Information Session on the Actuarial Science Major (ACS)

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Oct 28, 2013 (3 years and 7 months ago)

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Information Session on the

Actuarial Science Major (ACS)



Hosts

Professor Tse Yiu Kuen, FSA

Education Professor
Kwong

Koon Shing, ASA, CERA


SOE, SR 2.4

11 January 2013, 3:30


4:30 pm

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

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










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


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)

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

(Probability),
FM

(Financial
Mathematics),
MFE

(Models, Financial Economics),
MLC

(Models, Life Contingency),
C

(Construction of Models)


eLearning courses, professionalism course


Other exams and modules

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.

Compulsory courses for AA track (applicable for
students admitted before AY 2012
-
2013)



1.
STAT 101 Introductory Statistics
or

STAT 151 Introduction to Statistical
Theory

2.
STAT 201 Probability Theory and Applications

3.
STAT 203 Financial Mathematics

4.
STAT 310 Life Contingent Risks

5.
STAT 311 Risk Theory and Loss Models

6.
ECON 101 Intermediate Microeconomics B

7.
ECON 102 Intermediate Macroeconomics B

8.
ECON 107 Applied Econometrics

10.
ECON 207 Intermediate Econometrics

11.
ACT 101/103 Financial Accounting

12.
FNCE 101 Finance

13.
FNCE 102 Financial Instruments, Institutions and Markets
or
FNCE 201
Corporate Finance

14.
FNCE 305 Analysis of Derivative Securities
or

QF 301 Structured Finance


*
not required for students admitted AY2012


2013
or after,
replaced by STAT 314 Statistical Methods for Actuarial Analysis