Post introductif

Je cite le message d'un actuaire ISFA (que je salue au passage s'il passe par la ) qui travaille actuellement aux USA:

J'ai décidé de créer un topic sur les formations anglo-saxonnes en actuariat en raison de leur reconnaissance au niveau international. Un gros avantage étant qu'un centre d'examen est situé à Paris pour le diplôme US aussi…

Un article de presse récent sur le métier en France (qui rappelle les formations permettant d'obtenir le titre d'actuaire en France):
http://www.institutdesactuaires.com/docs/2007247210217_AGEFIActifs300du4mai2007.pdf

Comme ça a été dit à de nombreuses reprises, l'actuariat est vraiment un filon en or! Mais au delà de l'aspect rémunérateur, c'est un métier passionnant qui permet de s'éclater au niveau technique si l'on est passionné par les maths, de prendre rapidement des responsabilités, de travailler dans de nombreux secteurs (Assurance, Finance, Conseil, Administration etc....) et de changer assez régulièrement de poste si on le souhaite.

En France, c'est un métier peu ou pas connu. La situation est totalement différente au UK ou au US. Actuaire est une profession aussi courante que comptable (plus de 20 000 actuaires diplômés en activité aux US je crois), alors qu'en France, il y en a environ 2600 (à vérifier) - environ 2 fois moins à population égale.


Pour les plus sceptiques, quelques liens pour vous montrer que les salaires sont vraiment très élevés, notamment aux US:
http://www.beanactuary.org/onthejob/compensation.cfm
quelques offres d'emploi dans le domaine des retraites:
http://www.scinternational.com/pension_actuary_jobs.asp
et de l'assurance vie:
http://www.scinternational.com/life_actuary_jobs.asp
Un salaire de 100 000 $ (hors bonus) est en fait assez rapidement accessible, ce qui permet quand même de très bien vivre, même à New York.

Mais le salaire n'est pas le seul avantage de cette profession…elle permet de conserver une réelle qualité de vie et de faire un métier très épanouissant. Elle est très souvent élue aux USA comme l'une des professions les plus enviables en raison bien sur du salaire très élevé mais aussi du faible niveau de stress, des possibilités d'évolution, d'avoir la possibilité de faire un travail très intéressant et très épanouissant etc….

Je crée ce topic car je me suis rapidement rendu compte que dans le milieu, y compris en France, les diplômes prestigieux de la Society of Actuaries (US) ou de l'Institute of Actuaries (UK) ont une reconnaissance énorme au niveau international, ils permettent clairement d'évoluer au niveau international, en profitant du pouvoir/réseau énorme de ces associations.
Il y a aussi d'autres diplômes très reconnus comme celui de la Canadian Institute of Actuaries (ceux qui obtiennent ce diplôme peuvent relativement facilement obtenir une équivalence avec le diplôme US).
Dans une moindre mesure, il y a aussi le diplôme d'actuaire en Australie qui est assez reconnu et qui comporte pas mal d'équivalences avec les diplômes des US ou du UK, qui restent les références.


UK: 2 organisations délivrent le titre: l'Institute of Actuaries et la Faculty of Actuaries. Voici le lien:
http://www.actuaries.org.uk

Ce sont des formations continues qui s'adressent à des personnes ayant un bagage suffisant en mathématiques. Il n'y a pas de formations initiales (en école ou à l'université) qui permettent d'obtenir le titre au UK (contrairement à la France par exemple)

Pour les actuaires français qui souhaitent s'expatrier au UK, c'est assez jouable. Le VISA/Permis de travail est bcp plus facile à obtenir qu'aux US et le diplôme français permet après quelques années d'XP et dans certaines conditions d'obtenir l'équivalence pour devenir Fellow of the Institute of Actuaries.
Voici un lien pour les différentes équivalences qui permettent d'obtenir le titre du UK (c'est à la fin pour l'équivalence avec le titre d'actuaire français):
http://www.actuaries.org.uk/files/pdf/worldwide/mutual_recog.pdf

US: C'est la très prestigieuse Society of Actuaries qui permet de délivrer les différents titres aux US.
http://www.soa.org/
Il y a aussi une autres association la Casualty Actuarial Society, plutot pour ceux qui font de l'assurance non vie, organisation un peu concurrente mais des équivalences existent entre les deux systèmes (les 4 premiers exams sont commun):
http://www.casact.org/
Le système est assez comparable à celui du UK, en formation continue.

