Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Chat with the Candidates & Exam Committee
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Upload your resume securely at https://www.dwsimpson.com
to be contacted when new jobs meet your skills and objectives.


Chat with the Candidates & Exam Committee First Ballot Candidates are posted - Post questions to candidates here!

Reply
 
Thread Tools Display Modes
  #31  
Old 01-09-2017, 01:22 PM
JMO's Avatar
JMO JMO is offline
Carol Marler
Non-Actuary
 
Join Date: Sep 2001
Location: Back home again in Indiana
Studying for Nothing actuarial.
Posts: 35,893
Default

Quote:
Originally Posted by Colymbosathon ecplecticos View Post
There is a life contingencies study note on exam S; presumably there will be something similar on one of the new exams.

There really is no long term equivalent. This is because the nature of the risks that life insurers face and the risks that property and casualty insurers face is fundamentally different. Human lives are subject in increasing mortality with age; creating a level premium product for this (long term) risk requires taking premiums from one year and using them to cover occurrences (deaths) in future years. Since typically P&C risks have decreasing or constant hazard rates, there is no need for this. Also, P&C products typically don't have level premiums.
This implies that health insurance ought to be a P/C product. (I already think of it as a hybrid.)
__________________
Carol Marler, "Just My Opinion"

Pluto is no longer a planet and I am no longer an actuary. Please take my opinions as non-actuarial.


My latest favorite quotes, updated July 21, 2017.

Spoiler:
I should keep these three permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
MORE:
Quote:
Originally Posted by Locrian View Post
I'm disappointed I don't get to do both.
Quote:
Originally Posted by PeppermintPatty View Post
It's SO much better to work for a good manager.
Quote:
Originally Posted by Patience View Post
slow down
Quote:
Originally Posted by whisper View Post
It is really easy to judge from an ill-informed, outside view.
Quote:
Originally Posted by Colonel Smoothie View Post
The ones who complain that they're too good for that kind of work really aren't that good.
Two really useful all-purpose responses. Use one or both:
Quote:
Originally Posted by JasonScandopolous View Post
To which I say: duh and lol.
Careers:
Quote:
Originally Posted by Colonel Smoothie View Post
actuarial isn't the only good career out there.
Reply With Quote
  #32  
Old 01-09-2017, 01:54 PM
Colymbosathon ecplecticos's Avatar
Colymbosathon ecplecticos Colymbosathon ecplecticos is offline
Member
 
Join Date: Dec 2003
Posts: 5,718
Default

Quote:
Originally Posted by JMO View Post
This implies that health insurance ought to be a P/C product. (I already think of it as a hybrid.)
I think that a good clustering algorithm would classify it as such.
__________________
"What do you mean I don't have the prerequisites for this class? I've failed it twice before!"
Reply With Quote
  #33  
Old 01-09-2017, 04:14 PM
BlakeAustin25 BlakeAustin25 is offline
Member
CAS
 
Join Date: Apr 2013
Studying for Exam 6
College: University of Notre Dame - alumni
Favorite beer: Guinness
Posts: 226
Default

Quote:
Originally Posted by willel2338 View Post
When I started taking exams you could practically be an ASA before you really had to choose which society.

Now, you have to choose after MFE.. LOTS of college students and prospective career changers have (at least) exams through MFE these days. Going forward, will those students stop at that point and seek employment? Will they take MLC and pursue SOA? MAS-I and pursue CAS?
I had this same thought cross my mind. Some potential solutions from troubleshooting with a colleague the other day:

1) As stated, switch to VEEs and other non-exam items. This presents a problem if the student is in a program that has coursework to correspond with the VEEs.

2) Pick a society and go all in. In this case, I suspect the SOA would see a boon in the short term. Most students and career changers will want to maximize their opportunity for employment while avoiding swapping societies and incurring additional exams. Right or wrong, they might lean toward and early SOA selection due to the General Insurance pathway option.

3) Obtain earlier internships, or begin doing an internship "rotation" to determine which practice area you are interested in. This could decrease employment options, but it would let a student avoid changing societies mid-stream.

4) Companies either do away with internships completely, or wait until a candidate has made a society choice before hiring an intern/entry level person.

Note these are from the US point-of-view. Other countries with their respective societies and/or industry culture could be vastly different.
__________________
Exams:
P, FM, MFE, ST, LC, C, 5 , 6

VEE

OC1, OC2, COP
Reply With Quote
  #34  
Old 01-09-2017, 04:42 PM
Colymbosathon ecplecticos's Avatar
Colymbosathon ecplecticos Colymbosathon ecplecticos is offline
Member
 
Join Date: Dec 2003
Posts: 5,718
Default

Quote:
Originally Posted by BlakeAustin25 View Post
2) Pick a society and go all in. In this case, I suspect the SOA would see a boon in the short term. Most students and career changers will want to maximize their opportunity for employment while avoiding swapping societies and incurring additional exams. Right or wrong, they might lean toward and early SOA selection due to the General Insurance pathway option.
Or a student could learn some statistics, a topic that is now central to both societies' syllabi. I think that this would be preferable to many students, actively advancing their progress towards either societies' credential, while at the same time opening other possible career paths outside of strictly actuarial ones.
__________________
"What do you mean I don't have the prerequisites for this class? I've failed it twice before!"
Reply With Quote
  #35  
Old 01-10-2017, 10:17 AM
kadsura kadsura is offline
Member
CAS SOA
 
Join Date: Oct 2016
Studying for $
Posts: 372
Default

Quote:
Originally Posted by Colymbosathon ecplecticos View Post
There is a life contingencies study note on exam S; presumably there will be something similar on one of the new exams.

