Thursday, September 4th, 2014 (5:45 - 7:15pm)
110 Business
Revised 9/24/2014
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Introductions (Ron)
Career Opportunities
Penn State Courses (Officers)
Actuarial Exams & VEE
Actuarial Science Club
Internships
Questions
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# 1 Job in US
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# 1 School for Recruiters
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Largest actuarial program in US
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( per WSJ )
( per BusinessWeek)
(50% bigger than #2)
About150 exam passers per year
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About ½ from Smeal and ½ from Eberly (Math & Stat)
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Center of Actuarial Excellence – only 14 in US
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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
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STAT 414 & SOA Probability Exam – take Sophomore year
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Eberly students can transfer to UP early to take STAT 414
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Ron Gebhardtsbauer, FSA
 Pension Consulting, Insurance, Congress, spokesperson for US profession
 Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives)
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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
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Yuan Huang: PhD candidate in Statistics
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Brian Johnson, ACAS
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Lisa Weaver, LLD
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Lisa Posey and Dave Cather
 Teaching RM 420 this Spring
 Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420
 Retirement Consultant, Teaches INS 401 (Pensions) each Spring
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PhDs teaching Insurance and Risk Management
Actuarial Science Club Officers (Email them your questions)
 President – Eric Stoltz (interned at AON Hewitt in Chicago)
 VP – Bradford Conners (interned at CIGNA in Hartford)
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Insurance, Consulting, Government, Academia
o Insurance
o 12-18 Month Rotational Programs
o Competitive study programs
o Consulting, Investment, and Accounting Firms
o Longer hours – especially during busy season
o Dynamic work environment
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Industries
o Life/Annuity
o Health
o Retirement
o Property/Casualty
o Reinsurance
o Finance/Investment
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Internet (e.g., Met Life & AXA only use their website)
Actuarial Career Fair
Info Sessions
Linked-In
Your resume on Symplicity
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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
Talk to:
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Students who had Internships: on Club’s website
Employers and Alums: on Club’s website
www.clubs.psu.edu/up/actsci
Yr
1st
Fall
MATH 140* (Calc I)
Spring
MATH 141* (Calc II)
2nd MATH 230* (Calc III)
STAT 414* (Probability Theory) !!!
preferred prereq for 414 per Eberly Take P Exam in May for internship
MATH 220 (Matrices)
STAT 480# (SAS)
3rd
R M 410* (Financial Math) Excel
Take FM in December (pts in RM 410)
STAT 416# (Stochastic Processes)
R M 411* (Life Contingencies) VBA
R M 415 (Derivatives Markets)
Take MFE in July (>80% passed!)
STAT 415# (Mathematical Statistics)
Take CAS’s ST Exam in April
4th
R M 412* (Life Contingencies)
Take MLC in October (pts in RM 412)
RM 420 P&C/Health: take C in June
orRM401PensionsStat: allows 420 as sub
STAT 463# (Applied Time Series) R
STAT 462# (Regression Analysis) Minitab
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
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R M 301* (Fall Only)
◦ Risk & Decisions
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R M 320W* (Spring Only)
◦ Risk Management & Insurance
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RM 430* (Fall Only)
◦ Life & Health Insurance
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Eberly students take RM 302 instead
* C or higher required
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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
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Additional Statistics & Mathematics courses:
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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
 RM 420: Loss Models (needs a petition, which will be accepted)
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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
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Additional Mathematics & Statistics courses:
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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
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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
 RM 420: Loss Models? (asking now)
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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)
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Business courses not required:
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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
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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
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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 VB
lynda.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
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Given in Harrisburg, Philly, Pittsburg by:
◦ Society of Actuaries (SOA)
 Life/Pension/Health/Enterprise Risk Mgmt
 MLC Exam is given here
◦ Casualty Actuarial Society (CAS)
 Property/Casualty
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SOA exams mostly satisfy CAS
◦ But not vice-versa
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To get internships
 Internship + 2 or 3 exams for FT job
 Take FM Exam in December after RM 410
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◦ Use breaks to pass exams
◦ Tough passing FM exam when in RM 411
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We cover all 6 exams here
◦ Some pass all before graduation
◦ Almost Associates in the SoA
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We pay $100 if pass
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See Club’s Exam Passer webpage
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Exam
Course(s)
SOA Sample Q
Best Manual
Take it
when?
