Highschool Presentations 2013 - 2014

What is An Actuary? http://www.careercast.com/jobs-rated/best-worst-jobs-2013 #1: The Actuarial Profession! Based primarily on: Work Environment, Income, Future Outlook and Stress 47 – Accountant 51 – Surgeon 55 – Nurse 58 – Psychologist 61 – Architect 79 – Judge 98 – Electrical Engineer 104 – Stockbroker 120 – Economist 125 – Chemist 150 – Bartender 152 – Real Estate Agent 162 – Bank Teller 196 – Oil Rig Worker Is Actuarial for You? If you’re considering pursuing a career as an actuary, you should possess many of the following qualities: ●Be a strong math student ●Have the ability to problem solve and think logically ●Enjoy both individual work as well as team work ●Be tech savvy ●Be committed in order to study for exams What does an Actuary do? ●Actuaries are experts in quantifying and reducing risk ●They apply probability, statistics and risk theory to financial problems involving future uncertainty ●They are often found in: ● Life & Health Insurance (pricing, reserving, asset management, investments) ● Property & Casualty Insurance (natural disasters, home, auto, agricultural, pet) ● Pension & Wealth Modeling ● Academic & Government Organizations Overview Actuaries in the Workforce Salary Information Winning the Lottery! - A Tricky Problem Actuaries at School Perks at the University of Manitoba Actuaries in the workforce The Actuarial Profession Three professional bodies look after qualification to become an actuary: ● Fellowship: -10 professional exams (outside of school) ● Graduating students pass 3-5 exams ● Pass remaining exams while working Society of Actuaries Actuaries in the workforce Employer Location Actuaries in the workforce Career Paths Insurance: ● Hierarchical organizations ● Ambitious and talented individuals are promoted ● Progress from technical to managerial to business leader ● Actuaries are commonly executives of major insurance companies such as Manulife, Great-West Life, Sun Life and many others Actuaries in the workforce Career Paths Consulting: Flatter organizations: ●Technical support ●Consultants Consultants must be: ●Technically strong ●Good relationship managers ●Strong communicators Actuaries in the workforce Career Paths Non-traditional: ●Academics ●Government regulators ●Demographers ●Profession expanding into other industries (especially finance, agriculture, and even marketing!) Winning the Lottery! – A Tricky Problem Set for Life Question: On your 18th birthday, you bought a Set for Life ticket, scratched it and won! You have two options for the grand prize: • Option A: $1 million today, or •Option B: $1000 per week for 25 years ($1000 x 52 weeks x 25 years = $1.3 Million) Which would you choose? 14 Winning the Lottery! – A Tricky Problem It depends… If interest rate = 0% • No opportunity cost • Option A = $1 million < Option B = $1.3 million • Choose option B: $1000 per week for 25 years If interest rate = 4% • Opportunity to invest winning into a bank account that grows at the interest rate • Option A: AV = $1million(1.04)25 = $2.67 million 1300 1299 … • Option B: AV = $1000(1+ 04 + $1000(1+ 04 + 1000(1+ 04 ) 52 ) 52) 52 1300 = $1000[ (1+ 04 – 1]/( 04 52 ) 52 ) = $2.23 million •Choose option A: $1 million today 15 Actuaries at School Actuarial Studies at U of Manitoba ●Offered through Warren Centre ●Students can choose to their Actuarial degree through either the Asper School of Business or the Faculty of Science ●Actuarial Program background: ● Began in 1912 (last year was our 100th anniversary!) ● Hundreds of grads have become actuaries ● One of the only Canadian schools to offer actuarial studies with a business degree Actuaries at School Actuarial Studies at U of Manitoba Undergraduate Degrees (3 choices) B Comm (Hons) Actuarial Maths B Sc (Hons) Actuarial Maths B Sc (Hons) Actuarial Maths & Statistics (Joint) Actuaries at School Internships & Co-Op Program ●Actuarial students are offered high paying summer positions ●Gives students an opportunity to experience actuarial work before they graduate ●Students can relocate for the summer or stay local in Winnipeg ●American companies provide a unique summer internship experience as students get to live with other interns and experience life in New York, Boston, Chicago and Hartford Actuaries at School Recruiting at U of Manitoba ●Companies that actively recruit on campus: ●Great West Life, Wawanesa, Mercer, Aon – Winnipeg ●Manulife, Sun Life, Mercer – Toronto / Waterloo ●PBI, Mercer –Vancouver ●Towers Watson – Calgary, Chicago ●Allianz – Minneapolis ●Cigna – Hartford and Philadelphia ●Irregular recruiters: ●Deloitte, New York Life, MetLife – New York ●Co-Operators – Regina ●MPI - Winnipeg ●SGI – Saskatchewan ●You can apply anywhere! Actuaries at School Science Route What to take in Year ●Required Courses (24 credit hours) ● MATH 1500 & 1700 – Calculus ● MATH 1300 (or MATH 1310) – Linear Algebra ● ECON 1010 & 1020 – Economics ● STAT 1000 – Statistics ● Written English requirement ●Recommended Electives (6 credit hours) ● COMP 1010 – Computer Science and ● GMGT 1010 – Business & Society Actuaries at School Business Route Bachelor of Commerce In Actuarial Math Enroll in the Asper School of Business Three routes: ● Through University ●Three - year program after University ● Direct Admission from High School ●Four – year program ● Transfer from another institution Actuaries at School Business Route Bachelor of Commerce In Actuarial Math Direct admission criteria: ● High school graduation ● Five full grade 12 credits in courses designated S, G or U ● Over three courses (Pre-calculus 40S or Applied Math 40S, plus English 40S, plus one other 40S course) ●Minimum 60% grade in each, and ●Minimum 85% average over the three courses Actuaries at School Business Route What to take in Year ●Key Courses ● (6) MATH 1500 & MATH 1700 - Calculus ● (3) MATH 1300 – Linear Algebra ● (6) ECON 1010 & ECON 1020 – Economics ● (3) STAT 1000 – Statistics ● (3) Written English requirement ●Recommended Electives ● (3) GMGT 1010 – Business & Society & two of ● (3) GMGT 2060 – Management & Organizational Theory ● (3) GMGT 2070 – Intro to Organizational Behaviour ● (3) MKT 2210 – Introduction to Marketing Perks at the University of Manitoba ●State-of-the-art computer lab (new Bloomberg Terminals) ●Recently renovated Albert D Cohen Management Library ●Beautiful modern building (with tables instead of desks!) ●Small classes ●Accessible professors ●A diverse and well run set of Student organizations 24 Perks at the University of Manitoba ●University of Manitoba Actuarial Club ● 160+ Members spanning two faculties ● Many social events throughout the year ● Provide academic and professional resources ●Interview workshops, Excel workshops, networking events, textbook/manual exchange, study sessions, mentor/tutor programs 25 Is Actuarial for You? You should: ●Be a strong math student ●Have the ability to problem solve and think logically ●Enjoy individual work as well as team work ●Be tech savvy ●Be committed in order to study for exams Questions ? 27 Contact Us ●Contact U of M Actuarial Club (UMAC) ●Umac_exec@lists.umanitoba.ca or the website ●http://www.umanitoba.ca/actuary_club/ ●Contact Warren Centre for Actuarial Studies ●Jeffrey.Pai@ad.umanitoba.ca Jeffrey Pai 474-6412 ●http://www.umanitoba.ca/asper/academic_depts_centr es/dept/actuarial click on Student Resources & Programs & then Requirements ●Useful Website for more information ●http://www.beanactuary.org/ ... October 2012 0-0 .5 yrs (excl sign-on) 0.52.5 yrs 2.54.5 yrs exam 5 0-5 8 5 4-6 9 5 5-7 2 exams 5 4-6 4 5 5-7 5 6 0-8 0 6 6-8 6 exams (MLC+MFE=1) 5 6-6 9 5 8-8 1 6 4-8 7 7 0-9 3 exams 6 0-7 4 6 2-8 9 6 5-9 3 7 2-1 01 7 5-1 10 exams... 6 2-8 9 6 5-9 3 7 2-1 01 7 5-1 10 exams FAP 6 6-9 2 6 8-1 01 7 6-1 11 8 2-1 22 ASA 7 2-1 01 7 7-1 14 8 4-1 28 9 5-1 44 9 6-1 60 11 0-2 34 12 1-2 44+ 9 7-1 46 10 4-1 58 11 8-1 98 13 1-2 45 14 8-3 48 16 3-4 03+ FSA 4.56.5 yrs •D.W Simpson...http://www.careercast.com/jobs-rated/best-worst-jobs -2 013 #1: The Actuarial Profession! Based primarily on: Work Environment, Income, Future