Education for General Insurance Actuaries

Casualty Actuarial Society Mary Frances Miller President, CAS

CAS Education Stages

Preliminary Education Practice Application Advanced Finance and Asset Management Nation-specific Practice Course on Professionalism

Preliminary Education

Mathematical Background for Actuarial Science

Probability and Mathematical Statistics Mathematics of Finance (Interest) Actuarial Models (including life contingencies) Applications of Actuarial Models (including credibility theory, regression & curve fitting) Economics & Basic Finance

4 Examinations (14 hours) + required coursework in economics, finance, regression & time series Approximately 1600 hours preparation time

Actuarial Practice

Covers a wide range of theory and practical applications:

Insurance exposures: Long tail, short tail, periodic payments Pricing insurance policies Reserving for insurance liabilities Accounting: Basic and insurer-specific Reinsurance & excess insurance Etc.

3 Examinations (4 hours) 1200-1500 hours preparation time

Assets & Nation-Specific Practice

Advanced Finance/Assets course is based on graduate textbooks in finance

4 hour examination; 500 hours preparation

National Practice Exam

Insurance law and regulation GAAP and statutory accounting Standards of practice & professionalism Current options are US & Canada 4 hour examination; 500 hours preparation

Internationalizing CAS Education

Preliminary topics

Waiver rules for UK/Australia/India CAS is committed to developing waiver options for other systems Exploring options for other national practice education (eg UK/Australia/India/South Africa) Potential for international practice exam if sufficient interest

Nation-specific

International accounting regs & standards of practice