Becoming an Actuary - Society of Actuaries in Ireland · CT3, CT4, CT5, CT6, CT7, CT8 and CT9. Certificate in Finance and Investment The Certificate in Finance and Investment is awarded

Becomingan Actuary A GUIDE TO A CAREER AS AN ACTUARYUpdated: January 2018

Clanwilliam House,

Clanwilliam Place,

Dublin 2, Ireland

Tel. + 353 1 634 0020

Fax. + 353 1 634 0039

Email. [email protected]

Web. www.actuaries.ie Registered in Dublin as a Limited Company No. 146024. VAT No. IE6542915E Registered Office: Clanwilliam House, Clanwilliam Place, Dublin 2

COUNCIL AND OFFICERS

President Dervla Tomlin | Vice President Maurice Whyms

Honorary Secretary Brian Morrissey | Treasurer Padraic O’Malley | Immediate Past President Dermot Corry

Gerard Bradley | Gary Dunne | Aidan Kennedy | Paul Kenny | Declan Lavelle | Tony O’Riordan

David O’Shea | David Roberts | Michelle Roche | Shane Wall | Orlagh Woods

Clanwilliam House,

Clanwilliam Place,

Dublin 2, Ireland

Tel. + 353 1 634 0020

Fax. + 353 1 634 0039








Society of Actuaries in Ireland Pg 1

Table of Contents

1. About actuaries 2

2. Why become an actuary? 3

3. Where do actuaries work? 4

4. Actuarial Exams 5

5. Actuarial Students 6

6. Society of Actuaries in Ireland 10

Pg 2 Society of Actuaries in Ireland

Most actuaries work in the financialservices sector - including insurance,pensions, healthcare, corporatefinance, risk management, investment and banking – in technical, consulting and general management roles.

Their work includes:

• Working out an appropriate price for insurance contracts

• Advising on how to manage funds so as to be able to pay insurance benefits and pensions as and when they fall due (which might be many years from now)

• Advising on the amount of savings needed so as to have a comfortable retirement

• Developing mathematical and financial models to help companies to understand and manage their risks in today’s complex and rapidly changing financial environment.

A growing number of actuariesare expanding into other businessareas beyond the financial servicessector, where their analytical andrisk management expertise addconsiderable value.

To do their work, actuaries usestatistical and mathematicaltechniques to study past eventsand anticipate future events.Through their education andtraining, actuaries develop stronganalytical skills together with athorough knowledge of financialtheory, economics and thelegislation and regulation thatapply to financial services.

The actuarial qualification ishighly regarded, both nationallyand internationally. As an actuary’scareer progresses, so too do theopportunities for a variety ofintellectually and financiallyrewarding career paths, fromspecialising in technical researchto focusing on more commercialactivities.

The actuarial profession is an ethical profession with thehighest standards of practice. It is also a profession in which you can make your mark.

To become an actuary, you needto be intelligent, confident withnumbers and prepared for manyyears of study. However, if youenjoy problem-solving andcommunicating your solutionsto others, there are few careerswith more to offer.

1 About Actuaries

An actuary is a business professional who designs solutions to problems that involve financial risk or future uncertainty.

Diverse practice areas

Actuaries work in a variety of rolesacross a wide range of employmentsectors including insurance,investments, corporate finance,banking, healthcare and riskmanagement. As the skillsets of theactuarial profession are increasinglyrecognised and valued, actuariescontinue to branch out from thetraditional areas of practice.

Earning potential

Salaries and employee benefitpackages are generally verycompetitive and the actuarialprofession is regarded as one ofthe highest paid professions.

Intellectual challenge

Working as an actuary is anintellectually rewarding career.Actuaries combine technical analysis,commercial awareness and expertjudgement to solve complexproblems, answer challengingquestions and bring lucrativeopportunities to fruition.

Intellectual satisfaction

Actuaries are problem solvers,in tune with emerging trends andissues through their interpretationof statistical data and knowledge ofsocial and economic systems.

Opportunity to work overseas

Once you are qualified, actuarialskills can take you anywhere in theworld. The Society of Actuaries inIreland has a number of mutualqualification recognition agreementsin place with actuarial bodies aroundthe globe. This allows you to practiceas a fully qualified actuary in any ofthese countries under your existingqualification awarded by the Society of Actuaries in Ireland.

