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VEE-Economics - One of Econ 101, 201 or 301 PLUS one of Econ 102, 202 or 302 VEE-Corporate Finance – Actsc 372 VEE-Applied Statistics – both Stat 331 and Stat 443
Christiane Lemieux (July 2006) David Landriault (July 2006) Joseph Kim (July 2007)
advertising for two more faculties advertising for an administrative staff
Actsc Forum
14
Newer Opportunities
Finance Hedge Funds Derivatives Health Insurance Consulting Enterprise Risk Management (ERM) Chief Risk Officer (Insurer, Bank, Others)
Actuarial Science Forum
Robert Brown Ken Seng Tan Fall 2006
Outline of the Presentation
SoA Education Redesign The Job Market Department News
Actsc Forum 2
Associateship Professionalism Course (APC) Stages 1 + 2 + 3 = ASA designation
ASA = Associateship of the SoA
Actsc Forum 6
Stage 4: Fellowship Components
Financial Economics
Capstone Module
Strategic Business Management Module (SBM)
Actsc Forum
7
Changes to FM, M, C starting Spring 2007
Actsc Forum
8
Changes to Exam FM
Actsc 445, Actsc 446 Actsc 232, Actsc 331, Stat 333
Remove:
Implications:
Actsc Forum
10
Changes to Exam C
Add:
lognormal models for asset prices and its relationship to the Black-Scholes formula. Monte-Carlo valuation of derivative securities with the current material on simulation characteristics and calculation of risk measures such as value at risk and conditional tail expectation. loss models and risk theory material moved from Exam M.
Actsc Forum 15
Job Skills
Computing Communication Statistical Modeling Risk Analysis
Baidu NhomakorabeaActsc Forum 16
Geographic Demand
- Canada: Need 3 exams for job
- U.S.: Now appreciates Waterloo
Track FSA Exams
Finance & ERM Investment Individual Insurance Design/ Pricing CSP – Company Sponsor Perspective Regulation Retirement Design/ Pricing CSP Group & Health Design/ Pricing CSP Financial Economic Theory
Actsc Forum
3
Stage 1: VEE
VEE courses:
Economics, Corporate Finance, Applied Statistics
Obtain credit by getting a grade of >70% in the approved UW courses
Students can only apply VEE credits after passing two SoA Preliminary Exams
http://www.soa.org/ccm/content/exams-educationjobs/education-redesign/process-for-validation-by-educationalexperience/
Actsc Forum 5
Stage 3: Associateship Component
Fundamentals of Actuarial Practices (FAP)
8 Modules: FAP 1 to 8 (e-learning modules) 2 Exams
FAP exam 1 (cover Modules 1-5) “Final Assessment” (cover Modules 6-8)
Remove:
interpolation and smoothing (splines).
Implications:
remain a 4-hour multiple choice examination Actsc 431, 432, 433
Actsc Forum
11
ERM Credential !
Act Sc. Advisor
Actsc Forum 18
Questions ?
Actsc Forum
19
- China/Asia: Lots of good jobs Waterloo has strong reputation (lots of alumni)
Actsc Forum
17
Department News
We are expanding:
New Actuarial Science Faculties:
Actsc Forum
12
THE JOB MARKET
Co-op and Permanent
Traditional Employment
Life Insurance Head Office (stable) P&C Insurance Head Office (growing) Pension Consulting (stable)
Actsc Forum 4
Stage 2: Four Preliminary Exams
Exam P – Probability (Stat 230)
Computer-based testing (CBT) 4 times/year 2007: Feb. 20-23, May 14-17, Aug. 21-24, Nov. 26-29
Implications:
expand to a 2.5-hour multiple-choice exam Actsc 231, Actsc 371
Actsc Forum 9
Changes to Exam M
Add:
learning outcomes on option pricing: put-call parity, the binomial model, and Black-Scholes formula. A study note introducing actuarial applications of option pricing. learning outcomes on interpretation of option Greeks and deltahedging learning outcomes on the features of exotic options. an introduction to Brownian motion and Itô’s lemma. loss models, including risk theory, to Exam C. 3-hr life contingencies segment (Exam MLC) 2-hr financial economics segment (Exam MFE)
www.beanactuary.org/exams/prob_exam.cfm
Exam FM – Financial Mathematics Exam M – Actuarial Models Exam C – Construction and Evaluation of Actuarial Models
Add:
an introduction to financial derivatives, (forwards, options, futures, swaps) and their use in risk management. an introduction to the concept of no-arbitrage as a fundamental concept in financial mathematics.
