How many stages does an actuary have?
Actuaries are divided into two stages: quasi-actuaries and actuaries. Among them, the quasi-actuary examination subjects include mathematics, financial mathematics, economics, actuarial model, actuarial management, life insurance actuarial, non-life insurance actuarial and accounting and finance. Actuarial examination subjects include insurance law and related regulations, financial management of insurance companies, health insurance, investment, actuarial practice of personal life insurance and annuity, asset and liability management, employee welfare plan, actuarial practice of non-life insurance, pricing of non-life insurance and evaluation of non-life insurance liability reserve.
Can college students take the actuary exam?
Individuals with a bachelor's degree or above or equivalent educational level, including undergraduates, can sign up for the China Actuary Qualification Examination.
However, under any of the following circumstances, you may not take the Chinese actuary qualification examination:
1, who has received criminal punishment;
2. Being subject to administrative punishment for violating financial regulations;
3. Statelessness;
4. Other circumstances that the China Insurance Regulatory Commission finds that it does not meet the conditions for taking the domestic actuary qualification examination.
Judging from the above application conditions, the application conditions of actuaries are relatively simple. However, if you really want to work as an actuary, you have to apply to the China Association of Actuaries and obtain a certificate of competency test for Chinese actuaries before you can engage in related work.
The difference between life insurance actuarial and non-life insurance actuarial
The two cores of life insurance actuarial science are the determination of interest rate and mortality, especially the determination of mortality. Because interest rate is generally controlled by the state, it has not been an actuarial concern for a long time. The calculation of mortality, that is, the establishment of life table, is the core work of life insurance actuarial. Issues involved: pure premium calculation, reserve withdrawal, etc.
Non-life insurance actuaries focus on the frequency and scale of losses and the control of losses, and their two branches are: loss distribution theory (loss distribution and the relationship between losses and compensation) and risk theory (studying the coincidence process of occurrence times and losses, evaluating the bankruptcy probability of insurance companies and fund size). Issues involved: determination of large numbers, financial stability analysis, extraction of liability reserve, retention and reinsurance distribution, profit analysis, risk assessment, etc.