Contrairement au UK, il y a une équivalence assez faible pour les actuaires français. Néanmoins, si l'on a de l'expérience (notamment aux US), il y a quand même une possibilité qui permet de devenir ASA sans passer tous les exams:
http://www.soa.org/professional-interests/international/intl-actuarial-gen-info.aspx

Il y a également le titre d'Enrolled Actuary (EA) sous la législation ERISA, dans le domaine des retraites, qui est important.

Il faut savoir qu'aux US, les entreprises vous encouragent/aident pas mal pour suivre cette formation continue: jours d'études (payés comme si l'on travaille) accordés pour chaque exam, remboursement des différents frais pour les frais de scolarité ou l'achat des livres/cours…, aide pour la participation à des séminaires, bonus/augmentations de salaires automatiques en cas de succès à un exam du premier coup.

Des détails sur tous les exams nécessaires pour obtenir les titres d'ASA (Associate of the Society of Actuaries) puis FSA (Fellow of the Society of Actuaries) ici:
http://www.soa.org/about/membership/about-req-admission.aspx
Il faut savoir qu'à partir de 4 exams, sans le titre d'ASA, on est déjà susceptible d'intéresser les entreprises US. Le problème reste bien souvent le VISA en ce qui concerne les US (d'où l'intérêt de travailler dans une boite internationale en France pour viser le transfert par la suite...).

Comme indiqué au début, il est possible de passer un grand nombre d'exams à Paris (je crois que c'est dans les locaux du GIE d'AXA, à vérifier…):
http://www.soa.org/education/exams/exam-information/edu-fact-sheet-for-international-examination-centers.aspx

Significant Points

A strong background in mathematics is essential; actuaries must pass a series of examinations to gain full professional status.
About 6 out of 10 actuaries are employed in the insurance industry.
Employment opportunities should remain good for those who qualify, because the stringent qualifying examination system restricts the number of candidates.

Nature of the Work

Through their knowledge of statistics, finance, and business, actuaries assess the risk of events occurring and help create policies that minimize risk and its financial impact on companies and clients. One of the main functions of actuaries is to help businesses assess the risk of certain events occurring and formulate policies that minimize the cost of that risk. For this reason, actuaries are essential to the insurance industry.

Actuaries assemble and analyze data to estimate the probability and likely cost of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income level and the way in which a company should invest resources to maximize return on investments in light of potential risk. Using their broad knowledge of statistics, finance, and business, actuaries help design insurance policies, pension plans, and other financial strategies in a manner which will help ensure that the plans are maintained on a sound financial basis.

Most actuaries are employed in the insurance industry, specializing in either life and health insurance or property and casualty insurance. They produce probability tables or use more sophisticated dynamic modeling techniques that determine the likelihood that a potential event will generate a claim. From these tables, they estimate the amount a company can expect to pay in claims. For example, property and casualty actuaries calculate the expected number of claims resulting from automobile accidents, which varies depending on the insured person’s age, sex, driving history, type of car, and other factors. Actuaries ensure that the price, or premium, charged for such insurance will enable the company to cover claims and other expenses. This premium must be profitable, yet competitive with other insurance companies. Within the life and health insurance fields, actuaries help to develop long-term-care insurance and annuity policies, the latter a growing investment tool for many individuals.

Actuaries in other financial service industries manage credit and help price corporate security offerings. They also devise new investment tools to help their firms compete with other financial service companies. Pension actuaries work under the provisions of the Employee Retirement Income Security Act (ERISA) of 1974 to evaluate pension plans covered by that Act and report on the plans’ financial soundness to participants, sponsors, and Federal regulators. Actuaries working for the government help manage social programs such as Social Security and Medicare.

Actuaries may help determine company policy and may need to explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public in general. They may testify before public agencies on proposed legislation that affects their businesses or explain changes in contract provisions to customers. They also may help companies develop plans to enter new lines of business or new geographic markets by forecasting demand in competitive settings.

