Statistics and Risk
Management
Career and Professional Opportunities
Performance Objective:
After completing this lesson, the student will understand the basic opportunities
available to them in the occupation that involve the science of statistics and risk
management, how to prepare for a career in this field, and some ethical
consideration in the area of Statistics and Risk Management. Approximate Time:
When taught as written, this lesson should take 4-5 days to complete.
Specific Objectives:
 The student will discuss the importance various careers.
 The student will understand some important considerations as they
prepare for a career.
 The student will review and understand basic ethical issues in Statistics
and Risk Management.
This lesson corresponds with Unit 2 of the Statistics and Risk
Management Scope and Sequence. Copyright © Texas Education Agency, 2012. All rights reserved. 1 TEKS Correlations:
This lesson, as published, correlates to the following
TEKS for Regression. Any changes/alterations to
the activities may result in the elimination of any or
all of the TEKS listed.
130.169 (c)(1)(A)
….compare and contrast the fundamentals of risk management, including
the nature and benefits of
risk management;
130.169 (c(1)(B)
…discuss the role of ethics and responsibility in risk management;
130.169 (c)(1)(C)
…compare and contrast roles, responsibilities, licensing, and certification
programs of careers related to managing and analyzing personal and
corporate financial portfolios, including financial planner,
financial manager, financial analyst, controller, risk manager, cash
manager, treasurer, and chief
financial officer.
130.169 (c)(6)(A)
…communicate the value of statistical information in a variety of business
disciplines and
environments
InterdisciplinaryTEKS:
English:
110.31 (C) (21) (B)
… organize information gathered from multiple sources to create a variety of
graphics and forms (e.g., notes, learning logs)…
110.31 (C) (22) (B)
…evaluate the relevance of information to the topic and determine the reliability,
validity, and accuracy of sources (including Internet sources) by examining their
authority and objectivity…
110.31 (C) (23) (C)
… use graphics and illustrations to help explain concepts where appropriate…
Copyright © Texas Education Agency, 2012. All rights reserved. 2 110.31 (C) (23) (D)
… use a variety of evaluative tools (e.g., self-made
rubrics, peer reviews, teacher and expert evaluations)
to examine the quality of the research…
Math:
111.36 (C) (4) (A)
… compare theoretical and empirical probability;
111.37. (C) (3) (B)
… use probabilities to make and justify decisions about risks in everyday
life
Occupational Correlation
(O*Net - http://www.onetonline.org/)
Risk Management Specialist 13-2099.02
Similar Job Titles: Risk Management Director, Chief Risk Officer, Risk and
Insurance Consultant
Tasks:



Maintain input or data quality of risk management systems.
Recommend ways to control or reduce risk.
Identify key risks and mitigating factors of potential investments, such as
asset types and values, legal and ownership structures, professional
reputations, customer bases, or industry segments.
(Soft) Skills:
Math Comprehension, Systems Analysis, Speaking, Critical Thinking
Copyright © Texas Education Agency, 2012. All rights reserved. 3 Instructional Aids:
1. Display for presentation, websites for
assignments and class discussion
2. Assignment Worksheets
3. Supporting Spreadsheets
Materials Needed:
1. Printer paper
2. Assignments and website information ready to distribute to
students.
Student projects will be displayed to increase interest in Statistics
Equipment Needed:
1. Computer with presentation and Internet Access
2. Computers for Students to Conduct Research and Collect Data
for Projects
Copyright © Texas Education Agency, 2012. All rights reserved. 4 References:
Careers involving Probability and Statistics
This site offers a database of careers that involve heavy use of probability and statistics but
are not commonly known profession. Each career example is accompanied by a link to
more information about that occupation.
http://www.ma.utexas.edu/users/mks/statund/careers.html
Field of Study: Actuarial Science
This article provides an in depth look at the risk management related career in actuarial
science. It discusses the field in a broad overview then provides examples of the types of
classes and training the field requires.
