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Actuarial Science Meeting. Wednesday, September 3 rd , 2014 (6 - 7:30pm) 112 Forestry Building Revised 1/16/2014. Topics. Introductions Career Opportunities discussed Penn State Courses Actuarial Exams & VEE Actuarial Science Club Internships Questions. Penn State Actuarial Program.

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actuarial science meeting

Actuarial Science Meeting

Wednesday, September 3rd , 2014 (6 - 7:30pm)

112 Forestry Building

Revised 1/16/2014

topics
Topics
  • Introductions
    • Career Opportunities discussed
  • Penn State Courses
  • Actuarial Exams & VEE
  • Actuarial Science Club
  • Internships
  • Questions
penn state actuarial program
Penn State Actuarial Program
  • # 1 Job in US ( per 4/22/13 WSJ )
  • # 1 School for Recruiters ( per BusinessWeek)
  • Largest actuarial program in US
      • Almost 150 exam passers per year
      • Half of Math and Stat majors
  • 70 from Smeal and 60 from Eberly (Math & Stat)
  • Center of Actuarial Excellence – only 14 in US
  • Be sure to put ACTSC option in Major Preference #1 on elion
  • Very Difficult Degree
      • Students with A’s in Calculus: pass exams, get jobs
      • Students with C’s rarely pass exams/get jobs – try ERM?
      • Some employers only look at students with GPA > 3.5
      • STAT 414 & SOA Probability Exam – take Sophomore year
faculty club officers
Faculty & Club Officers
      • Ron Gebhardtsbauer, FSA
      • Pension Consulting, Insurance, Congress, spokesperson for US profession
      • Teaches RM 410/411/412/415 (Financial Math, Pricing Life Ins & Derivatives)
      • Zhongyi Yuan, PhD in Actuarial Science
      • Teaches RM 410 (Financial Math) in Fall
      • Teaches RM 420 (C Exam = P&C & Health material) in Spring
      • Maggie Niu
      • Assistant Professor in Statistics teaching RM 410
      • Brian Johnson, ACAS
      • Works for SwissRe (Property & Casualty Reinsurance Company) helps RM 420
      • Lisa Weaver, LLD
      • Retirement Consultant, Teaches INS 401 (Pensions) each Spring
  • Lisa Posey and Dave Cather
      • PhDs teaching Insurance and Risk Management
  • Actuarial Science Club Officers (Available for questions)
      • President – Eric Stoltz (interned at AON Hewitt in Chicago)
      • VP – Bradford Conners (interned at CIGNA in Hartford)
where do actuaries work
Where Do Actuaries Work?
  • Insurance, Consulting, Government
    • Insurance
      • 12-18 Month Rotational Programs
      • Competitive study programs
    • Consulting, Investment, and Accounting Firms
      • Longer hours – especially during busy season
      • Dynamic work environment
  • Industries
    • Life/Annuity
    • Health
    • Retirement
    • Property/Casualty
    • Reinsurance
    • Finance/Investment
top things to do for your career
TOP THINGS TO DO FOR YOUR CAREER

Actively seek out companies you’d like, using

  • Internet (e.g., Met Life & AXA only use their website)
  • Actuarial Career Fair
  • Info Sessions
  • Linked-In
  • Students who had Internships (see Club’s website)
  • Your resume on Symplicity
        • Used for Club’s Resume Booklet
        • Pass Actuarial Exams and take all VEE courses
        • Get involved in student organizations
        • Keep GPA above 3.20 to get an internship/job
  • Employers list on Club website

www.clubs.psu.edu/up/actsci/employers.html

sample schedule
Sample Schedule

See www.math.psu.edu/ug/advising/vs on whether to place out of 140/141

MATH 220 (Matrices) valuable for Markov Chains in RM 412 & MLC

STAT 415 valuable for RM 420 & Exam C.

