*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.
Focus is on the analysis of mortality
Analysis of rates of disability, illness and other health contingencies
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
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
– Construction of Actuarial
• Work with
• More common
• Work with Property and Casualty (Auto
Insurance and Home
• Typically more rewarding but harder exams
– STT 441
– MTH 360, FI 379
– STT 455, STT 456
– 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
Dues (start collecting next week)
What you get out of dues
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
Blue Cross Blue Shield
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
Come with questions
Always look for opportunities
SEIZE THE DAY!!!
September 11 th
7pm room C304 (here)
Topic: Actuarial Preliminary Exams in Depth and
Begin Dues Collection
6:30pm room C304 (here)