Etched Actuarial’s Post

Is This the Future of Actuary Certification? What if the whole actuarial certification process CHANGED? Canada is rolling out a new exam system, and honestly, it’s got me thinking. It's using remote, open-book exams—which sounds pretty amazing, right? But that’s just the tip of the iceberg. In this video, I’m breaking down what the CIA’s new system looks like. Will this new process be the norm for future actuaries? ….And what does this all mean for YOU? Watch the full video to get the details, and let me know in the comments what you think could make this even better! #actuary #actuariallife #actuarialexam #etchedactuarial

I’m excited to share that I have successfully passed my first actuarial exam, SOA Exam FM! 🎉 This accomplishment marks a significant step forward in my journey as an aspiring actuary.A big thank you to Coaching Actuaries for their excellent course and guidance in helping me reach this milestone. Looking forward to the challenges and opportunities ahead as I continue on this path! #ActuarialScience #SOAExamFM #FinancialMathematics

Get ready for success with the official IAI guide for the May 2024 Actuarial Exams! Provided by the Institute of Actuaries of India, this guide is your go-to resource for mastering the exams. Dive in and start your journey to becoming a certified actuary! #aei #iai #actuators #actuarialscience

CAS vs SOA - which actuarial society should you choose? 🤔 Choosing which society you want to take exams through is based on which actuarial field you want to go into. If you're an actuarial student and are unsure which actuarial path you want to take (life, health, property/casualty, or consulting), you fortunately don’t have to decide until after you pass the P and FM exams 🤓 ❗An important consideration is that the SOA is the only one that offers UEC credit, which allows you to pass exams faster. Learn more here: https://lnkd.in/gdyQciuS --------------------- #actuary #actuarial #actuarialexams #actuaries #cas #soa

🌟 Exciting News! 🌟 I am thrilled to share that I have successfully passed the CS1 (Actuarial Statistics) and CB1 (Business Finance) actuarial exams! This achievement marks a significant milestone in my journey towards becoming a fully qualified actuary. A huge thank you to everyone who has supported me along the way. Your encouragement and belief in me have been invaluable. Looking forward to the next steps in this rewarding career path! #ActuarialScience #ProfessionalDevelopment #CareerMilestone #ContinuousLearning

An actuaries guide to world domination (cue the sinister laugh): As #actuaries we love this amazing work. We get paid to help people manage their risks and solve all sorts of economic puzzles. It’s only logical that we want to spread this throughout the world. Let’s fine tune this a bit, how do we spread the reach of #soa around the world? We exclude USA and Canada here, as spreading actuarial science there means looking at under represented communities, something I discussed in an earlier post. We can split countries into three categories: countries with many actuaries but no exams of their own, countries with a large population but few actuaries, and countries with many actuaries but their own exam system. In the first category we need to be on the ground at universities helping lecturers to design courses in line with SOA exams and encouraging students to take exams as and when they finish learning the material. We have the UEC which I think is supposed to encourage students to take SOA exams but I feel the real issue is direct involvement with the lecturers. In the second category we need to walk before we run. SOA has micro credentials now, we should work with regulators to design such programs so there is a base of actuarial graduates with the foundation to succeed. The regulator can require insurers to hire a certain number of people who have successfully gone through the program and over time gradually increase the requirements and hiring until the country requires full FSA credentials. The third category is most difficult, here we can just focus on outreach efforts. Hopefully with this we can achieve world domination and bring people from around the world to our amazing profession!

As an actuary, you seldom have the information required to solve a problem with certainty. Nonetheless, you need to present your best solution. The ability to make decisions based on incomplete information is one of the most important skills an actuary can possess. Depending on your mindset, developing this skill can be intimidating. Much of our academic training leads us to believe that problems have “right” or “wrong” solutions. But this distinction is not so clear in practice. Consider loss reserving as an example. While there are an unlimited number of “wrong” ways to estimate loss reserves, there is no single “right” approach. Making decisions based on incomplete information can be a messy process. In this way, it mirrors life: you have to do the best with what you’ve got. Nonetheless, there are ways to optimize this process. Here two tips to help become comfortable making decisions under uncertain conditions: #1 Sensitivity test assumptions. Suppose you estimate loss reserves at $10 million. What are the assumptions underlying your estimate? How would your estimate change if your assumptions changed by X%? Routinely sensitivity testing assumptions will give you a sense for how much sway they have. Once you have identified the most influential assumptions, refine your focus accordingly. #2 Look at the implications inherent in selected estimates. Once you select an actuarial estimate, you can calculate the assumptions implicit in your selection. For example, what is the implied reported loss development pattern underlying your estimate of IBNR? How does this compare to historical development patterns? By reverse-engineering your own estimates, you can gain a comfort level by comparing the implicit assumptions to comparable benchmarks. What techniques do you use to get comfortable with estimates based on incomplete information?

👎🏻𝐅𝐚𝐢𝐥𝐞𝐝 𝐚𝐧 𝐀𝐜𝐭𝐮𝐚𝐫𝐢𝐚𝐥 𝐄𝐱𝐚𝐦? 𝐇𝐞𝐫𝐞'𝐬 𝐖𝐡𝐲 𝐈𝐭'𝐬 𝐎𝐤𝐚𝐲 It’s easy to get caught up in the comparison game, especially when you see people clearing 2-3 exams in one go on social media. But here’s the truth: 𝐭𝐡𝐞 𝐚𝐜𝐭𝐮𝐚𝐫𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲 𝐢𝐬 𝐧𝐨𝐭 𝐚 𝐫𝐚𝐜𝐞 -it’s a personal journey. Everyone’s path is unique, and it’s important to focus on your progress, not someone else’s. I remember failing my first actuarial exam—CM1—by just one mark. It was disheartening at the time, but it taught me a valuable lesson. That one mark made me realize how important every bit of effort and focus is. It pushed me to revisit my study methods, dive deeper into the concepts, and refine my approach to learning. That failure turned into a pivotal moment in my journey. And I feel everyone SHOULD fail atleast one time. Failing an actuarial exam is part of the career. It doesn’t define your abilities or your future success. In fact, most actuaries have experienced failure at some point along the way, and it only made them stronger. The earlier you face setbacks, the better you can bounce back with resilience and a renewed focus. In the long term, no one is going to ask whether you cleared all your exams on the first try. What matters is your perseverance, your ability to learn from failure, and how you apply that experience to improve. So, if you’ve faced a setback, remember—it’s just a stepping stone on your path to becoming a stronger actuary. Keep pushing forward! Let me know if you have anything to add to this 😄👇🏻 #Actuarial #insurance #fail #exams #ifoa #soa #iai #acturialscience

A NEW faster way to Actuarial Associateship!! What if you could become an associate actuary just months after graduating? Sounds impossible, right? Well, not anymore - at least in Canada. The CIA (no, not that CIA! The Canadian Institute of Actuaries) has completely changed the game for future actuaries, making the journey faster and more efficient. Curious about how it works and whether it could ever come to the SOA and CAS? Get the simple breakdown in this video. Watch now to discover the new path that could transform your actuarial journey, and let me know what you think in the comments! Watch this next: Is This the Future of Actuary Certification? https://lnkd.in/gw8SzaCC #actuary #actuarialexam #etchedactuarial

Join our Actuarial for Non-Actuaries Training Program and gain invaluable insights into this dynamic field. Whether you're in finance, analytics, or any data-driven role, understanding actuarial principles can elevate your career. #actuarial #dataanalytics #insurance #financial #financialrisk