* C or better required. If C’s, you should consider alternatives

# needed for STAT minor

smeal major required courses
Smeal Major Required Courses
  • R M 301* (Fall Only)
    • Risk & Decisions
    • Prereq: FIN 301, MATH 140, STAT 200
  • R M 320W* (Spring Only)
    • Risk Management & Insurance
    • Prereq: R M 301
  • RM 430* (Fall Only)
    • Life & Health Insurance
    • Prereq: R M 320W

* C or higher required

smeal required courses reference
Smeal Required Courses reference
  • STAT200*/SCM200*: Elementary Statistics (easy-AP can waive)
    • SCM200 has more business applications
  • MIS 204*: Intro to Business Information Systems
  • B LAW 341 & BA 342: Business Law & Ethics
  • Smeal’s Business Core
    • FIN 301* Finance
    • ACCTG 211* Accounting
    • MKTG 301* Marketing
    • MGMT 301* Management
    • ActScstudents don’t have to take SCM 301 anymore
  • BA 411: Analyzing Business & Industry (BA 412 for Schreyer)

* C or higher required

Consult your degree audit at elion.psu.edu

Sample schedule at Smeal Undergraduate Student Exchange or Club homepage http://ugstudents.smeal.psu.edu/academics-advising/degree-requirements/majors

stat major actuarial option reference
Stat Major -Actuarial Optionreference
  • Additional Statistics & Mathematics courses:
    • MATH 220: Matrices (good course for RM 412)
    • STAT 415: Mathematical Statistics (good course for C exam)
    • STAT 461: Analysis of Variance
    • STAT 470W: Problem solving in Applied Statistics
    • STAT 480: Introduction to SAS (good course)
    • STAT 462/463:Applied Regression/Time Series Analysis-VEE
    • 1 from CMPSC 101/102/121/200/201/202: C++,VB,Matlab,Fortran
    • Select 9 credits from:
      • STAT 416: Stochastic Modeling
      • STAT 440: Computational Statistics
      • STAT 464: Applied Nonparametric Statistics
      • STAT 466: Survey Sampling
      • MATH 436/441: Linear or Matrix Algebra
      • MATH 451/455: Numerical Computations & Numerical Analysis
      • IE 434/436: Quality Control/Industrial Engineering
math major actuarial option reference
Math Major -Actuarial Optionreference
  • Additional Mathematics & Statistics courses:
    • MATH 311W & 312: Discrete Math & Real Analysis
    • MATH 251: Ordinary & Partial Differential Equations
    • MATH 220: Matrices (good course)
    • MATH/STAT 415: Mathematical Statistics (good course)
    • MATH/STAT 416: Stochastic Modeling (good course)
    • MATH 486: Game Theory or MATH 451: Numerical Computations
    • MATH 484: Linear Programming
    • STAT 462: Applied Regression Analysis (good course)
    • STAT 463: Applied Time Series Analysis (good course)
    • CMPSC 101, 121, 201C: Computer Programming
    • IE 425: Operations Research
eberly majors actuarial option reference
Eberly Majors -Actuarial Optionreference
  • Business courses required:
    • ECON 102 & 104: Micro & Macro-Economics
    • FIN 301: Corp Finance & Financial Markets
    • RM 302: Risk & Insurance
    • RM 410*/411*/412*: Actuarial Courses
    • ACCTG 211: Financial/Managerial Accounting (Stat Majors)
  • Business courses not required:
    • RM 301, 320W, 430, and 401/420
    • ACCTG 211: Accounting (Math Majors need not take)
    • Business Core and BA 411
    • B LAW 341 & BA 342: Business Law & Ethics
    • MIS 204: Intro to Business Information Systems

