Generally speaking, actuaries in China have much higher requirements for mathematics than SOA in North America, and the content of mathematics is getting more and more difficult ... and the requirements for economics are not low ~ ~ Although SOA in North America has lower requirements for mathematics, the difficulty of MFE, MLC and C has increased in recent years. However, compared with domestic actuaries, SOA in North America has higher requirements on economy, especially in the later exam, which requires economic analysis in English instead of basic courses, which is a great test for domestic candidates ~ ~
The following is some information I am looking for, I hope it will be useful to you ~ ~
Introduction to actuarial science
1, what is actuarial science?
Actuarial science has a history of 300 years in the west. It is a discipline that specializes in the quantitative methods and techniques for dealing with various risks in insurance industry and other financial industries. It is the theoretical basis for the development of modern insurance, financial investment and social security. At present, actuarial science has penetrated into all fields of commercial insurance, playing an increasingly important role in investment institutions, social welfare organizations, government consulting and regulatory agencies.
2. What is an actuary?
Actuaries are individuals whose qualifications are recognized by financial and insurance regulators. Actuaries have extensive skills in mathematics, statistics, finance, organization and analysis. They use actuarial knowledge to evaluate underwriting risks, determine insurance rates, set aside reserves, arrange reinsurance amounts, and conduct repayment tests. Traditionally, actuaries are mostly used in insurance companies and participate in the design of social security system, but today actuaries are more widely distributed, such as commercial banks, financial intermediaries, long-term capital projects and so on. Actuaries can play a role in any field that needs to deal with risks.
Compared with accountants, lawyers and doctors, actuaries are a smaller and more professional profession. According to Jobs Rated Almanac of Les Krantz (1999), the actuary was rated as the best profession in the United States.
It is predicted that there will be at least 60 domestic insurance companies and 20 foreign insurance companies in China by 20 10. At present, the number of actuaries is far from meeting the needs of China's insurance industry development. Therefore, it is urgent to cultivate internationally recognized actuarial talents.
3. The four golden functions of actuaries
(1) product development and design: The actuary will be responsible for the design and development of new insurance products. Supervise the formulation of terms, price design and market forecast. For example, for a life insurance product, the actuary must design various restrictions of the insured by calculating the previous population life statistics, the current bank interest rate and expense rate, and the final new insurance product must be signed by the actuary (Chinese actuary).
(2) Investment consultant: The actuary puts forward reasonable financial investment suggestions through the analysis of the company's assets, and monitors the risk index of capital flow. Provide analytical help for the investment of the company or major customers. Many actuaries in this department have financial and economic backgrounds and are compound actuaries.
(3) Insurance product management: After the product is sold, actuaries participate in product management. Analyze the implementation of the insurance plan and the amount of funds that may be needed in the future. Help evaluate the implementation of investment income paid to customers.
(4) Financial management: Actuaries need to estimate the amount of reserves and plan future expenditures; Review financial reports, grasp the investment direction, and ensure the safety and profitability of investment. This has something in common with international accounting. However, actuaries need to be more familiar with the insurance market and have the ability to evaluate schemes.
Brief introduction of North American Actuaries Association
Society of Actuaries of North America (SOA) (website: ponent paper). Generally speaking, there are no strict restrictions on the choice of papers.
As long as it is actuarial related. For the specific requirements of the paper, please refer to the website:
http://www.soa.org/ccm/content/? Category ID=833077
(4) After completing the above courses and exams, you can obtain the qualification of quasi-actuary in North America by attending the sm course of auxiliary ship specialty.
2. Full member:
After obtaining the qualification of quasi-actuary, you need to complete the following two items to make a positive result:
(1) Professional development (PD) requires professional papers.
(2) Scholarship Admission Course (FAC) actuarial full membership certification course.
Introduction to the Exam Fees of Actuaries in North America
Themes with and without discounts (USD)
Examination P 50 100
Examination FM 75 150
Exam M 230 375
Exam C 230 375
50 dollars per subject
The examination fees for other courses are being adjusted. For details, please refer to official website of the State Oceanic Administration.