There really is no long term equivalent. This is because the nature of the risks that life insurers face and the risks that property and casualty insurers face is fundamentally different. Human lives are subject in increasing mortality with age; creating a level premium product for this (long term) risk requires taking premiums from one year and using them to cover occurrences (deaths) in future years. Since typically P&C risks have decreasing or constant hazard rates, there is no need for this. Also, P&C products typically don't have level premiums.
Thanks for the insight.

This has nothing to do with what we are discussing, I was just curious - looking at your user ID, were you a biologist?
__________________
1 2 3 C S 5 6 7 8 9
VE VCF OC1 OC2 COP
Reply With Quote
  #36  
Old 01-10-2017, 01:00 PM
Arlie_Proctor Arlie_Proctor is offline
Member
CAS AAA
 
Join Date: Dec 2001
Location: N.J.
College: Indiana University
Favorite beer: Becks
Posts: 1,163
Default

Quote:
Originally Posted by Avi View Post
Perhaps, but a CLEP-like knowledge of Macro, Micro, and corporate finance was deemed sufficient, so VEE can provide that (as opposed to in our day when it was part of Part 2 ).

That level of knowledge is not sufficient for time series or regression. Now, under MASI/II, regression takes on much more weight as LM, GLM, and basic GLMM will be part of the syllabus.
Part 2? Geez, kids these days. Econ/Finance was Part 5 back in my day.
Reply With Quote
  #37  
Old 01-11-2017, 09:25 AM
whoanonstop's Avatar
whoanonstop whoanonstop is offline
Member
Non-Actuary
 
Join Date: Aug 2013
Location: Los Angeles, CA
Studying for Spark / Scala
College: College of William and Mary
Favorite beer: Orange Juice
Posts: 5,440
Blog Entries: 1
Default

Quote:
Originally Posted by Avi View Post
Now, under MASI/II, regression takes on much more weight as LM, GLM, and basic GLMM will be part of the syllabus.
Thank goodness. More material to learn that 90% of actuaries won't even use.

-Riley
__________________
It is impossible to have a professional forum where the majority of your professionals are anonymous.

Map of Actuarial Hiring Companies
Reply With Quote
  #38  
Old 01-11-2017, 09:51 AM
NormalDan's Avatar
NormalDan NormalDan is offline
Member
CAS
 
Join Date: Dec 2016
Location: NJ
Posts: 3,482
Default

Quote:
Originally Posted by JMO View Post
This implies that health insurance ought to be a P/C product. (I already think of it as a hybrid.)
Speaking of the LC study note on S, it feels bit odd. Basically two sections out of the 50 on the exam are life related, yet those two sections cover an incredibly deep area, far deeper than any other two sections.

My take is that the CAS wants P&C actuaries to have exposure to the specialty without getting too bogged down. Sorta feels like swimming across a trench and glancing down before swimming on.
Reply With Quote
  #39  
Old 01-11-2017, 10:00 AM
Vorian Atreides's Avatar
Vorian Atreides Vorian Atreides is offline
Wiki/Note Contributor
CAS
 
Join Date: Apr 2005
Location: Hitler's Secret Bunker
Studying for ACAS
College: Hard Knocks
Favorite beer: Sam Adams Cherry Wheat
Posts: 57,018
Default

Quote:
Originally Posted by NormalDan View Post
Speaking of the LC study note on S, it feels bit odd. Basically two sections out of the 50 on the exam are life related, yet those two sections cover an incredibly deep area, far deeper than any other two sections.

My take is that the CAS wants P&C actuaries to have exposure to the specialty without getting too bogged down. Sorta feels like swimming across a trench and glancing down before swimming on.
IIRC, part of that is to satisfy IAA requirements for credentialing.
__________________
I find your lack of faith disturbing

Why should I worry about dying? Itís not going to happen in my lifetime!


Freedom of speech is not a license to discourtesy

#BLACKMATTERLIVES
Reply With Quote
  #40  
Old 01-12-2017, 08:40 AM
Avi's Avatar
Avi Avi is offline
Wiki Contributor
Site Supporter
Site Supporter
CAS AAA
 
Join Date: Aug 2002
Location: NY
Studying for the rest of my life.
College: Alumnus - Queens College - CUNY
Favorite beer: Stone Ruination IPA
Posts: 13,807
Blog Entries: 3
Default

Quote:
Originally Posted by whoanonstop View Post
Thank goodness. More material to learn that 90% of actuaries won't even use.

-Riley
Even if these techniques are not used by a majority of actuaries NOW, part of the process which started years ago was to consider what the actuary of the NEXT 25 years will use, not the actuary of the LAST 25 years. These tools & techniques are just entering the exponential phase of their growth and adoption. If we don't teach them NOW, we won't be preparing candidates properly and they wont have jobs 5/10 years from now.

That's the reactive argument. Of course there is the equally as important proactive argument which is that these tools just ARE better for much of the work we do (specifically reserving and class ratemaking) and we should be teaching them so that 90% of the next generation of actuaries (who are starting their hazing exam journeys now WILL use them and bring the profession more actively into the 21st century.
__________________
All scientists defer only to physicists
Physicists defer only to mathematicians
Mathematicians defer only to G-d!

--with apologies to Dr. Leon Lederman
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 08:41 PM.


Powered by vBulletin®
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.48978 seconds with 11 queries