Actuarial Science Education and Training Key Terms

A complete listing of key terms for actuarial science education and training

Actuaries are employed in a variety of settings, such as insurance companies, retirement systems and investment companies. While each setting presents unique circumstances that require specific skill sets, most actuaries enter the profession with basic education and training. Eventually, the actuary specializes in a particular area through advanced training opportunities.

If you're looking for basic or advanced training opportunities, for yourself or your employees, consider the following key terms that pertain to actuarial science education and training.

 

Society of Actuaries

The Society of Actuaries is an organization that consists of 20,000 professional actuaries, as well as members of the Canadian and American public. The organization focuses on enhancing education and research within the field of actuarial science.
Try: Visit the Society of Actuaries website for specific information about educational and training opportunities.

Actuarial science schools

Actuarial science schools are present throughout the entire United States, with a heavy concentration in the Midwestern United States. These schools offer a variety of programs, including degrees and classes designed to prepare prospective actuaries for the actuarial exam.
Try: For information about specific actuarial science schools visit Actuary.com.

Actuarial training program

An actuarial training program is similar to an apprenticeship. During the actuarial training program, students or interns receive hands on training, which may include interdepartmental rotations, use of actuarial libraries, online training opportunities, exam preparation and management training.
Try: New York Life offers specific details about their own actuarial training program.

Continuing education requirements

Continuing education requirements vary depending on when the actuary submitted the Statement of Actuarial Opinion. There are various opportunities for continuing education requirements. Classes fall into two categories: core and non-core classes. Topics of core classes include minimum funding standards, maximum deductible contributions, Title IV of ERISA and standards of performance for actuarial services. Topics of non-core classes include pension accounting, economics, computer programs and risk theory.
Try: For more information about continuing education opportunities visit International Foundation.

The Actuarial Foundation

The Actuarial Foundation looks for unique ways to use actuarial skills for the good of the public. The Foundation offers various educational opportunities, including a newsletter, consumer education, news articles and youth education.
Try: Visit The Actuarial Foundation website for specific information about these educational opportunities.

Actuarial examinations

A main component of actuarial training is the set of exams a prospective actuary must take prior to being granted status as an associate or fellow of the Society of Actuaries. The main actuarial examinations include Exam 1/P-Probability and 2/FM-Financial Mathematics.
Try: Visit Be an Actuary for more information about exams, including sample exams and the registration process.

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