Consulting actuaries provide advice to clients on a contract basis. The duties of most consulting actuaries are similar to those of other actuaries. For example, some may evaluate company pension plans by calculating the future value of employee and employer contributions and determining whether the amounts are sufficient to meet the future needs of retirees. Others help companies reduce their insurance costs by lowering the level of risk the companies take on. For example, they may provide advice on how to lessen the risk of injury on the job. Consulting actuaries sometimes testify in court regarding the value of potential lifetime earnings of a person who is disabled or killed in an accident, the current value of future pension benefits (in divorce cases), or other values arrived at by complex calculations. Some actuaries work in reinsurance, a field in which one insurance company arranges to share a large prospective liability policy with another insurance company in exchange for a percentage of the premium.

Work environment. Actuaries have desk jobs, and their offices usually are comfortable and pleasant. They often work at least 40 hours a week. Some actuaries—particularly consulting actuaries—may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week.

Training, Other Qualifications, and Advancement

Actuaries need a strong foundation in mathematics, statistics, and general business. They generally have a bachelor’s degree and are required to pass a series of exams in order to become certified.

Education and training. Actuaries need a strong background in mathematics and general business. Usually, actuaries earn an undergraduate degree in mathematics, statistics or actuarial science, or a business-related field such as finance, economics or business. While in college, students should complete coursework in economics, applied statistics and corporate finance, which is a requirement for professional certification. Furthermore, many students obtain internships to gain experience in the profession prior to graduation. About 100 colleges and universities offer an actuarial science program, and most offer a degree in mathematics, statistics, economics, or finance.

Some companies hire applicants without specifying a major, provided that the applicant has a working knowledge of mathematics—including calculus, probability, and statistics—and has demonstrated this knowledge by passing one or two actuarial exams required for professional designation. Companies increasingly prefer well-rounded individuals who, in addition to having acquired a strong technical background, have some training in business and liberal arts and possess strong communication skills.

Beginning actuaries often rotate among different jobs in an organization, such as marketing, underwriting, financial reporting and product development, to learn various actuarial operations and phases of insurance work. At first, they prepare data for actuarial projects or perform other simple tasks. As they gain experience, actuaries may supervise clerks, prepare correspondence, draft reports, and conduct research. They may move from one company to another early in their careers as they advance to higher positions.

Licensure. Two professional societies sponsor programs leading to full professional status in their specialty: the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The SOA certifies actuaries in the fields of life insurance, health benefits systems, retirement systems, and finance and investment. The CAS gives a series of examinations in the property and casualty field, which includes car, homeowners, medical malpractice, workers compensation, and personal injury liability.

Three of the first four exams in the SOA and CAS examination series are jointly sponsored by the two societies and cover the same material. For this reason, students do not need to commit themselves to a specialty until they have taken the initial examinations, which test an individual’s competence in probability, statistics, and other branches of mathematics and finance. The first few examinations help students evaluate their potential as actuaries. Many prospective actuaries begin taking the exams in college with the help of self-study guides and courses. Those who pass one or more examinations have better opportunities for employment at higher starting salaries than those who do not.

Many candidates find work as an actuary immediately after graduation and work through the certification process while gaining some experience in the field. In fact, many employers pay the examination fees and provide their employees time to study. As actuaries pass exams, they are often rewarded with a pay increase. Despite the fact that employers are supportive during the exam process, home study is necessary and many actuaries study for months to prepare for each exam.

The process for gaining certification in the Casualty Actuarial Society is predominantly exam based. To reach the first level of certification, the Associate or ACAS level, a candidate must complete seven exams, attend one course on professionalism and complete the coursework in applied statistics, corporate finance, and economics required by both the SOA and CAS. This process generally takes from 4 to 6 years. The next level, the Fellowship or FCAS level, requires passing two additional exams in advanced topics, including investment and assets and dynamic financial analysis and the valuation of insurance. Most actuaries reach the fellowship level 2 to 3 years after attaining Associate status.

