Brief introduction of North American Actuaries Association
The Association of Actuaries of North America is an educational, research and professional organization that aims to serve the public and members of society. Its task is to develop actuarial knowledge and strengthen the ability of actuaries to provide professional suggestions and solutions to uncertain issues involved in the future finance and society.
The Association of Actuaries of North America was founded in 1949, but its history can actually be traced back to the last century. Serious consideration of establishing actuarial institutions in North America began with 1867, and the predecessor of Actuarial Society of new york was established on April 25th and 26th, 889. The adoption of education system originated from 1896, and the first actuary was born in 1900. 1909, actuaries of life insurance companies in the midwest and south of the United States established the American Association of Actuaries, headquartered in Chicago. 19 14 actuaries and statisticians of American P&C insurance co., ltd set up the accident insurance actuarial society to meet their own needs, 1949 set up the actuary association of north America, headquartered in Chicago. 65438-0965 North American Actuaries Association established American Actuaries Association in the United States and Canadian Actuaries Association in Canada to coordinate the work of the entire actuarial organization in North America.
Since its establishment, the Association of Actuaries of North America has been committed to dealing with new problems in the insurance industry and improving actuarial technology. At the same time, through the annual meeting system, we can quickly introduce new actuarial achievements and closely combine new technologies with economic development.
Since 1987, the State Oceanic Administration has cooperated with China Nankai University to set up an actuarial education and training program, and set up an examination center in Nankai on 1992. So far, the State Oceanic Administration has set up eight testing centers in Chinese mainland. Actuarial qualifications of the Association of Actuaries of North America are divided into two levels: formal actuary (FSA) qualification and quasi-actuary (ASA) qualification.
Applicants need to earn 300 credits to qualify as quasi-actuaries. Quasi-actuaries have to pass 100 series and 200 series exams, of which 100 series exam * * has 200 credits, generally multiple-choice questions, and 200 series exam * * has 100 credits, generally test questions.
After obtaining the qualification of Associate Actuary (ASA), you can take the qualification examination of Actuary (FSA). To qualify as an actuary, you need to obtain 450 credits. Actuarial examination has five directions: finance, group insurance and health insurance, personal life insurance and annuity, pension and investment, and each direction has different elective courses. Course 1: Mathematical Basis of Actuarial Science.
Description: The purpose of this course is to cultivate knowledge about some basic mathematical tools and form the ability to evaluate risks from a quantitative perspective, especially to apply these tools to solve actuarial problems. It is also assumed that students have mastered the basic knowledge of calculus, probability theory and risk management before studying this course.
Main contents and concepts: calculus; Probability theory; Risk management (including loss frequency; Amount of loss; Reservation; Deductible; * * * Same as insurance and risk premium).
Course 2: Interest Theory, Economics and Finance.
Description: This course includes interest theory, intermediate microeconomics, macroeconomics and financial fundamentals. Before studying this course, you need to have the basic knowledge of calculus and probability theory.
Main contents and concepts: interest theory; Microeconomics; Macroeconomics; Financial foundation.
Lesson 3: Practical Model of Risk
Description: Through the study of this course, students will master the basic knowledge of actuarial models of random events and their applications in insurance and financial risks. Before studying this course, it is required to master calculus, probability theory and mathematical statistics. Students are advised to take this course after passing courses 1 and 2.
Main contents and concepts: insurance and other financial random events; Survival model; Population data analysis; Quantitative analysis of financial impact of random events.
Course 4: Actuarial Modeling
Description: This course introduces the basic knowledge of modeling and the important actuarial and statistical methods used in modeling. Before studying this course, it is required to master calculus, linear algebra, probability theory and mathematical statistics.
Main contents and concepts: the definition of model; Why and how to use the model; Advantages and disadvantages of the model; Deterministic and stochastic models; Model selection; Input-output analysis; Sensitivity test; Feedback of experience and research results; Regression analysis; Forecast; Risk theory; Reliability theory.
Course 5: Application of Basic Actuarial Principles.
Description: This course provides product design and risk classification; Pricing/rate setting/insurance fund establishment, marketing, distribution, management and valuation learning. Coverage includes financial security plan, employee welfare plan, accidental pension plan, government social insurance and pension plan, and some emerging application fields such as product liability, guarantee evaluation, environmental maintenance cost and manufacturing application.
The learning materials of this course integrate various plans and coverage to show the consistency and differences of actuarial principles in various research fields. In order to encourage this learning method, the course considers the application of this subject in various fields, such as pricing, but not the other way around.
