Actuarial Science certification exams
An actuary is a business professional who studies the financial
ramifications of risk. Actuaries study uncertain future events, particularly
those affecting insurance and pension plans, using mathematics, statistics, and
financial theory. Actuaries may work for insurance companies, consulting firms,
government, large corporation employee benefits departments, hospitals, banks,
and investment firms, or, more broadly, in businesses that need to manage
financial risk. An Actuary’s career is better described as a
“business” career with a mathematical foundation rather than a
“technical” mathematical career.
Actuaries are problem
solvers and strategic thinkers who use their mathematical abilities to estimate
the likelihood and risk of future events. They use these abilities to forecast
the financial impact of these events on a company and its clients. Simply put,
an actuary manages risk. This entails analyzing data from the past and present
to determine the likelihood of future events. Actuaries are frequently used to
assess the likelihood of a scenario occurring, identify ways to reduce risk, and forecast the potential financial cost of an event. Actuaries are involved
in all aspects of business, including insurance premium planning, pension plan
calculation, and financial asset and liability management. They are also active
in a variety of emerging fields, including data science, cybersecurity, and
climate change.
Basic requirements for actuarial science certification exams
Actuarial Science students
take a significant number of mathematics and statistics courses, as well as
actuarial topics and some School of Management courses. Students should
carefully consider electives that will complement an actuarial career in
addition to the courses required for graduation. Additional courses from the
School of Management, economics, computer science, or writing and communication
courses, in particular, are extremely beneficial for an actuarial career. The
program’s goals include ensuring that students are well prepared for the exams
they take, that they are knowledgeable about their career and in technical
areas, and that they have a well-rounded education. Furthermore, we hope that
many students will have passed the Course 1 exam by January of their Junior
year, which will help them when applying for internships, and at least one more
exam by January of their senior year, which will help them when applying for
permanent jobs.
You can become an
actuary after successfully completing a series of requirements such as
actuarial exams, VEE credits, e-learning components, and others. The path to
completing ASA, CERA, and FSA is outlined below.
To complete the many
hours of independent study required to prepare for each exam, it takes a lot of
hard work, dedication, and motivation. While everyone studies differently, the
average candidate studies for approximately 100 hours for each hour of the
exam. Exam P/1, for example, is a three-hour exam. That means you will need to
study for 300 hours to fully understand the concepts tested on the exam. On
average, it takes 3-5 years to become an Associate of the Society of Actuaries
(ASA) and 5-7 years to become a Fellow of the Society of Actuaries (FSA) (FSA).
How to register for the actuary exam?
By visiting the following link: https://www.soa.org/education/exam-req/registration/edu-registration/,
you must register for the exam with the Society of Actuaries by the published
deadline. After your registration with the SOA has been processed, you will
receive an automatic acknowledgment letter via email with your unique
candidate/eligibility number for this administration. The candidate/eligibility
number is NOT immediately activated. The SOA will email you a Letter of
Confirmation once the number has been activated. You should schedule your exam center
appointment with Prometric IMMEDIATELY at that point. You can schedule your
test appointment after receiving your confirmation by going to:
www.prometric.com/SOA.
Actuarial sciences degree
In Karachi, the
University of Karachi, and The Institute of Business Management both offer
actuarial science degrees. The University of Punjab in Lahore offers an
actuarial science degree. In Pakistan, there are no formal tutors or training
centres to help students prepare for the actuarial exams. Typically, students
in Pakistan prepare for actuarial exams through self-study. Some universities
in Pakistan will also prepare you for your first few exams. However, in
order to become a certified actuary, you must first pass a series of exams, VEE
credits, e-learning modules, a project, and a seminar. However, you may be
exempt from the Validation by Education Experience (VEE) requirement if you
complete the approved courses at specific universities with a certain minimum
grade (at least B- or accepted equivalent).
