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What is An Actuary?

What is An Actuary?. http://www.careercast.com/jobs-rated/best-worst-jobs-2013. #1: The Actuarial Profession!. Based primarily on: Work Environment, Income, Future Outlook and Stress. 47 – Accountant 51 – Surgeon 55 – Nurse 58 – Psychologist 61 – Architect 79 – Judge.

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What is An Actuary?

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  1. What is An Actuary?

  2. http://www.careercast.com/jobs-rated/best-worst-jobs-2013 #1: The Actuarial Profession! 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

  3. Is Actuarial for You? • 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. If you’re considering pursuing a career as an actuary, you should possess many of the following qualities:

  4. 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

  5. Overview Actuaries in the Workforce Salary Information Winning the Lottery! - A Tricky Problem Actuaries at School Perks at the University of Manitoba

  6. Actuaries in the workforce The Actuarial Profession 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

  7. Actuaries in the workforce Employer Location

  8. Actuaries in the workforce Career Paths 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

  9. Actuaries in the workforce Career Paths Consulting: Flatter organizations: • Technical support • Consultants Consultants must be: • Technically strong • Good relationship managers • Strong communicators

  10. Actuaries in the workforce Career Paths Non-traditional: • Academics • Government regulators • Demographers • Profession expanding into other industries (especially finance, agriculture, and even marketing!).

  11. Actuaries in the workforce What will this career do for you ? • Dynamic and challenging work • Exceptional chances for personal growth • Highly respected profession • Work where you want • Very strong compensation throughout your career

  12. 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!

  13. Salary Information • 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

  14. Winning the Lottery! – A Tricky Problem Set for Life 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?

  15. Winning the Lottery! – A Tricky Problem It depends… If interest rate = 0% • No opportunity cost • Option A = $1 million < Option B = $1.3 million • Choose option B: $1000 per week for 25 years • Opportunity to invest winning into a bank account that grows at the interest rate • Option A: AV = $1million(1.04)25 = $2.67 million • Option B: AV = $1000(1+ )1300 + $1000(1+ )1299 … +1000(1+ ) = $1000[ (1+ )1300 – 1]/( ) = $2.23 million If interest rate = 4% • Choose option A: $1 million today .04 52 .04 52 .04 52 .04 52 .04 52

  16. Actuaries at School Actuarial Studies at U of Manitoba • 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

  17. Actuaries at School Actuarial Studies at U of ManitobaUndergraduate Degrees (3 choices)

  18. Actuaries at School Internships & Co-Op Program • 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.

  19. Actuaries at School Recruiting at U of Manitoba • 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!

  20. Actuaries at School What to take in Year 1 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

  21. Actuaries at School Bachelor of Commerce In Actuarial Math 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

  22. Actuaries at School Business Route 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 Bachelor of Commerce In Actuarial Math

  23. Actuaries at School What to take in Year 1 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

  24. 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

  25. 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

  26. 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.

  27. Questions ?

  28. Contact Us • Contact U of M Actuarial Club (UMAC) • Umac_exec@lists.umanitoba.ca or the website • http://www.umanitoba.ca/actuary_club/ • Contact Warren Centre for Actuarial Studies • Jeffrey.Pai@ad.umanitoba.ca Jeffrey Pai 474-6412 • http://www.umanitoba.ca/asper/academic_depts_centres/dept/actuarial click on Student Resources & Programs & then Requirements • Useful Website for more information • http://www.beanactuary.org/

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