Society of Actuaries - 2003 Archived Yearbook

actuaries also provide advice to shareholders, regulators, financial analysts and others. The SOA meets
its responsibility to the various publics by recruiting and educating actuaries and by its role as a
professional organization. Note that the SOA places serving the public ahead of serving its members.
5. Serving its Members
The SOA is committed to meeting the needs of its members. Members work in the traditional practice
areas of life insurance, retirement systems, health benefit systems, financial and investment
management, and emerging practice areas. In meeting the needs of its members, the SOA conducts
meetings and seminars, publishes papers and studies, makes or sponsors investigations, promotes
educational activities for students and members, utilizes technology to enhance communications,
sponsors academics and supports universities with actuarial science programs, organizes special interest
sections, and undertakes such other activities as appropriate. However, in accomplishing many of these
tasks, the SOA relies on the generous support of its members in volunteer roles.
Although the majority of SOA members reside in Canada or in the U.S., a significant number of
members live or practice in other geographical areas. The SOA is committed to encouraging the
development of actuarial science worldwide and to addressing the international needs of SOA members.
The SOA is a member of the International Actuarial Association (IAA) and of the worldwide actuarial
profession.
6. Advancing Actuarial Knowledge and Enhancing the Ability of Actuaries
Knowledge of actuarial science is the foundation of the actuarial profession. Actuaries often deal with
problems relating to uncertain future events. With insurance based on scientific actuarial principles,
financial aspects of uncertainties such as premature death, disability, the need for medical care, etc., can
be exchanged for the certainty of a premium payment. Pension and social security programs require
actuarial analysis based on contingencies such as period of employment, covered earnings, and
mortality. Investments and other financial transactions involving risk or uncertainty can also be modeled
using actuarial techniques. In a dynamic and rapidly changing world, actuarial knowledge must be
continuously expanded to meet increasingly complex problems and to enhance the value added by
actuarial analysis.
7. Recognition as the Leading Professionals
The vision of the SOA is not only to have actuaries be the leading professionals in the modeling and
management of financial risk and contingent events, but to have this expertise widely recognized and
accepted outside the actuarial profession as well.
8. Critical Success Factors
Critical success factors for the profession and the SOA are: