UNIVERSITY OF CONNECTICUT
ACTUARIAL SCIENCE PROGRAM
2012-2013 Annual Report
July 26, 2013
UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
TABLE OF CONTENTS
1. 2012-2013 Highlights/Statistics…………………….……………………………………… ....1
1.1 Center of Actuarial Excellence…………………………………………………...……….1
1.2 Staff Changes…………………………………………………….….…………………….1
1.3 Statistics …..……………………………………………………………………………....1
2. University of Connecticut Actuarial Program ...........................................................................3
2.1. Brief History .....................................................................................................................3
2.2. Mission .............................................................................................................................4
2.3. Goals.................................................................................................................................4
2.4. Course Offerings ..............................................................................................................4
2.5. Validation by Educational Experience (VEE) .................................................................5
2.6 The Graduate Program………………………………………………………………….5
2.7. Professional Staff .............................................................................................................6
3. Student Quality ..........................................................................................................................7
3.1. GPA Expectations ............................................................................................................7
3.2. Exam Results ....................................................................................................................8
3.3 National Awards/Scholarships
4. Employment ...............................................................................................................................9
4.1. Career Fair ........................................................................................................................9
4.2. The Graduates ................................................................................................................10
5. Alumni and Business Community Support..............................................................................10
5.1. Donations .......................................................................................................................10
5.2. Endowments ...................................................................................................................11
5.3. Scholarship Program ......................................................................................................12
UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
1. 2012-2013 Highlights and Statistics
This document reports on the current status of the University of Connecticut Actuarial
Science Program. The following are the highlights of the 2012-2013 academic school year:
1.1. A Society of Actuaries’ Center of Actuarial Excellence (CAE)
In December of 2009, the University of Connecticut Actuarial Science Program was
recognized as a Center of Actuarial Excellence (CAE) by the Society of Actuaries.
The UConn program was selected on the basis of its degree program in actuarial
science; its curriculum for the actuarial exams (P, FM, MFE, MLC and C) and for
Validation by Educational Experience (VEE); the quality and quantity of its graduates
and its actuarial faculty; its integration with business and industry; and its research and
other scholarship. In December of 2010, December 2011, and again in December of
2012, that recognition was formally renewed by the Society of Actuaries. The UConn
program is now one of only 24 schools in the world (14 in the United States, 8 in
Canada and 2 in Hong Kong) with this distinction.
1.2. Staff Changes
Emil Valdez, FSA, PhD has decided to leave the university for another opportunity in
academia. Faculty, staff and students alike will miss Emil’s professionalism, excellent
teaching and research, and his good humor. We all wish him well.
1.3.
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Additional Program Statistics
The actuarial program included approximately 270 undergraduate students, 45 Master’s
students and 8 Ph.D. candidates.
During academic year 2012-2013 the actuarial science program produced one PhD.
Milanthi Sarukkali, supervised by Jay Vadiveloo, successfully defended his dissertation
on Replicated Stratified Sampling.
The program delivered 24 Master’s degrees.
42 students graduated with either a Bachelor of Arts or a Bachelor of Science degree in
actuarial science.
Of the students graduating from the undergraduate program, 83% had passed at least one
actuarial examination and, of those, 86% had passed multiple exams. 13 of these students
successfully completed 3 or more actuarial exams, and 6 students successfully completed
4 or more actuarial exams.
31% of our BA and BS graduates passed 3 or more actuarial exams.
31 companies attended the actuarial science career fair, from 9 states;
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
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Our students received many summer internships and 20 of our BA and BS graduates
accepted full-time actuarial positions before graduating.
19 undergraduate students and 1 graduate student were awarded UConn Actuarial Science
Scholarships with an average award of $2,500;
Jim Trimble, Director of the Actuarial Science Program, is running for a seat on the
Society of Actuaries Board of Directors in August, 2013. Jim is currently serving as Chair
of the SOA's Education & Research Section.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
2. University of Connecticut Actuarial Science Program
The University of Connecticut Actuarial Science Program is one of the oldest and, given its
distinction as a recognized Center of Actuarial Excellence, one of the most highly regarded
programs in North America. In addition, the program is a major recruiting source for
financial service companies in the Northeast and elsewhere.
