Actuaries

Actuaries use algebra to model and analyze financial risks, particularly in insurance and pension industries. They apply algebraic equations to calculate probabilities, determine premiums, and assess the present value of future cash flows. By manipulating these equations, actuaries can evaluate different scenarios and make informed decisions regarding risk management and pricing strategies. Overall, algebra is essential for creating the mathematical models that underpin actuarial science.

To achieve fellowship status in the actuarial profession, candidates typically need to pass a series of exams, which can vary depending on the specific actuarial society or organization. For example, the Society of Actuaries (SOA) requires passing a minimum of 7 to 9 exams, depending on the chosen track, along with additional modules and requirements. The total number of exams can differ by specialization and the actuarial body, such as the Casualty Actuarial Society (CAS) or others. Overall, it generally takes several years of study and examination to attain fellowship status.

Unrecognized net actuarial loss refers to the portion of actuarial losses that has not yet been accounted for in the financial statements of a pension plan or other post-employment benefit plan. Actuarial losses can arise from changes in assumptions or demographic factors affecting the estimated future obligations of the plan. These unrecognized losses are typically deferred and may be amortized over time, impacting the plan's funding status and financial reporting. They can influence the overall financial health and stability of the pension plan.

As of 2023, the annual salary for an insurance actuary typically ranges from $70,000 to over $150,000, depending on factors such as experience, education, and location. Entry-level actuaries often start at lower salaries, while those with several years of experience or specialized skills can earn significantly more. Additionally, actuaries who achieve professional certification tend to command higher salaries. Overall, the field of actuarial science is known for its strong earning potential and job stability.

As of 2023, the salary for an associate actuary in Ontario typically ranges from CAD 60,000 to CAD 90,000 per year, depending on factors such as experience, employer, and specific industry. Entry-level positions might start at the lower end of this range, while those with more experience or in specialized roles may earn higher salaries. Additionally, benefits and bonuses can contribute to overall compensation.

The percentage of people who live to be 84 can vary depending on factors such as gender, geographic location, socioeconomic status, and overall health. In general, life expectancy tables show that a significant portion of the population can expect to reach age 84. For example, in the United States, around 30-40% of individuals who reach age 65 can expect to live to age 84 based on current mortality rates.

An actuary is a person, employed by an insurance company, to assess the risk, and decide on the rate of premium.

Faculty of Actuaries ended in 2010.

In the broad scheme of things, yes. There are many exams to take, each requiring about 100 hours of study per hour of examination. It is not uncommon to study upwards of 200-400 hours to ensure a passing mark. Even then only about 40% of people pass each sitting.

"Actuaries are skilled business people who do assessments of risk and security in the financial areas of businesses. It involves quality math skills, a good understanding of business, and membership depends on the country."