Lead: Actuaries are a business profession dealing with financial risks. Actuaries mainly use mathematical, economic, financial and statistical tools to deal with some uncertain and unknown events related to insurance and reinsurance companies. Let me tell you something about actuaries!
I. Work of actuaries
Most actuaries will work in property insurance or life insurance companies, and their work scope includes designing new types of insurance products, calculating the premiums and required reserves of related products, making risk assessment and formulating investment policies for insurance companies, and regularly reviewing and following up.
The rest actuaries mainly work in consulting companies (the main customers are smaller insurance companies and banks), pension investment companies, medical insurance companies and investment companies.
Two. Classification of actuaries' work
Actuaries are usually divided into two categories: individuals and accidents. Life insurance actuaries deal with the risks of life insurance, annuity insurance, pension insurance, disability insurance and medical insurance related to illness, health and natural death. Accident actuaries mainly deal with the risk of accidents to people and property. In some countries, it is called general insurance, and in the United States, it is called property/accident insurance. Accident and liability are the same concept. These risks include automobile insurance, personal residence insurance, commercial property insurance, employee compensation insurance, rights insurance, medical accident insurance, product liability insurance, employer liability insurance, environmental liability insurance and other liability insurance.
Third, traditional responsibility.
From the perspective of personal insurance and accident insurance, the most important duty of actuaries is to calculate the premiums and reserves of insurance liabilities. The premium is the insurance payment, cost and profit charged by the insurer from the insured. The reserve fund is a sum of money specially reserved for possible future accidents. Insurance companies, especially accident insurance companies, in order to make ends meet, most of their reserves are to resist accidents.
The actuarial calculation of accident insurance is to quantitatively calculate the probability (frequency and loss) of accidents. In addition, the time before the accident is very important, and the insurer will not pay any insurance money before the accident. The actuarial analysis of life insurance is mainly to analyze the digital changes of a principal in different periods in the future due to the influence of interest rates. Although there is no clear processing flow for these two kinds of analysis, the fixed model can be used to determine the random distribution of frequency and damage, and the parameters of these distributions. The actuarial analysis of life insurance can be analyzed by borrowing the changes of interest rate and cash flow.
Actuaries not only predict unknown events, but also calculate the insurance benefits that have already occurred, thus developing new insurance products.
Actuaries are considered to be outstanding experts in analyzing financial risks. Recently, they began to serve as investment consultants and asset managers.
Fourth, typical occupation.
Actuaries are usually employed by insurance companies, reinsurance companies, consulting companies (providing actuarial advice and analysis to other companies) and government departments (actuarial departments of the British government and social security institutions in the United States). Actuaries design and maintain insurance products and report the company's assets and liabilities. They must explain profound actuarial theories to ordinary customers. Actuaries follow a strict theory, which is unacceptable to ordinary people.
Verb (abbreviation for verb) certificate and exam
To become a registered actuary, one must pass a series of rigorous examinations in a few years. In France, most actuarial studies are completed in universities, while in the United States, they are completed in jobs after graduation from universities. For example, the actuarial examination in the United States is mainly organized by the Association of Actuaries (life insurance actuaries) and the Association of Accident Actuaries (property/accident insurance actuaries).
The Association of Actuaries stipulates that candidates can obtain associate membership by passing six exams, and if they pass the other two exams, they can obtain membership. The Association of Accidental Actuaries requires candidates to pass seven exams to obtain associate membership, and if they pass the other two exams, they can obtain membership. As we all know, it is extremely difficult to pass these exams. The passing rate of the exam is less than 50%, generally between 30% and 40%, and it is only held once every two years. In addition to strict examination requirements, candidates must also have certain academic qualifications (recognized by the association) and work experience. Can a candidate only be called an associate member or a member? Actuaries? .
Because the examination subjects 1, 2, 4 (recently renamed P, FM, C) are available in both associations, candidates do not have to consider which association to apply for at the initial stage. These four exams (basic subjects) are composed of actuarial related mathematical knowledge (probability theory, mathematical statistics, interest theory, life table and risk model).
