WHAT IS AN ACTUARY? NEW YORK UNIVERSITY ACTUARIAL SOCIETY WEDNESDAY, OCTOBER 11 TH , 2017
WHAT IS AN ACTUARY?NEW YORK UNIVERSITY ACTUARIAL SOCIETY
WEDNESDAY, OCTOBER 11TH, 2017
AGENDA• WHAT IS AN ACTUARY?
• ACTUARIAL EXAMS
• COURSES TO PURSUE
• INSURANCE AND CONSULTING
• SOA VS CAS
• GAME???
WHAT IS AN ACTUARY?WHAT DO THEY DO? WHY ARE THEY IMPORTANT?
ACTUARIAL EXAMSHOW TO BECOME AN ACTUARY.
ACTUARIAL EXAMS
ACTUARIAL EXAMEXAM P/1 PROBABILITY
EXAM FM/2 FINANCIAL MATHEMATICS
EXAM MFE/3F FINANCIAL ECONOMICS
RELATED NYU COURSESTAT-UB 14: INTRODUCTION TO THE THEORY OF PROBABILITY
STAT-UB 27: MATHEMATICS OF INVESTMENT
FINC-UB 43: FUTURES AND OPTIONS
At a future event, Professor Aaron Tenenbein will discuss all the courses recommended for aspiring actuaries
WHERE DO ACTUARIES WORK?
INSURANCE VS. CONSULTING
INSURANCE
• MORE EXAM-BASED
• 40 HOURS/WEEK
• USUALLY CONSISTS OF PRICING & RESERVING
CONSULTING
• MORE CLIENT FACING
• LONGER HOURS
• SOME NON-TRADITIONAL ACTUARIAL WORK
SOA VS. CAS
SOCIETY OF ACTUARIES• LIFE, HEALTH AND RETIREMENT
• 5 (SOON TO BE 6) PRELIMINARY EXAMS
CASUALTY ACTUARY SOCIETY• PROPERTY & CASUALTY
• 7 PRELIMINARY EXAMS
WHY BE AN ACTUARY?
GAME TIME!LETS PLAY!
100
200
300
400
500
100
200
300
400
500
100
200
300
400
500
100
200
300
400
500
100
200
300
400
500
100
300
400
500
200
Actuarial Exams
Other Actuarial
NYU SternNYC
LandmarksNYC Eats Potpourri
Example
What is the University of Washington?
A public institution in the Pacific Northwest with a Husky named
“Dubs” as its mascot
This actuarial exam focuses on probability and distributions.
Exam P / 1
100
200
This actuarial exam focuses on the modeling of financial
economics.
Exam MFE / 3F
300
This actuarial exam has information taught in Aaron
Tenenbein’s “Mathematics of Investment”
Exam FM / 2
400
This is a common tool used to study for exams. It’s main product
is called ADAPT.
CoachingActuaries
500
Most companies offer this number of hours of study time per hour of
exam.
100
100
This society is centered around property and casualty actuaries
Casualty Actuary Society
200
This computer program is among the most common used by
actuaries.
Microsoft Excel (VBA)
300
As of today, the Society of Actuaries has these five
preliminary exams.
P, FM, MFE, MLC, S
400
This “big 4” advisory firm is the only one not headquartered in the
United States.
KPMG
500
PwC is the result of a merger between these two firms.
Price Waterhouse and Coopers and Lybrand
100
This required course for all NYU Stern students is dubbed “Stern’s
Writing the Essay”
Commerce and Culture
200
Stern’s largest classroom in Tisch Hall also goes by this name
Paulson Auditorium
300
This course once taught by Aaron Tenenbein covered most of the
material for the only SOA-exclusive exam.
Life Contingencies
400
NYU Stern is split into these three (connected) buildings.
Tisch Hall, Kaufman Management Center, Shimkin Hall
500
This is the number of courses required to pursue a
concentration in Actuarial Science
9
100
This is the official name of the large marble arch in the north side of
Washington Square ParkWashington Square Arch
200
This is the name of the large entertainment stadium located on
161st Street.
Yankee Stadium
300
This is the name of the second tallest building in New York City
423 Park Avenue
400
This is the name of the large lake in the middle of central park
Jacqueline Kennedy Onassis Reservoir
(Central Park Reservoir for ½)
500
This is the number of subway lines there are in NYC, according
to the MTA
27
100
This restaurant is known for exceptional NYU catering
services, including OSE events and at ActSoc’s alumni mingle
The Grey Dog
200
This American/Italian restaurant on East 19th Street, founded by Danny
Meyer, is winner of over a dozen accolades.
Union Square Cafe
300
This small bakery in Penn Station is home to the world’s best
banana pudding
Magnolia Bakery
400
This 24-Hour Tofu House in Koreatown is known for their
soft-tofu soup.
BCD Tofu House
500
This St. Marks restaurant, serving primarily chicken, often caters
ActSoc’s and SAS’s end-of-semester social
Boka
100
This is a one-day event held by a company filled with information sessions,
networking events, and final-round interviews.
Superday
200
This is the name of the NJ stadium where the New York
Giants and Jets play
MetLife Stadium
300
This former president of the United States served two
non-consecutive terms in office
Grover Cleveland
400
This baseball team won the 2016 World Series against the
Cleveland Indians
Chicago Cubs
500
These sweet, red fruits are actually flowering plants and
belong to the rose family
Strawberries
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