Risk management is increasingly important in the modern business world. That’s why the actuarial profession continues to be a critical one. Actuaries analyze data to assess potential risk in the financial marketplace.
According to the U.S. Bureau of Labor Statistics, a bachelor’s degree with an emphasis on statistics or mathematics is usually required for professionals in this field. After graduation, it is possible to become a member of one of the major actuarial societies and associations. Joining one of these organizations can be quite beneficial to those in the actuarial profession. Specifically, these organizations can provide increased opportunities for networking. Access to resources is another benefit that might not otherwise be available to individual actuaries.
Here are five of the most important membership organizations in the actuarial field.
Top Actuarial Society Options
Society of Actuaries
The Society of Actuaries offers significant benefits for professionals in this field. Actuaries who join the society can access cutting-edge research on topics pertaining directly to the actuarial field. The Society of Actuaries also offers educational opportunities for its members. These opportunities allow actuaries to develop their professional skills. As a result, they may qualify for positions of greater responsibility. The society maintains a tiered membership system. This enables actuaries with more experience to achieve higher ranks. Thus, they are able to take greater responsibility for the activities and upcoming events of the organization. Most members of the Society of Actuaries practice in the life and health insurance and pension fields of the financial industry.
Casualty Actuarial Society
The Casualty Actuarial Society is now in its 100th year of population. The organization focuses primarily on risk management in the property and casualty insurance fields. CAS has more than 6,500 members in the actuarial profession across the U.S. It is also one of the oldest and most respected actuarial membership organizations in America. Members are required to complete a series of examinations to be granted Fellow or Associate status with the organization. The Society holds two meetings each year. At these meetings, research on topics related to the actuary field is presented.
American Academy of Actuaries
With its headquarters located in Washington, D.C., the American Academy of Actuaries is suitably close to the political action. The Academy serves more than 18,500 members across the nation. This representation can be seen in the public policy arena. Here, the organization sets standards of practice for the actuarial industry and offers educational resources and opportunities. To be considered for membership in the American Academy of Actuaries, there are certain eligibility requirements. For example, candidates must already hold membership in another selected actuarial organization. Once accepted, members enjoy exceptional benefits. Some of these include networking opportunities, the chance to take on leadership roles through the committee system, and access to an extensive library of webinars and presentations.
American Society of Pension Professionals & Actuaries
The American Society of Pension Professionals & Actuaries (ASPPA) was founded in 1966 as a purely actuarial organization. Since then, it has evolved to include all categories of retirement planning professionals. Actuaries still make up a significant percentage of the membership of this organization. Yet, financial planners, lawyers, retirement planners and other professionals are also represented among the membership of the ASPPA. The organization offers many credentialing and certification opportunities for its members. Additionally, the ASPPA directory serves as a valuable networking resource for members. This resource enables members to touch base with colleagues across town or country.
Conference of Consulting Actuaries
The Conference of Consulting Actuaries was established in 1950. The organization now boasts more than 1,200 members across the U.S. and Canada. It is best known for its exceptional range of continuing education programs for actuaries in the consulting field. The organization focuses on the challenges facing actuaries employed outside the insurance industry. Members are classified as Fellows or Associates depending upon their certifications or credentials. Those who achieve full Fellow status can take a more active role. This may include guiding the activities and educational programs offered by the Conference of Consulting Actuaries. Members can also take part in any or all of the three annual meetings of the organization. They can also access teleconferences and seminars on topics of interest in the actuarial consulting world.
Connecting with these membership-based actuarial organizations can provide actuaries with valuable opportunities. Some of these opportunities include high-value networking and continuing education. By taking advantage of the certification options available from these elite actuarial organizations, students can make the most of their education. As a result, they will come one step closer to achieving their goals in the modern risk management field.