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Actuarial Science Meeting

Actuarial Science Meeting. Thursday, September 4 th , 2014 (5:45 - 7:15pm) 110 Business. Topics. Introductions Career Opportunities Penn State Courses Actuarial Exams & VEE Actuarial Science Club Internships Questions. Penn State Actuarial Program. # 1 Job in US ( per WSJ )

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Actuarial Science Meeting

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  1. Actuarial Science Meeting Thursday, September 4th, 2014 (5:45 - 7:15pm) 110 Business

  2. Topics • Introductions • Career Opportunities • Penn State Courses • Actuarial Exams & VEE • Actuarial Science Club • Internships • Questions

  3. Penn State Actuarial Program • # 1 Job in US ( per WSJ ) • # 1 School for Recruiters ( per BusinessWeek) • Largest actuarial program in US (50% bigger than #2) • About150 exam passers per year • About ½ from Smeal and ½ from Eberly (Math & Stat) • Center of Actuarial Excellence – only 14 in US • Be sure to sign up for Actuarial Science Club’s Listserve • Very Difficult Degree • Students with A’s in Calculus and Probability: pass exams, get jobs • Students with C’s rarely pass exams/get jobs – try ERM? • Some employers only look at students with GPA > 3.5 • STAT 414 & SOA Probability Exam – take Sophomore year

  4. Faculty & Club Officers • Ron Gebhardtsbauer, FSA • Pension Consulting, Insurance, Congress, spokesperson for US profession • Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives) • Zhongyi Yuan, PhD in Actuarial Science • Teaches RM 410 (Financial Math) in Fall • Has taught RM 420 (C Exam = P&C and Health) in Spring • Yuan Huang: PhD candidate in Statistics • Teaching RM 420 this Spring • Brian Johnson, ACAS • Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420 • Lisa Weaver, LLD • Retirement Consultant, Teaches INS 401 (Pensions) each Spring • Lisa Posey and Dave Cather • PhDs teaching Insurance and Risk Management • Actuarial Science Club Officers (Available for questions) • President – Eric Stoltz (interned at AON Hewitt in Chicago) • VP – Bradford Conners (interned at CIGNA in Hartford)

  5. Where Do Actuaries Work? • Insurance, Consulting, Government, Academia • Insurance • 12-18 Month Rotational Programs • Competitive study programs • Consulting, Investment, and Accounting Firms • Longer hours – especially during busy season • Dynamic work environment • Industries • Life/Annuity • Health • Retirement • Property/Casualty • Reinsurance • Finance/Investment

  6. Seek out companies you’d like • Internet (e.g., Met Life & AXA only use their website) • Actuarial Career Fair • Info Sessions • Linked-In • Your resume on Symplicity • Used for Club’s Resume Booklet • Pass Actuarial Exams and take all VEE courses • Get involved in student organizations • Keep GPA above 3.20 to get an internship/job • Students who had Internships: on Club’s website • Employer and Alum list: on Club’s website www.clubs.psu.edu/up/actsci

  7. Actuarial Science Career Fair • Monday 9/22/14 from 5 to 8 PM in Atrium • Over 30 companies • Great place to find Internships • Even if you don’t have exam: practice interviews • 1st & 2nd yr. students can get internships w/o exams • To Attend: • Must do Mock Interview with Mentor • GPA>3.20, or A’s in Calculus, or Exam • Pay Club Dues

  8. Sample Schedule See www.math.psu.edu/ug/advising/vs on whether to place out of 140/141 If you got a 5 on the AP exams, I recommend you place out of course MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC STAT 415 valuable for RM 412 & 420, Exam C, & CAS Exam ST * C or better required. If C’s, consider other majors # needed for STAT minor

  9. Smeal Major Required Courses • R M 301* (Fall Only) • Risk & Decisions • R M 320W* (Spring Only) • Risk Management & Insurance • RM 430* (Fall Only) • Life & Health Insurance • Eberly students take RM 302 instead * C or higher required

  10. Smeal’s Business Core reference • SCM 200* Statistics for Business (easy-AP can waive) More business applications than STAT 200, which Eberly students must take • MIS 204* Business Information Systems • FIN 301* Finance • ACCTG 211* Accounting • MKTG 301* Marketing • MGMT 301* Management • BA 411: Analyzing Business & Industry (BA 412 for Schreyer) • B LAW 341 Business Law • BA 342 Business Ethics • Act Sci students can skip Supply Chain 301 * C or higher required Consult your degree audit at elion.psu.edu Sample schedule at Smeal Undergraduate Student Exchange or Club website http://ugstudents.smeal.psu.edu/academics-advising/degree-requirements/majors

  11. Stat Major -Actuarial Optionreference • Additional Statistics & Mathematics courses: • MATH 220: Matrices (good course for RM 412) • STAT 415: Mathematical Statistics (good course for C exam) • STAT 461: Analysis of Variance • STAT 470W: Problem solving in Applied Statistics • STAT 480 (1 credit) or 483 (3 credits): SAS (good course) • STAT 462/463:Applied Regression/Time Series Analysis-VEE • 1 from CMPSC 101/102/121/200/201/202: C++,VB,Matlab,Fortran • Select 9 credits from: • STAT 416: Stochastic Modeling • STAT 440: Computational Statistics • STAT 464: Applied Nonparametric Statistics • STAT 466: Survey Sampling • MATH 436/441: Linear or Matrix Algebra • MATH 451/455: Numerical Computations & Numerical Analysis • IE 434/436: Quality Control/Industrial Engineering

