Category: General actuarial

The Society of Actuaries Announces ASA Curriculum Changes, Micro-Credentials and Affiliate Membership

Mary Pat Campbell

Press release: https://www.soa.org/resources/announcements/press-releases/2021/2021-asa-changes-member/

FAQ: https://www.soa.org/education/general-info/asa-micro-credentials/

Pathway comparison, more info: https://www.soa.org/globalassets/assets/files/edu/asa-pathway-changes.pdf

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Beginning in January 2022, pre-ASA candidates will also be able to begin work to earn new micro-credentials that recognize and demonstrate to employers their knowledge and skills gained along the pathway to ASA. These “milestone markers” will remain with candidates if they decide to leave the ASA pathway and are also applicable for those choosing to enter the pathway to only earn one or more micro-credential. All elements required to earn these micro-credentials are part of the ASA pathway and count in full toward earning the ASA and FSA designations.

These micro-credentials group together pathway components that represent distinct knowledge and skills to demonstrate the level of achievement candidates earn to employers, co-workers and their professional network. AQ/EQ and data science skills are driving changes to the ASA curriculum and will be incorporated into requirements for each micro-credential, allowing candidates the ability to demonstrate and build on those skills for their resume and jobs.

These micro-credentials do not make candidates qualified or “signing” actuaries; that work is reserved for those who earn the ASA and FSA designations. However, they do provide critical marks of candidates’ progress through the system and signal to employers the knowledge they’ve gained. We will be conducting an outreach program to employers to build awareness and support for the micro-credentials over the coming months.

Author(s): SOA

Publication Date: 12 July 2021

Publication Site: Society of Actuaries

Have Fun With Approximations!

Mary Pat Campbell

Link: https://www.linkedin.com/pulse/have-fun-approximations-mary-pat-campbell/

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Pdf: https://drive.google.com/file/d/0ByabEDuWaN6FNmZhTDBYeEVrNVE/view?resourcekey=0-U4GI2_9zn4UQdWza1bq95w

Excerpt:

In the pre-computer days, people used these approximations due to having to do all calculations by hand or with the help of tables. Of course, many approximations are done by computers themselves — the way computers calculate functions such as sine() and exp() involves approaches like Taylor series expansions.

The specific approximation techniques I try (1 “exact” and 6 different approximation… including the final ones where I put approximations within approximations just because I can) are not important. But the concept that you should know how to try out and test approximation approaches in case you need them is important for those doing numerical computing.

Author(s): Mary Pat Campbell

Publication Date: 3 February 2016 (updated for links 2021)

Publication Site: LinkedIn, CompAct, Society of Actuaries

Several Ways to Improve Your Use of Excel for Actuarial Production

Mary Pat Campbell

Link: https://www.soa.org/sections/small-insurance/small-insurance-newsletter/2021/june/stn-2021-06-mathys/

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Create a Consistent Structure for Calculations

When spreadsheets are created ad-hoc, the usage of time steps tends to be inconsistent: advancing by rows in one sheet, columns in another, and even a mix of the two in the same sheet. Sometimes steps will be weeks, other times months, quarters, or years. This is confusing for users and reviewers, leads to low trust, increases the time for updates and audits, and adds to the risks of the spreadsheet.

A better way is to make all calculations follow a consistent layout, either across rows or columns, and use that layout for all calculations, regardless if it requires a few more rows or columns. For example, one way to make calculations consistent is with time steps going across the columns and each individual calculation going down the rows:

Author(s): Stephan Mathys

Publication Date: June 2021

Publication Site: Small Talk at the Society of Actuaries

Impact of COVID-19 on Actuarial Careers: Highlights Report

Mary Pat Campbell

Link: https://www.soa.org/resources/research-reports/2021/covid-19-highlights/

Report link: https://www.soa.org/globalassets/assets/files/resources/research-report/2021/covid-19-highlights.pdf

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Working from home was a significant change for most actuaries. While some are looking forward to
returning to work in the office, few would like to return to working in the office most or all of the time.
After COVID-19 restrictions are fully lifted, approximately 65% of full-time respondents would prefer to
work from home at least 3 days per week: 28% would prefer to work from home three days per week, 23%
would like to work from home every day, and 14% would prefer to work from home 4 days per week.

