oral presentation

Satisfactory Essays
Title: Advantages and Disadvantages of Being an Actuary

Introduction
I. Good afternoon to Ms. Parimala and my fellow classmates.
II. The topic of my presentation today is Advantages and Disadvantages of Being an Actuary.
What is an actuary?
Experts in risk management
Uses mathematical skills to measure probability and rise of future event
Useful information to many industries
III. The advantages of being an actuary are
High earning potential
Corporate respect received
IV. However, the disadvantages are
Examination requirements for advancement
Stressful and hard work
Content
A. Advantages
a. High earning potential
Actuaries makes incomes well above average
Entry level work commonly pays between $45000 and $55000
Median annual salary for an actuary was $87600 according to Bureau of Labor Statistics
Actuaries are well compensated, which vary significantly according to years of experience, industry and responsibilities
Refer to the salary chart, experienced fellows with 10 years experiences have potential to earn from $130000 to $500000

b. Corporate respect
Actuaries earns wide respect in the business and financial community
Actuaries often command a good degree of respect from fellow co-workers
Actuaries are given authority within a company and corporate environment
Actuaries deals with high-level strategic decisions which can have a positive impact on legislation and businesses
B. Disadvantages
c. Examination requirements for advancement
It is a long and hard process to be a qualified actuary, on average of 5 to 10 years
Besides the degree program they had completed in university, they need to pass all the professionals SOA exam papers
Upon graduation, there will still be hundreds of hours of study and revisions all the while still having to go to work
d. Stressful and hard work
Daily routine of an actuary can be a rather stressful ordeal, being dealt with numerous tasks of analyzing statistical data
Presenting reports and

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Computer Lab Essay

    • 368 Words
    • 2 Pages

    This is an essay on my essay on the Actuary. Here are some questions that I have answer.…

    • 368 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    These new friendships, along with my actuary mentor, will provide a support team to assist me with my pursuit of earning a degree in Business Mathematics with a concentration in Actuary Science. I have been encouraged by many to continue to study and not feel unsuccessful because many students do not pass the first attempt at an actuarial exam, take the exam their first year of college, or take the UNCC actuary courses during their freshmen…

    • 430 Words
    • 2 Pages
    Good Essays
  • Better Essays

    Choosing a career path can be a challenging task. After all, a career is a life-long commitment. To ensure the best decision is being considered as the primary career choice, we have analyzed the path of a CPA and Paralegal as requested. After taking into consideration the characteristics of both a CPA and Paralegal, we are confident that our analysis is thorough enough for a commendation.…

    • 1175 Words
    • 5 Pages
    Better Essays
  • Good Essays

    The opinion of “Actuaries do actuarial work, actuarial work is done by actuaries” (Akhurst, 1992) had been committed by financial security systems, because the understanding of financial and mathematical skills was unique to actuaries and they were respected as more technician than a financial manager. Actuaries did not need to work as group, and they were usually authorized directly from the boss, so that the skill of communication was not strongly needed. Comparing with accountants, the minimum requirements of completing licenses are totally distinct. Having the undergraduate degree in math or actuarial science is basic demand of being an actuary. They need at least two successful examination in actuary to start their first experience in a company. As long as the students meet the requirements,…

    • 803 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    case 12-07

    • 1363 Words
    • 5 Pages

    Internal actuarial specialist report: 1. The specialist reviewed Thompson’s methodologies and assumptions. 2. The specialist performed sensitivity tests using an internal asbestos model and data from Thompson’s database (none, 9, 10, 20, and 30 years): Some of scenarios…

    • 1363 Words
    • 5 Pages
    Powerful Essays
  • Powerful Essays

    7-11 Case Study

    • 1012 Words
    • 5 Pages

    for about $110,000 per year, with a $20,000 signing bonus. The salary at this job will increase at 4…

