Student spends $4.6m mistakenly given by bank in Australia, gets arrested while fleeing - TomoNews

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Most of us are not aware of what an actuary does and the importance of the role in an insurance company. Undoubtedly, an actuarial job may seem quite boring, but it is one of the most challenging and high-paying jobs. If you are a math or statistics genius, then this may be the perfect career for you. The actuary's main responsibility is assessing/quantifying risk and developing means of mitigating risks. Actuaries are largely known for their work in the insurance and pension fields, where they design financially secure benefit programs to protect customers. Let's take a look at the role, certification process and career advancement of an actuary.

Malaysia national Christine Jiaxin Lee, 21, has been arrested for spending millions of Australian dollars that were mistakenly given to her by her bank in Australia four years ago. Lee, a chemical engineering student in Sydney, was only 17 when the Westpac Bank accidently gave her an overdraft limit amounting to A$4.6 million. She kept the mistake to herself and spent A$3.3 million on handbags and other luxury items, as well as making cash transfers, in less than a year. She also rented a penthouse apartment with Sydney Harbour Bridge views in Rhodes, for A$3120 a month. Lee planned her exit strategy when police tried to contact her about the money. She somehow obtained an emergency Malaysian passport in order to allegedly sneak out of the country.

What is an Actuary?

Actuaries are the financial engineers of the insurance industry, specializing in either life and health insurance or property and casualty insurance. Basically, they formulate probability tables or employ highly advanced dynamic modeling methods that predict the probability that a potential event will generate a claim. From these tables, they ascertain the amount of money needed for claims payouts.

Different actuaries have different roles and may work for insurance companies or consulting firms, as well as in other businesses. They may be involved with devising a new retirement program for a company or even calculating the impact of laws banning car-cellphone use in automobile losses and determining suitable rate discounts. For instance, in property insurance, property and casualty actuaries compute the number of claims likely to result from natural catastrophes. The actuaries take into account the property's location, construction and several other factors before determining the premium.

Similarly, the figures calculated by actuaries ensure that insurance companies charge enough for premiums to cover predicted costs. In addition, actuaries have to make sure that the premium charged for that insurance is competitive with that charged by competing insurance companies. (For more on insurance, see Extended Warranties: Should You Take The Bait?)

Educational Background

If you are interested in becoming an actuary, you are required to earn an undergraduate degree in statistics, mathematics, finance or actuarial science. There are many schools and colleges that offer programs in actuarial science.

Before becoming a fully qualified actuary, individuals must pass examinations given by either the Society of Actuaries (SOA) or the Casualty Actuarial Society (CAS) over a period of five to ten years. Students are normally allowed to take the first two examinations while they are still in college. After graduation, students often obtain jobs as entry-level actuaries and work through the certification process while simultaneously gaining some experience in the field. In return, employers may pay the examination fees and provide extra study time to their employees. As actuaries pass exams, they are compensated with pay raises.

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