2.1. Brief History
The University of Connecticut Actuarial Science Program (housed within the Department of
Mathematics) began in 1976 with the creation of a new course – Life Contingencies. Theory
of Interest was added shortly thereafter. From the very start, the program grew rapidly. The
first majors in Mathematics/Actuarial Science graduated in the spring of 1979. In 1984 a
Concentration in Actuarial Science at the Master’s level was added to the program. In 2001,
the Center for Actuarial Studies (now the Janet and Mark L. Goldenson Center for Actuarial
Research) was created to promote student participation in research projects in partnership
with leading financial institutions. In 2009, the program was one of the first to be recognized
by the Society of Actuaries as a Center of Actuarial Excellence.
In 2012-13, the program included approximately 270 undergraduate students, 45 Master’s level
students, and 8 students working on a doctoral thesis in actuarial science. It is estimated that,
since its inception, the program has contributed over 715 baccalaureate and over 425 Master’s
graduates to the work force.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
2.2. Mission
The mission of the Actuarial Science Program at the University of Connecticut is to provide
students majoring in actuarial science with a firm foundation in the fundamental principles of
actuarial science.
The Society of Actuaries and its sister organization, the Casualty Actuarial Society, offer the
professional designations: Associate (ASA) and Fellow (FSA) of the Society of Actuaries
and Associate (ACAS) and Fellow (FCAS) of the Casualty Actuarial Society. The Society of
Actuaries also offers the Chartered Enterprise Risk Analyst (CERA) designation. These
designations signify that an individual has been properly trained to practice as an actuary and
carry substantial prestige around the world.
To achieve these designations, an actuarial candidate must pass a series of examinations. In
addition, the candidate must satisfy other educational and professional requirements. It takes
an actuarial candidate approximately seven years beyond the first examination to achieve
Fellowship in these professional organizations.
2.3. Goals
The primary goals of the program are:
 To provide the students with a sound foundation in actuarial science;
 To prepare them for the examinations administered by the Society of Actuaries and the
Casualty Actuarial Society;
 To prepare them to succeed in the business community; and
 To provide suitable training for those intending to pursue advanced studies in academia.
Since it significantly increases their chances for securing summer internships and full-time
employment, actuarial science students are encouraged to:
 Maintain a GPA of 3.2 or higher;
 Pass at least one actuarial exam before their junior year and at least two actuarial exams
prior to graduating; and
 Qualify for Validation by Educational Experience (VEE credit) for all three subject areas,
i.e. economics, corporate finance, and applied statistics.
2.4. Course Offerings
The size of the program allows a wide range of course offerings. Appendix C contains a list
of the courses offered to actuarial students in the program. These courses enable students to
prepare for the first five actuarial examinations. The extent of these offerings contributes to
the recognition as a Center of Actuarial Excellence by the Society of Actuaries and is
becoming one of the major reasons prospective students choose the University of
Connecticut program. It is a high priority to remain as a Center of Actuarial Excellence.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
2.5. Validation by Educational Experience (VEE)
In 2004, the Society of Actuaries, in conjunction with the Casualty Actuarial Society,
redesigned the examination process to give credit to students who have completed courses in
the following subjects at the college or university level:
 Economics
 Corporate Finance
 Applied Statistics
To receive credit for these courses, the course must be approved by the Society of Actuaries
and the student must pass the course with a B– or better.
The courses at the University of Connecticut that have been approved by the Society of
Actuaries for Validation by Educational Experience (VEE) credit are noted in Appendix D.
As noted earlier, students are strongly encouraged to take these courses before graduating.
2.6 The Graduate Program
During academic year 2012-2013 the actuarial science program produced one Ph.d.
Milanthi Sarukkali, supervised by Jay Vadiveloo, successfully defended his dissertation on
Replicated Stratified Sampling.
The program also delivered 24 Master’s degrees.
The program handled 10 applications to join the PhD program with intention to write an
actuarial science dissertation, offered admission to 2 and had 1 accept. Therefore we will
begin Fall 2013 with 8 PhD students intending to write a dissertation on a topic in actuarial
mathematics, at least 2 of whom will complete in the coming year.