    • 1012 Words
    • 5 Pages
    Powerful Essays
  • Good Essays

    The Bureau of Labor Statistic claims that there are approximately 1.2 million accounts in the United States, most being in cities and regions with lots of businesses. The responsibilities of an accountant require making sure financial records are accurate. This includes making sure taxes are paid on time and with proper information. Accountants also are the ones who put together and prepare as well as enamine a person or businesses finances. This paper elucidates the current outlook of the accounting environment, and supplies information on the duties and responsibility of a Financial Planner.…

    • 382 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Acturial Science - 1

    • 723 Words
    • 3 Pages

    An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms (Trowbridge 1989, p. 7).…

    • 723 Words
    • 3 Pages
    Good Essays
  • Good Essays

    For most professions, education alone is not sufficient to develop full professional capabilities. Nascent professionals need practice applying their knowledge before they are prepared to take primary responsibility for performing work in their fields. Physicians have a three-year residency. Certified public accountants (CPAs) must work one year for a board-approved organization before receiving their licenses. Professional engineers must have at least four years of work experience. Requiring some kind of apprenticeship assures that people who enter a profession have practive performing work at a satisfactory level of competence.…

    • 676 Words
    • 3 Pages
    Good Essays
  • Good Essays

    In the valuation sector, we found that the two main conflicts faced by the actuary were to use discounted or full reserve values, as well as an actuary's relationship with upper management. The most commonly accepted resolutions to these problems was to network with experienced actuaries, and to work on communicating better with top management. In Pricing we investigated ethical problems involving social acceptability, business goals, and self conviction. We found that case studies and an established protocol for dealing with pricing procedures were most effective in dealing with these problems. Finally in the testimony and legal realm, we looked at actuarial testimony in ratemaking and justification of a proper rate of return. We determined that pure impartiality was the best approach to avoid economic crime when testifying in court.…

    • 261 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    my ideal job

    • 560 Words
    • 3 Pages

    To become an actuary, you have to be a “numbers person”. And I am kind of a “number person”. I have skills of problem solving and using math or statistics to solve a complex problem. I know that because I am doing pretty well in math at school. I got an average of 95 for academic math last year and have an average above 90 percent right now in academic math and I really love maths. I am a visual learner, I enjoy making graphs and charts and I prefer to get information by reading.…

    • 560 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Comm320

    • 585 Words
    • 3 Pages

    This course is a continuation of ACCO 310 and is designed primarily for Accountancy majors who are considering a career in their field of study. The objectives of the course are:…

    • 585 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    An actuary needs to be very well rounded in their business skills. Aside from their work that includes mathematics and statistics, they also need to be a jack of trades in their business skills. These skills should include accounting, finance, and economics. Refer to figure 1 to understand how all of these skills need to work together for a functioning actuary.…

    • 586 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Mlc Cheat Sheet

    • 171262 Words
    • 686 Pages

    How can actuaries best equip themselves for the products and risk structures of the future? In this new textbook, three leaders in actuarial science give a modern perspective on life contingencies. The book begins traditionally, covering actuarial models and theory, and emphasizing practical applications using computational techniques. The authors then develop a more contemporary outlook, introducing multiple state models, emerging cash flows and embedded options. Using spreadsheet-style software, the book presents large-scale, realistic examples. Over 150 exercises and solutions teach skills in simulation and projection through computational practice. Balancing rigour with intuition, and emphasizing applications, this textbook is ideal not only for university courses, but also for individuals preparing for professional actuarial examinations and qualified actuaries wishing to renew and update their skills.…

    • 171262 Words
    • 686 Pages
    Powerful Essays
  • Better Essays

    Final

    • 2310 Words
    • 10 Pages

    4. Hagel, Jack. " Softer skills for a broader role." Journal of Accountancy. N.p., n.d. Web. 27 July 2013. http://www.journalofaccountancy.com/Issues/2013/Feb/20126846 5. "CPA Horizons 2025: A Road Map for the Future." Journal of Accountancy. N.p., n.d. Web. 27 July 2013. http://www.journalofaccountancy.com/Web/20114688.htm…

    • 2310 Words
    • 10 Pages
    Better Essays