Professional influence

Applying their unique skills,actuaries are often involved informulating strategies, developingpolicy and shaping opinion at thehighest levels of politics, commerceand academia.

Professional integrity

Actuaries maintain the highestprofessional standards and arewidely recognised for the ethical,professional and trustworthy mannerin which they work.

A healthy work life balance

An actuarial career allows theflexibility to balance professionalobligations with interests outsidework.

2 Why become an actuary?


There are many reasons why becoming an actuary is an attractive career.


Over time, actuaries have beenrecognised for their wide range ofskills and competencies. These skillsinclude strong technical ability,sound judgement and effectivecommunication. As such, actuarieshave become involved in new andemerging sectors of the marketwhilst maintaining a strongpresence in the more traditionalfields of actuarial science. Even within the traditional areas, actuaries work in a wide variety of roles.

The categories below describelongstanding areas of employmentfor actuaries.

Life Insurance

Actuaries are well established withinthe life insurance industry and areinvolved in many different areasincluding product development,pricing, risk assessment, financial reporting and marketing. As well as life insurance itself, the life insurance sector incorporates other areas such aspensions, critical illness and income protection. Life insurance actuariesalso work as consultants providingprofessional services in relation tothe products above.

General Insurance

The general insurance fieldcontinues to evolve, covering a widevariety of products. These rangefrom the more traditional fields ofmotor and home insurance to new

fields such as spacecraft insurance.

General insurance actuaries work inmany different types of companiessuch as insurance and reinsurancecompanies, consultancies andbroking operations in rolesincluding pricing, reserving andfinancial modelling.

Investments

Investment management has beena growing industry for actuaries inrecent years. This can be attributedto the fact that actuaries’ skills inidentifying, analysing and mitigatingrisk are ideally suited to the fast-pacedworld of investments. Actuaries aretypically involved in analysinginvestment portfolios, buying andselling assets and managingportfolios of stocks and shares.

Pensions

Pensions actuaries work with otherspecialists to help different pensionschemes meet the needs of trustees,employers and scheme members.As schemes will be affected by theinvestment market and changinglegislation and regulation an actuaryis on hand to provide specialistadvice. The typical work undertakenby a pensions actuary includesadvising the scheme trustees andcompanies on funding, investment,scheme design, accounting forpensions, managing risk, corporatetransactions and individual benefits.

3 Where do actuaries work?

Actuaries are involved in a diverse range of fields all overthe world.

There is no Irish-specific examiningbody. Therefore, most Irish studentsqualify through the professionalexaminations and experiencerequirements of the Institute and Faculty of Actuaries(www.actuaries.org.uk)which is based in the UK.

The exams are held twice a year –once in the spring and again in theautumn. You may take the subjectsin whatever order you choose.It takes about 3 to 6 years tocomplete the exams, dependingon the extent to which you canclaim exemptions on the basis ofrelevant third-level qualifications.

Typically a student works as anactuarial trainee in a professionalenvironment and studies for theexams in his or her spare time.Employers generally provide supportfor actuarial trainees in the form ofpaid study leave, membership ofthe Institute & Faculty of Actuariesand the Society of Actuaries in Ireland,on-the-job training and development and support for study materials.

Full details of the Actuarial Exams are available on the Institute & Faculty of Actuaries website in their Becoming an Actuary Guide. https://www.actuaries.org.uk/

4 Actuarial Exams


To qualify as an actuary, students must complete a number of exams


As the future of the actuarialprofession, actuarial students arehighly valued. Actuarial studentsin Ireland are typically membersof both the Society of Actuaries inIreland and the Institute and Facultyof Actuaries in the UK.

The actuarial profession hasundergone many changes over thepast number of years, not least ofwhich has been the introductionof additional levels of professionalqualification.

University Education

In the past, many actuaries begantheir careers from secondary school,working as interns in the largerinsurance companies while studyingfor the actuarial exams. However, inrecent times the trend has been forschool-leavers to attend universitybefore applying for a graduateactuarial trainee position.

