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math400 - Actuarial Science and Financial Mathematics:...

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Actuarial Science and Financial Mathematics: Doing Integrals for Fun and Profit Rick Gorvett, FCAS, MAAA, ARM, Ph.D. Presentation to Math 400 Class Department of Mathematics University of Illinois at Urbana-Champaign March 5, 2001
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Presentation Agenda Actuaries -- who (or what) are they? Actuarial exams and our actuarial science courses Recent developments in Actuarial practice Academic research
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What is an Actuary? The Technical Definition Someone with an actuarial designation Property / Casualty: FCAS: Fellow of the Casualty Actuarial Society ACAS: Associate of the Casualty Actuarial Society Life: FSA: Fellow of the Society of Actuaries ASA: Associate of the Society of Actuaries Other: EA: Enrolled Actuary MAAA: Member, American Academy of Actuaries
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What is an Actuary? Better Definitions “One who analyzes the current financial implications of future contingent events” - p.1, Foundations of Casualty Actuarial Science “Actuaries put a price tag on future risks. They have been called financial architects and social mathematicians, because their unique combination of analytical and business skills is helping to solve a growing variety of financial and social problems.” - p.1, Actuaries Make a Difference
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Membership Statistics (Nov., 2000) Casualty Actuarial Society: Fellows: 2,061 Associates: 1,377 Total: 3,438 Society of Actuaries: Fellows: 8,990 Associates: 7,411 Total: 16,401
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Casualty Actuaries Insurance companies: 2,096 Consultants: 668 Organizations serving insurance: 102 Government: 76 Brokers and agents: 84 Academic: 16 Other: 177 Retired: 219
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“Basic” Actuarial Exams Course 1 : Mathematical foundations of actuarial science Calculus, probability, and risk Course 2 : Economics, finance, and interest theory Course 3 : Actuarial models Life contingencies, loss distributions, stochastic processes, risk theory, simulation Course 4 : Actuarial modeling Econometrics, credibility theory, model estimation, survival analysis
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U of I Actuarial Science Program: Math Courses Beyond Calculus Exam # Math 210: Interest theory 2 Math 309: Actuarial statistics Various Math 361: Probability theory 1 Math 369: Applied statistics 4 Math 371: Actuarial theory I 3 Math 372: Actuarial theory II 3 Math 376: Risk theory 3 Math 377: Survival analysis 4 Math 378: Actuarial modeling 3 and 4
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U of I Actuarial Science Program: Other Useful Courses Math 270: Review for exams # 1 and 2 Math 351: Financial Mathematics Math 351: Actuarial Capstone course Fin 260: Principles of insurance
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math400 - Actuarial Science and Financial Mathematics:...

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