Tuesday, November 24, 2009

French to English: Actuarial Science, Part 2

There are at least three professional associations that represent the actuarial science profession in North America:

  • Canadian Institute of Actuaries
  • Society of Actuaries
  • Casualty Actuarial Society

The Canadian Institute of Actuaries (CIA) has a 16-member Secretariat based in Ottawa and looks after communications and publications including overseeing volunteers, managing the web site and carrying out translation.   Since they are the national organization for professional actuaries, people who are thinking of studying in this discipline will want to keep the CIA as a point of reference.  The organization is large:  a Board of Directors with 16 actuaries on staff, three councils that look after the association's main functions, 40 committees and 15 task forces! 

On their web site's FAQ section, one of the questions addressed is what it takes to become an actuary.  First, you have to love mathematics, plain and simple, and have a knack for it.  This is the first requirement that is mentioned.  Second, you need the patience for doing detailed calculations and spending  hours in probabilities and statistics.  probabaility

The CIA adds, "the study of life contingencies, which deals with the probability of survival, is an essential part of actuarial education."  While these requirements are technical, actuaries should also be capable of developing skills that go beyond technical expertise.  A background in economics, finance and business, as well as the ability to communicate well are important, particularly for those who want to transition into consultancy or advisory roles.  All that technical knowledge must be communicated to laymen in clear, easy-to-understand concepts.  If an actuary can do this with ease, that is a huge plus.

The CIA does not conduct exams or administer certification procedures.  This is done by the Society of Actuaries (SOA), which is based in Schaumburg, Illinois.  It supposedly is the largest professional organization of actuaries in the world, serving 20,000 members, 30,000 candidates and the general public.  They conduct exams and confer three designations - ASA, CERA and FSA - which the Canadian Institute of Actuaries recognizes.  The CIA, however, will require that a candidate has the FCIA certification in order to practice.  For more information about the SOA, click here: http://www.soa.org/about/landing.aspx.

The CAS - Casualty Actuarial Society - is based in Arlington, Virginia.  They have a narrower focus:  to promote the study of actuarial science as applied to property, casualty and similar risk exposures.  Actuaries seeking to specialize in property and casualty risk management will need to take the exam administered by the CAS.  To prepare for this exam, the CAS provides a  syllabus of examination.  Exam applicants can join e-mail study groups (of which there are 9 exam study groups).  There is a Canadian study group (exam study group # 7.  To join any of these groups, go to  http://www.casact.org/admissions/index.cfm?fa=studygroups.



prestations déterminées defined benefits
assurance-vie populaire debit life insurance
déclaration de désistement declaration of renunciation
contestation de la validité du contrat declaration that the policy is forfeited
rente décroissante declining annuity
rachat de la franchise deductible buy-back
perte déductible deductible loss
vétusté déductible deduction for ageing
ajournement de l'option entre les prestations deferment of choice of benefit
période du différé deferral period
assurance différée deferred assurance
assurance à participation différée deferred dividend insurance

No comments:

Post a Comment