In general, respondents who identify as women have a slight preference to work from home more
frequently than do respondents who identify as men.

Author(s): SOA

Publication Date: June 2021

Publication Site: Society of Actuaries

Sex Bias in Graduate Admissions: Data from Berkeley

Mary Pat Campbell

Link: https://science.sciencemag.org/content/187/4175/398

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Examination of aggregate data on graduate admissions to the University of California, Berkeley, for fall 1973 shows a clear but misleading pattern of bias against female applicants. Examination of the disaggregated data reveals few decision-making units that show statistically significant departures from expected frequencies of female admissions, and about as many units appear to favor women as to favor men. If the data are properly pooled, taking into account the autonomy of departmental decision making, thus correcting for the tendency of women to apply to graduate departments that are more difficult for applicants of either sex to enter, there is a small but statistically significant bias in favor of women. The graduate departments that are easier to enter tend to be those that require more mathematics in the undergraduate preparatory curriculum. The bias in the aggregated data stems not from any pattern of discrimination on the part of admissions committees, which seem quite fair on the whole, but apparently from prior screening at earlier levels of the educational system. Women are shunted by their socialization and education toward fields of graduate study that are generally more crowded, less productive of completed degrees, and less well funded, and that frequently offer poorer professional employment prospects.

Science 
 07 Feb 1975:
Vol. 187, Issue 4175, pp. 398-404
DOI: 10.1126/science.187.4175.398

Author(s): P. J. Bickel, E. A. Hammel, J. W. O’Connell

Publication Date: 7 February 1975

Publication Site: Science

Python for Actuaries

Mary Pat Campbell

Link: https://www.pathlms.com/cas/courses/15577/webinars/7402

Slides: https://cdn.fs.pathlms.com/p3Z78DJJRFWoqdziCQyf?_ga=2.2405433.801394078.1623949999-2118863750.1623949999#/

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Explaining why actuaries may want to use the language python in their work, and providing a demo. Free recorded webcast, from the CAS.

Author(s): Brian Fannin, John Bogaardt

Publication Date: 6 February 2020

Publication Site: CAS Online Learning

Positivity with Paul: Episode 5 | Mary Pat Campbell

Mary Pat Campbell

Video description:

Welcome to another episode of Positivity with Paul, where I find Fellow Actuaries – pun intended – for a conversational Q&A on their life.  The focus is on their journey along the actuarial exam path and beyond, some of the challenges they faced, and how those challenges helped shape them to become who they are today.   

To give some brief context on becoming an Actuary, there’s a number of actuarial exams that one has to go through.  These exams are very rigorous and typically, only the top 40% pass at each sitting, They cover complex mathematical topics like statistics and financial modelling but also insurance, investments, regulatory and accounting.  Candidates can study up to 5 months per sitting and they will take 7 to 10 years on average to earn their Fellowship degree. To that end, I launched this series of podcasts because I was curious about what drove my guests to surmount trials and tribulations to get to the end goal of becoming an Actuary.    

My guest in this interview is Mary Pat Campbell. Mary Pat is an actuary working in Connecticut, investigating life insurance and annuity industry trends. She has been interested in exploring mortality trends, public finance and public pensions as an avocation. Some of these explorations can be found at her blog: stump.marypat.org. Mary Pat is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries. She has been working in the life/annuity industry since 2003. She holds a master’s degree in math from New York University and undergraduate degrees in math and physics from North Carolina State University. In this podcast, Mary Pat discusses similarities in concepts between physics and actuarial science, the current low interest rate environment and lessons learnt in the insurance sector from the financial crisis in 2008-2009. Hope you enjoy this all-inclusive interview! Paul Kandola

Author(s): Paul Kandola

Publication Date: 11 June 2021

Publication Site: Integral Actuarial at YouTube

Edmond Halley’s Life Table and Its Uses

Mary Pat Campbell

Link: https://fac.comtech.depaul.edu/jciecka/Halley.pdf

Formal citation: James E. Ciecka. 2008. Edmond Halley’s Life Table and Its Uses. Journal of Legal
Economics 15(1): pp. 65-74.

