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Information Session on the Actuarial Science Major (ACS)

Attend this information session to learn about the Actuarial Science Major (ACS) at SMU and discover the various career paths in the actuarial and risk analysis fields. Gain insights into the work of actuaries and risk analysts, professional qualifications, and the courses offered in the ACS program.

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Information Session on the Actuarial Science Major (ACS)

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  1. Information Session on theActuarial Science Major (ACS) Hosts Professor Tse Yiu Kuen, FSA Education Professor Kwong Koon Shing, ASA, CERA Adjunct Faculty Dr Serena Tiong, ASA, CERA SOE, SR 5.2 23 August 2012, 3:30 – 4:30 pm

  2. Agenda • Where do actuaries work? • What do actuaries do? • The Society of Actuaries (SOA) professional qualifications • The ACS major and the Actuarial Analyst (AA) track • Where do risk analysts work? • What do risk analysts do? • The ACS major Risk Analyst (RA) track • Q&A • Refreshment

  3. Where do actuaries work? • In the insurance industry • Life (Great Eastern Life, Manulife, etc) • Nonlife (health, casualty, property and liability) • Reinsurance (Munich Re, Swiss Re, etc) • In the finance and consulting industry • Consulting firms (Towers Watson, etc) • Accounting firms (PriceWaterhousecoopers, etc) • Hedge fund and pension fund management • In government insurance department • In universities

  4. What do actuaries do? • In an insurance company • Product development • Pricing • Valuation and regulatory reporting • In a consulting firm • Advise clients, design pension plans and compensation • In a government insurance department • Review laws and regulations • Surveillance • In a financial institution • Investment, portfolio management • In general management

  5. Professional actuarial bodies • Society of Actuaries SOA (North America: US and Canada) • Institute and Faculty of Actuaries IFA (UK) • Institute of Actuaries of Australia IAA (Australia) • Singapore Actuarial Society SAS (Singapore)

  6. SOA professional qualifications • Associate of Society of Actuaries (ASA) • Fellow of Society of Actuaries (FSA) • Chartered Enterprise Risk Analyst (CERA) SOA exam requirements • Validation of Education Experience (VEE): Economics, Corporate Finance, Applied Statistics • Preliminary Examinations: P, FM, MFE, MLC, C • eLearning courses, professionalism course • Other exams and modules

  7. ACS at SMU • Two tracks • Actuarial analyst (AA) track • Risk analyst (RA) track • If you want to become a professional actuary (ASA, FSA), choose AA track • If you want to be in risk management and be a professional risk manager/analyst (CERA), choose RA track • If you just want to learn some statistics, economics and finance relevant for working in any financial institution, choose either.

  8. Compulsory courses for AA track (applicable for students admitted before AY 2012-2013) • STAT101 Introductory Statistics or STAT151 Introduction to Statistical Theory • STAT201 Probability Theory and Applications • STAT203 Financial Mathematics • STAT310 Life Contingent Risks • STAT311 Risk Theory and Loss Models • ECON101 Intermediate Microeconomics • ECON102 Intermediate Macroeconomics • ECON107 Applied Econometrics • ECON205 Intermediate Mathematics for Economics* • ECON207 Intermediate Econometrics • ACCT101/111 Financial Accounting • FNCE101 Finance • FNCE102 Financial Instruments, Institutions and Markets or FNCE201 Corporate Finance • FNCE305 Analysis of Derivative Securities or QF301 Structured Finance * not required for students admitted AY2012 – 2013 or after, replaced by STAT 314 Statistical Methods for Actuarial Analysis

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