The program also handled 155 applications for the Master’s program, up by 1 from last year
and by 12% from two years ago, offering admission to 74. Based on past experience, about
20 to 30 will take up the offer, including 6 who already started in Spring. With returning
students, we will begin Fall 2013 with 40 to 50 active students in the Master’s program, and a
few more still enrolled while preparing for exams. The department provided 6 TA of support
to Actuarial Master’s students in 2012-2013, all as “fill-ins” to meet unplanned department
needs, with none scheduled at this point for 2013-2014.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
2.7. Professional Staff
There are six active full-time actuarial faculty in actuarial science:
 Michael Braunstein, ASA, MAAA
 Jim Bridgeman, FSA, MAAA, CERA
 Brian Hartman, ASA, PhD
 James Trimble, FSA, MAAA, CERA
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 Jay Vadiveloo, FSA, MAAA, PhD
 Emiliano Valdez, FSA, PhD
In addition, there were seven adjuncts that taught actuarial/investment courses during 20122013:
 Bruce Campbell, FSA, MAAA
 John Dinius, FSA, MAAA
 Jim Geyer, FSA, MAAA
 Jim Head, FSA, MAAA
 Andy Niedzielski, FSA, MAAA
 Ed Perry, MS
 Greg Smith, FSA, MAAA
 Michelle Wahab FSA, MAAA
Michelle, our newest adjunct, graduated from UConn’s actuarial science program in May,
2010. It was exciting to welcome her back to campus as an adjunct faculty member.
Michelle taught probability in the Fall, 2012, and will be teaching Loss Models in Fall, 2013.
1
Jay works full-time for Watson Wyatt Worldwide and oversees the Janet and Mark L. Goldenson Research Center
in Actuarial Science.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
3. Student Quality/Accomplishment
3.1. GPA Expectation
Historically, the program attracts excellent students who are highly motivated and perform
well in their classes. Actuarial science is a popular major among incoming freshmen honors
students at UConn. To remain in the program, students are expected to maintain a GPA of at
least 3.2.
3.2. Exam Results
A key measure of the success of the program is the number of actuarial examinations the
students have passed before graduating. In 2012-13, of the students graduating with a BA or
BS degree, 5 students had passed one exam, 17 students had passed two exams, 7 students
had passed three exams, 5 students had passed four exams, and 1 student had passed 5
exams. 31% of our graduates had passed 3 or more exams, which is an excellent
achievement that surpasses previous years’ results.
Figure 1
Actuarial Exams Passed By Those Graduating
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
3.3 National Awards/Scholarships
As further evidence of the high quality of our students, several UConn students were
awarded prestigious and highly competitive national actuarial or insurance scholarships in
the past academic year. Shujuan Huang was named a James C. Hickman Scholar. In
addition, Justin Teal and Micah Todd were awarded Derek Hughes/NAPSLO Educational
Foundation scholarships, and Tiffany Daley was awarded an Actuarial Diversity Scholarship
by The Actuarial Foundation.
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
4. Employment
Given the excellent reputation of UConn’s program as a Center of Actuarial Excellence, it
should be expected that program graduates would be in demand for entry-level positions
within industry. At the same time, actuarial programs throughout the country are growing,
just as our program is, while the economic recovery continues to be slower than hoped.
Logically, it follows that demand for our top graduates would be high, but that competition
would have an impact on those who had not performed as well. Our statistics clearly support
that hypothesis. 20 of the 42 members of the graduating class of 2013 had secured full-time
actuarial positions. Some of the others chose to go on to graduate school. Of those who have
not yet graduated, many students were offered summer internships which, in many cases, will
lead to full-time roles.
4.1. Career Fair
Each fall, the Gamma Iota Sigma (GIS) Actuarial Fraternity organizes an Actuarial Science
Career Fair. In 2012-13, thirty-one companies, from nine states, visited the campus to
participate in that Career Fair and to meet with interested actuarial students about
opportunities at their organizations. Following this event and continuing into the spring,
many of these organizations conducted on-campus (and off-campus) interviews. As a result
of these 250+ interviews, many of the students were offered summer internships or entry
level positions in corporate actuarial trainee programs.
The following is a list of the thirty-one organizations that participated in the 2012 Actuarial
Science Career Fair:
Actex
Aon-Hewitt
BlueCross/BlueShield of Western NY
CIGNA
Ernst & Young
Guardian
The Hartford
Humana
John Hancock
Lincoln Financial Group
Mercer
Milliman
Phoenix Life
Sun Life Financial
Travelers
Wellpoint (Anthem)
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Aetna, Inc.