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Halley obtained demographic data for Breslau, a city in Silesia which is now the Polish city Wroclaw. Breslau kept detailed records of births, deaths, and the ages of people when they died. In comparison, when John Graunt (1620-1674) published his famous demographic work (1662), ages of deceased people were not recorded in London and would not be recorded until the 18th century.


Caspar Neumann, an important German minister in Breslau, sent some demographic records to Gottfried Leibniz who in turn sent them to the Royal Society in London. Halley analyzed Newmann’s data which covered the years 1687-1691 and published the analysis in the Philosophical Transactions. Although Halley had broad interests, demography and actuarial science were quite far afield from his main areas of study. Hald (2003) has speculated that Halley himself analyzed these data because, as the editor of the Philosophical Transactions, he
was concerned about the Transactions publishing an adequate number of quality papers. 2 Apparently, by doing the work himself, he ensured that one more high quality paper would be published.

Author(s): James E. Ciecka

Publication Date: 2008 [accessed June 2021]

Publication Site: DePaul University

The Federal Insurance Office: Looking Back, Looking Forward

Mary Pat Campbell

Link: https://www.rstreet.org/2021/05/19/the-federal-insurance-office-looking-back-looking-forward/

Full pdf: https://www.rstreet.org/wp-content/uploads/2021/05/Final-No-231-FIO.pdf

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1) The FIO was created in the wake of the financial crisis, as part of the Dodd-Frank Act. It has since been active on two fronts: as a source of information about the insurance industry for the U.S. Department of the Treasury and other branches of government, and as a representative of the insurance industry in international negotiations.

2) The FIO has had a challenging first decade. Since its launch, insurers have been concerned that the introduction of a new federal body, like all bureaucracies, is the camel’s nose in the tent, which would eventually lead to attempted expansion of its scope. Today, even though many have come to accept the FIO—provided it does not attempt to exceed its authority—there are still efforts to abolish it.

3) In the past, government restrictions of the free market with involvement in insurance have proven inefficient and anticompetitive. Should the FIO advance legislative attempts to address “affordability and accessibility” of insurance, it will likely contribute to the disruption of an efficient private market closely regulated at the state level.

Author(s): Jerry Theodorou

Publication Date: 19 May 2021

Publication Site: R Street Institute

SOA Member Town Hall on University-Earned Credit

Mary Pat Campbell

Video description:

SOA leadership and members discuss the University-Earned Credit (UEC) program. Watch this recording of the May 24 member town hall about UEC. If you have any additional questions email us at membercomms@soa.org. Learn about the UEC program by visiting https://www.soa.org/education/resources/uec/uec-program/

Access the FAQs at www.soa.org/education/resources/uec/uec-faq/

Publication Date: 27 May 2021

Publication Site: Society of Actuaries on YouTube

St. Francis Dam Disaster – Frank Black and the Catholics

Mary Pat Campbell

Description:

It’s not just a song, it’s a history lesson!

St. Francis Dam Disaster by Frank Black and the Catholics off of the album Dog in the Sand (2001 Cooking Vinyl)

Many of the pictures were culled from https://scvhistory.com/scvhistory/stfrancis.htm

They have a lot of info on the St. Francis Dam disaster and it’s worth checking out if you want to see more.

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Author(s): Skippy .Bob

Publication Date: 1 December 2013

Publication Site: YouTube

Morning with Meep – ASOP 56 – Modeling

Mary Pat Campbell

Description:

I take a look at the Actuarial Standard of Practice 56: Modeling — in effect as of October 2020.

Links: Keep Up With the Standards: On ASOP 56, Modeling

https://www.soa.org/sections/modeling/modeling-newsletter/2021/april/mp-2021-04-campbell/

ASOP 56: Modeling

http://www.actuarialstandardsboard.org/asops/modeling-3/

Author(s): Mary Pat Campbell

Publication Date: 3 May 2021

Publication Site: Meep’s Math Matters at Youtube