First Meeting Powerpoint

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Actuarial Science Club

2014-2015

Who makes it all happen

Board Members

Nate Stemberger

Karno Sarkar

Tommy Lewis

Billy Buddle

Hayley Black

Hannah Cregg

Faculty Members

Gabor Francsics

Emiliano Valdez

Albert Cohen

Tom Mccollum

Defining Actuarial Science

*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.

Major at MSU

-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)

Some Actuarial Roles

*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.

Professional Outlook

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.

Long Run Picture of Exams

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

Actuarial Preliminary Exams

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

SOA vs. CAS

Casualty Actuarial

Society

• Work with Property and Casualty (Auto

Insurance and Home

Insurance)

• Typically more rewarding but harder exams

How MSU prepares you

P

– STT 441

FM

– MTH 360, FI 379

MLC

– STT 455, STT 456

MFE

– MTH 458, STT 457

Study Tips

• Order a study manual

(Actex vs. ASM)

• 100 study hours per exam hour

• Get a group to study with

Our Goal

To provide opportunities for members to receive internships and full time positions

Club Changes

Volunteer opportunities available

A way to boost your resume & feel good about yourself!

Good way to get to know other club members

Study Manual Library

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

Club Overview Cont.

1.

2.

3.

Dues (start collecting next week)

What you get out of dues

Resume Book

Networking

Study Groups

Attendance (New Board Members)

MSU Company Visits

MSU Company Visits

Provide students an opportunity to meet actuaries from various companies.

Learn about companies and a life of an actuary within the company.

Networking opportunities.

A way to get a head-start towards an actuarial internship

Companies that will visit

Deloitte

Towers Watson

Humana

Blue Cross Blue Shield

Accident Fund

And much more…

What You Need To Know

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.

What We Expect

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!!!

Next Meeting

September 11 th

7pm room C304 (here)

Topic: Actuarial Preliminary Exams in Depth and

Resume/Interview Tips

Begin Dues Collection

First Company Visit

Deloitte

6:30pm room C304 (here)

Thank you for coming out!

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