Comments
1/P - Probability
Theory
STAT
414
InfiniteActuary
Sophomore
year!!
Otherwise,
take in Jan
ASM
December
Don’t take in
Feb when in
RM 411
ASM or
ADAPT
July
>80% pass
rate!!!
Late
October
MLC satisfies
CAS’s LC exam
June
Stan says easy
after Zhongyi’s
RM 420 class
April
PoissonProcesses
& Mathematical
Statistics
2/FM - Financial
Mathematics
RM 410
3F/MFE –
Financial Econ
RM 415
LC/MLC - Life
Contingencies
RM
411/412
4/C – P&C and
Health Ins
RM 412/420
STAT
415/416
frequency/severity/aggregate
ST exam (CAS)
STAT
415/416
ACTEX or ADAPT
Study it in summer
InfiniteActuary
or ADAPT
cheap in last wk
InfiniteActuary
or ASM
Tutorials at http://instruction.bus.wisc.edu/jfrees/UWCAELearn/default.aspx
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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
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Apply for VEE credit after passing P & FM
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Can also get credit by exam thru
◦ Or apply after you get job (& get a raise)
◦ Other Campuses can use Univ. Park per SOA
◦ ACTEX for Finance & Applied Stat VEE’s
◦ CLEP for Econ VEE
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Accepted Courses: take one from each
o Applied Regression
 STAT 462, STAT 501, or ECON 306
 ECON prerequisites can be satisfied by Stat 414
o Applied Time Series
 STAT 463, STAT 510*, ECON 483*
o You can mix and match
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Get STAT Minor - if also take:
o STAT 415 (Mathematical Statistics)
o STAT 416 (Stochastic Processes) starting next year
o STAT 480 (Intro to SAS - 1 credit)
Some get ECON Minor: take ECON 302/304 & 6 credits of 400 level ECON
*Gone?
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VEE/Exam
VEE Econ
VEE Finance
Course 1 Course 2
Econ 102 Econ 104
Other?
FIN 301
VEE Statistics STAT 462 STAT 463
Exam P/1
STAT 414
Exam FM/2
R M 410
Exam MLC/3L
R M 411
Exam MFE/3F
R M 415
Exam C/4
R M 412
or STAT 501/510
or ECON 306/483
R M 412
R M 420
STAT 415/6
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Résumé, Symplicity, & Mock Interview
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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
RM 411 students must do mock interview by 9/14
Meeting for International Students
◦ Monday 9/8: 7 -8 PM in 110 Thomas
◦ Ideas for internships, jobs, grad school (e.g., MAS)
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Mentors for Juniors
(& interested Frosh/Soph)
◦ If interested, email Corey Lutz cel5213@psu.edu
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Monday 9/22/14 from 5 to 8 PM in Atrium
Over 30 companies
 Great place to find Internships
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◦ Even if you don’t have exam: practice interviews
◦ 1st & 2nd yr. students can get internships w/o exams
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To Attend:
◦ Must do Mock Interview with Mentor by 9/14
◦ GPA>3.20, or A’s in Calculus, or Exam Passed
◦ Pay Club Dues
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Company Info Sessions
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Exam Review Sessions
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Tutors for help on exams
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Field Trip to Actuarial Employers (Spring)
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Speakers Series: AAA President Tom Terry
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THON involvement
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Junior Liaisons
(listed on Club’s Home Page)
(Club’s Review Sessions Page)
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Facebook group
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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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