0
Actuaries are responsible for predicting future pension fund obligations and contributions; they also determine investment return requirements.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What qualifications do you need to become an actuary?
Actuaries earn professional designations based on the organization they belong to and their status in the professional exam system. When an actuary has met certain professional educational standards by passing a series of exams, he or she achieves the designation of Associate. Actuaries who specialize in property and casualty practice receive the ACAS designation. It stands for Associate of the Casualty Actuarial Society. Actuaries who practice in life, health, finance, investments or pensions receive the Associate of the Society of Actuaries, or ASA, designation. After achieving the Associate designation, the actuary can elect to continue to take exams to achieve the highest designation, Fellow. Casualty actuaries are Fellows of the Casualty Actuarial Society or FCAS. Fellow of the Society of Actuaries, or FSA, is the designation achieved by life, health, pension, finance and investment actuaries. Below are the different actuarial designations and organizations that grant them. Check out the actuarial alphabet. FCAS Fellow of the Casualty Actuarial Society ACAS Associate of the Casualty Actuarial Society FSA Fellow of the Society of Actuaries ASA Associate of the Society of Actuaries MAAA Member of the American Academy of Actuaries FSPA Fellow of the American Society of Pension Actuaries MSPA Member of the American Society of Pension Actuaries FCA Fellow of the Conference of Consulting Actuaries MCA Member of the Conference of Consulting Actuaries ACA Associate of the Conference of Consulting Actuaries FCIA Fellow of the Canadian Institute of Actuaries EA Enrolled Actuary What skills are needed to be an actuary? Specialized math knowledge. Calculus, statistics, probability. Keen analytical, project management and problem solving skills. Good business sense. Finance, accounting, economics. Solid communication skills (oral & written). Strong computer skills. Word processing programs, spreadsheets, statistical analysis programs, database manipulation, programming languages. What talents are needed to be an actuary? Self-motivation Creativity Independence Ability to work with others Ambition In a nutshell, the abilities developed and honed by successful actuaries include an excellent business sense with a knowledge of finance, accounting and economics, keen analytical, project management, and problem solving skills, specialized math knowledge, strong computer skills, and solid written and oral communication skills. In addition, actuaries enjoy learning, like to solve complicated problems, enjoy writing and talking to people, can work effectively alone or as part of a team, are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.
Who hires actuaries?
hey they get hired by Noah
What is an insurance company statistician called?
actuaries
How much do actuaries earn?
$4.000 per month
What type of a degree does an actuary need?
Actuaries need a strong foundation in mathematics, statistics, and general business. They generally have a bachelor's degree and are required to pass a series of exams in order to become certified. Education and training. Actuaries need a strong background in mathematics and general business. Usually, actuaries earn an undergraduate degree in mathematics, statistics or actuarial science, or a business-related field such as finance, economics or business. While in college, students should complete coursework in economics, applied statistics and corporate finance, which is a requirement for professional certification. Furthermore, many students obtain internships to gain experience in the profession prior to graduation. About 100 colleges and universities offer an actuarial science program, and most offer a degree in mathematics, statistics, economics, or finance. Some companies hire applicants without specifying a major, provided that the applicant has a working knowledge of mathematics-including calculus, probability, and statistics-and has demonstrated this knowledge by passing one or two actuarial exams required for professional designation. Companies increasingly prefer well-rounded individuals who, in addition to having acquired a strong technical background, have some training in business and liberal arts and possess strong communication skills. Beginning actuaries often rotate among different jobs in an organization, such as marketing, underwriting, financial reporting and product development, to learn various actuarial operations and phases of insurance work. At first, they prepare data for actuarial projects or perform other simple tasks. As they gain experience, actuaries may supervise clerks, prepare correspondence, draft reports, and conduct research. They may move from one company to another early in their careers as they advance to higher positions. Licensure. Two professional societies sponsor programs leading to full professional status in their specialty: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The SOA certifies actuaries in the fields of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS gives a series of examinations in the property and casualty field, which includes car, homeowners, medical malpractice, workers compensation, and personal injury liability. Three of the first four exams in the SOA and CAS examination series are jointly sponsored by the two societies and cover the same material. For this reason, students do not need to commit themselves to a specialty until they have taken the initial examinations, which test an individual's competence in probability, statistics, and other branches of mathematics and finance. The first few examinations help students evaluate their potential as actuaries. Many prospective actuaries begin taking the exams in college with the help of self-study guides and courses. Those who pass one or more examinations have better opportunities for employment at higher starting salaries than those who do not. Many candidates find work as an actuary immediately after graduation and work through the certification process while gaining some experience