Main contents and concepts: planning and product design; Principles and techniques of risk classification; The application of actuarial principles and practices in pricing, rate determination, insurance fund establishment and traditional and emerging application fields; Marketing, distribution and management; Actuarial techniques for assessing liabilities and insurance funds.
Course 6: Finance and Investment
Description: This course is an extension of actuarial principles used in investment and asset-liability management. After completing this course, students will have a deep understanding of capital market, investment tools, derivative securities and their applications, portfolio management and asset-liability management.
Main contents and concepts: capital market and basic investment principles; Asset and liability management. Course 7: Actuarial Model Application
Note: This course introduces students to the factors actually considered in establishing actuarial models. Students are required to have knowledge of basic courses. Part of the course content is the same for all students. It should be emphasized that students should pay attention to the technologies and problems related to their own fields, which vary from field to field.
This model can be used in many aspects of actuarial science, such as pricing/rate determination, insurable interest design, asset/liability/capital management, asset and liability valuation and dynamic solvency testing. No matter which mode is adopted, the steps are the same. These steps will be outlined in this course. After completing the course, students will learn the process of modeling and use it to solve some problems.
Main contents and concepts: model design or selection; Data input analysis; Data output analysis; Results comparison, testing and feedback.
Course 8: Selected Advanced Actuarial Practices
(Select a direction from the following topics)
(a) Advanced actuarial practice-finance
Description: This course studies the advanced content of finance. After completing the course, students can deepen their knowledge and skills in some fields, such as capital management of financial institutions, corporate finance, financial risk management (tools and technologies), tax principles, option pricing theory and application, and making financial strategies.
This course helps students to develop their skills in financial and tax work in insurance companies, savings and credit institutions, banks and other financial institutions.
Some research fields of the course, such as the theory and application of option and arbitrage pricing, financial principles, capital structure and portfolio management, need a strict mathematical foundation, so that students can apply these principles to a broad economic environment. Combining the knowledge of mathematics and finance with the skills of previous courses will enable students to play an irreplaceable role in the management of financial institutions.
(b) Advanced actuarial practice-group life insurance; Individual and group health insurance
Description: This course deeply discusses the application of actuarial principles in group life insurance, and the insurance that provides the following protection in the form of individuals and groups: disability income, dental expenses, medical care and long-term care expenses. The content of this course will include the systems that provide these guarantees: insurance companies, blue cross/blue shield organizations (American medical insurance organizations), public health organizations, member priority service organizations, health maintenance organizations and doctors' hospitals.
(c) Advanced actuarial practices-health management practices
Description: This course can provide an in-depth and effective method for the cost of actuarial principles in medical and dental services. This course includes the following health management organizations: health maintenance organization, oral health maintenance organization, doctor hospital organization and medical risk contract. This course mainly involves the current health management system in the United States.
(d) Advanced actuarial practices-individual life insurance
Description: This course studies the advanced content of personal life insurance application, including product design and insurance development, marketing, pricing, financial reporting and reinsurance in related fields.
(e) Advanced actuarial practices-investments
Description: This course continues to study the content of investment and asset management, with emphasis on the application of asset/liability management skills. After completing this course, students will have a deep understanding of portfolio management theory and application, selective pricing theory, asset-liability management, solvency and ethics. This course provides students with effective help in financial risk management, especially the comprehensive management of company assets and liabilities. Meanwhile. The course also provides effective help for students in investment departments of financial institutions such as banks and insurance companies, as well as investment operations of investment consulting companies and non-financial institutions.
(f) Advanced Actuarial Practice-Canadian Pension Plan
Description: This course is based on Course 5, which introduces the contents of Canadian pension plan in more depth. Students are required to be exposed to all types of retirement and pension plans, whether consulting actuaries or actuaries who actually provide pension insurance products and services.
The course content includes the design of pension and retirement plan, actuarial pricing principle, detailed rules of Canadian pension plan, etc. Pension fund tools, retirement plan financial reports and professional standards.
(g) Advanced Actuarial Practice-United States Pension Plan
Note: Based on Course 5, this course introduces the contents of each pension plan in more depth. Students are required to be exposed to all types of retirement and pension plans, whether consulting actuaries or actuaries who actually provide pension insurance products and services.
The course content includes the design of pension and retirement plan, actuarial pricing principle, pension fund tools and financial report of retirement plan, as well as
Basic principles, industry rules and professional standards of actuarial pricing.