Category Archives: USA

Joint Regional Seminar on Economic Capital

About 1000 actuaries and actuarial students are attending the Joint Regional Seminar on Economic Capital.

Yesterday I attended the Bangkok arm. It was lively, well organised, useful and interesting.

The president of the Society of Actuaries gave an introductory speech and it emerges that 25% of the American Society at Associate level and below reside in Asia. I also loved his definition of what differentiates actuaries from others. “When we provide a number. We give it a context that’s what makes us special”

One of the best speakers of the day was a Thai gentleman named Sutee who said “he wanted to be measured by how people felt after his presentation.” Well I for one felt stimulated to learn more about economic capital and that at last I truly understood all the jargon surrounding it.

The final presentation was by Mark Saunders It was by far the best presentation on presentation skills I have ever heard – and I’ve been to many.

Facebook Help for the SOA and CAS exams

If you are studying for the SOA/CAS Actuarial Exams here are a few Facebook groups and applications that you might find useful.

  1. Faceook-based Actuarial Mock Exam System (Fames)
    FAMES, a facebook-based real actuarial exam simulation, is aimed to help students to pass actuarial CBT exams by offering free practice tests.  Just login with your facebook account and start to pass all your actuarial preliminary exams!
  2. Actuarial Study Material Download Area on Facebook
    A platform to get the study material to prepare their actuarial professional exams. You can get  Actuarial Textbooks, Study manuals, Solution manual, question banks… here
  3. Web-based Actuarial Mock Exam System (Wames)
    Web-based Actuarial Mock Exam System (Wames), a web based real actuarial exam simulation, is aimed to help students to pass actuarial CBT exams by offering free practice tests.
  4. Actuarial Exams Guidelines : CBT Exam Tutorial Demo
    The demonstration of the screens and basic functionality of the Prometric Actuarial Computer Based Test.
  5. GAAPS Actuarial
    And of course, the GAAPS Facebook page to keep up with the latest actuarial news.

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How Do You Set Your Rates? International Societies Join Forces For Survey

The Casualty Actuarial Society, The Institute and Faculty of Actuaries and the Institute of Actuaries of Australia have joined forces to produce a global ratemaking survey.

The goal of the survey is to gain a better understanding of current property/casualty ratemaking practices, techniques and skills throughout the insurance community.

They are keenly interested in responses from actuaries with experience in property/casualty ratemaking, and also  encourage you to share the attached survey with your non-actuarial colleagues involved in the pricing decision-making at your firm.

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An International Profession

The Actuarial Profession is an international profession and the Faculty and Institute of Actuaries has agreements for the mutual recognition of qualifications with the following organisations:

* Actuarial Society of India

* Actuarial Society of South Africa

* Canadian Institute of Actuaries

* Casualty Actuarial Society

* Groupe Consultatif (Europe)

* Institute of Actuaries of Australia

* Institute of Actuaries of Japan

* Society of Actuaries

Additionally, the CERA (Charted Enterprise Risk Actuary) qualification is a truly international qualification which can be awarded by the individual institutes.

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SOA Fellowship Exams to be Twice a Year

As of Autumn 2011, all FSA exams of the American Society of Actuaries will be offered twice a year – in Spring and Autumn.

It is intended that this will increase the exam choice options for candidates and reduce the time needed to qualify.

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American Actuaries Urge More Long-Term Planning

A New Society of Actuaries (SOA) and Actuarial Foundation Report Identifies Benefits and Gaps with Retirement Planning Software.

Retirement Planning Software and Post-Retirement Risks highlights the need for more long-term retirement planning following the economic downturn. The report focuses on assessing the benefits and gaps with retirement planning software and provides recommendations to refine these tools to help individuals be more prepared for the future.

The report analyses 12 financial planning software programs and finds that s software packages need to better address key planning drivers such as: Longevity, unexpected events and risks, housing, social security and annuities.

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Treaty signing launches new, international qualification

In an agreement reached during last week’s International Actuarial Association meeting in Hyderabad a new qualification of CERA (Chartered Enterprise Risk Actuary) has been launched. The treaty was signed by the following bodies:

  • The Institute of Actuaries of Australia (Australia)
    Canadian Institute of Actuaries / Institut Canadien des Actuaires (Canada)
    Deutsche Aktuarvereinigung e.V. (Germany)
    Institut des Actuaires (France)
    Israel Association of Actuaries (Israel)
    Institute of Actuaries of Japan (Japan)
    Colegio Nacional de Actuarios A.C. (Mexico)
    Het Actuarieel Genootschap (Netherlands)
    Actuarial Society of South Africa (South Africa)
    Svenska Aktuarieföreningen (Sweden)
    Faculty of Actuaries (UK)
    Institute of Actuaries (UK)
    Casualty Actuarial Society (USA)
    Society of Actuaries (USA)

The individual institutes will be able to award the new qualification to members meeting the required educational standards.

The opportunities in the enterprise risk management field are exciting and ERM is seen by many as being a major field of specialty for newly qualified actuaries in the forthcoming years.

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