The promotion examination subjects of the two associations are different, but both of them focus more on qualitative analysis than the basic subjects. The upgrade examination subjects are multiple-choice questions (all basic subjects are multiple-choice questions). The promotion examination of the Association of Accidental Actuaries includes interest rate analysis, insurance evaluation, loss reserve and reinsurance. In addition, membership can only be obtained through advanced investment analysis, advanced interest rate analysis and risk rate plan. The upgrade examination of the Association of Actuaries includes plan design, risk classification, interest rate analysis, evaluation analysis and investment analysis. In addition, only the application model and the specific subjects selected by the candidate can obtain membership.
Professional organization of intransitive verbs
Actuaries usually belong to one or more professional organizations, which are:
Dutch actuarial association
Indian actuarial association
Actuarial Association of South Africa
American actuarial society
Actuarial Association of Canada
American Accident Insurance Actuarial Association
Danish Actuarial Association
Swiss actuarial society
German actuarial society
Scottish actuarial society
Actuarial Organization of the European Union
Hungarian actuarial association
Actuarial Association of England and Wales
Australian Actuarial Association
Brazilian Actuarial Association
International Actuarial Association
International Association of Actuarial Consultants
Actuarial Association of Israel
Royal Belgian Actuarial Association of Belgium
American Actuarial Association
Irish actuarial association
Actuarial Society of the Republic of China in Taiwan Province Province
Japan Foundation Corporation Actuarial Society
Seven. Actuarial symbol
Actuaries are scarce resources in China, because the cost of actuaries and international practices are different at home and abroad. Like Steven. Mi Le of Ping An Insurance Company, the most expensive actuary in China, is estimated to be worth at least RMB 3 million per year, while domestic actuaries are only RMB 500,000-600,000.
Eight, occupation description
Actuaries are professionals who use actuarial methods and techniques to solve economic problems. The traditional work field of actuaries is commercial insurance, mainly engaged in product development, liability reserve accounting, profit source analysis and dynamic solvency testing.
Nine, professional qualifications
199 July 16, China held its first actuarial qualification examination. The examination is divided into two parts: quasi-actuary and actuary. Candidates who pass all nine courses will be eligible to become quasi-actuaries. Candidates who have obtained the qualification of quasi-actuary can pass five actuarial courses and meet the relevant actuarial professional training requirements, and only after passing the defense can they obtain the Qualification Certificate of Actuary Examination.
X. Occupational status quo
199 July 16, China held its first actuarial qualification examination. The examination is divided into two parts: quasi-actuary and actuary. Candidates who pass all nine courses will be eligible to become quasi-actuaries. Candidates who have obtained the qualification of quasi-actuary can pass five actuarial courses and meet the relevant actuarial professional training requirements, and only after passing the defense can they obtain the Qualification Certificate of Actuary Examination.
At present, 40 students in China have obtained the qualification of quasi-actuary. It is understood that there are only more than 30 actuarial professionals in Shanghai 10 life insurance companies, which is far from meeting the needs of the development of the insurance industry. Experts believe that one of the problems in the development of actuaries in China is whether they can hire actuaries with high salaries. In addition, actuaries should pay more attention to the maintenance of professional standards while using the existing conditions to improve their skills.
The attraction of actuaries lies in their high social status. Some people say that there are only two actuaries in China according to British standards, but according to the list of American Actuaries Association, there are no qualified actuaries in China. In fact, there are some actuaries with different qualifications in China, but the overall level still needs to be strengthened. It is predicted that China will urgently need 5,000 actuaries in the next five years.
XI。 Career trends
The attraction of actuaries lies in their high social status. Some people say that there are only two actuaries in China according to British standards, but according to the list of American Actuaries Association, there are no qualified actuaries in China. In fact, there are some actuaries with different qualifications in China, but the overall level still needs to be strengthened. It is predicted that China will urgently need 5,000 actuaries in the next five years.
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