ACAS to work in Health Sector

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[cincinnatikid]

Originally Posted by jdog2345

wow! really, nobody has ever seen this? nobody ever pursue a CAS credential while working for a health/life ins. co/consultant, etc.??

The actuarial directory lists 12 members (7 ACAS and 5 FCAS) whose primary area of focus is Health Benefit Systems, 4 of which appear to have SOA designations (ASA/FSA) prior to or concurrent with their CAS designation.

I don't disagree that there are many things an ACAS could immediately do or quickly learn on the Health side. From the looks of it though, it's not too common and I doubt there are many employers who are willing to venture out to pay ACAS salaries for someone they need to train on the basics.

[carryme]

If you hold ACAS, all you need is spending a few months on the modules to get your ASA.

[ADoubleDot]

I work in Health and absolutely agree that mathematically Health is more like P&C then any other discipline. That is an argument that would be very easy to make in an interview in my opinion. If you already have your ACAS and just want to switch to health, then head to the doctor and have your head examined. jk, but seriously, it's not a great time to get into health if you have other options.

If you are starting out and are just hoping some company will pay for you to get your ACAS instead, that would be a much harder sell. Even though it may fit better mathemagically, we are in the SOA and as such those credentials are preferred for signing opinions and certifying bids and such. My company is ultra lenient on which FSA track you want to pursue (many go after the finance track) but I have never heard of anyone being allowed to get the CAS credential.

[ADoubleDot]

I doubt you could do it in a few months.

[Maine-iac]

I was a health actuary, working primarily with medical expense plans and managed care systems for a Blues plan. I am now a P&C actuary, working for a regional carrier that is heavy into personal lines and small commercial lines. I found many similarities between the two, more than between life and health when I made that transition early in my career. Short term contracts. Uncertain benefit amounts that develop over time. Reserves primarily of the IBNR type.

Differences, certainly, but enough in common that I wasn't a fish out of water. The difficulty in the transition is the two societies and dual exam systems. My FSA was not readily transferable to the P&C arena because I was not working with any other actuaries and could not join the CAS as "affiliate" and work with a P&C mentor to get up to speed. Ended up going through the CAS exam system and eventually getting an FCAS. Which was good in some ways (forcing me to become familiar with P&C concepts in a rigorous manner) and bad in other ways. (I still resent having to take P&C version of the investment exam, as I see very little significant difference between the nature and applications of investment theory on either. Yes, investments are a bigger piece of the pie on the life side, and the asset mix you would choose to back a life book is not the same one you would choose to back a homeowners book, but the nature of a bond and a stock are the same, Black-Scholes is still Black-Scholes, and everybody reads Bodie-Kane-Marcus. But I'm not bitter. )

[Wigmeister General]

You can perform health actuarial work if you haven't graduated from elementary school. (The same applies to all areas of actuarial work ... not belittling health).


The issue is whether or not you are competent to perform the work.

[DudeMan]

I agree with whomever said that credential-wise teh ACAS will prepare one better for work as a health actuary than teh ASA

[SOAPhobic]

Originally Posted by DudeMan

I agree with whomever said that credential-wise teh ACAS will prepare one better for work as a health actuary than teh ASA

ACAS > ASA.

Enough said.

[Not Mike]

Originally Posted by DudeMan

I agree with whomever said that credential-wise teh ACAS will prepare one better for work as a health actuary than teh ASA

Is that because an ACAS can then jump right to the SOA health track and get an FSA? If not, I can't possibly see how the ACAS is a credential that better prepares one to be a health actuary. Especially since that credential is worthless as a health actuary. But what would I know, I'm just a health actuary.