1. If by "actuarial techniques and knowledge" it is meant formulas with =
special symbols (e.g. A(m)x:n) then the life folks win. If a more general =
view is taken, that an actuarial technique is the application of modeling =
tools to risk financing problems, then it is a tie with the PC world =
leading with regard to the amount of creativity needed and the lack of =
cookbook solutions to many problems.
2. My guess is that life companies use more actuaries in non-actuarial =
capacities than do PC companies and in part that contributes to the higher =
numbers. If your ultimate goal is to be VP of information systems, of =
marketing, or of some other non-actuarial department, the prospects are =
better in a life co.
3. There are boring jobs on both sides (PC -- doing state-by-state =
personal auto filings by filling in the blanks from last year's method. =
Life -- completing form 5500B for defined benefit pension plans).
4. Probably most critical to decision making today is what skills/tasks =
will be important 10 years from now when today's entry-level actuarial =
will be doing really serious work. Here is my forecast:
Life -- The most successful actuaries will be "financial engineers" who =
are conversant on both sides of the balance sheet. Financing the risk is =
more important than underwriting the risk.
PC -- Statistical modeling will still be key. The randomness inherent in =
the loss process for PC coverages is much harder to deal with than age at =
death.
The above represent two-days before classes start and I can still have fun =
ramblings. Comments, contradictions, insults, etc. are always in order.
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Stuart Klugman, FSA
Principal Financial Group Professor of Actuarial Science
Drake University
2507 University Avenue
Des Moines, IA 50311 USA
ph: 515-271-4097
e-mail: Stuart.Klugman@drake.edu
Visit the CAS Web Site at http://www.casact.org
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