Details for some of the actuarialscience degrees available from Irishuniversities are given below:

5 Actuarial Students

There are a number of routes you can take to qualify as an actuary

University

University College

Dublin

Dublin City University

University College

Cork

National University of

Ireland, Galway

Queen’s University

Belfast

University of Limerick

Course Title

Actuarial and

Financial Studies

Actuarial

Mathematics

Financial Mathematics

& Actuarial Science


& Economics

Actuarial Science

& Risk Management


Faculty

School of Mathematical

Sciences

School of Mathematical

Sciences

College of Science

Engineering and Food

Science

College of Science

Queen’s University

Management School

Department of

Mathematics and

Statistics

It is worth noting that to qualify asan actuary, a university degree inactuarial science is not essentialalthough many of the subjectstaught under such degrees are ofsignificant benefit to a futureactuary. Employers are open-mindedwhen it comes to the specificuniversity degree obtained whenconsidering candidates for actuarialpositions.

However, numerate degrees suchas actuarial science, mathematics,statistics, economics, engineering,chemistry or physics are more suitedto the type of work that actuaries doand so better prepare students foran actuarial career.

In certain instances, universities inIreland have accreditation orexemption arrangements in placewith the Institute and Faculty ofActuaries. Where this arrangementis in place, exams completed underthese university degrees may exemptyou from some of the professionalexams required to qualify as anactuary.

Further information on theexemptions available for specificdegree courses can be obtaineddirectly from the relevant universityfaculty overseeing the degree.

Certificates for students

Qualifications and certificates areavailable to successful students fromthe Institute and Faculty of Actuariesto mark their progress towardsgaining a professional qualification.

Diploma in Actuarial Techniques

The Diploma in Actuarial Techniquesis achieved on completion of all CoreTechnical stage subjects: CT1, CT2,CT3, CT4, CT5, CT6, CT7, CT8 andCT9.

Certificate in Finance and Investment

The Certificate in Finance andInvestment is awarded to all studentswho complete or are exempted fromCT1, CT2, CT4, CT7, CT8, CT9 andCA1.

However, the above qualificationsdo not permit the holder to describethemselves as an actuary.

Certified Actuarial Analyst (CAA)

This is a new membership level of the Institute & Faculty of Actuaries. It givesa professional qualification to those who are interested in working in the financialsector but do not want to take thefull actuarial qualification. Further details of the CAA qualification is available on the Institute & Faculty of Actuaries website – www.actuaries.org.uk



continued from page 6


Associate

Students can become Associatemembers of the Institute & Facultyof Actuaries and gain the right todescribe themselves as an actuary.They are then entitled to apply forAssociate membership of the Societyof Actuaries in Ireland and can usethe designatory letters ASAI.

As an actuary and an Associate,you will have a breadth of expertisethat brings wide and variedopportunities. Associates have theright to vote on matters affectingthe future of the profession andthe opportunity to be involved inmembership forums, events andresearch.

To become an Associate you mustcomplete the Core Technical subjects(CT1-9), the Core Applicationssubjects (CA1-2 & CP3) and one year’sworth of work-based skills inprescribed areas or Personal and Professional Development. You will berequired to do a Professional SkillsCourse run by the Institute & Facultyof Actuaries. To transfer to Associatemembership of the Society,participation in a GraduationProgramme organised by theSociety of Actuaries in Ireland willbe required.

Fellow

Members of the profession whowish to continue their studies to anadvanced level or who specialise ina particular actuarial field may takefurther specialist exams to qualify asa Fellow. Fellows are highly soughtafter as experts in their chosen field.

Members will be admitted to theclass of Fellow on successfulcompletion of the Associate exams(Core Technical and CoreApplications subjects), two of theSpecialist Technical subjects andone of the Specialist Applicationssubjects.

Members must also have met the work-based skills /Personal and Professional Development, and fulfilled the required professionalism training. These members will then be eligible for Fellow membership of the Society of Actuaries in Ireland.



The Society hosts FellowshipCeremonies to celebrate thesuccessful completion of theactuarial exams and confers newqualifiers with Fellowship of theSociety of Actuaries in Ireland.Fellows can then use thedesignatory letters FSAI.

