Aktuar/Aktuarin

The advanced training takes place at the German Actuarial Academy (DAA) or a cooperating institution. For in-person events, learning locations are classrooms; for digital learning formats (e.g., virtual classroom), it's at home, possibly classrooms for in-person phases; for combined learning formats (e.g., blended learning), it's classrooms for in-person events and at home for online learning units.

Occupation type: Academic profession (plus advanced training). Type of advanced training: Advanced training according to the guidelines of the German Actuarial Association e.V. Duration of advanced training: 2.5 years. Tasks and activities: Actuaries assess risks for insurance companies using mathematical methods. They calculate premiums and tariffs and determine how much money needs to be set aside for potential claims. In doing so, they consider the company's financial situation and possibilities for reinsurance. They are involved in the development of new insurance products and evaluate the company's capital investments and liabilities. In the field of occupational pension schemes, they advise on various models and calculate how much money is needed for future pension payments. In the building society sector, they analyze customer behavior and develop suitable savings models. When working for authorities, they check whether insurance companies comply with all regulations.

Typically, one works during the advanced training and receives remuneration.

Usually 2.5 years (part-time).

Distribution of hours (example): Fundamental principles of insurance and financial mathematics: 2 semester hours per week. Financial mathematics and investment management: 2 semester hours per week. Statistical methods/risk theory: 3 semester hours per week. Life insurance mathematics: 6 semester hours per week. Non-life insurance mathematics: 4 semester hours per week. Modeling: 2 semester hours per week. Information processing: 1 semester hour per week. Insurance business administration: 3 semester hours per week. Accounting for actuaries: 2 semester hours per week. Value-oriented risk management: 2 semester hours per week. Legal foundations: 2 semester hours per week. Professional questions: 1 seminar day. Total weekly hours: 29 semester hours per week plus 1 seminar day.

Course fees are to be paid for attending the advanced training courses, and examination fees for participating in the examinations. Additional costs may arise, for example, for study materials or specialized literature.

Actuarial training covers fundamental actuarial knowledge, the economic and legal environment (e.g., social security, insurance and financial market products, macroeconomics, business administration), applied stochastics (e.g., stochastic processes, inductive statistics, lifetime models, time series analyses), financial mathematics and risk assessment (e.g., cash flows, valuation, risk measures, portfolio optimization), and insurance mathematics (e.g., non-life, life, and health insurance mathematics). It also includes modeling and enterprise risk management (e.g., model analysis, risk assessment and control, European supervisory concepts), corporate governance (e.g., strategic corporate governance, external accounting), and professionalism and communication (e.g., professional rules and principles). Elective subjects include specializations such as Actuarial Data Science, Building Savings, Enterprise Risk Management, Investment and Financial Mathematics, and Health Insurance.

In-depth prior knowledge in stochastics is crucial for successful further training. Students can take advanced elective courses in this area during their university studies (Studium). Working in an insurance or financial company is beneficial for this training. Relevant experience and knowledge include financial and insurance mathematics (e.g., to calculate risks, insurance premiums, and reserves or to value securities in banks and investment companies), elective subjects like Enterprise Risk Management or Non-Life Insurance, and Actuarial Data Science (e.g., to apply data science applications in an actuarial context and comply with data protection regulations).

The further training consists of theoretical instruction and practical exercises. Classes are typically held on weekends or in the evenings, designed as part-time education alongside work. For in-person events, instruction takes place in classrooms at the educational institution. For digital learning formats (e.g., virtual classroom), learning is exclusively via electronic learning platforms and systems, primarily from home in a class setting. For combined learning formats (e.g., Blended Learning), training rooms are used for in-person events, and home for online learning units.

In 2018, a new examination regulation was introduced, taking into account increasing digitalization and new challenges in risk management. In 2021, a new examination regulation brought flexibility and modularization to the training and examination system. In 2023, another new examination regulation shortened the training period.

The qualification awarded upon completion is Actuary (DAV).

Actuary is a professional further training (Weiterbildung) offered by the Deutsche Aktuar-Akademie (DAA). It typically lasts 2.5 years. The training and final examination are regulated by guidelines from the Deutsche Aktuarvereinigung e.V. (DAV).

After completing their advanced training, actuaries can find employment with insurance companies, banks or credit institutions, in management consulting, or as experts, for example, in determining insurance claims. They can also be employed in statistical offices and authorities or in tax consulting and auditing firms. To maintain their professional competence, actuaries must always keep their expertise up-to-date and expand their knowledge. Through adaptive continuing education (Anpassungsweiterbildung), they keep their professional knowledge current, bring it up to the latest standard, and expand it. The range of topics extends from statistics to accounting. To advance professionally, a further master's degree (Masterstudium), for example in insurance business administration, can be helpful. The step into self-employment is also possible.

Examination regulations of the German Actuarial Association (Deutsche Aktuarvereinigung e.V.) and the Institute of Actuarial Experts for Pensions (Institut der Versicherungsmathematischen Sachverständigen für Altersversorgung e.V.), No. 5 from 01.05.2023.

A completed mathematics degree (Studium) from a German higher education institution (Hochschule) or a completed degree from a German higher education institution with additional proof of mathematical knowledge is required. Furthermore, it must be demonstrated that basic knowledge in stochastics has already been acquired.