The certification process of the Society of Actuaries blends exams with computer learning modules and coursework. After taking the initial exams, candidates must choose a specialty: group and health benefits, individual life and annuities, retirement benefits, pensions, investments or finance/enterprise risk management. To reach the Associate or ASA level, a candidate must complete the initial four exams, the coursework in applied statistics, corporate finance and economics required by the SOA and CAS, eight computer modules with two corresponding assessments and a course in professionalism. This process generally takes from 4 to 6 years. To attain the Fellowship or FSA level, a candidate must pass two additional exams within a chosen specialty and must complete three computer modules and a professionalism course. Attaining Fellowship status usually takes an additional 2 to 3 years after becoming an Associate.

Specific requirements apply to pension actuaries, who verify the financial status of defined benefit pension plans for the Federal Government. These actuaries must be enrolled by the Joint Board of the U.S. Treasury Department and the U.S. Department of Labor for the Enrollment of Actuaries. To qualify for enrollment, applicants must meet certain experience and examination requirements, as stipulated by the Board.

Other qualifications. In addition to knowledge of mathematics, computer skills are becoming increasingly important. Actuaries should be able to develop and use spreadsheets and databases, as well as standard statistical analysis software. Knowledge of computer programming languages, such as Visual Basic for Applications, SAS, or SQL, is also useful.

To perform their duties effectively, actuaries must keep up with current economic and social trends and legislation, as well as with developments in health, business, and finance that could affect insurance or investment practices. Good communication and interpersonal skills also are important, particularly for prospective consulting actuaries.

Advancement. Advancement depends largely on job performance and the number of actuarial examinations passed. Actuaries with a broad knowledge of the insurance, pension, investment, or employee benefits fields can rise to administrative and executive positions in their companies. Actuaries with supervisory ability may advance to management positions in other areas, such as underwriting, accounting, data processing, marketing, and advertising. Increasingly, actuaries with knowledge of business are beginning to rise to high-level positions within their companies, such as Chief Risk Officer, Chief Financial Officer, or other executive level positions. These generally require that actuaries use their abilities for assessing risk and apply it to the entire company as a whole. Furthermore, some experienced actuaries move into consulting, often by opening their own consulting firm. Some actuaries transfer to college and university faculty positions. (See the section on teachers—postsecondary elsewhere in the Handbook.)

Earnings

Median annual earnings of actuaries were $82,800 in May 2006. The middle 50 percent earned between $58,710 and $114,570. The lowest 10 percent had earnings of less than $46,470 while the top 10 percent earned more than $145,600.

According to the National Association of Colleges and Employers, annual starting salaries for graduates with a bachelor’s degree in actuarial science averaged $53,754 in 2007.

Insurance companies and consulting firms give merit increases to actuaries as they gain experience and pass examinations. Some companies also offer cash bonuses for each professional designation achieved. A 2007 survey by Life Office Management Association, Inc. of the largest U.S. insurance and financial services companies indicated that the average base salary for an entry-level actuary was $53,111. Associate actuaries, who direct and provide leadership in the design, pricing, and implementation of insurance products, received an average salary of $109,167. Actuaries at the highest technical level without managerial responsibilities reportedly were paid an average of $125,946.

Source: http://www.bls.gov/oco/ocos041.htm

Objective: Seek Senior Manager - Actuarial's Position in a Major Corporation.

A seasoned actuary with proven track record of ability to build strong relationships, challenge, impact and drive the business forward. Technically strong with a Consultancy background and commercial awareness. A fellow of the society of Actuaries (SOA) and well known for immense people management skills

Summary of Qualifications

• Over twelve years of Actuarial experience.
• Up-to-date with current economic and social trends and legislation, as well as with health, business, finance, and economic developments.
• Excellent overall mix of accounting/actuarial group reporting skills.
• Strong understanding and analysis of the Insurance business and results.
• Ability to present a professional, enthusiastic attitude through effective communication skills to promote a positive impression of TOMET Reinsurance's customers and employees.
• Fellow of the Society of Actuaries (SOA).
• Several years of demonstrated strategic planning & thinking experience.
Sound ability to Work effectively across organizational boundaries and develop strong working relationships with leaders in the business and functional units.
• Solid critical thinking and problem solving skills, with proven ability to develop effective processes for new, difficult operational problems.
• Uncommon ability to set priorities & complete assignments in an accurate & timely manner.
• Excellent oral, written & presentation skills.
• Strong negotiation skills.
• Strong PC skills in a Windows environment, including budgeting software, Access, Excel, Word.