Axa Equitable
Buck Consultants
Deloitte Consulting
Forethought
Hannover Life Reassurance
Hooker & Holcombe, Inc.
ING
Liberty Mutual
MassMutual
MetLife
New York Life
Prudential Financial
Towers Watson
United Health Group
UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
4.2. The Graduates
Appendix A shows a list of the students who graduated this academic year with a Bachelor of
Arts or a Bachelor of Science in actuarial science and a list of the companies at which these
graduates have accepted positions. Appendix B shows a list of the students who graduated
with a Master’s degree in actuarial science.
5. Alumni and Business Community Support
One sign of success for the program is the support received from alumni and from the
business community. This support helps the program attract high caliber students which not
only strengthens the program, but ultimately benefits the business community and the
actuarial profession.
Corporate Sponsors donated approximately $80,000 of new money for actuarial scholarships
and other program support. These dollars are in addition to those already committed by ING
and Mass Mutual to pay for the courses: Introduction to Actuarial Science, Loss Models, and
Programming for Actuaries.
5.1. Donations
The following is a list of the organizations that contributed financially to our program during
the 2011-2012 academic year:
Actex
Actuaries Club of Hartford/Springfield
Aetna
Cigna
Deloitte
Guardian Life Insurance
The Hartford
Liberty Mutual
Lincoln Financial
Mass Mutual Financial
Milliman
Prudential Financial
Sun Life
Swiss Re
Towers Watson
Travelers
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
5.2. Endowments
The following exhibit shows the March 31, 2013 value of the accounts with the University of
Connecticut Foundation:
Fund #
Fund name
Market Value
22511
22659
26066
28032
30121
30494
30973
30980
30993
31064
Actuarial Science Support Fund
Actuarial Science Presidential Match Scholarship Fund
Programming for Actuaries & Loss Models Courses
Actuarial Science Scholarship
Cigna Actuarial Science Scholarship Fund
Gordon Aston Actuarial Scholarship
Richard London Endowment
MassMutual Endowed Scholarship in Actuarial Science
The Phoenix Foundation Endowed Scholarship in Act. Sci.
Charles I. Vinsonhaler Fund
Total
$78,485
$11,458
$28,576
$71,839
$108,472
$55,877
$29,918
$120,114
$29,531
$39,902
$574,173
All
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
5.3. Scholarship Program
Scholarships are awarded to undergraduate actuarial science students entering their
sophomore, junior, or senior year who distinguish themselves academically and through
strong leadership skills and a commitment to community service. Specific criteria for an
Actuarial Science Scholarship include the following:
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The applicant must be a full-time undergraduate student majoring in actuarial science; and
The applicant must have a cumulative GPA of at least 3.6.
In 2013, nineteen undergraduate scholarships were awarded. In addition, one scholarship was
awarded to a Master’s student:
 The average award was $2,500;
 The average GPA for the scholarship recipients was 3.9;
2013-2014 UConn Actuarial Scholarship Recipients
Undergraduates- listed by anticipated graduation date
December, 2013
May, 2015
Xin Yu
Aamir Addona
Jonathan Bisschop
Steven Bunker
Kujtim Hoxha
Ashley Leonard
Tyler Silber
Kathleen Snajder
Michael Tessler
Kevin Twerago
May, 2014
Sara Chiodi
Tiffany Daley
Matthew Gentile
Tian Ming
Sean Reddy
Philip Welford
December, 2014
May, 2016
Nicholas DeNardo
Megan Gauer
Jacqueline Weiss
Graduate Student
Shujuan Huang
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
Appendix A
Students Graduating in 2012-13
With a BS or BA in Actuarial Science
Brian Abrahamsen
James Berardinucci
Michael Bodenrader
Ian Campbell
Kimberly Clement
Qiang Fu
Wesley Ko
Kimberly Lirette
Jiajun Lu
Amish Naik
Jonathan Plumb
Tyler Raddatz
Benjamin Root
