Board Members Nate Stemberger Karno Sarkar Tommy Lewis Billy Buddle Hayley Black Hannah Cregg Faculty Members • Gabor Francsics • Emiliano Valdez • Albert Cohen • Tom Mccollum
*A formal mathematical discipline applied to valuating and precisely analyzing the financial implications of future contingent events.
-Interdisciplinary study inclusive of pure mathematics, statistics, finance, economics and computer programming.
-Provides data collection, measurement, estimating, forecasting and valuation tools that aid management in making critical financial and marketing decisions regarding business opportunities and risks.
-First semester as a major was fall 2011.
-Housed within the math department which is within the College of Natural Sciences -You can also declare an actuarial specialization (21 credits)
*Actuaries take on risk management roles by assisting companies with there future planning and minimizing potential financial losses. -Life Insurance Focus is on the analysis of mortality -Health Insurance Analysis of rates of disability, illness and other health contingencies -Pension Industry Cost analysis as pertaining to design, redesign, funding, accounting, and maintenance of pension plans.
-Property and Casualty Insurance Involves specializing in personal and commercial lines of insurance i.e. automotive, fire, catastrophe, theft, property, product liability etc.
Salaries and bonuses are typically functions of experience, performance, and exams passed.
-2013 DWSimpson Salary Survey: 2013 Average Total Comp. = $7,474(Yrs of Experience) + $63,315 2013 Average Entry Level Comp. = $1,683(Number of Exams) + $54,063 -Bureau of Labor Statistics: The median annual wage for actuaries in May 2012 was $93,680 Employment for actuaries is expected to grow 26% from 2012 to 2022 -General work place environment Actuaries typically work in an office setting with workweeks usually in the 40-60 hour range.
It is not uncommon for actuarial consultants to travel frequently in order to meet with clients.
SOA (Society of Actuaries) has three primary designations: ASA- Associate of the Society of Actuaries Exams Required: P, FM, MLC, MFE, C VEE: Applied Statistics, Economics or Corporate Finance Modules: Fundamentals of Actuarial Practice, Associateship Professionalism Course CERA- Chartered Enterprise Risk Analyst Exams Required: P, FM, MFE, C, ERM VEE: Economics or Corporate Finance Modules: Enterprise Risk Management Course, Associateship Professionalism Course FSA- Fellow of the Society of Actuaries ASA Completion of one of the following tracks: Individual life and Annuities, Corporate Finance/ERM, Quantitative Finance/Investment, Retirement Benefits, Group/Health and General Insurance *Each fellowship track includes around three exams, three modules and various seminars
• • • • • Exams P – Probability FM – Financial Mathematics MLC – Modeling Life Contingencies MFE – Financial Economics C – Construction of Actuarial Models Source: http://www.ezrapenland.com/salary/
Society of Actuaries • Work with Pensions, Life Insurance, Retirement, etc.
• More common Casualty Actuarial Society • Work with Property and Casualty (Auto Insurance and Home Insurance) • Typically more rewarding but harder exams
P – STT 441 FM – MTH 360, FI 379 MLC – STT 455, STT 456 MFE – MTH 458, STT 457
• Order a study manual (Actex vs. ASM) • 100 study hours per exam hour • Get a group to study with
To provide opportunities for members to receive internships and full time positions
Volunteer opportunities available A way to boost your resume & feel good about yourself! Good way to get to know other club members
In the process of setting up a library for study manuals If you have old manuals you don ’ t use you can donate them to the library
• • 1.
Dues (start collecting next week) What you get out of dues Resume Book Networking Study Groups Attendance (New Board Members)
Provide students an opportunity to meet actuaries from various companies.
Learn about companies and a life of an actuary within the company.
A way to get a head-start towards an actuarial internship
Deloitte Towers Watson Humana Blue Cross Blue Shield Accident Fund And much more…
A company visit works both ways Just as a company makes an impression on us, we must also make a good impression on the company.
We expect a good turn-out for EVERY company visit Always come in looking and prepared to impress Be respectful Come with questions Always look for opportunities SEIZE THE DAY!!!
September 11 th 7pm room C304 (here) Topic: Actuarial Preliminary Exams in Depth and Resume/Interview Tips Begin Dues Collection
Deloitte 6:30pm room C304 (here)