Society of Actuaries Student Presentation

Society of Actuaries Student Presentation

  The Society of Actuaries (SOA) is a professional organization for actuaries based in North America. There are three overall goals in SOA, which are providing primary and continuing education for students and practicing actuaries, maintaining high professional standards for actuaries, and also conducting research on actuarial trends and public policy issues.

The SOA promptly set a professional system appropriate to the broadened actuarial responsibilities in 1950s and turned its attention to the clear need for governmental recognition in both Canada and the United States. However, there are only 38 members founded in 1889. The Society's members are mainly involved in the life, health, and pension areas of the actuarial profession. An actuary has strong career outlook, combine passion for math with business as you need to apply it in business, financial reward, and education benefits. Actuaries analyze measure, convert and manage risk. They are more to math, statistics skills, financial theory, business knowledge and understanding the human behavior.

  There are five current trends, which are change in accounting rules, enterprise risk management, broader financial services, globalization and health care. An actuary needs actuarial credentials and also critical business skills. They must also be good at communication and business skills, acquire a well rounder curriculum. An actuary needs to take actuarial exams and complete VEE requirement while in university.

  The pathways of membership Society of Actuaries (SOA) are Associate of the Society of Actuaries (ASA), Chartered Enterprise Risk Analyst (CERA), and Fellow of the Society of Actuaries (FSA). An Associate of the Society of Actuaries (ASA) has demonstrated knowledge of the fundamental concepts and techniques for modeling and managing risk. A Chartered Enterprise Risk Analyst (CERA) of the Society of Actuaries has demonstrated knowledge in the identification, measurement and management of risk within risk–bearing enterprises. However, the Fellow of the Society of Actuaries (FSA) has demonstrated knowledge of the business environments within which financial decisions concerning pensions, life insurance, health insurance, and investments are made including the application of mathematical concepts and other techniques to the various areas of actuarial practice. There are 6 specialty tracks to FSA, which are corporate finance and enterprise risk management, quantitative finance and investment, individual life and annuities, retirement benefits, group and health, and general insurance.