Actuary – What They Do
• “Risk Analyst” – Uses Statistics and Probability Theory to
quantify risks.
• Informs the business management about the quantified
risk, and help with making business decision.
• Helps business comply with various insurance regulations.
• Works at Insurance company (Auto, Health, Life Home,
etc.), Financial Institution, Government, and Accounting
Firms.
Career Outlook
• Ranked #1 in CareerCast.com (2014) and others
• High-Pay Low-stress Job
• Median pay $126,000 (CNNMoney)
• 0 year + 2 Exams (50-68K) (middle 85% range)
• 5 years + Associate (95-148K)
• 10 years + Fellow (147-249K)
http://www.ezrapenland.com/salary/
Major Types of Actuary
• Property and Casualty Insurance
• Pension/Life Insurance
• Finance
How to Become Actuary?
• Must pass 10 exams to be Fellow.
takes 6-10years after graduation.
(6 exams = Associate)
Typically
• 2 exams + internship + project is a great start for a
somebody with Bachelors.
• On average, it takes about 6-8 years become Fellow.
• Some companies (Typically Insurance) will pay to study.
(e.g. 2hrs/day)
• It is not required to have degree in Actuarial Science. (e.g.
some people have Math, Stats, or Finance degree).
Actuarial Science in Akron
• In UAkron, 3 courses are directly related to Actuarial Science:
– 3470: 451 Theoretical Statistics I (For Exam P/1, offered every Fall)
– 3470: 471 Actuarial Science I (For Exam FM/2 and FME/3, offered every Fall)
– 3470: 472 Actuarial Science II (For Exam C/4, offered Spring of even year)
• Calculus III required for 451.
• 451 and 471 can be taken at the same time. Take them in Fall of
your junior year to give time to pass the exam before graduation.
• For 472, you don’t have to have 471, but you need 451.
• Start looking for Summer internship in Fall of your Junior year.
• Bachelor of Science in Statistics with Actuarial Science Option is
available from Dept. of Statistics
Majoring in Actuarial Science
• Bachelor of Science in Statistics with Actuarial
Science Option
• 3 Actuarial Science courses (3470:451, 471, 472), will
count toward your degree.
• Rest of credits can be Stats and Math electives that
are relevant to Actuarial Science.
• More details at
http://www.uakron.edu/statistics/academics/undergraduate-degrees.dot
Where Our Graduates Work
Actuarial Positions
• Progressive, National Interstate Insurance,
Tigret, Aon, CBIZ, Erie Insurance, etc.
Statistical Positions
• Progressive, Veyance, Goodyear, Key Bank,
etc.
Reference and Contacts
• BeAnActuary.com
- Great resource for everything about Actuarial Career
• Nao Mimoto
Dept. of Statistics
University of Akron
CAS 413
nmimoto@uakron.edu
http://gozips.uakron.edu/~nmimoto/