actuarial science ma/stat 170 september 14, 2006
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Join The Club!Join The Club!
Mentor Program Job Interviews
– Internships– fulltime
Company presentations Exam study groups FUN! See Julie Morris,
MATH 827
Actuaries tell insurance companies how much to charge for the policies and ....
What is an actuary?What is an actuary?
What is an actuary?What is an actuary?
Actuaries help tell the company how to invest its funds
Actuaries determine how much money to hold in reserve to pay the claims
Actuaries are responsible for making sure the company is fulfilling its legal obligations
Actuaries design new “products” Actuaries design pension/retirement plans Actuaries run the company! Many CEO’s
and CFO’s are former actuaries.
Where do they work?Where do they work?
Insurance companies Actuarial consulting firms Pension departments for large
companies Government A few work in non-traditional roles such
as managing risk for financial firms
Is it a good job?Is it a good job?
You bet! Consistently ranked among the top two
or three jobs by Jobs Rated Almanac Starting salaries around 50K Can easily double in 5 years as exams
are passed
Is it for me?Is it for me?
Are you good at math?Do you want a career in business?Can you communicate well?
What do actuarial students What do actuarial students study?study?
Math (lots!)Stat (lots!)CSAccountingEconFinanceCommunications
Types of ActuariesTypes of Actuaries
Health, Life, and Pension Actuaries– Belong to the Society of Actuaries (SOA)
Casualty Actuaries
Belong to the Casualty Actuarial Society (CAS)
Consulting Actuaries
Belong to either CAS or SOA
Becoming an actuaryBecoming an actuary
Associate Actuary=Associate (ACAS or ASA)
=7 Exams + VEE+
“Fundamentals of Actuarial Practice” (SOA) +
“Associate Professionalism Course” Actuary=Fellow (FCAS or FSA)
=9 Exams +
“Professional Development” (SOA)+
“Fellowship Admission Course” (SOA)
VEEVEEValidation by Educational Experience
Economics: ECON 251-252 Finance: MGMT 310, 411
Applied Statistics: STAT 512, 490T
Warning: STAT 490T will change to STAT 420.Warning: You need at least a B for the VEE to count!
ExamsExams Exam FM (Mathematical Finance) (2.5 hours)
MA 490A (was MA 370) (Interest Theory) Exam P (Probability) ( 3 hours)
MA/STAT 416+MA/STAT 290A Exam M FE Financial Economics (2 hours) Exam MLC Life Contingencies (3 hours)
STAT 472-473 Exam C (Construction of Models) (4 hours)
STAT 417, 490C, STAT 472-473Note: The CAS has its own third exam. They will accept the
SOA Exams MFE+MLC, but NOT vice versa.
Exam ScheduleExam Schedule
Exam P is computer based and is offered four times a year.
Other exams are offered Nov. and May. Register online at SOA web site. (Be
careful about early deadlines!) You can retake them as many times as
you can afford.
If at all possible you shouldIf at all possible you shouldpass at least Exam FM and pass at least Exam FM and Exam P Exam P beforebefore senior year senior year
You should take MA 490A You should take MA 490A this spring followed by this spring followed by
Exam FM! Exam FM!
Exam AwardsExam Awards
Every non-graduating student who passes an exam receives $150 (?) per exam passed.
You must apply in advance of taking the exam. The application is on our web page www.math.purdue.edu/actuary
FLASH! FLASH! FLASH!FLASH! FLASH! FLASH!
We now have an Honors Program!
1. Pass at least two exams.
2. Obtain a 3.3 overall GPA.
3. Achieve 3 VEE’s.
4. Obtain a 3.5 average in STAT 417,472, 473, and 490C.
5. Get A’s and B’s in all required Math/Stat classes.*
InternshipsInternships Occur in the summer. Typically (but not always) after the
junior year. Typically (but not always) require at
least one exam. Obtained by signing up for interviews
managed by the Actuary Club. Very important!