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What is Actuarial Science?
Actuarial Science is the discipline that applies mathematical
and statistical methods to assess risk in
insurance, finance and other industries and
professions.1 (en.wikipedia.org/wiki/Actuarial_science)
The Canadian Institute of Actuaries (CIA) describes Actuaries as
professional business peoplewho are skilled in the application of
mathematics to financial problems. Actuaries employ their
specialized knowledge of the mathematics of finance, statistics,
and risk theory on problems
faced by the following:
Insurance companies (both life and property/casualty);
Pension plans;
Government regulators;
Social programs; and
Individuals.
Actuaries have practical business sense, the creativity to apply
training and experience to new
problems and provide innovative solutions, and the communication
skills required to convince
both colleagues and clients. They help people plan better for
the future by controlling or
reducing financial risks associated with the following:
Retirement;
Sickness;
Disability;
Unemployment;
Property loss and damage;
Investment policy;Dying too soon;
Living too long.
Why become an Actuary?
See: www.beanactuary.org
There are a number of great reasons to enter this field:
Has been consistently described as a Top ranked occupation
Great starting salaries that have the opportunity to increase
quickly
High salaries (based on factors such as experience, industry,
geography, responsibility)
Job security
Endless opportunities – actuaries are in demand as the
world confronts risk
Opportunity to make a meaningful positive impact
Good work - life balance
Traditional Opportunities – for example
http://www.beanactuary.org/http://www.beanactuary.org/http://www.beanactuary.org/
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Insurance companies
o Life – Life insurance companies
o General – Property & Casualty
companies
Consulting
o Accounting firms such as Ernst & Young, PwC,
Deloitte
o Other firms such as Mercer, Towers Perrin
Government
o
Regulatory e.g. OSFI
o
Workers Compensation Boards e.g. WSIB
o Pension Plans e.g. CPP
Other private sector companies
Non Traditional Opportunities – for example
Financial services sector
Marketing/sales organizations
Benefits management firms
Where do Canadian Actuaries Practice?
1.
Geographic Split
Location %
Ontario 46
Quebec 25
Western Canada 10
Atlantic Canada 2Outside Canada 17
TOTAL 100
Three key areas in Ontario/Quebec are Toronto,
Kitchener/Waterloo and Montreal
2.
Practice Areas
Practice %
Life Insurance 47
Pensions 36
Property & Casualty 10
Non Trad or Non Actuarial Work 11
Actuarial Evidence 3
TOTAL 100
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3.
Type of Employer
Employer Type %
Life Insurer 32
Consulting firm 44Property & Casualty Insurer 6
Reinsurer 6
Government 3
Financial Institution 2
University / College 1
Other 6
TOTAL 100
Data is from the CIA website
Key Organizations
1. Canadian Institute of Actuaries (CIA)
www.cia-ica.ca/home ; www.actuaries.ca
2.
Society of Actuaries (SOA)
www.soa.org
3.
American Academy of Actuaries (AAA)
www.actuaries.org
4.
Casualty Actuarial Society (CAS)
www.casact.org
Actuarial Exams
-
See SOA website for details
http://www.cia-ica.ca/homehttp://www.cia-ica.ca/homehttp://www.actuaries.ca/http://www.actuaries.ca/http://www.actuaries.ca/http://www.soa.org/http://www.soa.org/http://www.actuaries.org/http://www.actuaries.org/http://www.casact.org/http://www.casact.org/http://www.casact.org/http://www.actuaries.org/http://www.soa.org/http://www.actuaries.ca/http://www.cia-ica.ca/home
