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In the U.S., for life, health, and pension actuaries, exams are given by the Society of Actuaries, while for property-casualty actuaries the exams are administered by the Casualty Actuarial Society. To sign certain statements of actuarial opinion, however, American actuaries must be members of the American Academy of Actuaries.
An actuary is a business professional who deals with a financial situation of risk and uncertainty. This is a list of notable actuaries and others who have influenced the profession. This is a list of notable actuaries and others who have influenced the profession.
William Morgan is often considered the father of modern actuarial science for his work in the field in the 1780s and 90s. Many other life insurance companies and pension funds were created over the following 200 years. Equitable Life was the first to use the word "actuary" for its chief executive officer in 1762. [22]
As a global organization, the SOA represents actuaries from all major areas of practice, including life and health insurance, retirement and pensions, investment and finance, enterprise risk management, and general insurance (property and casualty) insurance. [4] The Casualty Actuarial Society also represents actuaries working with property and ...
Actuaries also design and maintain products and systems. They are involved in financial reporting of companies' assets and liabilities. They must communicate complex concepts to clients who may not share their language or depth of knowledge. Actuaries work under a code of ethics that covers their communications and work products. [27]
The CAS requires all candidates to qualify through a series of actuarial exams covering various aspects of actuarial practice. Passing Exams 1–6 as well as Exam S, the Course on Professionalism, the Validation by Educational Experience (VEE), and two online courses qualifies an actuary for the Associateship designation; passing three additional exams is required to become a Fellow. [10]
The actuaries of a number of life assurance companies established the Institute of Actuaries in London on the 8th of July 1848. The Institute of Actuaries was the oldest actuarial professional body in the world. In July 1884, the Institute of Actuaries was granted a royal charter. The royal charter confirmed the institute's role and the right ...
The Joint Board administers two examinations to prospective Enrolled Actuaries. After an individual passes the two exams and completes sufficient relevant professional experience, she or he becomes an Enrolled Actuary.