* C or Higher required

other good courses to take reference
Other Good Courses to Take reference
  • STAT 483: Thorough SAS course – great for Health Ins jobs
    • COMP SCI 203: Excel with some Access
    • CMPSC 102: Intro to VB
    • MATH 220: Matrices
    • MATH 251:Differential Equations
    • MATH 232 (after MATH 231)
    • MATH 412 Partial Differential Equations
    • MATH 451 or 455: Numerical Computations/Analysis
    • MATH 486: Game Theory
    • FIN 305: Financial Mgmt of Business Enterprise
    • FIN 408: Financial Markets and Institutions
    • FIN 410: Derivatives Markets (RM 415 without Calculus)
    • FIN 414 or 415: Financial Trading; Advanced Financial Modeling
    • ACCTG 211: Accounting
    • ECON 302/304: Intermediate Micro/Macro Economics
    • ECON 351: Money and Banking
courses with programming reference
Courses with Programming reference
  • RM Courses 410 (Excel); 411 (VBA); 412 (Pivot Tables)
  • STAT 462: some Minitab used
  • STAT 463: some R used
  • STAT 480: SAS (1 credit) (STAT 483 is really good – 3 cred) online
  • STAT 497: R
    • CMPSC 203: Excel with some Access
    • CMPSC 101 Intro to C++
    • CMPSC 102: Intro to VBlynda.psu.edu can also help w VBA
    • CMPSC 200: MATLAB
    • CMPSC 201: C++
    • CMPSC 202: FORTRAN
    • CMPSC 37C: SQL
    • MATH 451: MATLAB used
    • FIN 414 or 415: VBA used
actuarial exams
Actuarial Exams
  • Given in Harrisburg, Philly, Pittsburg by:
    • Society of Actuaries (SOA)
      • Life/Pension/Health/Enterprise Risk Mgmt
    • Casualty Actuarial Society (CAS)
      • Property/Casualty
  • SOA exams usually satisfy CAS, but not vice-versa
  • See www.BeAnActuary.org
why should i take these exams
Why should I take these exams?
  • Passing 1 exam helps get internship
  • 3 exams for Full-Time job
  • We cover all 5 exams in our courses here
    • Some students here passed all 5 exams before May
    • Almost Associates in the Society of Actuaries
    • We partially reimburse exam fees, if pass
      • SeeClub’s Exam Passer webpage for getting $100
  • Take FM Exam this December
    • Tough passing FM exam when in RM 411
    • Use summer & winter breaks to pass exams
soa cas exams
SOA/CAS Exams

Exams are given at Prometric in Philly, Harrisburg, or Pittsburgh

(MLC is given here)

validation by educational experience vee
Validation by Educational Experience (VEE)
  • Required by SOA/CAS
  • Employers want hires to have VEE
  • ECON 102/104 & FIN 301 already required
  • Must receive a grade of B- or better
    • Or 4 or 5 on AP tests, on College Board transcript
  • Apply for VEE credit after passing P & FM
  • Can also get credit by exam thru
    • ACTEX for Finance & Applied Stat VEE’s
    • CLEP for Econ VEE
vee applied statistical methods
VEE: Applied Statistical Methods
  • Accepted Courses: take one from each
    • Applied Regression
      • STAT 462, STAT 501, or ECON 306
        • Prerequisites can be satisfied by Stat 414
    • Applied Time Series
      • STAT 463, STAT 510*, ECON 483*
    • You can mix and match
  • Get STAT Minor - if take above STAT courses &
    • STAT 415 (Mathematical Statistics)
    • STAT 480 (Intro to SAS - 1 credit)
    • STAT 416 (Stochastic Processes) in future
    • MATH 220 (Matrices – 2 credits) in future

*May be gone. Some used to get an ECON Minor if took ECON 302/304 (Intermediate Micro & Macro Econ) and an ECON 4xx, when ECON 483 given

actuarial science club
Actuarial Science Club
  • Résumé, Symplicity, & Mock Interview
    • Wednesday 9/10: 6 – 7:15 PM in XXX Business
    • Put resumes on SmealConnect/SciOpps by 9/14
    • Must use instructions on Club’s Resume webpage
  • International Mtg with Mock Interview
    • Wednesday 9/17: 6 – 7 PM in XXX Business
    • Ideas for internships, jobs, and grad school
  • Mentors for Juniors (& interested Frosh/Soph)
    • If interested, email Corey Lutz cel5213@psu.edu
actuarial science career fair
Actuarial Science Career Fair
    • Monday 9/22/14 from 5 to 8 PM in Atrium
  • Over 30 companies last year
  • Great place to find Internships
    • Even if you don’t have exam: practice interviews
    • 1st & 2nd yr. students can get internships w/o exams
  • To Attend:
    • Must do Mock Interview with Mentor
    • GPA>3.20, A’s in Calculus, or Exam
    • Pay Dues
actuarial science club1
Actuarial Science Club
  • Company Info Sessions
  • Exam Review Sessions & Tutors
  • Field Trip to Actuarial Employers (Spring)
  • Speakers Series: SoAPresident XXX
    • Wednesday 11/20: 6 - 7:30PM in 110 Business
  • THON involvement
  • Interested in being a Junior Liaison?
    • Email President Eric Stoltz ezs5167@psu.edu
actuarial science club2
Actuarial Science Club
  • Facebook group
    • https://www.facebook.com/groups/158631222604/
    • Study Manual exchange
    • Questions about Actuarial Exams or PSU Classes
    • Socials
  • List Serve sign up at www.clubs.psu.edu/up/actsci
  • Internships

Questions?