Career Seminar

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Career Seminar

• Yuan Xiu
• March 5th, 2009

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(No Transcript)
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London Life

• Founded in London, Ontario, in 1874, London Life
  Insurance Company has helped Canadians meet their
  financial security needs for more than 130 years.
  
• Located on Dufferin Avenue, across from Victoria
  Park.
• Over 2,000 employees, and around 100 Actuarial
  employees.

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Department Structures

• Pricing (Par and Non-par)
• Marketing
• Valuation
• Research
• IRIS PDP
• Corporate Actuarial
• Human Resources
• Freedom 55 Financial (Financial Advisors)
• More

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Facilities

• Cafeteria fresh made food, special sandwiches
  of the day, and soup of the day. Friday is fish
  day. During summer months, you can make your own
  sundaes.
• Fitness Centre new equipments and classes
  offered through Goodlife Fitness. Cost is 5.00
  per pay check.

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Individual Life Par Pricing

• Pricing for Particitipating Life Insurance. (Par
  vs. Non-Par insurance)
• Work closely with other departments such as
  Marketing, Valuation, and Research.
• Divided into 2 sides dividends and life
  insurance illustration.
• 2 Managers (FSAs) and 8 Actuarial students in
  Par Pricing.
• Projects Life insurance illustrator, Dividend
  error corrections, Canada Life ESAs, and PUA
  repricing.

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A day at work

• Get to work at 830AM, grab breakfast with my
  supervisor.
• Start working on calculator in Excel
• Take a water break, bond with colleagues
• Work some more
• Go to the gym and workout ?
• Back to work again
• Another break and some more bonding
• Work and get off around 430PM

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ARP (Actuarial Resource Pool)

• ARP members include full-time employees in
  Actuarial Assistant, Actuarial Associate, and
  Associate Managers, as well as co-op students,
  summer students, internship students and
  contract/part-time employees hired for Actuarial
  Assistant or Actuarial Associate assignments.

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ARP Contd

• Actuarial students progressing toward Fellowship
  participate in regular assignment rotations in
  selected areas of the company. Opportunities for
  rotation within London Life, Canada Life,
  Great-West Life, and Investors Group, and among
  the companies, may be available.

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ARP Contd

• Length of rotation will be two years and may
  vary, this is to help balance both the
  development needs of the student and the work
  requirements of each available position.
• Co-op students are expected to prepare a work
  report prior to the conclusion of each work term.

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Actuarial Exams and Study Time

• Exam P 4.5 Days
• Exam FM 4.5 Days
• Exam MLC 4.5 Days
• Exam MFE 3 Days
• Exam C 6 Days
• FAP Modules 1-5 3.5 Days

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Examination Fees

• The company will pay, up front, the exam fees for
  the first or second attempts.
• For any subsequent attempts, the student will be
  responsible for exam fees. Upon successful
  completion of the exam, the student will be
  reimbursed for the cost.
• The company also covers the study manuals and
  text books required for each exam.
• Student may only order study materials for exams
  they intend to write in the upcoming exam session.

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Performance Review and Salary Adjustments

• Starting salary is competitive among insurance
  companies.
• A predetermined base salary adjustment will be
  made to reflect exam performance. An additional
  adjustment will be made to reflect job
  performance.

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Minimum Salary Adjustment

• Exam P - 1,000
• Exam FM - 1,000
• Exam MLC/MFE - 1,200
• Exam C - 1,200
• FAP Modules 1- 5 - 1,500
• These are based on successful exam completion.

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ARP Events

• 1 event every 2 months (eg. Casino night, beach
  day, mini-golf, game night, etc)
• Exam results party
• Christmas party
• Great opportunities to meet other Actuarial
  students.

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Conclusions

• Even though the internship is 16 months, I really
  enjoyed it.
• Highly recommend it to anyone that wants to get
  some hands-on experience and have fun at the same
  time.

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Any questions?

• Thank you!