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The Mathematical Economics Major and Careers in Actuarial Science

The Mathematical Economics Major and Careers in Actuarial Science. Dr. Jason Owen Department of Mathematics and Computer Science. About Me. Ph.D. in Statistics, University of South Carolina Faculty UNH 1997-2002 Faculty UR 2002-present

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The Mathematical Economics Major and Careers in Actuarial Science

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  1. The Mathematical Economics Major and Careers in Actuarial Science Dr. Jason Owen Department of Mathematics and Computer Science

  2. About Me • Ph.D. in Statistics, University of South Carolina • Faculty UNH 1997-2002 • Faculty UR 2002-present • Teach courses on statistics (all levels) and financial mathematics • personal stuff

  3. Mathematical Economics major Basics: • B.S. degree (interdisciplinary) • equal weight of math/stat and econ • more cohesive than a separate major and minor • includes a capstone course (research based)

  4. Math calculus I, II, multivariate linear algebra probability, mathematical statistics intro. to computing upper-level elective Econ intro micro/macro micro/macro theory econometrics mathematical economics upper-level elective Coursework Plus the Capstone experience (senior year) Honors program also available

  5. Possible career paths • any job that specifies “business majors only” – but set yourself apart! • business careers that demand more math, e.g. financial engineer • graduate study in economics • actuary

  6. What is an actuary? • Definition: a business professional who analyzes the financial consequences of risk • Main employers: • insurance companies • consulting firms • government • HR departments in large corporations • Consistently listed in the top five jobs in the United States (Jobs Rated Almanac) http://online.wsj.com/article/SB123119236117055127.html?mod=special_page_campaign2008_mostpop

  7. Examples • Genworth Financial, Markel Corp., Mercer HR Consulting • Anthem, CIGNA, AETNA • GEICO, Allstate • AON Consulting

  8. Preparation at UR • Exam 1: Probability (Math 329) – low US pass rate , but we’re better  • Exam 2: Financial Mathematics (Math 395) • Educational Experiences: • Economics (Econ 101/102) • Applied Statistics (Econ 340) • Corporate Finance (Fin 360/366)

  9. More information • Be an Actuary: www.beanactuary.com • UR: www.mathcs.richmond.edu/~wowen • Society of Actuaries: www.soa.org • Casualty Actuarial Society: www.casact.org • American Acad. of Actuaries: www.actuary.org

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