Examinations (14 hours) + required coursework in economics, finance, regression & time series • Approximately 1600 hours preparation time
Actuarial Practice • Covers a wide range of theory and practical applications: • Insurance exposures: Long tail, short tail, periodic payments • Pricing insurance policies • Reserving for insurance liabilities • Accounting: Basic and insurer-specific • Reinsurance & excess insurance • Etc. • 3 Examinations (4 hours) • 1200-1500 hours preparation time
Assets & Nation-Specific Practice • Advanced Finance/Assets course is based on graduate textbooks in finance • 4 hour examination; 500 hours preparation • National Practice Exam • Insurance law and regulation • GAAP and statutory accounting • Standards of practice & professionalism • Current options are US & Canada • 4 hour examination; 500 hours preparation
Internationalizing CAS Education • Preliminary topics • Waiver rules for UK/Australia/India • CAS is committed to developing waiver options for other systems • Nation-specific • Exploring options for other national practice education (eg UK/Australia/India/South Africa) • Potential for “international” practice exam if sufficient interest • International accounting regs & standards of practice