Advanced Finance/ERM
Advanced Portfolio Management Advanced Investment Topics
FSA Modules
Operational Risk/Financial Reporting
Social Insurance
Health Systems Overview Pricing, Reserving & Forecasting
SoA: Professional Qualification Requirements
Stage 1:
Validated by Educational Experience (VEE)
Stage 2: Four Preliminary Exams Stage 3: Associateship Level Stage 4: Fellowship Level
Christiane Lemieux (July 2006) David Landriault (July 2006) Joseph Kim (July 2007)
advertising for two more faculties advertising for an administrative staff
Actsc Forum
14
Newer Opportunities
Finance Hedge Funds Derivatives Health Insurance Consulting Enterprise Risk Management (ERM) Chief Risk Officer (Insurer, Bank, Others)
Actuarial Science Forum
Robert Brown Ken Seng Tan Fall 2006
Outline of the Presentation
SoA Education Redesign The Job Market Department News
Actsc Forum 2
Associateship Professionalism Course (APC) Stages 1 + 2 + 3 = ASA designation
ASA = Associateship of the SoA
Actsc Forum 6
Stage 4: Fellowship Components
Financial Economics
Capstone Module
Strategic Business Management Module (SBM)
Actsc Forum
7
Changes to FM, M, C starting Spring 2007
Actsc Forum
8
Changes to Exam FM
Actsc 445, Actsc 446 Actsc 232, Actsc 331, Stat 333
Remove:
Implications:
Actsc Forum
10
Changes to Exam C
Add:
lognormal models for asset prices and its relationship to the Black-Scholes formula. Monte-Carlo valuation of derivative securities with the current material on simulation characteristics and calculation of risk measures such as value at risk and conditional tail expectation. loss models and risk theory material moved from Exam M.
Actsc Forum 15
Job Skills
Computing Communication Statistical Modeling Risk Analysis
Baidu NhomakorabeaActsc Forum 16
Geographic Demand
- Canada: Need 3 exams for job
- U.S.: Now appreciates Waterloo
Track FSA Exams
Finance & ERM Investment Individual Insurance Design/ Pricing CSP – Company Sponsor Perspective Regulation Retirement Design/ Pricing CSP Group & Health Design/ Pricing CSP Financial Economic Theory
Actsc Forum
3
Stage 1: VEE
VEE courses:
Economics, Corporate Finance, Applied Statistics
Obtain credit by getting a grade of >70% in the approved UW courses
Students can only apply VEE credits after passing two SoA Preliminary Exams
http://www.soa.org/ccm/content/exams-educationjobs/education-redesign/process-for-validation-by-educationalexperience/
Actsc Forum 5
Stage 3: Associateship Component
Fundamentals of Actuarial Practices (FAP)
8 Modules: FAP 1 to 8 (e-learning modules) 2 Exams
FAP exam 1 (cover Modules 1-5) “Final Assessment” (cover Modules 6-8)
Remove:
interpolation and smoothing (splines).
Implications:
remain a 4-hour multiple choice examination Actsc 431, 432, 433
Actsc Forum
11
ERM Credential !
Act Sc. Advisor
Actsc Forum 18
Questions ?
Actsc Forum
19
- China/Asia: Lots of good jobs Waterloo has strong reputation (lots of alumni)
Actsc Forum
17
Department News
We are expanding:
New Actuarial Science Faculties:
Actsc Forum
12
THE JOB MARKET
Co-op and Permanent
Traditional Employment
Life Insurance Head Office (stable) P&C Insurance Head Office (growing) Pension Consulting (stable)
Actsc Forum 4
Stage 2: Four Preliminary Exams
Exam P – Probability (Stat 230)
Computer-based testing (CBT) 4 times/year 2007: Feb. 20-23, May 14-17, Aug. 21-24, Nov. 26-29
Implications:
expand to a 2.5-hour multiple-choice exam Actsc 231, Actsc 371
Actsc Forum 9
Changes to Exam M
Add:
learning outcomes on option pricing: put-call parity, the binomial model, and Black-Scholes formula. A study note introducing actuarial applications of option pricing. learning outcomes on interpretation of option Greeks and deltahedging learning outcomes on the features of exotic options. an introduction to Brownian motion and Itô’s lemma. loss models, including risk theory, to Exam C. 3-hr life contingencies segment (Exam MLC) 2-hr financial economics segment (Exam MFE)
www.beanactuary.org/exams/prob_exam.cfm
Exam FM – Financial Mathematics Exam M – Actuarial Models Exam C – Construction and Evaluation of Actuarial Models
Add:
an introduction to financial derivatives, (forwards, options, futures, swaps) and their use in risk management. an introduction to the concept of no-arbitrage as a fundamental concept in financial mathematics.
Advanced Finance/ERM
Advanced Portfolio Management Advanced Investment Topics
FSA Modules
Operational Risk/Financial Reporting
Social Insurance
Health Systems Overview Pricing, Reserving & Forecasting
SoA: Professional Qualification Requirements
Stage 1:
Validated by Educational Experience (VEE)
Stage 2: Four Preliminary Exams Stage 3: Associateship Level Stage 4: Fellowship Level