Professional Experience

TOMET Reinsurance's 2002 - Present
Assistant Head of Reinsurance
1. Work with traditional business leaders to identify next generation business opportunities and address and provide solutions to existing structures or market changes.
2. Develop, implement, and manage a process to generate new business opportunities and reinsurance structures for core Traditional Life products and services.
3. Develop relationships and negotiate deals with vendors.
4. Complete critical assessment of new opportunities or structures including cost benefit, strategic, risk assessments and feasibility.
5. Own moving product development concepts from the feasibility to market ready solutions.
6. Support the value-added deal team in providing product development support to help advance and closed transaction.
7. Stay abreast of current regulatory changes and present opportunities or threat's to business leadership.
8. Direct and own preparation to support the Traditional Life business leadership group in making strategic chooses and prioritization related to business development.
9. In support of our term coinsurance business work with the Liquidity and Capital Group to develop and implement collateral capacity plans and that optimize the price competitiveness and risk for the business.
10. Work with our Traditional Life business groups to develop and manage competitive diagnostic tools and process.
11. Coordinate and support the development of overall strategies, plans, and programs for the Traditional Life business.
STANDFORD Reinsurance Inc. 1996-2002
Financial Manager
1. Managed the delivery of submissions for all internal & external reporting across all accounting & actuarial reporting bases.
2. Built and maintained relationships with Financial Controllers and led reporters.
3. Co-ordinated and participated in the range of activities of the team.
4. Provided technical advice and guidance on own areas of specialist knowledge and training across the whole of STANDFORD Reinsurance Inc.
5. Promoted key priorities of the team - "right first time, delivery on time" and "hard/fast close".
6. Established and maintained industrial strength internal controls which meet both internal and external policies and standards.

STANDFORD Reinsurance Inc. 1993-1996
Reinsurance Actuary
1. Responsible for all RI analysis for the Company.
2. Provided expert analysis of reinsurance programmes, both in terms of capital efficiency and pricing.
3. Modeled all proposed and alternate contracts prior to purchase.
4. Performed theoretical pricing of contracts.
5. Modeled development and training.
6. Calculated and analyzed premium spend projections numbers and RI inputs to business planning.

Education

Fellow, the Society of Actuaries (SOA), 2003

New York University, M.S. Actuarial Science, 1997
New York University, B.A. in Actuarial Science, 1993

Computer Skills:

Windows, WordPerfect, PowerPoint, Word, Westlaw, Lexis-Nexus, Lotus Notes and Excel

Source: http://www.jobbankusa.com/resumes/free_samples/examples_templates_formats/actuary.html

"An Enterprising Approach to Risk

The Chartered Enterprise Risk Analyst (CERA) credential is the most comprehensive and rigorous demonstration of enterprise risk management expertise available.

The CERA credential reflects the actuary’s evolution - from helping the world better understand risk to leading an organization’s risk strategies using the framework of enterprise risk management.

CERAs don’t merely speak to what we can lose; they focus on what we can gain."

Source: http://www.ceranalyst.com/index.asp


Eligibility

A CERA achieves their professional status by passing a set of examinations. Unlike other professions, many professionals who earn the CERA credential, do so while working in the business world and receives on-the-job training while enrolled in the examination process.

The CERA credential exam process is completed through self-study and does not require specific university coursework or major. A degree in business or math is helpful, but other majors in economics, liberal arts, or finance are applicable.

In addition, individuals earning the CERA credential enjoy learning, like to solve complex problems, enjoy writing and talking to people, can work effectively alone or as part of a team, are interested in a variety of historical, social, legislative, and political issues, and are self-motivated achievers.

Skills Needed to be a CERA
-Specialized math knowledge in calculus, statistics, probability
-Keen analytical, project management and problem solving skills
-Good business sense in finance, accounting, economics
-Solid oral and written communication skills
-Strong computer skills in word processing programs, spreadsheets, statistical analysis programs, database manipulation, programming languages

Source: http://www.ceranalyst.com/eligibility.asp