http://www.iseek.org/education/fieldOfStudy?tab=5&id=160200
Careers involving Probability and Statistics
This site offers a database of careers that involve heavy use of probability and statistics but
are not commonly known profession. Each career example is accompanied by a link to
more information about that occupation.
http://www.ma.utexas.edu/users/mks/statund/careers.html
Field of Study: Actuarial Science
This article provides an in depth look at the risk management related career in actuarial
science. It discusses the field in a broad overview then provides examples of the types of
classes and training the field requires.
http://www.iseek.org/education/fieldOfStudy?tab=5&id=160200
Official Statistics and Statistical Ethics: Selected Issues
This paper by William Seltzer provides answers to three important questions related to
statistical ethics and official statistics.
1. Do ethics have a role in official statistics?
2. What are the main ethical challenges that arise in official statistics?
3. How may one deal with the ethical problems that arise in official statistics?
http://unstats.un.org/unsd/WS%20%202005%20ISI%20paper.pdf
Copyright © Texas Education Agency, 2012. All rights reserved. 5 Teacher Preparation:
Teacher will:
1.
presentation, and
handouts.
2.
resources and websites.
3.
websites ready.
Review terms in outline,
Locate and evaluate various
Have assignments and
Learner Preparation:
It is time to wrap up what the students have learned about
statistics. You will briefly describe commercial software for
statistics with examples the student might find interesting. Then
the student will get to apply what they have learned to analyzing
data.
Introduction:
STUDENTS will watch the Unit video found here:
jukebox.esc13.net/untdeveloper/Videos/Career%20&%20Profes
sional%20Opportunities.mov
STUDENTS will take the practice test and review using the Key,
found in Common/Student Documents.
EXHIBIT:
Excitement for job opportunities.
INTRODUCE: Many branches of Statistics and Risk
Management for employment.
ASK:
Ask students to share how they see their future,
and if Statistics or Risk Management would be
part of it.
Copyright © Texas Education Agency, 2012. All rights reserved. 6 I.
Career Opportunities
A. Statistics and Risk Management
are important skills needed by
Organizations.
B. Potential Management
Decisions need to be acted
upon with Due Diligence.
Marketing Analysis
Market Researcher
Customer Base
Product Demand
Sales Experience
Product Satisfaction
Procurement
Contract Negotiations
Order Processing
Accounts Payable
Inventory Control
Production
Engineering
Quality Control
Finance
CFO
Treasurer
Cash Manager
Controller
Financial Planner
Risk Manager
Information Technology
CIO
IT Systems Engineers
IT Software Engineers
IT Security Engineers
IT Help Desk & Support
C. Who Needs you?
1. Government
2. Medical Industry
3. Education and Training
4. Construction Industry
5. Manufacturers
6. Service Providers
7. Travel & Hospitality Industry
8. Brokerages and Banks
Use 16.1_
CareerOpportunities.pptx
Copyright © Texas Education Agency, 2012. All rights reserved. 7 D.
II.
What they need!
1. Advanced Skill Sets
Reduction of Risks
2. Ethical Support
3. Responsible (Due
Diligence)
Career Preparation
A. Build Your Work History
B. Build Your Academic History
C. Belong to Associations
D. Volunteer when Possible
E. Be an Over-Achiever
F. Cover Letter
G. Resume
H. Letters of Recommendation
I. Interview Skills
J. Build Your Professional History
K. Keep Your Nose Clean
L. Extreme care with what is
published on the WEB
M. Social Networks
N. Blogs
O. Websites
P. Photo Album Images
Q. Know Your Firms Ethics
R. Companies have Ethics
Standards.
S. Know The Law
T. You are obliged to follow the
law.
U. You may be held liable if you
know of and ignore legal
infractions of others.
V. Avoid the path that leads to
unethical behavior.
W. Once you start down that path, it
becomes easier to justify and
escape more serious bad
behavior.
X. Describing Data Misleadingly
Y. A purveyor of critical information
has to be honest and forthright
to be effective.
Z. The Ethical Cost
1. Arthur Anderson LLD, was
one of the big 5 accounting
firms. Based in Chicago,
they were Enron’s public
auditors.
Use 16.2_
CareerPreparations.pptx
Use
16.3_CareerEthics.pptx
Copyright © Texas Education Agency, 2012. All rights reserved. 8 2. As Enron failed they were
blamed for letting it happen
and failing to use due
diligence in the auditing
process.
3. Currently Arthur Anderson
LLD barely exists.
You are prepared
Copyright © Texas Education Agency, 2012. All rights reserved. 9 Guided Practice:
See assignments.
Independent Practice:
Review document “Spreadsheets for Statistical
Purposes” – in Common Documents.
See assignments.
Review:
Question:
Describe how you would answer
a question about ethics in the
Risk Management field during an
interview?
Question:
Which industries need Risk
Management personnel?
Informal Assessment:
Instructor should observe student discussion and monitor interaction.
Formal Assessment:
Completion of provided assignments using included keys for grading.
Copyright © Texas Education Agency, 2012. All rights reserved. 10 Student Assignment
16.1a Career Opportunities Key
Name: ____________________
Locate at least three websites that can be used to find jobs opportunities.
List at least 10 jobs opportunities that could involve Statistics and Risk
Management skills (the posting does not have to say that, but you make
a case that these skills could be needed).
Take one of these jobs and describe the details as described in the
posting.
Answers will vary per student, but look that they have made an effort to
fulfill the requirements of this assignment any various levels. You may
ask yourself does this student demonstrate the ability to search for job
opportunities in this career area?
Copyright © Texas Education Agency, 2012. All rights reserved. 11 Student Assignment
16.2a Career Preparations Key
Name: ____________________
Search for some major universities and find programs that support
degrees (BA/BS, MA/MS, and EDD/PHD) that would be related to
Statistics and Risk Management.
Using their course catalog identify some actual courses that relate to
what you have experienced in this class.
Create a PowerPoint presentation with these findings and be prepared to
present them to your class.
Answers will vary per student, but look that they have made an effort to
fulfill the requirements of this assignment any various levels. You may
ask yourself does this student demonstrate the ability to search for
University programs that will support this career path?
Copyright © Texas Education Agency, 2012. All rights reserved. 12 Student Assignment
16.3a Career Ethics Key
Name: ____________________
Research examples of governmental and company ethical violations.
Author a paper (1-2 pages-double spaced) that explains what you found,
why you feel it is an important example, and what was the result of this
lapse in ethical conduct (who paid the price).
Answers will vary per student, but look that they have made an effort to
fulfill the requirements of this assignment any various levels. You may
ask yourself does this student understand what ethical violations are?
Copyright © Texas Education Agency, 2012. All rights reserved. 13 Student Assignment
16.4a Describing Data Midleadingly
Key
Name: ____________________
Answers will vary.
Copyright © Texas Education Agency, 2012. All rights reserved. 14 Name:________________________________
Date:______________
Class:_____________
Career Opportunities Test
1. Which of the following step comes first in the employment process as a Human Resources director? a. Reviewing applications that are on file b. Recruiting a pool of applicants c. Completing a background check on applicants d. Preparing a job description and job specification 2. The rate at which people enter and leave employment in a business during a year is the a.
b.
c.
d.