CERA –Chartered Enterprise Risk Actuary

CERA is a global risk managementqualification awarded to membersof the profession who meetcertain criteria. It is one of themost comprehensive and rigorousenterprise risk managementqualifications available. It aimsto address the urgent need forhighly-qualified risk managementprofessionals worldwide, especiallyin the financial sector.

CERA is designed to equip actuariesto fulfill roles such as Chief RiskOfficer (CRO) in fields such asinsurance, reinsurance, consulting,energy, infrastructure, transport,manufacturing, technology,media and healthcare.

Importantly for complex financialinstitutions it covers individualrisk categories and how theyinteract. The qualification requiresunderstanding of how to measure,

model and manage risks and howeconomic capital can be bestapplied.

There are two ways in which membersof the profession can be eligible toreceive the CERA qualification:

• become an Associate member and pass ST9, the Specialist Technical exam in enterprise risk management;

• become a Fellow member and have passed ST9 as one of your ST subjects for Fellowship or as an additional ST subject;

Attendance at a CERA seminar toenable investigation and discussionof more practical applications ofenterprise risk management is alsorequired.





The Society is dedicated to servingthe public by fostering the higheststandards of professionalism andcompetence in actuarial practice.

The Society:

• establishes and maintains professional standards for the protection of the public

• provides continuing professional education

• creates forums for discussion about contemporary and relevant issues

• promotes research and the development of actuarial science

• makes informed contributions to the debate on issues of public interest.

The Society regularly organisesmeetings at which a member or guest speaker presents for discussion a paper on a topical or academic issue. Professionalism courses, practice committee forums, seminars, workshops, personal development training and an annual convention are also organised bythe Society. All these events formpart of our Lifelong Learning Programme.

The Society publishes a Newsletter, regular eNews bulletins and Practice

Committee Updates to keep members informed.

Student Society -Society of Actuaries in Ireland

All students of the Society areautomatically members of theSociety’s Student Society and receiveemails about social events andinformation from time to time ontutorials and other studentmatters. As a member of theSociety, you are entitled to applyfor a Student Travel Card. This givesgreat discounts on rail travel,cinema tickets and student discountsin many shops. This card can beobtained by calling into the StudentUnion Office in Trinity CollegeDublin (TCD). New Society studentsshould bring along a copy of theirSociety membership acceptanceletter together with photographic ID.

Attending student events is thebest way to meet other actuarialstudents.

If you are interested in pursuingan actuarial career, we recommendthat you discuss it with an actuary,who should be able to answer anyquestions that you may have.Alternatively, on contacting the Society, we will put you in touch with one of our Fellow members on our Careers Panel.

6 Society of Actuaries in Ireland

The Society of Actuaries in Ireland is the professional bodyrepresenting the actuarial profession in Ireland.

Member Support Service

Students are encouraged to take advantage of our Member Support Service. There is a group of recent qualifiers who are willing to provide students with mentoring and support as they study for the exams. This is a flexible service and the student receiving mentoring can decide if it involves one meeting or phone call with a recent qualifier or whether it should last over a longer period of time.

This Buddy System is a great opportunity for students to be partnered with a recent qualifier. The idea is for the mentor to provide guidance on study and work-related issues. In being paired with a Recent Qualifier, the student will have the dual benefit of learning from someone who has successfully balanced work and study in order to qualify, but who also still remembers the specific challenges of being a student actuary!

Member Support Service

6 Society of Actuaries in Ireland


Students Mid-Career Moving Practice

Area

Retired

Moving To Non-Traditional Actuarial Fields

Recent Quali�ers Career Breaks

Joining Under MRAs

Member Support

Panel

Clanwilliam House,

Clanwilliam Place,

Dublin 2, Ireland

Tel. + 353 1 634 0020

Fax. + 353 1 634 0039








Clanwilliam House,

Clanwilliam Place,

Dublin 2, Ireland, D02 AV90.

Tel. + 353 1 634 0020

Fax. + 353 1 634 0039








Clanwilliam House,

Clanwilliam Place,

Dublin 2, Ireland, D02 AV90.

Tel. + 353 1 634 0020

Fax. + 353 1 634 0039








Documents

Becoming an Actuary - Society of Actuaries in Ireland · CT3, CT4, CT5, CT6, CT7, CT8 and CT9. Certificate in Finance and Investment The Certificate in Finance and Investment is awarded