Justin Teal
Micah Todd
Kristen Tripp
Anneke Velthuizen
Erick Weiner
Joshua Woodruff
Xin Yu
Li Zhang
Stephanie Aube
Matthew Bodenrader
Michael Byram
Brianna Carlson
Colleen Dunion
Megan Harris
Joshua Leadbeater
Patrick Lour
David Nace
Kimberley Panther
Anthony Quarella
Erica Reuss
Robert Slauson
Amelia Thacher
Ryan Tongue
Sean Trudeau
Salvatore Villani
Mark Windisch
Siyuan Xie
Yinuo Zhang
Megan Zwick
Graduates have accepted positions at the following companies:
Aetna
The Hartford
ING
Milliman Consulting
Penn Mutual
Sun Life
Towers Watson
CIGNA
Hooker & Holcomb
Met Life
New York Life
Strategic Benefit Advisors
Swiss Re
Travelers
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
Appendix B
Students Graduating in 2012-13
With a Master’s in Actuarial Science
Christopher Adams
David Avery
Zhi Cui
David Fried
Hui Huang
Eric Lai
Youngwoon Lee
Yueyi Mu
Christopher Roberts
Andrew Tuitt
Xiaolong Yang
Jingong Zhang
Benjamin Allain
Narayanan Chidambaram
Davitt Driscoll
Michael Gold
Jeremy Johns
Xiaozhong Le
Yang Li
Ayu Abdul Rahman
Stephanie Sollars
Timothy Webb
Xiao Yi
Rong Zhuang
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
Appendix C
Undergraduate Courses
Reflecting the multidisciplinary aspect of the actuarial profession, students majoring in actuarial
science are either required or encouraged to take courses from the following departments:
Accounting (ACCT)
2001 Principles of Financial Accounting
2101 Principles of Managerial Accounting
Economics (ECON)
1200 Principles of Economics
1201 Principles of Microeconomics
1202 Principles of Macroeconomics
2201 Intermediate Microeconomics Theory
2202 Intermediate Macroeconomics Theory
2411 Money and Banking
Finance (FNCE)
3221 Risk Management and Insurance or
4324 Health insurance
4325 Life Insurance and Retirement Security
4326 Risk Management: Property and Liability Exposure
Mathematics (MATH): Preliminary
1131 Calculus I (1151 Honors)
1132 Calculus II (1152 Honors)
2110 Multivariable Calculus (2130 Honors)
2210 Applied Linear Algebra
2410 Elementary Differential Equations (2420 Honors)
Mathematics (MATH): Actuarial Science
2194W Pedagogical Seminar
2610 Introduction to Actuarial Science
2620 Financial Mathematics I
3160 Probability
3170 Elementary Stochastic Processes
3550 Programming for Actuaries
3610 Probability Problems (Exam P Preparation)
3615 Financial Mathematics Problems (Exam FM Preparation)
3621 Applied Actuarial Statistics
3630 Actuarial Mathematics I
3631 Actuarial Mathematics II
3632 Loss Models
3634 Actuarial Models
3650 Financial Mathematics II
3660 Advanced Financial Mathematics
3670W Technical Writing for Actuaries
Statistics (STAT)
3115 Analysis of Experiments
3375 Introduction to Mathematical Statistics I
3445 Introduction to Mathematical Statistics II
4825 Applied Time Series
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UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
Appendix D
Validation by Educational Experience (VEE)
The following courses have been approved by the Society of Actuaries for (VEE) credit:
Economics:
Dept:
Course #:
Principles of Economics
ECON
Principles of Microeconomics
Principles of Macroeconomics
ECON
ECON
Intermediate Microeconomics
Intermediate Macroeconomics
ECON
ECON
Microeconomics I
Macroeconomics I
ECON
ECON
1200
or
1201
1202
or
2201
2202
or
5201
5202
Corporate Finance:
Dept:
Course #:
Financial Mathematics II
MATH
Financial Mathematics II
MATH
Business Finance
FNCE
3650
or
5621
or
3101
Applied Statistical Methods
Dept:
Course #:
Applied Actuarial Statistics
MATH
Econometrics
ECON
3621
or
5311
or
Empirical Methods in
Economics I
Applied Time Series
ECON
STAT
Analyis of Experiments
Applied Time Series
STAT
STAT
Analysis of Experiments
Applied Time Series
STAT
STAT
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2311
4825
or
3115
4825
or
5315
5825
and
and
and
and
and
and
UNIVERSITY OF CONNECTICUT ACTUARIAL SCIENCE
2012-13 ANNUAL REPORT
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