How to Become an Actuarial Fellow
Step 1: Understand the job description and responsibilities of an Actuarial Fellow
What does an Actuarial Fellow do?
AN Actuarial Fellow utilizes statistical analysis and modeling to assess and manage risk and estimate financial outcomes. Compiles, prepares, and analyzes data to develop statistical models, probability tables, and actuarial studies and evaluate the likelihood and financial impact of various risks. Being an Actuarial Fellow assists with product design and development by analyzing risk groups and calculating appropriate insurance rates, premium levels, and rating systems and structures. Records and tracks accruals, claims, and settlements and prepares documents for input into regulatory filings, financial budgets, forecasts, and other financial projections. Additionally, Actuarial Fellow applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. Requires Fellow of Society of Actuaries (FSA). Typically reports to a manager. To be an Actuarial Fellow typically requires 12+ years of related experience. Achievement and depth of knowledge of specialization or field is the main differentiator. Advisory role on complex and challenging projects and initiatives. Recognized for deep technical and industry knowledge and innovative thinking. Provides thought leadership and guidance to a functional area and the organization.
There is a huge difference in the passing percentages of exams under both the Actuarial societies.
The Actuaries Institute is committed to the development of actuarial science through research and the expansion of the profession into new areas of endeavour.
The Actuaries Institute is committed to promoting the actuarial profession and is recognised as a source of authoritative, professional and independent comment for the financial services sector and non-traditional areas such as health, environment, climate change, genetics and information technology.
A Fellow of the Institute of Actuaries of Australia (FIAA) is a fully-qualified actuary.
Fellows can sit on Institute committees, stand for Council and vote in Council elections and at Annual General Meetings.
Step 2: Learn best tips to become an Actuarial Fellow
Best tips for those who want to become an Actuarial Fellow
Here are some tips to become an Actuarial Fellow.
Mutual Recognition Agreement Route.
Professional Experience Requirement.
Canadian Experience Requirement.
Step 3: View best colleges and universities for Actuarial Fellow
Best colleges and universities for Actuarial Fellow
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be an Actuarial Fellow
Is being an Actuarial Fellow Worth it?
Enrolment as a Fellow of the Institute requires the completion of education and examinations, as well as work experience requirements, via one of the following routes.
To the EEC’s satisfaction, demonstration of three years of practical actuarial work experience including 12 months of Canadian practical work experience while enrolled as an Associate of the CIA within the three-year period immediately prior to the person’s application.
The CIA recognizes the Casualty Actuarial Society education system for qualification in the property and casualty practice area.
Complete, to the EEC’s satisfaction, a 36-month (three-year) period of Canadian practical actuarial work experience in their chosen area of practice of which 12 months (one year), must be accrued while enrolled as an Associate of the Canadian Institute of Actuaries (ACIA).
This experience must be certified by a Fellow of the CIA, in keeping with normal CIA requirements for experience certification.
Step 5: Prepare relevant skills for being an Actuarial Fellow
What skills do you need to be an Actuarial Fellow?
In order to succeed at this level, when working with both management positions and positions more junior, a variety of skills are required. A strong grasp of the following skills is needed to perform this role: Forecasting, Risk Assessment, Statistics and Actuarial Modeling, Risk Analysis, Insurance Plan Design, Rate Setting. You would need to be proficient in the following: Insurance Software. Although there may be many skills for success in this role, some companies may be willing to provide on the job training if you excel in other areas.
Correspondingly, being an actuarial fellow entails both these two and success in choosing the profession can only happen if you have a solid background in the mentioned subjects, apart from your analytical skills.
Passing the Actuarial Science Associate and Fellows examination is mandatory for aspiring actuaries who are also required to complete coursework in actuary statistics and mathematics.
Minimum three or more years of progressively responsible actuarial experience.
5 years of healthcare actuarial or data analytics experience.
Work experience gained will enable participants to become well-rounded actuaries and knowledgeable in several areas of actuarial practice.
Step 6: View average salary for Actuarial Fellow
How much does an Actuarial Fellow make?
The average salary range for an Actuarial Fellow is from $163,876 to $197,677. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Actuarial Fellow jobs
Step 7: Find relevant Actuarial Fellow jobs, and apply.
Looking for Actuarial Fellow jobs?
Here are some Actuarial Fellow jobs in the United States.