in the field. In fact, many employers pay the examination fees and provide their employees time to study. As actuaries pass exams, they are often rewarded with a pay increase. Despite the fact that employers are supportive during the exam process, home study is necessary and many actuaries study for months to prepare for each exam. The process for gaining certification in the Casualty Actuarial Society is predominantly exam based. To reach the first level of certification, the Associate or ACAS level, a candidate must complete seven exams, attend one course on professionalism and complete the coursework in applied statistics, corporate finance, and economics required by both the SOA and CAS. This process generally takes from 4 to 6 years. The next level, the Fellowship or FCAS level, requires passing two additional exams in advanced topics, including investment and assets and dynamic financial analysis and the valuation of insurance. Most actuaries reach the fellowship level 2 to 3 years after attaining Associate status. The certification process of the Society of Actuaries blends exams with computer learning modules and coursework. After taking the initial exams, candidates must choose a specialty: group and health benefits, individual life and annuities, retirement benefits, pensions, investments or finance/enterprise risk management. To reach the Associate or ASA level, a candidate must complete the initial four exams, the coursework in applied statistics, corporate finance and economics required by the SOA and CAS, eight computer modules with two corresponding assessments and a course in professionalism. This process generally takes from 4 to 6 years. To attain the Fellowship or FSA level, a candidate must pass two additional exams within a chosen specialty and must complete three computer modules and a professionalism course. Attaining Fellowship status usually takes an additional 2 to 3 years after becoming an Associate. Specific requirements apply to pension actuaries, who verify the financial status of defined benefit pension plans for the Federal Government. These actuaries must be enrolled by the Joint Board of the U.S. Treasury Department and the U.S. Department of Labor for the Enrollment of Actuaries. To qualify for enrollment, applicants must meet certain experience and examination requirements, as stipulated by the Board. Other qualifications. In addition to knowledge of mathematics, computer skills are becoming increasingly important. Actuaries should be able to develop and use spreadsheets and databases, as well as standard statistical analysis software. Knowledge of computer programming languages, such as Visual Basic for Applications, SAS, or SQL, is also useful. To perform their duties effectively, actuaries must keep up with current economic and social trends and legislation, as well as with developments in health, business, and finance that could affect insurance or investment practices. Good communication and interpersonal skills also are important, particularly for prospective consulting actuaries. Advancement. Advancement depends largely on job performance and the number of actuarial examinations passed. Actuaries with a broad knowledge of the insurance, pension, investment, or employee benefits fields can rise to administrative and executive positions in their companies. Actuaries with supervisory ability may advance to management positions in other areas, such as underwriting, accounting, data processing, marketing, and advertising. Increasingly, actuaries with knowledge of business are beginning to rise to high-level positions within their companies, such as Chief Risk Officer, Chief Financial Officer, or other executive level positions. These generally require that actuaries use their abilities for assessing risk and apply it to the entire company as a whole. Furthermore, some experienced actuaries move into consulting, often by opening their own consulting firm. Some actuaries transfer to college and university faculty positions.For the source and more detailed information concerning this subject, click on the related links section indicated below.
Who pays for your pension for teamsters?
Usually there is a trust fund that a Teamster's pension is paid for. An example of this kind of a trust fund is The Teamsters Pension Trust Fund of Philadelphia and Vicinity.
When was The Government Pension Fund of Norway created?
The Government Pension Fund of Norway was created in 1967.
What does the Strathclyde Pension Fund do?
The Strathclyde Pension Fund administers pensions for Glasgow City Council. On the website of the Strathclyde Pension Fund one will find useful facilities such as a benefits calculator.
What types of professionals are employed in the pension fund industry?
Seven employment functions within the industry include administrative staff, attorneys, actuaries, investment advisers and money managers, accountants and auditors, custodians or trustees, and performance monitors
Who to contact in reference to pension?
Whoever is in charge of the pension fund.
When was Norwegian Public Service Pension Fund created?
Norwegian Public Service Pension Fund was created in 1917.
Is pension fund a current liability or non current liability?
A pension fund is considered a non-current asset but it is a long term investment fund .
What is the definition of a pension fund?
The definition of a pension fund is a fund started by an employer to help and to regulate the investment of employees retirement funds given to by the employer and the employees.
Who manages pension fund for walls meat company?
who manages wall's meat company pension fund 1971
A mortgage lender that represents a pension fund is known as?
A mortgage lender than represents a pension fund is called a mortgage banker.
How can you contact seiu industry pension fund in Washington DC?
how can i found out about my pension
What is the difference between provident fund and pension fund?
The difference between a pension fund and provident fund is in how the benefits are paid out. A provident fund pays all he retirement benefits in a lump sum cash benefit at retirement. A pension fund pays one third of the benefit as a lump sum at retirement and the rest is paid out over the lifetime of the beneficiary.
