Actuarial Science (ACS) Major Information Session

Hosts: Professor Tse Yiu Kuen, PhD, FSA Education Professor Kwong Koon Shing, PhD, FSA, CERA

Time: August 27, 3:30 – 4:30 pm

Venue: SOE SR2.1

Summary

• A second major open to all students in SMU, offered by SOE • For students with interest in mathematics and a career in

actuary, finance, insurance and risk management • Structured after the education framework of the Society of

Actuaries • Two tracks:

– Actuarial analyst (AA) track – Risk analyst (RA) track

Where does an actuary work? • insurance industry, in life insurance, nonlife insurance (health,

casualty, property and liability) and reinsurance companies • consulting firms • government insurance regulatory department (MAS)

Where does a risk analyst/manager work? • insurance companies • banks and financial institutions • consulting firms • health care, transport, manufacturing industries, etc

Compulsory courses for AA track 1. STAT 101 Introductory Statistics or STAT 151 Introduction to Statistical Theory 2. STAT 201 Probability Theory and Applications 3. STAT 203 Financial Mathematics 4. STAT 310 Life Contingent Risks 5. STAT 311 Risk Theory and Loss Models 6. STAT 314 Statistical Methods for Actuarial Analysis 7. ECON 101 Intermediate Microeconomics 8. ECON 102 Intermediate Macroeconomics 9. ECON 107 Introduction to Econometrics 10. ECON 233 Economic Forecasting 11. ACCT 101/111 Financial Accounting 12. FNCE 101 Finance 13. FNCE 102 Financial Instruments, Institutions and Markets or FNCE 201

Corporate Finance 14. FNCE 305 Analysis of Derivative Securities or QF 301 Structured Finance

Compulsory courses for RA track 1. STAT 101 Introductory Statistics or STAT 151 Introduction to Statistical Theory 2. STAT 201 Probability Theory and Applications 3. STAT 203 Financial Mathematics 4. STAT 310 Life Contingent Risks 5. STAT 311 Risk Theory and Loss Models 6. STAT 314 Statistical Methods for Actuarial Analysis 7. ECON 101 Intermediate Microeconomics 8. ECON 102 Intermediate Macroeconomics 9. ECON 107 Introduction to Econometrics 10. ECON 233 Economic Forecasting 11. ACCT 101/111 Financial Accounting 12. FNCE 101 Finance 13. FNCE 102 Financial Instruments, Institutions and Markets or FNCE 201

Corporate Finance 14. FNCE 305 Analysis of Derivative Securities or QF 301 Structured Finance

• In addition, select any three from the following – Risk Management and Insurance (FNCE215) – Enterprise Risk management (FNCE309) – Computing Technology for Finance (QF205) – Global Financial Risk Management (QF305) – Life Contingent Risks (STAT310) – Quantitative Risk Analysis (STAT313)

How many courses you need to do to complete the ACS major?

If you are a BSc (Econ) student, the min is 38. If you are a BBM student the min is: ACS (AA track) ACS (RA track) 41 if 1st major is FNCE 39 if 1st major is FNCE 42 if 1st major is QF 40 is 1st major is QF

Which track to choose?

• If you want to become a professional actuary (ASA, FSA), choose AA track

• If you want to be in risk management and be a professional risk manager/analyst (CERA), choose RA track

• If you just want to learn some statistics, economics and finance relevant for working in any financial institution, choose either.

• Strong industrial linkage and partnership, o Singapore Actuarial Society General-Insurance partnership o Career fair

27 August, 2015 Information Session for Actuarial Science Major (RA Track)

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ACS (Risk Analyst Track)

Education Professor Kwong Koon Shing

FSA, CERA

Risks in AA and RA Tracks

27 August, 2015 Information Session for Actuarial Science Major (RA Track)

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Expected Risk

Reserve Requirement

Unexpected Risk

Capital Requirement

What does CERA stand for?

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What is CERA? • The CERA is an international credential for professions in enterprise risk

management (ERM) • It was launched in 2007 by Society of Actuaries (SOA), USA • 16 actuarial organizations from 15 countries have signed a global treaty

establishing the CERA credential as the globally recognized ERM credential

• Besides SOA Exams, you can also obtain the CERA designation by taking the exams offered in UK, Australia, Canada, etc.

Numbers of FSA, ASA, CERA

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• Up to 2015, there are close to 3000 persons qualified as CERA

• Up to August 2015, there are 27 persons qualified as CERA in Singapore (89 persons qualified as FSA)

Source: 2014 SOA review http://www.ceraglobal.org/

27 August, 2015 Information Session for Actuarial Science Major (RA Track)

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Source: 2014 SOA review

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THE END

http://www.ceranalyst.org/

http://www.actuaries.org.uk/

http://www.ceraglobal.org/

http://www.soa.org/