Actuarial Science has become very popular in recent years, especially amongst students looking to study in Canada. Here’s all you need to know about it:
- What is Actsci about?
Actuarial Science prepares student for the insurance industry. Students learn to apply mathematical models/solutions to insurance world problem such as pricing insurance products and ensuring company has enough cash on hand to pay for claims.
- Life vs Property
Insurance companies sell two kinds of products: Life and Property & Casualty (P&C). While Life companies sell life and health insurance products, P&C companies deal with personal and commercial auto and property products. Actuarial analysts create predictive models, monitor business performance and complete regulatory filings to get rating structures approved. However, actuaries roles are constantly evolving. Increasingly, actuaries are applying data analysis techniques in their work. For instance, in many companies they are working with operations and marketing teams to develop data driven solutions.
- Becoming a credentialed actuary
In North America, P&C actuaries have to get credentialed with Casualty Actuarial Society (CAS) whereas Life actuaries have to get credentialed with Society of Actuary (SOA). SOA has multiple tracks and requirements for each one differ and please refer to CAS/SOA website if you are interested in pursuing actuarial designation in North America. On average, it takes about 6-7 years to finish all the exams and become certified.
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