Transfer rate Unemployment rate Employee turnover rate Employee discharge rate 3. The federal law that prescribes standards for wages and overtime pay is the a. Medicare Act b. Occupational Safety and Health Act c. Federal Old‐Age and Survivors Insurance Trust Fund d. Fair Labor Standards Act 4. Which of the following is NOT provided protection from employment discrimination by federal law? a. Age b. Income c. Gender d. Citizenship status 5. Job descriptions and job specifications are used in the employment process to a. Get the largest pool of applicants possible b. Provide information to applications so they can understand the job for which they are applying c. Allow managers to describe jobs in a way that fits the qualifications of the person they prefer to hire d. Provide justification for a wage increase for the job 6. An organized collection of information and materials developed to represent yourself, your career preparation, and your accomplishments is a a. Resume b. Career portfolio c. Job application d. Career plan 7. One of the most important considerations when evaluating careers is: a.
b.
c.
d.
Whether or not it is a non‐traditional opportunity Amount and type of education and training required Whether or not lots of people have that career Age requirement Copyright © Texas Education Agency, 2012. All rights reserved. 15 Name:________________________________
Date:______________
Class:_____________
8. Which of the following is not a FORMAL post‐secondary education or training opportunity? a. Community college b. Military training c. Job Shadowing d. Apprenticeship 9. A ____________is a job obtained for the summer or any other time period that is limited. A. Part‐time job B. Work Study Program C. Temporary job D. Volunteering MATCHING: A. Production B. Procurement C. Finance D. Information Technology E. Marketing Analysis 10.__E_______A person who works in product demand and product satisfaction 11.__B_______A person who works in contract negotiations and Accounts Payable 12.__C________A person who works as a Treasurer, Controller, or Risk Manager 13.__D_______A person who works as a Software Engineer or Security Engineer TRUE/FALSE 14.__________Building your work history includes being reliable and honest. 15.__________Building your academic history includes obtaining appropriate certifications. 16.__________Job shadowing is not important to your career process. 17.__________A cover letter should be included with the resume when dropped off or mailed. 18.__________Listening is very important in an interview. 19.__________Being an over‐achiever is frowned upon in the workplace. 20.__________Spelling is not important on your job application. 21.__________You should always follow up after an interview. 22.__________Networking is a good way to find a job. 23.__________Using a pen or pencil is equally acceptable when completing a job application. Copyright © Texas Education Agency, 2012. All rights reserved. 16 Name:________________________________
Date:______________
Class:_____________
MATCHING
A.
B.
C.
D.
E.
F.
Occupational Trend
Outsourcing
Telecommuting
Job Sharing
Declining Employment
Trend Driver
24._________Replacing workers with cheap labor outside the company
25._________A factor that causes a trend to happen
26._________Working at home, connected to the job by technology
27._________Jobs in which the number of workers is decreasing
28._________Two employees who split a full-time job
29._________A general movement in a recognizable direction
MATCHING
A. Qualifications
B. Career
C. Application
D. Income
E. Resume
F. Job
G. Ethics
30._________A form that must be filled out to get a job
31._________Money received for labor or services
32._________The job for which you have trained, your job over a long period of time
33._________A summary of your academic and work history
34._________Occupation
35._________Proper business policies and practices regarding potentially controversial issues
MATCHING
A. Financial Analyst
B. Financial Manager
C. Financial Planner
D. Management Accounting
E. Risk Manager
F. Chief Financial Officer
36._________The one who uses proper planning to deal with various financial issues that includes areas such as
cash flow management, education planning, retirement planning, risk management, and tax planning
37._________The role which includes preparation of financial reports, direct investment activities and implementing
cash management strategies
Copyright © Texas Education Agency, 2012. All rights reserved. 17 38._________The one who performs financial analysis for external or internal clients
39._________The one who is responsible for managing the quality of accounting and financial reporting of an
organization
40._________The one who identifies and measures risk faced by an organization
Copyright © Texas Education Agency, 2012. All rights reserved. 18 Career Opportunities Test Key
1. D
2. C
3. D
4. D
5. B
6. B
7. B
8. C
9. C
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
E
B
C
D
T
T
F
T
F
F
F
T
T
F
B
F
C
E
D
A
C
D
B
E
F
C
B
A
D
E
Copyright © Texas Education Agency, 2012. All rights reserved. 19