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Actuarial Science Program Information Session

Learn about the Actuarial Science Program with mentors, job opportunities, internships, and more. Find out what actuaries do, where they work, study requirements, and how to become one. Exciting career prospects await!

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Actuarial Science Program Information Session

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  1. ACTUARIAL SCIENCE MA 108November 7, 2012

  2. Me! Prof. Richard Penney Co-Director Actuarial Science

  3. Jeff Beckley, FSA Co-Director, Actuarial Science Program

  4. Join The Club! • Mentor Program • Job Interviews • Internships • fulltime • Company presentations • Exam study groups • FUN! • See Julie Morris, MATH 820

  5. What is an actuary? • Actuaries tell insurance companies how much to charge for the policies and ....

  6. What is an actuary? • Actuaries help tell the company how to invest its funds • Actuaries determine how much money to hold in reserve to pay the claims • Actuaries are responsible for making sure the company is fulfilling its legal obligations • Actuaries design new “products” • Actuaries design pension/retirement plans • Actuaries run the company! Many CEO’s and CFO’s are former actuaries.

  7. Where do they work? • Insurance companies • Actuarial consulting firms • Pension departments for large companies • Government • A few work in non-traditional roles such as managing risk for financial firms

  8. Is it a good job? • You bet! • Consistently ranked among the top two or three jobs by Jobs Rated Almanac • Starting salaries around 50-60K • Can easily double in 5 years as exams are passed

  9. Is it for me? • Are you good at math? • Do you want a career in business? • Can you communicate well?

  10. What do actuarial students study? • Math (lots!) • Stat (lots!) • CS • Accounting • Econ • Finance • Communications

  11. Types of Actuaries • Health, Life, and Pension Actuaries • Belong to the Society of Actuaries (SOA) • Casualty Actuaries Belong to the Casualty Actuarial Society (CAS) • Consulting Actuaries Belong to either CAS or SOA

  12. Becoming an actuary • Associate Actuary=Associate (ACAS or ASA) =7 Exams + VEE+ “Fundamentals of Actuarial Practice” (SOA) + “Associate Professionalism Course” • Actuary=Fellow (FCAS or FSA) =9 Exams + “Professional Development” (SOA)+ “Fellowship Admission Course” (SOA)

  13. VEE • Validation by Educational Experience • Economics: ECON 251-252 • Finance: MGMT 310, 411 • Applied Statistics: STAT 512, 420 • Warning: You need at least a B- for the VEE to count!

  14. Exams • Exam FM (Mathematical Finance) 3 hr. CBT MA 373 (Mathematical Finance) • Exam P (Probability) 3 hr. CBT MA/STAT 416+MA/STAT 250 • Exam M FE Financial Economics 2.5 hr, CBT STAT 473 • Exam MLC (Life Contingencies) 3 hr. STAT 490 (Formerly STAT 472) • Exam C (Construction of Models) 3.5 hr, CBT STAT 479 Note: The CAS has its own third exam. They will accept the SOA Exams MFE+MLC, but NOT vice versa.

  15. Exam Schedule • Exam P, FM, MFE and C are computer based and offered 4-6 times a year. • MLC is not computer based and is offered fall and spring. • Register online at SOA web site. (Be careful about early deadlines!) • You can retake them as many times as you can afford.

  16. Departmental Honors • We now have an Honors Program! • Pass at least two exams. • Obtain a 3.3 overall GPA. 3. Achieve 3 VEE’s. 4. Obtain a 3.5 average in STAT 417,472, 473, and 479. 5. Get A’s and B’s in all required Math/Stat classes.*

  17. Internships • Occur in the summer. • Typically (but not always) after the junior year. • Typically (but not always) require at least one exam. • Obtained by signing up for interviews managed by the Actuary Club. • Very important!

  18. MoreInfo www.math.purdue.edu/actuary www.beanactuary.org www.soa.org www.casact.org

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