  12. Math Major -Actuarial Optionreference • Additional Mathematics & Statistics courses: • MATH 311W & 312: Discrete Math & Real Analysis • MATH 251: Ordinary & Partial Differential Equations • MATH 220: Matrices (good course) • MATH/STAT 415: Mathematical Statistics (good course) • MATH/STAT 416: Stochastic Modeling (good course) • MATH 486: Game Theory or MATH 451: Numerical Computations • MATH 484: Linear Programming • STAT 462: Applied Regression Analysis (good course) • STAT 463: Applied Time Series Analysis (good course) • CMPSC 101, 121, 201C: Computer Programming • IE 425: Operations Research

  13. Eberly Majors -Actuarial Optionreference • Business courses required: • ECON 102 & 104: Micro & Macro-Economics • FIN 301: Corp Finance & Financial Markets • RM 302: Risk & Insurance • Replaces RM 301/320/430 so you can take RM 420 !! • RM 410*/411*/412*: Actuarial Courses • ACCTG 211: Accounting (Stat Majors) • Business courses not required: • ACCTG 211: Math Majors don’t need for Fin 301 • Business Core • B LAW 341 & BA 342: Business Law & Ethics • MIS 204: Intro to Business Information Systems * C or Higher required

  14. Other Good Courses to Take reference • STAT 483 (3): More SAS – great for Health and P&C jobs • CMPSC 102: Intro to VB • CMPSC 203: Excel with some Access • MATH 220: Matrices • MATH 251:Differential Equations with PDEs • MATH 412: Partial Differential Equations • MATH 451 or 455: Numerical Computations/Analysis • MATH 486: Game Theory • FIN 305 (2 piece): Financial Mgmt of Business Enterprise • FIN 408 (2 piece): Financial Markets and Institutions • ECON 302/304: Intermediate Micro/Macro Economics • ECON 351: Money and Banking

  15. Courses with Programming reference • RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables) • STAT 462: some Minitab used • STAT 463: some R used • STAT 480: SAS (1 credit) (STAT 483 is really good – 3 cred) online • STAT 497: R • CMPSC 203: Excel with some Access • CMPSC 101 Intro to C++ • CMPSC 102: Intro to VBlynda.psu.edu can also help w VBA • CMPSC 200: MATLAB • CMPSC 201: C++ • CMPSC 202: FORTRAN • CMPSC 37C: SQL • MATH 451: MATLAB used • FIN 414 or 415: VBA used

  16. Actuarial Exams • Given in Harrisburg, Philly, Pittsburgh by: • Society of Actuaries (SOA) • Life/Pension/Health/Enterprise Risk Mgmt • MLC Exam is given here • Casualty Actuarial Society (CAS) • Property/Casualty • SOA exams mostly satisfy CAS • But not vice-versa

  17. Why should I take these exams? • To get internships • Internship + 2 or 3 exams for FT job • Take FM Exam in December after RM 410 • Use breaks to pass exams • Tough passing FM exam when in RM 411 • We cover all 6 exams here • Some pass all before graduation • Almost Associates in the SoA • We pay $100 if pass • SeeClub’s Exam Passer webpage

  18. SOA/CAS Exams Ron Tutorials at http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx

  19. Validation by Educational Experience: VEE • Required by SOA, CAS, & Employers • ECON 102/104 & FIN 301 required to graduate • Must receive a grade of B- or better • Or 4 or 5 on AP tests • Apply for VEE credit after passing P & FM • Other Campuses can use Univ. Park per SOA • Can also get credit by exam thru • ACTEX for Finance & Applied Stat VEE’s • CLEP for Econ VEE

  20. VEE: Applied Statistical Methods • Accepted Courses: take one from each • Applied Regression • STAT 462, STAT 501, or ECON 306 • ECON prerequisites can be satisfied by Stat 414 • Applied Time Series • STAT 463, STAT 510*, ECON 483* • You can mix and match • Get STAT Minor - if also take: • STAT 415 (Mathematical Statistics) • STAT 416 (Stochastic Processes) • STAT 480 (Intro to SAS - 1 credit) Some get ECON Minor: take ECON 302/304 & 6 credits of 400 level ECON *Gone?

  21. Penn State Classes

  22. Actuarial Science Club • Résumé, Symplicity, & Mock Interview • Wednesday 9/10: 6 – 7:30 PM in 107 Forest Res • Put resumes on SmealConnect/SciOpps by 9/14 • Must use instructions on Club’s Resume webpage • Meeting for International Students • Monday 9/8: 7 -8 PM in 110 Thomas • Ideas for internships, jobs, grad school (e.g., MAS) • Mentors for Juniors (& interested Frosh/Soph) • If interested, email Corey Lutz cel5213@psu.edu

  23. Actuarial Science Club • Company Info Sessions (listed on Club’s Home Page) • Exam Review Sessions (Club’s Review Sessions Page) • Tutors for help on exams • Field Trip to Actuarial Employers (Spring) • Speakers Series: AAA President Tom Terry • THON involvement • Junior Liaisons

  24. Actuarial Science Club • Facebook group • https://www.facebook.com/groups/158631222604/ • Study Manual exchange • Questions about Actuarial Exams or PSU Classes • Socials • List Serve sign up at www.clubs.psu.edu/up/actsci • Internships Questions?

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